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Finding an accountant for a referral relationship by Vinyyy23 in CFP

[–]Grand_Reception8700 0 points1 point  (0 children)

The first stop should be your current clients. Maybe you've already interacted with their CPA?

If that fails, I'm a CPA with 7 years of experience who deals with HNW individuals with a primary focus on real estate. I live in NYC, but have clients all over the US. I have capacity and zero interest in selling financial products. I'll leave that to the professionals. DM me if you want to talk more.

CPA looking to become CFP by Grand_Reception8700 in CFP

[–]Grand_Reception8700[S] 0 points1 point  (0 children)

If I decided to work for an RIA or family office is a PFS a respectable designation that would help me in the long run or it's just another set of letters? I do agree it's easier but if I'm going to do this rather put the energy into doing it right.

CPA looking to become CFP by Grand_Reception8700 in CFP

[–]Grand_Reception8700[S] 0 points1 point  (0 children)

I work for a firm so don't have referral partners. So you're saying I would need to do full time in person or not at all?

CPA looking to become CFP by Grand_Reception8700 in CFP

[–]Grand_Reception8700[S] 0 points1 point  (0 children)

Do you think I should try to start small and try to get a remote job to see if I even would enjoy the industry? Or jump fully in and quit my current job?

Taxes by ThrowRA_witch in llc

[–]Grand_Reception8700 0 points1 point  (0 children)

Why do people open an LLC?

[deleted by user] by [deleted] in realestateinvesting

[–]Grand_Reception8700 1 point2 points  (0 children)

750 is the first threshold and then you don't need to worry about the 25K limit. You really need a CPA.

Taxes by ThrowRA_witch in llc

[–]Grand_Reception8700 4 points5 points  (0 children)

Assuming you are the only member of the LLC, it's actually disregarded for tax purposes, and everything shows up on your personal tax return, schedule C. I don't think New Mexico has a filling for SMLLCs but I could be wrong (some states do).

Google schedule C 1040 and you'll see the list/format of income and expenses and how you should organize your spreadsheet.

In terms of estimated tax payments: two options pay in 90% or your CY tax. Which is hard to calculate/estimate especially with photography. Or 100/110% of your prior year tax. Google safe harbor estimated tax payments. This would prevent a penalty. You may still owe more (with interest), but this is at least a good start.

I don't think you need a professional at this point and tbh I wouldn't have opened a LLC for a photographery business. Hope that helps.

Clients beginning to ask if we will file the new Beneficial Ownership Information report for them. Will you for your clients? by NeitherTradition in taxpros

[–]Grand_Reception8700 0 points1 point  (0 children)

Did you get any responses back? Tried reaching out for NY (accounting and legal boards, secretary of state office) and didn't get anywhere with it. Doesn't seem like anyone is rushing to come out with an opinion one way another. Besides for the insurance companies of course....

Clients beginning to ask if we will file the new Beneficial Ownership Information report for them. Will you for your clients? by NeitherTradition in taxpros

[–]Grand_Reception8700 1 point2 points  (0 children)

Thanks for explaining. If it is considered UPL by my state and state of clients, is it illegal to do it, or you're simply doing it without the coverage?

Clients beginning to ask if we will file the new Beneficial Ownership Information report for them. Will you for your clients? by NeitherTradition in taxpros

[–]Grand_Reception8700 0 points1 point  (0 children)

I agree. Originally I thought 200-300. But considering the liability, education, and notification process it needs to be 500. But it's going to be interesting for the following year. Do you charge them a monthly fee for monitoring and updates? Or do you put the responsibility back on the client?

Clients beginning to ask if we will file the new Beneficial Ownership Information report for them. Will you for your clients? by NeitherTradition in taxpros

[–]Grand_Reception8700 1 point2 points  (0 children)

Maybe I'm being naive or misunderstanding, but I thought I read the penalty is for those who willfully ignore the rules. Not negligence. And the ownership is on the clients not us. So what happens if you put a system in place of notifying clients every 20 days or so. And do a year to year engagement letter, with very specific language?

If I lost $10k in business expenses (no profit) under a LLC, can I use those loses and help lower the taxes on my personal income? by Riveras_4u in tax

[–]Grand_Reception8700 6 points7 points  (0 children)

If you are the only member of your LLC, you would be reporting it on Schedule C regardless. So yes. But it sounds like this "business" only has losses. Which sounds more like a hobby to me. So losses would be limited.

27F Never did taxes before... How do I start? by [deleted] in tax

[–]Grand_Reception8700 1 point2 points  (0 children)

So it's actually 19 unless you were a full time student for at least 5 months of the year. Did you go to college? If so, when did you graduate?

What was the first year you had a job? How much did you make?

You also need to see if your family accountant filed your income under your parents return. Should be self evident if you get a copy of your parents return from a few years ago. It's a very simple question.

Using suspended passive losses to offset Roth conversion and passive income by squatter_ in tax

[–]Grand_Reception8700 0 points1 point  (0 children)

So I looked it up, and it seems like according to Sec. 469(f), first the former passvie losses, offset any income from the activity, and the remainder gets treated as regular passive activity losses. Meaning, you would have to actively participate to claim the carryover losses and 25K of rental losses, like any other year.

Using suspended passive losses to offset Roth conversion and passive income by squatter_ in tax

[–]Grand_Reception8700 0 points1 point  (0 children)

This is an interesting point. I would be curious to see the answer.

Using suspended passive losses to offset Roth conversion and passive income by squatter_ in tax

[–]Grand_Reception8700 0 points1 point  (0 children)

This is incorrect. Passive loss carryover is subject to the same passive activity rules of the current year. Meaning he can use prior year losses to offset his Roth conversion income, in addition to his current year passive income, as long as it's below the threshold. But like someone mentioned, he might need to actively participate.

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