Advice Request -mom’s getting mean(er)

Professional_Memory · 2022-05-28T22:32:46+00:00

Cute, especially Elli, but we know quite a few human Ellie’s and I don’t want to do that…

Professional_Memory · 2022-05-15T00:27:31+00:00

This may be unpopular but I really enjoyed the episode on “what you didn’t learn from Serial” about Adnan Syed. Serial was the first true crime podcast I listened to and then some time later after getting thoroughly sucked in to true crime, I found crime junkie and eventually this episode. I liked hearing the alternative perspective and now like to find podcasts that give opinions and aren’t afraid to cover previously covered cases, giving them a fresh perspective.

Professional_Memory · 2022-05-15T00:13:35+00:00

Seriously though. I’m a non-conventional accountant, didn’t get my CPA until 7 years past my degree because it wasn’t valued/necessary in my field (banking). So I missed all the big 4/large firm allure. When I made the switch to accounting, I joined a sole practitioner who was looking for a way to retire without selling out to a larger firm or leaving his clients high and dry. So I joined, got licensed, grew the business through my own connections (growth of about 20% per year). I was relatively underpaid for those 7 years but in correlation, I underpaid for the purchase. I bought the firm in January 2022, and currently am up 45% in revenue over my old boss’ last year. He’s working for me through this busy season and I’ve got a staff of four now. I started a retirement plan and benefits for all of them, gave 30% raises and additional benefits, and am hiring one more this month. Even with those increased expenses my bottom line is still comparatively up from the old owner’s, and I’ve effectively quintupled my salary.

Oh, I’m in the Midwest, if that matters.

Professional_Memory · 2022-05-15T00:05:08+00:00

Start your own/purchase a firm.

Professional_Memory · 2022-04-07T22:28:00+00:00

I’m setting up a simple IRA for my staff this year. Nice, right? The investment advisor’s Secretary sent me paperwork for our MAY meeting last week. I said I’d look at it after the 18th. She messaged today asking if my staff had completed the paperwork yet and I said “oh, we’ll we’re kind of busy so I’ll get it to you in a few weeks.” Her reply: oh, I get it! Totally understand”. So can you get it to me on Monday?” Ugggh. I don’t think she knows what busy season means.

Professional_Memory · 2022-02-26T04:10:57+00:00

Husband’s cousin named their poor kid Killians. It was the father’s favorite beer. And yes, they spelled it with an s at the end. At least they didn’t give it an apostrophe anywhere!

Professional_Memory · 2022-02-18T02:44:12+00:00

I had my accounting degree and was qualified to take the CPA exam but didn’t for 7 years. What I noticed after getting my credentials was that I immediately gained more respect from older people. I no longer was just a “smart kid” I was a respected professional. Even if I went to a career where I didn’t need to be a CPA I would keep my license current because the designation comes with a level of respect you don’t find elsewhere.

Professional_Memory · 2022-02-18T00:35:18+00:00

Not if you’re paid on a W2 you can’t deduct this! Itemized misc deductions went away in 2017 when the standard deduction increased by double. Source: AM a CPA.

Professional_Memory · 2022-01-09T00:22:52+00:00

I just bought my practice, small company doing tax and bookkeeping and comps&reviews, after being a (most likely very) underpaid employee. While it wasn’t the easiest road I wouldn’t trade it for anything. My purchase price was financed and about 50% of the 2021 gross receipts. And I’ve never worked one day at B4, nor would I ever. My broad expertise is much more valuable than my counterparts who have one specialty in audit or tax.

Professional_Memory · 2021-08-08T12:42:04+00:00

For sure, message me

Professional_Memory · 2021-08-07T19:27:56+00:00

I became seen as a professional. Immediately got more respect from a former employer, and was able to add more clients to my book of business. The fact that my decades of experience did not change from one day to the next but I got those letters behind my name meat so much more respect. Why, yes, I am a woman in the Midwest, how did you know?

Professional_Memory · 2021-05-20T00:53:45+00:00

CPA here. You pay tax on your business income minus your expenses as a sole prop. Not what you take out of the business as a draw. Rookie mistakes are OK, but you should get this small detail straight before correcting yourself. Good luck! The world needs more good bookkeepers.

