Logan Graf
@LoganGrafTax
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Pioneering the CPA firm owner landscape. I also make YouTube videos :) YT:
Austin, TX
Joined February 2019
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Pinned Tweet
During the
#TaxRetreat
, I had the honor of interviewing some amazing firm owners, and they let me use their stories in a video!
I'm hoping this video helps inspire the next generation of firm owners.
Here it is!
Thank you to everyone who participated in
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What was the worst accounting class you took in college and why was it managerial accounting?
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Being an accountant means using a calculator to do simple math more than the average person
Few people know this
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Two weeks ago, I was contemplating the timing of sharing that my wife and I were expecting a third child.
During a doctor's visit on the 13th, we found out that the baby had stopped developing and passed away shortly after our first sonogram appointment.
I'm sharing this
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Being a tax accountant is just telling people "no, you can't do that"
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We'd be in a nuclear war and accountants be like
"Hey just following up on those tax return open items, deadline is coming up soon"
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The public accountant urge to feel the need to work at every possible moment during busy season.
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"Accounting is the language of business"
Ok... then pay me more cause I'm about to be the only one that speaks it.
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Post-busy season guilt for not working on projects you could be working on because you are too burnt out.
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75% of CPAs hit retirement age 4 years ago.
With fewer and fewer students signing up for accounting degrees every year...
CPAs are going to become an endangered species.
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Starting a business?
Talk to an accountant before you talk to an attorney.
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Wow.
An accountant's biggest weakness is caring too much, so they never raise their rates.
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Sign up for my live event on 11/9 where I give you a sneak peek at my 2024 tax season proposals:
Subscribe to my YouTube channel here:
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Financial Advisor: Talk to your tax advisor.
Tax Advisor: Talk to your financial advisor.
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It may take 5 years before the public realizes how bad the tax preparer shortage is but when they do...
Oh baby
It's just a trickle right now
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The CPA Journal Article:
@TheBig4Tweets
is ruining the image of the accounting profession.
The Accounting Profession:
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A successful tax partner at an old firm I used to work for said something years ago that stuck with me.
He wished he spent less time working and more time with his daughters.
They were grown and he couldn't get that time back.
Some perspective for you and me.
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I have two really awesome announcements 📢
1. 👶My wife and I are expecting a baby due late June
- We planned this (and our last child) around tax busy season. Is that sad?
2. 👨💼 My firm hired it's first contractor to help with preparing tax returns
I'm out of my comfort zone
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The public accountant urge to stress out before busy season
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My wife is telling my girls that tax day is "Daddy Back Day" and they are currently making me a cake 😭😭😭
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I'm a CPA that specializes in tax
I own my own business
I spend very little time trying to maximize my tax deductions
Why?
Saving on taxes usually means spending money
My tax rate is too low to make spending money for the sake of lowering my tax bill worth it
I'd rather
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3 years ago I was making $47k as a W-2 employee.
$60k worth of work just signed *last week*
🤯
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Tax Accountant: Can you give me the details of this transaction?
Client:
TA: Just following up, it's been a week.
Client:
TA: Following up again...
Client:
TA:
Client: Hey, when is my return going to be ready?
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A mortgage lender sent me an email asking me to confirm I wrote a letter and verify all of the information is accurate for a client.
However, when I opened the file, I discovered I did not write the letter.
My letterhead was used without permission.
My signature was forged.
A
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Just got back from my daughter's pre-k graduation.
Not one kid wanted to be an accountant.
Let that sink in.
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This is your reminder to not mess with a tax pro right now.
You will regret it.
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Me: Sorry, I don't think we'll be a good fit if you cannot operate the software.
Potential Client:
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Are y'all seeing this too?
I get this type of comment on my videos often.
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I think someone got into day trading last year
😳
From a 1099-B
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when you're an accountant
and it's March
and you see everyone enjoying the nice weather
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Does anyone find it strange that the $250k/$500k taxable home gain exclusion amounts haven't changed...
Since 1997?
