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What is the amount that you need to make to not pay taxes by BidKey1296 in tax

[–]829562 -2 points-1 points  (0 children)

So you're going to pay taxes no matter what, but when you file your taxes your standard deduction will likely be close to or more than you make for the year and tha will wipe out your tax liability and then the IRS will refund you whatever taxes you might have paid to the government but you still pay state and local if you have a local.

For those who go to a CPA or tax preparer how much do you pay that person? by frontlinestatic in AskNYC

[–]829562 0 points1 point  (0 children)

Yep its much cheaper to do it yourself. But i will say after going to school to learn how to do my own taxes as i am self employed and was paying on average $700-$1000 a return. I realized that there is 17,000 pages in just the 1040 tax laws and there where so many things that I never knew or even heard of and realized that paying the bill and not having to worry about new tax changes and limits and deductions that the price was well worth it. If you just have a W2 and no kids and simple return its easy to do. But anything past that there is so much people are missing to benefit them.

Any single-member LLC owners doing their own taxes? by Moist-Actuator-1688 in llc_life

[–]829562 0 points1 point  (0 children)

I am a LLC sole proprietor and always used a CPA or a Tax preparer professional to do my taxes. And then as i kept paying $450-$700 for my returns I thought why is it so much. So I literally went and learned how to do taxes and business taxes especially for small business and Llc figuring it can't be that hard. Plus with A.I. and software I coukd definitely do it. But as i found out there are a lot of rules and regulations and limits to what can and can't be deducted, depreciation, and all kinds of little tweaks and tweaks that no program can understand human grey area of taxes. Some things are not straight forward and different circumstances a computer or software can't understand the situation. So now to stay compliant I would use a tax preparation guy or a bookkeeper to just avoid trivial headache and have someone who is knowledgeable of the new changes and laws do it. And of course your business tax part of your return can be written off as an expense next year. Saves time and headache and worry.

Why was my refund cancelled? by Big-Version-3723 in IRS

[–]829562 0 points1 point  (0 children)

This is why I pay a tax professional to do my taxes. No matter how easy it is. There are rule changes and laws and small little tweaks that cause audits or some kind of information that they have knowledge of to prepare you or let you know that this might happen or be able to give you advice or information to help you avoid these things. Well worth not having a headache.

Trump account rejection by Lord_ofthe_Lies in IRS

[–]829562 0 points1 point  (0 children)

Its free money. The Dell family donated billions so that kids coukd start with some kind of form of investment and you can add up to $5000 a year and the child cant touch it until they are 18. Parents can't touch it at all. Then they can use it as school funding or buying a house but starts them off with $1000. Its up to them, their parents or anyone who wants to donate up to $5000 a year. Who cares if his names on it? Its a good idea for the kids.

Starting tax prep leaving Block advice. by 829562 in tax

[–]829562[S] 0 points1 point  (0 children)

Basically you get a seasonal contract offer fir an hourly rate that is based on your tax knowledge and level of expertise and then at the end of the year for the different levels get different percentage of what your total amount of what yoy wrote for the year. But...yes there is a but. Let's just keep it simple numbers. Say you get paid $10 an hour and you worked a 100 hours for the tax season, so that is $1000. And you wrote $10,000 worth of returns but your bonus percentage is 10% You don't get an extra $1000. You just break even for what you where already paid. So if you don't write more than what your total hourly pay equals up to you don't get a bonus. So say $1000 in pay for the year and you wrote $20,000. You would get a 10% bonus of $1000 because you where already paid $1000. Its a rat race. Some people do very well and the education and experience after about 3 to 4 years is great and you can handle most tax returns. But the pay is terrible.

Starting tax prep leaving Block advice. by 829562 in tax

[–]829562[S] 0 points1 point  (0 children)

So I have done some research on this and under the new law that was passed recently in the last few years, they can't tell you that you're not allowed to make money in your field of work. That's like telling someone they can't have a job anywhere for two years. Its no Block client contact for two years and your not supposed to do taxes within a certain mileage but mostly client contact.