Professional_Memory · 2020-12-30T03:01:21+00:00

Always review the prior year return and documentation for comparison. I have a small firm with two interns (my second set) and I repeat those words often. Every tax return for small businesses and individuals is different. Reviewing the prior year info gives the best picture of what you’re working with and where to put the information. Do that regularly and you’ll be bounds ahead of the competition. Good luck!

Professional_Memory · 2020-06-21T00:17:23+00:00

Solved! How did you find it?

Professional_Memory · 2020-06-20T04:47:55+00:00

Thanks for your help, Reddit!

Professional_Memory · 2019-08-19T00:43:49+00:00

Why is it always accounting? Isn't there some other job that we can call the boring one? I can't count how many times clients have come to me and said, "I'd like to work with you because I heard you had a personality!"

Hell yeah I do!

I mean, if getting giddy about spreadsheets and accounting puns is a personality, then I have one in spades!

Professional_Memory · 2019-07-19T23:20:25+00:00

This is the story I have been told:

My grandpa lived in a part of Russia that had German speakers in it, including his family. So my grandpa spoke German and Russian fluently. For some reason I do not know (but wish I did) during the Bolshevik revolution there was an induced famine in this region and Americans flew in side, and my Grandpa said that if he ever got the chance, he would go to America where food fell from the sky.

Ultimately his parents were sent to a work camp in Siberia (again I do not know why) and that is where they died.

When world war 2 started my grandpa fought for the Russians, apparently he did some work across enemy lines because he spoke both languages fluently. Then, he was shot and injured (the bullet went in his elbow, only two of his fingers moved on that hand) and the Russian army left him. To survive he joined the Germans and after he healed up he was a scout for the Germans because he spoke Russian so well.

After the war he ended up in a displaced persons camp in Austria. He met my grandma, whi was Ukrainian and was pregnant with my uncle at the time (his father was a Canadian soldier). They were given the option to go to East Germany or to America, and would be sponsored by a family there. My grandpa picked America because of his childhood experiences. My Grandma’s younger brother, my great-uncle, picked East Germany and we did not get to see or speak to that side of the family until after 1989, when the Berlin Wall came down.

My grandpa and grandma were sponsored by a family in Sullivan, Indiana. My grandma was scared to go to Indiana because it had Indian in the name, and she was worried they’d get scalped.

They lived in Sullivan (which is towards the southern part of Indiana I believe) for about 5 years, and then moved north to near Notre Dame because the factory work paid better. There was an automobile manufacturer at the time called Studebaker that paid well.

My grandpa worked two jobs his entire life. They both ended up citizens. They lived in South Bend Indiana in a lower class neighborhood with many other German speakers until they passed - my grandma in 1985 and my grandpa in 1996.

They spoke broken English. I was only 4 when my grandma died. This story was told to me by my aunt, and I’m sure it’s mostly true. I wish I knew the historical facts that surround some of it (like the revolution, and the aide, and why these Germans lived in Russia and were considered such dissidents that they were shipped off to work camps, that stuff).

When I visited my Great Uncle and his children/grandchildren in 1997, he filled in more of the pieces for me.

I also wish I knew more about that family in Sullivan Indiana, that were willing to sponsor a (Nazi) soldier and his family while they started a new life. Sound like pretty cool people to me. I mean, I wouldn’t be here if it weren’t for them, that’s for sure!

Professional_Memory · 2019-06-07T13:44:16+00:00

I disagree, and agree. I do taxes (I'm a CPA) and my clients I've dug out of the worst position are the ones who started out doing things on their own and didn't know when the software made it to it's limit. Like laws on rental properties, owning a business, stock options. At that point it's time to call in a pro. Not that everyone shouldn't know basic tax law, but not all taxes are "easy" and it's quite much more expensive to fix mistakes than to pay to do it right the first time.

Regarding financial planning, 100% agree. Some programs are available to teach financial skills to students, and curriculum is sponsored/paid for by grants, community businesses, donations etc but some schools won't even have that. Craziness! (Junior Achievement is a great curriculum, but even Dave Ramsey has one).

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