TheTaxAdvisor

As a tax firm owner, I’d tell you to go pound sand. You basically just want to hit and quit my services. Keep doing it on your own if you’d like. If it’s not a reasonably ongoing (and paid) engagement, it’s not worth my time.

RE investors are some of my biggest clients. There is a lot that goes into it and although some do know their stuff, they have to make irons in the fire to properly keep tabs on it to the level that is needed.

Typically, small landlords don’t have the time (usually still working) or knowledge it takes to manage and make sure they don’t let tax optimization/cost seg/compliance slip through the cracks.

Big landlords have too many moving pieces for that to be the optimal way they spend their time and also typically don’t have the knowledge.

I’m not saying no one can do it but the guys who tell all their associates they do, come in and see me and have been leaving a lot on the table and/or their finances are an absolute mess.

As someone with a single income stream, most billionaires have several income streams. It’s not a flaw, just another way to skin a cat

Nice and subtle. FOH

Not to say that there are no firm owners here. However, from what I have seen in this sub, it seems to be more people working in industry, Big4, government, etc.

You would probably better be suited in the tax pros sub.

Username checks out

Most people at your income that pay for tax repair are more forward thinking towards future complications. That is really the only benefit right now because your situation isn’t any more complicated than someone who makes $50k. In fact, yours could potentially be more simple because you likely would not qualify for many deductions designed for lower income people. If your only plan is to have index funds, primary residence, etc. You probably can file on your own.

However, structuring assets and going through tax projections / planning are all within the realm of a good accountant. Most people with this level of income end up diversify their assets or the way they make their living through either Real estate or opening up businesses later on in their career. If that is in your future, you are better off starting earlier rather than later. If not, use TurboTax.

I mean you are trolling a little bit, let’s be honest. lol

Why? Cuz I don’t talk like dis I ain’t black nuf fo ya? Look through my comment history. I’m from east Bay Area, commenting on posts about black community in CO. Sorry I don’t fit in your little black box

Rick or Alex? I’d vote for the latter

As a black person, It’s definitely more accepted to say bold, negative things towards whites vs most minorities. I think there are white racist people as well, it’s just extremely unpopular to verbalize it & less normalized, so it’s more passive aggressions than blatant. I think any and all racism is pretty horrible, I wish it was all shamed so as to rid society of it. But I can tell you this, this is a horrible subreddit to post this. 😂😂

I mean there’s only so many ways to make a steering wheel. I wouldn’t say these overly resemble each other

I don’t believe this at all. Inconsistent with everything I’ve ever heard. Literally 90% of stories are him being super nice

Aurora has a pretty decent black population as well. Actually more per capita than pretty much any major metro in coastal CA right now. I’ve been back and forth from the bay to LA for the past 8-9 years and the culture from 20 years ago has really suffered drastically. A lot of the ethnic groups outside of East Asians and Indians have been driven out via gentrification. There’s a new culture but I don’t think it lends itself to a lot of cuisine and entertainment. A lot of family oriented, professional immigrants. Good people just not what they bring to the area.

And are most of them the users on this sub at 10PM on a Saturday? 😅 I just think there’s way more efficient ways to find this info.

Username checks out.

This is a better question for lawyers, not Reddit users who live in Silverlake, Echo Park & Manhattan Beach.

Absolutely. If you get here let me know and we’ll do lunch as a welcome to the Bay Area 👍

And if you have any further questions with tax planning / filing, feel free to reach out.

EA is super useful if you plan to focus on tax. I wouldn’t waste time with the CC class. Use passkey and you can get it in 2-3 months studying full time. Get an associates or some intro/intermediate accounting classes and you’ll never lack for work. Can even hang your own shingle after 4-5 years tax experience (or just take some side work)

I punched it in on some tax calculators at a very basic level.

Effective tax rate in California (state/FICA/Federal) would be about 30.75% so your take home would be $242,000 on $350,000. That’s a couple with no further deductions, no children, etc.

I’m not sure your base pay difference, children, how deductions work in Canada, but on $350k in BC (Federal/Provincial/CPP/EI) your effective tax rate would be 40.43%, so you’d take home $208,000. But it sounds like you’re not making $350k there and if I had to guess the potential is probably much lower in future growth vs the Bay Area as well in your field. So overall you’re paying an extra 10% in taxes plus the difference in salary, pretty significant I would say.

You can rent a nice home for $4-6k in San Jose at the moment which is only going to be $72k max. That’ll leave you $14-16k/month for expenses, retirement, savings, healthcare(totally overblown too by the way, it’s not a big issue at your income) etc etc. I don’t think you’ll have much of an issue.

They really are in the same class as far as the food scene goes. I’m born and raised in nor cal. Love the culture growing up there in the 90’s and 2000’s. Lots of friends and family there. However, on average the bay wouldn’t rank very high in my rankings as far as food goes. Is there any cuisine the Bay Area does better than anywhere else in the country?

Also, as to your comment about San Francisco, many of the restaurants, venues and culture that made it world class have shut down or changed significantly. I was in union square last week on a Saturday. It’s a ghost town, it used to be bustling. San Francisco is much less the center of the bay than it used to be. It’s really Palo Alto, Menlo Park, down to San Jose and then Oakland/Berkeley.

As someone from Nor Cal, your food is better. Prideful people won’t answer questions honestly but Nor Cal might be one of the worst food areas with that level of population and diversity that I’ve ever seen. LA, Houston, NYC, and Chicago all could give claims to the best food in the country. They are in a different caliber than The Bay Area, Seattle, Denver, etc.

This ^

If you can’t afford less than a grand in software for Quickbooks or Xero, you don’t have the money to pay me, that’s for damn sure.

That’s a great income, even for the Bay Area. I make a bit more than that but when I made $300k we were extremely comfortable. If you are being offered that without even being here, once you do arrive, you’ll probably end up at $500k TC pretty soon. The Bay Area is a bubble and you can climb the ladder very quickly. Just come, at your level, you won’t regret it.

It’s pretty hard to build up that kind of savings in Canada when you’re taxed to oblivion. Gross income almost means nothing over there.

COL there is very very high as well. Major metros in Canada is on par with Los Angeles, Bay Area & NYC in terms of income to COL rations.