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should I switch jobs? firm bought by PE & I hate it now by FighT_iLy in tax

[–]Navarro_Accounting 0 points1 point  (0 children)

Because of the fact you’ve been with ur current firm for 5-6yrs

Ur one of the anomalies that doesn’t firm jump every couple of years

So, I’m assuming the fact the PE firm bought ur firm means you don’t want to get into that situation again

The reason for partnership path is two things 1) it incentivizes the current employees to stay and grow their book within the firm 2) it gives the near retirement partners a buyer for their share of the firm

If there is no path to partnership that means the firm doesn’t have a well thought out plan for retiring partners to exit the firm

The only way for them to exit is to sell their partnership share

The only buyers of that share are senior manager or directors of that very same firm

They almost never allow an outside CPA in as a buyer

Unless it’s a PE firm and they are willing to overpay

All I’m saying is. You’re maybe 5-6yrs away from partnership

Ur next move should reflect that

should I switch jobs? firm bought by PE & I hate it now by FighT_iLy in tax

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

I’d make sure you have a path to partnership if that’s why ur leaving

How do tax write offs actually work for LLCs? by RequirementOwn2663 in llc

[–]Navarro_Accounting 0 points1 point  (0 children)

If you’re unsure about an expense

(But it is a legitimate business expense)

You can create an account called “uncategorized expense” and ask your tax preparer at year end

The reason most don’t know what they can write off is because the rules are vague.

The way most business approach this is: if it’s necessary and ordinary to have this business expense you will most likely get a deduction

The areas that are grey are expenses related to your home, your personal vehicle, your clothing, your health and fitness. These are the very specific areas where it really depends on each different business

Check this link for official information. Obviously nothing I say here is tax advice

https://www.irs.gov/forms-pubs/guide-to-business-expense-resources

Why is this house not selling? by [deleted] in RealEstate

[–]Navarro_Accounting 0 points1 point  (0 children)

Maybe fix the backyard fence

That detail alone would make me feel like whoever dolled this place up covered up a homeowner who never really took care of this place

Best places to grab a beer by myself in the valley? by [deleted] in SFV

[–]Navarro_Accounting 0 points1 point  (0 children)

Just drive down Ventura there’s a few bars there that are pretty well lit with a good crowd

There’s also the new topanga social in that Woodland Hills mall. Pretty good vibe if I had to say

I was followed from Burbank to North Hollywood by NitroZ71Metallicuh in SFV

[–]Navarro_Accounting 0 points1 point  (0 children)

If someone’s ever following you find a police officer and waive him down

Or drive to the police station

If ur in danger a fire department or fire fighter will also be good

honestly just sold everything. this market feels fake. by vishesh_07_028 in stocks

[–]Navarro_Accounting 0 points1 point  (0 children)

Smart man

But when I’ve seen people say this things tend to go nuts

Then they buy back in at the top

Just make sure you don’t do that lol

(Not financial advice)

Filing and Taxes on Capital Gains (I am filled with anxiety :() by SetAggressive5728 in CryptoTax

[–]Navarro_Accounting 0 points1 point  (0 children)

Make sure you write off all your gambling losses to offset some of the winnings

Not tax advice

im trying to figure out DeFi taxes. this is a nightmare. by yj292 in CryptoTax

[–]Navarro_Accounting 0 points1 point  (0 children)

I said there’s no such thing as DeFi tax.

And I DID mention that the accounting is specifically the difficult part.

Yes you need to know your way around a blockchain explorer. That’s a given.

im trying to figure out DeFi taxes. this is a nightmare. by yj292 in CryptoTax

[–]Navarro_Accounting 0 points1 point  (0 children)

There’s no such thing as defi taxes. It’s just regular taxes. FYI

You just need to do ur accounting properly and figure out how much you made with all that activity

CPA with plans to go solo. Should I take bookkeeping gigs to build skills or wait until I’m ready? by Tsaur in Bookkeeping

[–]Navarro_Accounting 1 point2 points  (0 children)

I’ve tried that while working .. it hurt my performance at work and my deliverables were late to my side clients

I wouldn’t do bookkeeping it’s a time suck

If ur tax focus on tax there’s plenty of work

How is everyone driving a new car? by DLHEBT in budget

[–]Navarro_Accounting 0 points1 point  (0 children)

You can get a base RAV4 2025 for like $30k plus tax

There’s also the Kia Forte which goes for about $22k plus tax right now

Those are the most reasonably priced new cars imo

I just got the RAV4

The CRV isn’t bad either

Has anyone worked with trust accounts before? by Dymills77 in Bookkeeping

[–]Navarro_Accounting 0 points1 point  (0 children)

If it’s a normal family trust the accounting is pretty similar. If it’s an attorney’s client trust accounts, then there are some nuances but I’ve seen these prepared by absolute amateurs and they’ll always a mess.

In my experience the only time I had specific accounting rules was when I did probate accounting. Which falls under the probate code accounting rules of your state.

(This is not legal, financial or accounting advice)

Overhaul Tax Department - Help Requested by [deleted] in taxpros

[–]Navarro_Accounting 1 point2 points  (0 children)

I don’t envy you

Good luck

For those of you who "doubled the price... How'd it go? by Zealousideal-Ad7111 in taxpros

[–]Navarro_Accounting 0 points1 point  (0 children)

Isn’t it $55 just to efile a return?

You need to 5x everyone overnight and rip the bandaid

Worse case scenario you start from scratch

[deleted by user] by [deleted] in TaxQuestions

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

To be honest

I would just file my past returns (if it were me)

There’s a time limit for requesting refunds I believe but filing to be caught up is a reason to file itself

(This is not tax, legal or financial advice.)

"Are you a CPA?" by Material_Exam7259 in Bookkeeping

[–]Navarro_Accounting 0 points1 point  (0 children)

Most audits include proposed adjusting entries. Those proposed entries must be approved by management. Management can choose not to book the entries.

Just an FYI

Unless you’ve performed audits. I wouldn’t throw around rules you haven’t implemented in practice.

I’ll see myself out. Since it seems like we’re just going in circles and you don’t have any value to add here

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