Jeremy Wells
@JWellsTax
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COO/Head of Tax at Steadfast Bookkeeping. Proud husband & father. PhD, EA, CPA ♈️
Need an accountant? ➡️
Joined February 2011
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👋🏼 Hey there! I'm Jeremy Wells, EA, CPA. I'm excited to see so many new faces here, so if you’ve just started following me, allow me to introduce myself (🧵):
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Does anyone really subscribe to SiriusXM?
Or is the entire business model built around the free six months that comes with buying a new car?
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Tech bros to accountants: “AI is going to take away all your work!”
Accountants to tech bros:
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@GRDecter
That isn’t fair, and you know it. The “government” isn’t tracking anything. Financial and tax regulations require institutions report certain transactions or annual totals.
FTX shows the need for *more* oversight and regulation, not less.
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If your P&L has
Sales Tax Expense
on it
get a new bookkeeper.
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Tax professionals really need to know journal entries.
And bookkeepers really need to know tax implications.
Being one exclusively is not sustainable without a strong, trusted network that includes the other.
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My wife just spent 20 mins setting up a consultation for a pediatrician.
The lady took all the contact information. Then asked about insurance.
“Sorry, we don’t take that insurance.”
“We’re cash pay anyway.”
“We can’t accept any new cash pay patients.”
US healthcare sucks.
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I’ll never understand why Americans think a bunch of fat guys running into each other for 5 seconds followed up by 40 seconds of standing around and talking, repeated over 3 hours, is entertaining
But two 45-minute halves of nonstop action by peak fitness players isn’t.
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I’m gonna start a guy account that tweets about exclusive tax loopholes but they’re really just normal provisions of the code that have been there for a long time and available to almost everyone.
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Client: "I don't understand why I keep getting notices from the IRS. I thought you were taking care of this."
The IRS:
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Never *never* NEVER directly pay someone from your business without getting a completed W-9 first.
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Tax pros today: Tax season is over!
Tax pros tomorrow: Better get started on those extended returns!
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We don’t need more CPAs.
A CPA is a license to do audits. That’s it. That’s all it is.
If we need more auditors, say we need more auditors, and figure out how to make audit attractive to new grads.
If we need more tax professionals, say that, and make them Enrolled Agents.
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Tax planning and tax preparation are two completely different things.
You can be really good at one and have no clue how to do the other.
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Just because QBO says the bank accounts are reconciled doesn't mean the books are clean.
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Writing up a job description for hiring a bookkeeper/accountant. It's a weird mix of
1) realizing all the things I do 😬
2) not wanting to overload this person 😮💨
3) worrying if I actually have enough work to delegate 😔
4) hoping this eventual hire can actually do all this 😳
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A guy in the exit row just answered “No” when asked if he’d be willing to help in an emergency.
Never seen that before.
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Female faculty receive lower teaching evaluations for same performance. Driven by male students, stronger in mathy courses & for juniors.
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To whoever at
@Intuit
programmed the way
@QuickBooks
calculates Total Expenses in an exported spreadsheet file
Who hurt you?
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I'm standing firm against an overbearing mortgage broker and his unreasonable requests. Please applaud.
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Accountants will spend an entire day finding the $10 transaction throwing off the reconciliation.
Recruiters will spend 18 hours on LinkedIn to find just one more good candidate for a search.
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And then need the deliverable by EOD.
clients be like i’ll have this to you by EOD and send it two months later
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TCJA expiration.
What’s something that nobody is talking about now, but will be huge in the next 18 months?
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“We didn’t want an extension. It seems like we’ll have to find a new tax firm for 2024.”
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@JamesClear
I’d reframe that a bit:
Information is knowing street names.
Knowledge is knowing the routes from one place to another.
Wisdom is knowing which streets *not* to take at certain times of the day.
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Good morning to everyone except the person who decided vision and dental are not part of “health.”
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No, the IRS doesn’t know how much tax you owe before you do.
No, you won’t go to prison if you “get it wrong.”
No, the tax code isn’t complex just to screw you (in fact, the complexity generally helps you).
No, tax preparers don’t write the tax code, and yes, we pay taxes too.
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99% of the time, taxes are complicated because you’re overcomplicating them.
❌ Stop trying to find secret loopholes or ways to defer income.
❌ Stop parroting tax code section numbers like you know what they mean.
❌ Stop making financial decisions based on tax savings.
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AI won’t fix bad bookkeeping.
AI will just do bad bookkeeping faster and cheaper than a person can.
