I love that people take their hard life experiences and use them to make other people’s lives better in some way.
While my son was in the hospital for a couple days there were gifts available to him provided by organizations started by people just like us. One such organization
“I put my rental properties in a S-Corp and pay my SMLLC a management fee and my wife’s LLC a small fee for bookkeeping. Next, I pay my kids wages out of the S-Corp to fund their SEP. I then take any remaining net profit and donate it to my private foundation that pays my
Tax preparer came to me extremely confused working on a side hustle schedule C return. "Why would this client think he can deduct fees for a maid on his excavating business? For a lot of money. And I can't figure out his income."
I look at the handwritten ledger book and see
After 15 years of solo firm ownership, I've sold my firm to a local EA and joined up with a great virtual team.
I'm excited to join
@andreamacdcpa
,
@JWellsTax
, and the rest of the team at Steadfast Bookkeeping!
#TaxTwitter
#NewBeginnings
Thank you
@JWellsTax
for getting my friends here praying and thinking about me and my family. I won’t go too much into details other than my son has had 3 seizures in the past 24 hours. We’re in the hospital and he’s stable and just a good meal. I welcome your continued prayers!
No, Arthur, you do not need to download a blank 1040 and upload it to the portal for me to complete your return. I've got it. Thanks for the offer.
Happy Friday
#TaxTwitter
Today marks 19 years to the day I watched the most beautiful woman ever walk down the aisle while I tried to hold myself together thinking “how could I be so blessed?”
If I ever stop thinking that way, someone slap me.
IRS: We have too much mail to deal with so we are 21 million returns behind. Taxpayers should efile and pay online
Also IRS: We can't properly apply online spouse payments.
Also also IRS: No matter which problem you have, you can't call us and get through
Firm transition saga continues:
Great client. Always took advice. Paid well. Never complained. 80 year old retired corporate attorney.
Met one last time today as client to do a little planning. He was just diagnosed with stage 4 cancer. Wants to give good sized gifts to kids
Client doesn't include real estate tax expense on that rental property so I'll be a nice guy and look up on the county website.....
To find out they sold it last year.....
A few weeks ago I went to a client's wake. Gave my condolence's to the surviving spouse. Talked to the spouse's son as she introduced me as her "tax guy".
He asked, "Oh, are you a CPA?"
"No, I'm an Enrolled Agent."
Then I got the look.
If you're an EA, you know the look.
Lost a long time client today (inherited from previous firm owners). They don't feel comfortable with the direction I am taking the firm. Not a complaint about my quality, but they haven't liked the extensions the last few years (thanks Congress and Indiana Legislature) and they
I'm almost raging this morning. Sitting here stewing over the IRS destroying 30M documents. I've had clients angry at me as if I had done something wrong why they are getting these letters and no satisfactory resolution. How is this not a criminal act?
#TaxTwitter
Sometimes I feel alone as a sole practitioner. My admins are great, but I have few avenues to bounce unusual situations. My predecessors have retired/passed away. I loved them but now I've struggled.
#TaxTwitter
makes me feel like part of a big team. Thank you all for being great
#TaxTwitterWins
#TaxTwitter
I amended a return for no charge for something I should've caught. C insisted I take $ for the extra work and wrote me a decent check. Said I've saved him so much over the years, this is the least he could do.
Post some wins. We need the boost
This is not meant to be a slam on a guy that could probably open a beer bottle with the backhoe bucket. People have different talents and abilities and that doesn't make anyone better than anyone else.
Update: He slept 13 hrs (mom & dad did not) but he woke up happy with no temp. He is eating and drinking and playing. Like nothing happened. I’m over the moon and exhausted. So thankful for all the well wishes, prayers, and empathy. Y’all are awesome 👏
Scariest moment of my life this morning. My son woke up w/very high fever. We gave him Tylenol and within 2 min he had a febrile seizure in my wife’s arms. It only lasted 30 seconds but felt like an eternity. He came to quickly and we got him in a lukewarm bath to lower his temp
After 18 years in this field, I think I've got a pretty good handle on certain phrases that come from potential clients. So here is my attempt at some translation.
1. Clean books 🚩
2. Reconciled 🚩
3. Standard 🚩
4. Fairly Basic 🚩
Tax client translator:
1. I DIY'd the books
Hold your family. Life is short. Don’t work it away.
