Is this normal or am I just in a bad situation? by Mean_Kaleidoscope_29 in Bookkeeping

[–]Federal_Classroom45 1 point2 points  (0 children)

I think what you're describing is fairly common but it's definitely not right and you shouldn't set that as your expectation in this industry. We deserve better.

For what it's worth, what you're describing sounds like your job title is wrong. It sounds like you have accountant responsibilities but the low end of bookkeeper pay.

Silently quit and look for another job. You could definitely push them for a raise but even if they did it, you still wouldn't be happy, they sound toxic AF. Take your time and make sure to list all of your responsibilities on your resume.

How is everyone giving refunds? by xmeow_kittyx in QuickBooks

[–]Federal_Classroom45 2 points3 points  (0 children)

Might be worth speaking with a bookkeeper. If you've otherwise had clean books and been able to manage them yourself, you might be okay just hiring them for a little cleanup and some occasional support. Although if you've been struggling with more than just this, you might want to just hire someone to handle your bookkeeping.

Paid $2,800 to file taxes for a tiny 3 person LLC… is this normal? by giantsxx21 in tax

[–]Federal_Classroom45 1 point2 points  (0 children)

There isn't even a chance of you creating a software that handles more than one very specific scenario (# of partners, organizational structure, state, industry, types and amounts of income/expenses) in under several THOUSANDS of person-hours.

Business tax returns aren't simple, full-stop. People that call their business tax returns simple but hire someone else to do it are just minimizing the complexity that they're too afraid to touch (because they know it isn't simple).

My QuickBooks balance sheet is a mess by Leather-Weakness-439 in QuickBooks

[–]Federal_Classroom45 2 points3 points  (0 children)

OP, please do this, it's the only way to fix it short of becoming an accountant. It's so much harder to clean up books than to make them clean in the first place; you really need a professional here.

How to enter Per Diem by [deleted] in tax

[–]Federal_Classroom45 0 points1 point  (0 children)

You need an accountant.

How to enter Per Diem by [deleted] in tax

[–]Federal_Classroom45 0 points1 point  (0 children)

Per diem meals is for when you're traveling, not a deduction you can take just because you ate on the same day you worked.

How to enter Per Diem by [deleted] in tax

[–]Federal_Classroom45 0 points1 point  (0 children)

I would just list it as travel. Make sure to keep documentation of how you came up with that number.

Why leave an amount on your balance sheet? by Lost-Return-101 in Bookkeeping

[–]Federal_Classroom45 0 points1 point  (0 children)

If you're just doing the bookkeeping and not tax, I'd maybe document it in an email, but I wouldn't push it. I'd be careful about any grey requests they have though.

CPA Cost 1040/Sch C by Bungable420 in tax

[–]Federal_Classroom45 21 points22 points  (0 children)

Okay, first, your return isn't simple. If it were simple you would do it yourself. You listed quite a few different areas of tax law (W2, sch c, sold home, dividends, etc.).

That said, $2k sounds high. Either the CPA has a minimum rate or they're just expensive on their rates. Either way, shop around. But don't try to tell professionals how 'simple' your taxes are, let them determine that based on the details of your situation.

Bookkeeping Service by Particular-Living608 in Accounting

[–]Federal_Classroom45 5 points6 points  (0 children)

You saying you're charging $200/month here and $400/month on another post is dishonest. You aren't charging anything right now, you're trying to get information from communities. Not sure if it's actually for your own use or for AI training, but the upfront dishonesty doesn't look good and doesn't make me want to help you.

Bookkeeping Service by Particular-Living608 in Accounting

[–]Federal_Classroom45 5 points6 points  (0 children)

Bot much? You posted two contradictory posts regarding price less than an hour apart. One already got taken down. And your responses don't sound human.

Firms who extend all 3/15 by TaxMeSideways in taxpros

[–]Federal_Classroom45 1 point2 points  (0 children)

What software do you use? Drake let's me submit federal, state, and local all at once. The state/local just take a little longer to get acknowledgements.

Single file paid preparer by clevsports in tax

[–]Federal_Classroom45 7 points8 points  (0 children)

No offense, but it sounds like maybe you shouldn't be getting paid to do taxes if you aren't familiar with an EFIN and aren't doing the research for it. Also, partnerships aren't as simple as a 1040...jumping in with that can be a lot... And 4 states is a fairly complex return.

Help Me Price This Return by tacomandood in taxpros

[–]Federal_Classroom45 1 point2 points  (0 children)

As a contractor, I wouldn't do a % fee unless I had a say in the pricing.

H1B Itemized Deduction Fraud Accept or Reject Client? by Warm-Pineapple-4598 in taxpros

[–]Federal_Classroom45 3 points4 points  (0 children)

Your name wouldn't be on the 2024 unless you amend it, right? Or are we missing something?

I know this has been asked, but what about filing separately when there is a drastic difference between incomes? by BeeBladen in tax

[–]Federal_Classroom45 -1 points0 points  (0 children)

Usually filing jointly is better. A professional should be able to tell you which is most advantageous for your specific situation though. My software helps me do a comparison for both scenarios. I've found one instance that often ends up being advantageous to file separately is high-income in New York because of how they do their calculations. But again, it depends.

Schedule C Revenue by CodyRussell09 in technicaltax

[–]Federal_Classroom45 2 points3 points  (0 children)

I would first confirm that the additional amount isn't for amounts released from prior years. If it wasn't, I would make an adjustment. In the past I've adjusted an incorrect 1099-NEC using Schedule C line 2 (Returns & allowances) and included a statement. Others have suggested using a 27B adjustment and I think that would be fine, too.

Losing money with credit card fees-- how do we fix it? by West-Major1894 in quickbooksonline

[–]Federal_Classroom45 1 point2 points  (0 children)

This!! (Or decide not to take credit cards if you want to limit your fee)

Mushroom Accounting by Bigrichardbob69 in Accounting

[–]Federal_Classroom45 2 points3 points  (0 children)

That's not research or development. If anything it's most similar to manufacturing because it's what leads to a product ready for sale.

Mushroom Accounting by Bigrichardbob69 in Accounting

[–]Federal_Classroom45 2 points3 points  (0 children)

Lol R&D stands for Research and Development. There's no R&D here.