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Tax accountant. You’ve literally described hiring a tax accountant. 🤦🏻♂️
Is there any tool that connects all your income streams and offers a real-time projection of what your tax refund amount might be at the end of each year?
Hate being surprised each year when doing my taxes as to what I might owe or get back
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48 hours till I take my first CPA exam (FAR). Working through practice quizzes, identifying gaps in understanding, and addressing them.
It’s getting real. 😬
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If you work with S corporations and haven’t read TIGTA’s 2021 report on “Efforts to Address the Compliance Risk of Underreporting of S Corporation Officers’ Compensation,” you should.
#TaxTwitter
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I promise you, for about 98% of you, the only way not to write a big check to the IRS
Is to write a bunch of smaller checks to the IRS, yet still ultimately for about the same total.
And that’s entirely up to you
Not the person preparing your tax return.
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Well, six times now I left the house hours before anyone was awake.
Six times I stopped at the same Starbucks for the same order (oatmeal & caffé misto).
And six times I got to Prometric early so I can knock out a section of the CPA exam.
Here’s hoping six is the final time.
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I would stop looking at my phone while I'm working if I didn't have to verify my identity with a six-digit code texted to me every time I need to log into something to do my work.
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If your business can’t afford an accountant, you can’t afford your business.
#Accounting
#Business
#Finance
#Taxes
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A big part of running a small business is complaining about the tech stack, spending a lot of time researching alternatives, calculating the switching costs, realizing you already have the least bad options, then getting back to work.
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As we approach the deadline, remember:
Extend > Amend
All day, every day.
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I have customers asking me how to fill out their W-9s.
Because they’re being asked by their clients for W-9s.
That they did work for all last year.
On 1/21.
This system is broken.
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Who decided credit cards should have statement dates that don't line up with calendar months!?
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Somewhere between freelancers and founders lies a group of workers who want the independence of self employment without the hustle of entrepreneurship.
I call them Reluctant Owners.
They are my people.
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I’ve never been to Delaware.
I’m sure it’s a fine place.
The people there are good.
But I absolutely hate how they’ve conned the rest of the country into thinking they should register all their business entities there.
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If you’re building your firm around W-2 earners
You need to include at least one annual projection and advisory meeting, just like for SMB owners.
These W4s and withholding tables are trash.
And the taxpayer will blame that balance due on the preparer.
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One of my toxic traits in business is when someone annoys me with checkins and status update requests,
I delay working on their stuff even more,
When I really should just wrap the job up.
But I hate rewarding squeaky wheels with extra grease.
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Accountants: I answer the same emails from clients over and over again.
Also accountants: I can’t make courses/videos because every situation is unique.
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If you’re waiting on a 1099 to prepare your tax return
You’re doing it wrong.
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I assure you:
Your lender does not need confirmation that you filed an extension.
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Just because it’s CoGS on the P&L
Does not mean it’s CoGS on the tax return.
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Here's your annual reminder that partnerships do not have retained earnings.
#TaxTwitter
#CASTwitter
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Extensions
Amendments
Penalty abatements
Calm down.
Yes, we try to get everything right quickly on the first try.
But if we don't, we have ways of fixing the situation.
Sure, the letters seem scary.
But we see them All. The. Time.
Trust us.
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Textbook accounting: Let's spend a week learning about defined-benefit pension plans, which almost no company offers anymore.
Real-world accounting: I have 20 minutes before this client call to learn all the tax differences between ISOs, NSOs, RSUs, and ESOPs.
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If your business is cash basis (if you’re reading this, it probably is),
There is no “write off” for unpaid invoices.
You didn’t collect the payment.
So there is no income.
But you also don’t get a deduction.
So get paid up front. Or at least a 50% deposit.
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@LorilynCrum
@bixbot
Socially mandatory college education + Reduced budgets due to tax cuts and anti-social benefit policies + General lack of financial literacy (among both parents and students). It’s a legit conspiracy.
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There should be a rule that you can’t say “Simplify the Tax Code”
Without naming at least one provision in the Tax Code that you’d simplify or remove
And how that would help accomplish the goal
Without making things worse.
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“I need a chart of accounts for [industry].”
No, you don’t.
You need one for your company.
And the simpler it is, the better.
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“I didn’t give you permission to file an extension.”
I’ll remember that next year. And I’ll show you a screenshot of this message when you get the late filing penalty notice.
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Good afternoon to everyone except the prior preparer who put a $154 computer monitor on the depreciation schedule and fully expensed it with §179.
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Our daughter insisted on giving me a spa treatment this evening.
Am I no longer employable?
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Me when I see “Loans to Shareholder” on a new 1120-S.