For the second time in less than 2 months I have lost a grandparent. My grandpa Cordes passed away today. Thank you for your prayers. I’ll be back on Monday. 🙏
You need to hear this
#TaxTwitter
: You are doing great. You're working hard & providing great value to your clients. Extensions exist for a reason. You don't owe anyone your family time or your mental health. Do your best. Don't overdo it. You'll make it.
Ok, I needed to hear it
I just did a 1040 for a lady that said she was fine with an extension. Why? Because she had all her documents, was organized, it took me 15 minutes of work, and I needed a win.
My friend was in a bad car accident yesterday on his way home from work. Life flight to the hospital. Lost a lot of blood. We were at the hospital until 2 am until he was somewhat stable and out of immediate danger. Still not out of the woods. Prayers appreciated. 🙏🙏
My first son was born in August. This year I will be leaving the office promptly at 6pm (as much as possible) to do bedtime and then I'll work at home after he goes to sleep. I waited 15 years to become a dad. I'll be darned if I'm going to miss it.
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.
Thinking of adding a new service on my pricing options:
Artisanal, handcrafted tax returns assembled by local tax artists with premium quality 20 lbs, 92 bright paper and luxury laser jet toner, presented in a glossy, yet durable folder for long lasting protection. — add $399
Public Service Announcement:
You are still responsible to report your income even if you did not receive a 1099.
Brought to you by
#TaxTwitter
and the Public Ad Council
On top of all that happened with my son to trigger emotional trauma, my 10 month old daughter took off walking in the 2 days she spent with my parents. She no longer crawls anywhere.
She’s too little to act this big! 😭😭😭
I’ve done returns for the dependent kids of clients for free.
I’ve also done returns for the dependent kids of clients for a fee.
I really don’t care what you do in your practice.
But I DO care if you try to tell people I HAVE to do it for free or I’m a scumbag.
Subtweet
Sharing a positive story and a challenging thought.
My client, let's call him Larry (not his real name, duh), is not a super well-off guy. He has a paid for house that is very, very modest in about the most rural part of my county. He retired early from a factory job with no
Last night my wife got a spear phishing text “Are you working now? Can we talk?”
She responded kindly that this was a wrong number. They were looking for a Jenny. After some back and forth she wished them to be blessed by God 😇.
10 minutes later I got the same text. 😈
Planning to work from home much more starting this summer, so my wife got me a mouse pad as a gift.
I definitely didn’t tear up in any way. Not at all. Nope. Not one bit. 🥹
Client: “I never check my email or texts. Can you call me instead?”
*Call client: “The cellular customer you are trying to reach has a voicemail box that has not been set up yet. Please try again later.”
My friend was in a bad car accident yesterday on his way home from work. Life flight to the hospital. Lost a lot of blood. We were at the hospital until 2 am until he was somewhat stable and out of immediate danger. Still not out of the woods. Prayers appreciated. 🙏🙏
Nobody will remember:
- your salary
- how “busy you were”
- how many hours you worked
People will remember:
-How much they paid their old tax pro in 19XX
“I put my rental properties in a S-Corp and pay my SMLLC a management fee and my wife’s LLC a small fee for bookkeeping. Next, I pay my kids wages out of the S-Corp to fund their SEP. I then take any remaining net profit and donate it to my private foundation that pays my
For the third time in less than three months I’ve lost another grandparent.
Spent last night in the nursing home with my grandma. She stopped responding to us. Family had been in and out this week a lot. Dad called me this evening to let me know she’s gone. She just turned 93
"Where does it say I have to have my stuff in to you before that date?"
The letter we mailed you, the email we sent you, the engagement letter you signed, and the notices we posted on our office door.
"Oh."
"Why do I have to pay so much?"
Because you are paying income and SE tax. Tell me about your biz.
"I only work for 1 company, they provide all supplies, and tell me when & where to be."
STOP TREATING EMPLOYEES AS INDEPENDENT CONTRACTORS WHEN YOU DON'T WANT TO DEAL WITH PAYROLL.
C: "I really didn't want to go on extension."
Admin: "Want me to tell him you can send in his return half-done?"
Ladies and Gentlemen, I have a keeper and she's getting a raise.
It’s so important to be kind to others even when you may not (think you’ll) be rewarded. You truly have no idea how your actions affect others, both directly and indirectly. I have a story to share about a teenager after a disastrous accident and a woman that chose to help 🧵 1/x
Jumped over 9k followers recently.
I’m humbled by all of you tax pros, financial advisors, lawyers, general laypeople and especially the bots (they’re probably the majority) that follow me.
What do you want me to post that would push me over 10k?
