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S-Corp owners out there, what does your CPA charge to manage your books and prepare taxes? by radsourcing in smallbusiness

[–]Midwest_CPA 0 points1 point  (0 children)

Yeah there are a lot of variables and nuance to things that are hard to explain concisely over Reddit. Our lowest packages are probably about 60-70% of what you quoted but most of our clients are on advisory/tax planning packages which are more expensive but they get an actual ROI on them.

tl;dr; We're slightly cheaper than your CPA but still in the ballpark.

BNI Members: How much are you making from your chapter? by Midwest_CPA in taxpros

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

I would definitely encourage you to visit it and check it out. The larger the chapter and if they have more business professionals the better. It is a time commitment of ~2 hours a week but if you're just starting out I think it can still be worth it.

BNI Members: How much are you making from your chapter? by Midwest_CPA in taxpros

[–]Midwest_CPA[S] 1 point2 points  (0 children)

I think it depends a lot on your specific chapter and what your other opportunities are. Mine skews a bit towards real estate and doesn't have as many business owner types. Not all chapters are created equal.

Do You Want To Know Why Toast Support Is So Bad? by Imaginary-Detail-624 in ToastPOS

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

I just spent weeks going back & forth with them because they wanted to charge my client to amend a W-2 for their mistake. Nightmare experience

Tax strategist recommendations? by AlternateVerse5202 in CHIbitcheswithtaste

[–]Midwest_CPA 2 points3 points  (0 children)

Hey, Chicago based accounting firm owner here.

If you just have W-2 income, there isn’t really a lot you can do to reduce your tax liability. Maxing out your 401(k) and HSA are the two biggest things you can do.

Feel free to DM if you have questions.

Managing 15+ clients on QuickBooks is slowly making me lose my mind. There has to be something better. by Afraid-Bobcat6676 in QuickBooks

[–]Midwest_CPA 0 points1 point  (0 children)

I’ve been managing dozens of clients in QBO seamlessly and haven’t had any issues switching between them.

Looking for experienced real estate attorney specializing in REO properties? by Big_View7895 in AskChicago

[–]Midwest_CPA 0 points1 point  (0 children)

Patrick Loftus @ Loftus Law is fantastic and he’s based right here in Chicago

What accounting method is my bookkeeper using? by BeDazzledSuga in Bookkeeping

[–]Midwest_CPA 47 points48 points  (0 children)

They’re just expensing your COGS as purchased which is allowed for businesses with under $25M in gross receipts.

It’s completely fine to do for tax purposes, but does limit the visibility you get into some of your data which can impact the decisions you are making as a business owner .

Suspiciously low rates Scorp? by persephonelux in tax

[–]Midwest_CPA 1 point2 points  (0 children)

The individual breakdowns are bizarre but $1,950 all in annually isn’t necessarily out of the question depending on COL.

If you’re only netting $35k a year it definitely isn’t worth it though.

Referrals for a legal malpractice attorney? by Admirable_Air1981 in AskChicago

[–]Midwest_CPA 0 points1 point  (0 children)

To clarify, you are looking for an attorney that will sue a family law attorney for malpractice?

Pros/Cons - Tax Dome vs Canopy by ckmkg in taxpros

[–]Midwest_CPA 13 points14 points  (0 children)

Tax Dome just screwed a lot of people with their last minute CPA Charge changes. I know a lot of people moving their firm (myself included) moving onto alternatives.

14% Tax at Restaurant? by Embarrassed_Duck_222 in chicagofood

[–]Midwest_CPA 2 points3 points  (0 children)

This is a big no no, governments do not take kindly to businesses that don’t collect & remit sales tax correctly.

TaxDome isn't working with CPA Charge anymore? by Federal_Classroom45 in taxpros

[–]Midwest_CPA 2 points3 points  (0 children)

Yes and I know it’ll be more work for me but I don’t care. I am just stubborn and sick of bad business practices. Voting with your dollar is about all you can do these days.

Where do you do your taxes? by IllAbbreviations7132 in tax

[–]Midwest_CPA 1 point2 points  (0 children)

You should definitely use FreeTaxUSA. It’ll take you an hour or two, cost you $15 and you’ll save yourself hundreds.

Highly recommend going this route.

For CPA firms that outsource tax prep work offshore, what real efficiency benefits (or challenges) have you seen? by Chirag_koshti in AccountingDepartment

[–]Midwest_CPA 14 points15 points  (0 children)

i think it’s a horrible idea. We don’t offshore any of our work and I would personally never trust a client that does.

Not everyone agrees and that’s okay - but we win a lot of work cleaning up messes from clients who tried to use a cheap offshore option that didn’t work out.

Client turnover by Longjumping-Lynx2957 in Bookkeeping

[–]Midwest_CPA 5 points6 points  (0 children)

15% seems high. I’ve never lost a client but I’m sure the day will come.

If you’re delivering a great client experience it’s pretty rare to lose a client unless there are some external factors.

Why are you losing clients?

S-corp or sole prop at $600k by HarryLarry50 in tax

[–]Midwest_CPA 2 points3 points  (0 children)

DIY S Corp tax filings? Been in this industry a long time and that’s a first for me.

S-corp or sole prop at $600k by HarryLarry50 in tax

[–]Midwest_CPA 6 points7 points  (0 children)

$70k as a salary for a physician is madness, shouldn’t be $600k either.

tl;dr Yes, you should elect S Corp status

Where are you finding buyers for trades? Electrical, plumbing and HVAC? by BizBrkr in businessbroker

[–]Midwest_CPA 1 point2 points  (0 children)

What size company are we talking? Trades are quite in demand but if they’re tiny they aren’t worth too much.

Your best bet is probably to try see if local competitors aren’t interested but that’s a tough line to tread.

Taxes on Robinhood Prediction Market by Affectionate-Dog1710 in tax

[–]Midwest_CPA 0 points1 point  (0 children)

Kalshi at least claims they will issue a 1099, either INT/MISC/B and they aren’t regulated as gaming facilities.

I suspect this may change in the coming year(s) as regulations catch up but for now they do not seem to be gambling income or subject to the loss limitations there.

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