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Raise your hand if you would've gotten wrecked without the tax deadline extension
🙋♂️
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#TaxTwitter
,
It seems like a lot of you are at your breaking point
A positive is that we are almost to the deadline & that we can always extend a tax return
We aren't in life or death situations here - we fill out government forms
Don't put unnecessary burdens on yourself
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When I purchased around 60 clients to launch my firm, my sister loaned me money as a safety net.
We could have done without it, but it provided an extra layer of confidence to go out on my own.
That loan is now PAID OFF!
🥳
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Considering never charging a fee for this client again...
🥹
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We did it!
I'm officially monetized on YouTube! 🥳
If you've been watching my videos over the last year, you know getting monetized was my goal before the end of 2023.
Thank you to everyone who has watched my videos!
Getting monetized doesn't mean I will make significant
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Being a CPA doesn't make you a better accountant or more ethical than someone without a CPA.
(I am a CPA)
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I'm a tax pro, and I PAID other tax pros for tax consulting last year.
(Client related, not for me)
Tax pros, know your limits, and don't be afraid to pay others for their expertise.
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Another reason why tax professionals have job security:
Taxpayers still think they can use itemized deductions on their tax returns...
Even though most haven't been able to since 2017.
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It's here!
How Much Money I Made In 2021 As A First Year CPA Firm Owner
How would a video of me breaking down the financials of my firm under it's first full year of operation (2021) be perceived?
And then a vid breaking down 2022 busy season.
I'd love to bring transparency to the industry without sounding arrogant.
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I can do my taxes
I've been a tax pro for 10 years, and I learn something new about taxes almost every day
You don't stand a chance at preparing a correct tax return
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My firm made $90k gross in 2020.
My tax prep fees alone in 2023 brought in $180,000.
I prepared FEWER tax returns in 2023 compared to 2020.
That's the power of raising your rates.
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Most taxpayers don't care (or don't realize) that their tax pro is preparing their tax return while they are
🚩Mentally exhausted
🚩Physically exhausted
🚩Been working 60+ hour weeks for months
🚩Behind on the tax code because they work too much
They just want their tax return
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How to get free tax advice in 2024:
🗣️Post something slightly incorrect about a tax topic
⏲️Wait for tax pros to chime in and destroy you with the truth
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That's it!
I'm no longer preparing new S Corp tax returns unless we do their accounting or some other pro.
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Someone tell me the science behind tax returns taking 4X as long to prepare after April
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I started my firm about 2 years ago.
If I could do it all over again I would be more careful about who I agreed to work with.
There are certain projects that set me back because of how much stress & time they took.
Saying "I'm sorry, we're not a good fit" is a learned skill.
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This is how toxic public accounting is:
We feel the need to time the birth of our children around busy seasons.
I'm guilty of this. It's messed up. I'm not letting busy season dictate when I can have another child anymore.
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Shout out to all the tax pros choosing not to work this weekend even though there is work to do.
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Dear IRS,
Please abate every penalty assessed in 2020.
Sincerely,
Every Tax Professional
PS: This is not a recommendation, it's a demand.
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I'm a small business owner, and I feel like my doctor has been slacking lately, so I figured it might be worth it to learn about the human body myself.
Is it worth buying a $200 textbook to better understand biology, or is looking online at the Mayo Clinic enough?
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"Why do you charge so much for a W-2 1040?"
The seemingly easiest tax return can be incorrectly filed if you don't take the time to slow down and use critical thinking skills.
I'm getting paid for those critical thinking skills, not the time it takes to fill out a form.
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It's a girl! Lainey Jane Graf was delivered on 6/25.
Everyone is healthy! My wife is amazing and delivered without an epidural.
I have two really awesome announcements 📢
1. 👶My wife and I are expecting a baby due late June
- We planned this (and our last child) around tax busy season. Is that sad?
2. 👨💼 My firm hired it's first contractor to help with preparing tax returns
I'm out of my comfort zone
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I'm no longer crediting the new client consult fee to tax prep if they become a client.
Why?
I'm worth it.
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"I know it's tax time and you're super busy, but..."
Choose your next words wisely if you say this to a tax pro in April
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Guess who hasn't touched a tax return yet?
🙋♂️
Who else is with me?
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One week out from 10/15... Raise your hand if you're still waiting on client information 🙋♂️
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@criddle27
To be clear, the lending company is verifying the letter a broker sent.