Jeanine: Prove to me it was a loan! I want to see the loan document. I want to know what the interest was. I want to know the payment schedule. I want to know what would happen if there were a penalty. Is there a pre-payment penalty?
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When the attorney says it’s a tax question, but the accountant says it’s a legal question.
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Hey, if you’re comparing total taxes paid by a sole proprietor versus a single shareholder S corporation
And omitting QBI from your analysis
You’re wrong and need to stop.
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We're at the
"This is the third year for the S corp, but IRS still won't accept the extension"
stage of tax season...
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My Prometric center opens at 6:45am, so I’m about to check in to take my first CPA exam (FAR).
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A lot of small business owners are going to fire their accountants over the next 1–2 years.
And that’s going to be so costly for them.
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Some days I think I have no freakin' clue what I'm doing and should sell my firm to someone who does.
Then I get a new client whose prior accountant bilked thousands of dollars from him over the past couple of years without delivering anything except a bunch of malarkey.
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What are the 3–5 core principles of US federal tax?
I’ll start:
1. All income is taxable, unless it specifically isn’t.
2. No deduction is allowed, unless it specifically is.
3. Dollar for dollar, a credit is preferable to a deduction.
"When you first study a field, it seems like you have to memorize a zillion things. You don't. What you need is to identify the 3-5 core principles that govern the field. The million things you thought you had to memorize are various combinations of the core principles." -J. Reed
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Two things I've learned about accountants from tax & accounting FB groups:
1. There's a huge difference between accountants who know how to find answers and those who don't.
2. We're generally way too quick to provide answers and recommendations without probing deeper.
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I think I’ve reached that point where it’s easier to turn down a prospect who isn’t a good fit and redirect toward a colleague better suited
Than to take on the work for the money and regret it.
Feels nice.
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If you help run the website for a childcare provider, public or private, please, for the love of god, put the tax ID on the homepage, preferably above the fold.
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If I put my ZIP code into a form, why do I also have to put the city and state?
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Funny how detailed employers can get when it comes to number of credentials, years of experience, and hours working per week they want
But when it comes to the salary, it’s “oh, trust us, it’s ‘highly competitive.’”
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1. That’s not how income taxes work.
2. Left off QBI.
3. Conflates PTE income with distributions.
4. The S corp’s half of payroll tax is deductible.
I know there’s more. But dang this is so bad…
Tax Write-offs.
Here's an updated breakdown accounting for potential write-offs:
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The goal is not to minimize taxes.
The goal is to maximize cash flow.
Cash flow today AND in the future.
And sometimes that means paying a little more tax now.
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Hey bookkeepers
“Insurance” means business insurance
Not health insurance
Thnx
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Tax organizer question: "Did you have health insurance last year?" Answer: "Yes."
Q: "Did you purchase your HI through the Marketplace?" A: "Yes."
Q: "Did you receive a 1095-A?" A: "Yes."
*Document uploaded*: 1095-B 🤦🏻♂️
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@mckellogs
Some of my friends’ houses had a family/game/play/bonus room. Like a whole part of the house that just had some toys or a big ass TV in it.
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Apparently a tweet of mine is in a national accounting firm’s training slide deck. (Picture sent to me via DM.)
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Boomers: Kids these days don’t value hard work! They’re glued to their screens! You can’t get them to say a word to you!
Also boomers:
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Three questions to ask yourself:
• Does this need to be said?
• Does this need to be said by me?
• Does this need to be said by me right now?
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Just had a client ask me to cc her on all my communication with IRS on her behalf.
So, naturally, I asked her for her fax number.
She hasn’t gotten back to me yet.
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Hot take:
Property tax is theft.
You never truly own your home in the United States.
For perspective, if I owned my home 100% in Texas right now, I would still be paying close to $1,000/month in property taxes.
That’s criminal.
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I’ve yet to see a bookkeeping “hack” that didn’t cost the business owner more time and stress.
Just follow the rules.
If you don’t know them, hire someone who does.
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Me: *sends scheduling link*
Them: “It says you’re not available the rest of this month. Can we schedule a call this week?”
That’s… not how scheduling works.
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Maybe I’d be more motivated to respond to some of these clients’ notices if I thought IRS was actually going to read them.
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#TaxTwitter
is, of course, awesome.
Someone among us had one too many last night, which happens.
But many of you reported it, and the situation was addressed within a few hours.
Good luck with the deadline, stay classy, upward and onward!
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If you can upload a screenshot of your spreadsheet to the portal
You can upload *the spreadsheet* to the portal.
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