I've been using an Indian CPA firm for 3 years now for my US taxes and honestly have had zero issues. Mine handles both my S-corp and personal taxes. Here's my experience: Pros: - Saved about $700/year compared to US firms - They work while I sleep (time difference works in my favor) - Very responsive over email - They're actually MORE thorough with documentation than my previous US accountant Cons: - Sometimes language barriers in complex discussions - Had to explain some state-specific tax issues - Took longer to build trust Make sure they have US certified CPAs on staff though! That's the key. Mine has offices in both India and New Jersey.

Just sharing my negative experience as a cautionary tale. I tried an Indian tax firm 2 years ago and regretted it. They completely messed up my home office deduction and missed several business expenses. Ended up having to hire a US CPA to fix everything and file an amended return. The cheap price wasn't worth the headache and I actually ended up paying more in the end. The time difference also made communication really frustrating - I'd send questions and wait a full day for responses.

My tax guy tried this when I switched last year. I just didn't sign it and nothing bad happened lol. They can't force you to sign anything.

Just FYI - most tax preparers have "errors and omissions" insurance for this exact situation. If they made a mistake that costs you money in an audit, that insurance should cover it. The disengagement letter typically doesn't override their professional obligations for work already performed, it just clarifies that they're not your tax preparer going forward. You could ask them specifically if their letter is intended to waive their E&O insurance coverage for past returns. If they say yes, that would be unusual and concerning. If they say no, get that clarification in writing as an amendment to their letter.

Here's something that often gets missed: If your financial aid created an excess that was refunded to you, but you used ALL of that money for qualified educational expenses (like textbooks or required equipment) that weren't covered by the initial payment to the school, you might still not need to report it as income. Keep good records though! If you get audited, you'll need to prove that you used the refunded money for qualified expenses. Save those textbook and supply receipts!

Doesnt this depend on whether you can be claimed as a dependent too? I think my roomate said something about that affecting how scholarships get taxed. Like if ur parents claim u they get different rules???

Don't forget about 1031 exchanges! If you're planning to buy another investment property, you might be able to defer ALL of your capital gains and depreciation recapture taxes. I've done this twice now with rental properties. The rules are strict though - you need an intermediary to hold the funds, identify potential replacement properties within 45 days, and complete the purchase within 180 days. But it can be a huge tax saver if you're just planning to roll the money into another investment property anyway.

Make sure you're tracking your "selling expenses" separately from your "closing costs" - they're treated a bit differently for tax purposes. Selling expenses (like real estate commissions, advertising, legal fees directly related to the sale) directly reduce your capital gain. Also, don't forget that if you owned and lived in the property as your primary residence for at least 2 of the 5 years before selling, you might qualify for a partial exclusion of capital gains ($250k for single, $500k for married filing jointly) even though it was a rental at the end! This depends on when you converted it from primary residence to rental.

Yeah the IRS payment system is super confusing. Just to add another perspective - if you ACTUALLY need to make an estimated tax payment for 2023 but it's now 2024, you're basically out of luck on that front. The last estimated payment for 2023 was due in Jan 2024, and you can't make late estimated payments. At this point, you'd just pay whatever you owe when you file your 2023 return. You might face an underpayment penalty if you should have been making those estimated payments throughout 2023, but there's nothing you can do about that now except pay the penalty.

There's actually another way to handle this! If you're expecting to owe for 2023, you can adjust your W-4 at your job to have extra withholding taken out of your remaining paychecks in 2024. This can help cover what you'll owe for 2023 when you file. Go to your employer and request a new W-4. On line 4(c), you can put an additional amount to withhold from each paycheck. This won't eliminate penalties for 2023 if you underpaid, but it helps make sure you have the cash to pay your bill when it comes due.