I'm so happy they are doing their due diligence.
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Last summer, I made a policy that all new tax clients will be extended. Every year.
If an OG client leaves, then that frees up capacity Jan-April.
Slowly, my firm will be the firm I've always dreamed of.
This policy has improved my mental health so much.
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After the 4/15 deadline, you hit another busy season of sorts
A busy season of requests from everyone who patiently waited till after busy season 😆
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"Taxes are easy."
OK, then why am I asked a tax question literally every time I tell someone I'm a CPA?
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"Taxes are easy when you don't know what you're doing."
Things you want to say to a potential client but probably shouldn't.
Got that quote from
@TheBig4Tweets
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I met a 23 year old accounting firm owner that is crushing it and wants to acquire a $1+M firm.
What were you doing when you were 23 years old?
Look out for this guy, I'm trying to get him on X.
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Shout out to all the professionals still rocking the same headshot for 10+ years
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Requiring some tax forms to have a "wet" signature while allowing other forms to be digitally signed...
Might be some of the most infuriating requirement differences for tax forms ever.
I'm looking at you, S Corp election Form 2553...
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If you're a spouse that does the bookkeeping & accounting for your spouse's business
You're probably hurting the business more than you realize
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I struggle a lot with imposter syndrome.
"You don't know enough"
"You're going to screw something up"
"Who says you're qualified to do what you do"
Those are thoughts I constantly battle against.
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Bad Accounting
+
Bad Records
=
Bad Tax Return
There is no chance of an accurate tax return happening in that situation.
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I don't see clients that leave due to price increases as lost revenue.
Instead, I see it as at least 2 hours of my life reclaimed.
That's the goal right now for Q1 2023.
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Last year I got a lot of pushback from clients that owed a lot of tax.
That lead me to include the following question in this year's questionnaire:
Do you think you will owe tax on your 2022 tax return?
Please explain why you think you will owe or not owe.
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I wasn't financially secure when I started my accounting firm.
We only had enough cash to last a few months for living expenses if business didn't come in.
That meant I couldn't run my firm the way I run it now.
I currently have a lot of filters before someone can meet with
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How much money you think your deductions saves you on taxes
vs
How much you actually save
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S Corp owner health insurance deduction requirements might be some of the most infuriating requirements for a deduction ever.
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Just watched The Accountant and currently wondering if I have autism
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Tax returns are getting more complicated every year, which means it's taking longer to do tax returns.
Meanwhile, more tax professionals are retiring than new ones are joining the field.
But we still have tax pros with tax return prep fees that haven't changed in 20 years.
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Everyone: Hey, can you help me with this W-4 form?
Me, a credentialed tax professional: Actually, I can't
Everyone: Wait, really?
Me: 🫠
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No lie, I'm in the middle of making a video on how accountants are terrible with boundaries
And a client (who is a long-time friend) calls me and convinces me to work on his entity returns
Instantly disqualifying me from morally making a video about boundaries
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The last three potential clients have contacted me because their prior tax pro retired or is retiring.
Don't be the cheapest firm out there, or you'll fill up with all the clients you don't want with no room to add the clients you do want.
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Accountants <30 years old don't tolerate busy season hours like their predecessors.
This is said anecdotally, but I wonder how true it is.
If you want to discuss your experience, please also disclose your age.
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My oldest is almost 5.
That means I roughly have spent a 1/4 of the time I'll get with her before she does her own thing and moves out.
I don't want to spend 25% of our remaining time together not being present due to the tax busy season.
Working on not letting that happen.
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How would a video of me breaking down the financials of my firm under it's first full year of operation (2021) be perceived?
And then a vid breaking down 2022 busy season.
I'd love to bring transparency to the industry without sounding arrogant.
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I don't like LinkedIn in that every person I "connect" with immediately sends me a DM asking me if I want to use their services or try out their new product.
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First time I've seen an IRS account mention Tax Twitter 👀
Hey,
#TaxTwitter
, spread the word:
#IRS
is continuing to see third parties aggressively promoting Employee Retention Credit schemes on radio and online. Make sure your clients are aware of these scams. Learn more to protect your clients:
#ERC
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