Happy "I just got my brokerage statement in the mail after I told you had everything when you asked for this" week to all those who celebrate.
#TaxTwitter
I’m obligated to post these because she is a absolutely adorable, despite the slightly incorrect* term “deduction”.
@TheBig4Tweets
for the Asset/liability onesie, my sister made the tax one
(*She’s a credit on federal and an exemption in Indiana, for you ‘well akshully’ folks)
How is this for a miracle?
My friend Josh (the living miracle that survived a horrific car accident on April 18 where the flight nurses were convinced he was dead, where they pumped more blood into him than any patient that survived before, that had his arm torn from his body,
#MakingChanges
#TaxTwitter
1 of a few changes towards transforming my firm to look the way I want:
This week I sent notice to 10% of my 1040 only clients (5% of my revenue) that I am not able to prepare their returns this year. I have instead referred them to a local EA (&
Young employee: I hope whoever has the phone number that is 1 digit off of mine doesn't find out I'm giving that number when I sign up for things and don't want to give my number.
Me: Why don't you just use 867-5309
EE: Why? Whose number is that?
Me:
30 million paper filed 1099s etc. How many of those could be eliminated if the required reporting amount was raised to $5000? Or heck, $3000. How much cost does IRS exert to process a $679 1099?
@GabrielJClark
@bethanyjbabcock
Who are you people that stay out past your kids' bedtime? I can't get my wife to stay awake at HOME past the kids' bedtime. 🤣
Do you know that person that worked a job for 40 years, plugged a bit into retirement, lived in the same house, didn't live too fancy but had to time for their family and hobby?
Why does that sound so nice?
Is it wrong to just want to live simply?
Unlike this gallon of milk, your 1065 and 1120-S will keep just fine up to 6 months past March 15 with a timely filed extension.
So now I’m off to dunk some Oreos and use this milk up, because your return will be ok if it gets filed next week, and my milk 🥛 will not.
Got it all done.
Not a single time did I have to contact the manufacturer for a missing piece they claimed they already gave me or questioned why I needed it. (IYKYK)
Got a job done and feel good. (Plus the boy is happy 😊)
Virtual only tax pros are really missing out. Having a brick & mortar near a coffee shop is a hoot. The # of people that just randomly stop in with a quick question that are not clients is amazing. Do people randomly pop in doctor's offices or a lawyer's the same way?
#TaxTwitter
Me: “So how much revenue are we talking here?”
Client: “My 2 rental properties pull about $18k a year. Pretty sweet gig, huh? BTW, are attorney fees deductible?”
Me:
My homeowners insurance premium went up by 33%. My county assessment went up 20%. Nearly every bill I have is up double digit %. YOY I gave my employees 10% in raise (including benefit costs). Software is up. Utilities are up. A 10% fee increase is NOT giving myself a raise.
Mistake: checking email on Christmas Eve.
🤦♂️
“Hey Matt,
At our family dinner last night we got to talking about taxes and had a quick question ….”
Put away the phones and spend time with family
#TaxTwitter
. We’re about to get insane busy so we need to treasure this time.
Heard from a potential client today that a CPA in the next town over is dumping all her entity clients and only doing 1040s (not sure how many that is). This on top of another area tax pro I know is selling after this coming tax season.
The tax pro apocalypse is happening.
I’m going to try to make a concerted effort to remain positive this entire tax season. My wife calls me a pessimist. I call myself a realist. I do need to have a little more optimism in my life. Here’s a challenge: post only positive things for one week on Twitter. Who’s with me?
18 oz cowboy ribeye w/garlic mashed potatoes and grilled asparagus, bleu cheese wedge salad, a couple old fashioneds named Smokey and the Bandit, and bananas foster made table side.
Not a bad way to celebrate 40.
End of tax season dinner with my indispensable team, including my parents who clean my office, my wife and my preparer’s boyfriend Nate. Well deserved night out before a 3 day weekend.
Scariest moment of my life this morning. My son woke up w/very high fever. We gave him Tylenol and within 2 min he had a febrile seizure in my wife’s arms. It only lasted 30 seconds but felt like an eternity. He came to quickly and we got him in a lukewarm bath to lower his temp
Here is an important phrase you need to learn:
"Let me check on that and get back with you."
Even if you think you know off the top of your head, double checking with proof is worth the time it takes on the off chance you are mistaken.
My wife wanted the hall closet turned into a mud room before the baby comes.
Took me all day to get here and it still needs caulked and painted, some hooks and a cushion/pillows (after I fix some wall dings that I caused 🥴).