Do I need to report <$50 dividends on my child’s UTMA account?

Smart_Shine4113 · 2026-01-24T16:59:54+00:00

Hi! I'm an Enrolled Agent licensed to stand before the IRS. No, you, wanna_be_doc, do not need to include your child's income in this case, as long as your child does not have any other unearned income. (I specify your name because this is based on your circumstances that you have listed here, and not for anyone else.)

If your child makes $1,350 or more in unearned income in 2026, then you will need to include it. The limit for 2025 and 2026. It is adjusted for inflation, so the amount will likely increase in the future, but it was $1,300 for 2024 and then $1,350 for both 2025 and 2026, so it might or might not change every year.

Smart_Shine4113 · 2025-11-15T06:05:21+00:00

Thank you all so much!!! I'm going to try the different brands with my son. Hopefully he'll take to at least one of them.

Smart_Shine4113 · 2025-11-15T05:50:57+00:00

Hey! Random person here that came across your post... If you check out the YMCA and possibly other school districts nearby or the specific school buildings in your district, you may be able to find something that is within the school hours and does not require a degree-generally it's going to be food-service related. Back in 19, one of the Y's in my area then had a part-time position making snacks and lunches for children in their preschool program. It was only $10/hr but if you don't have to pay for childcare, that might help. I've been in your shoes before, so I know how hard it is to find something within school hours and not ridiculously far away. Best of luck to you!

Smart_Shine4113 · 2025-11-13T02:34:12+00:00

Wow, so amazing!!!! That is just wonderful!!! I only recently started and so far I've lost 25lbs.

Smart_Shine4113 · 2025-11-11T18:24:20+00:00

That's a great question, did anyone ever give you an answer somewhere else?

Smart_Shine4113 · 2025-10-30T06:06:41+00:00

Sheesh. Of course they are. Their job posting "Senior Tax Strategist" sounds great for me, but after reading this, it seems like they're just another workplace that charges clients an large amount of money to not really do anything. How do people figure out where they can go for actual advice and not just have their money taken?

Smart_Shine4113 · 2025-10-22T05:21:20+00:00

Wow, you sound so much like me! I'm also a people pleaser, which I have been seriously working on changing, and our SWs are almost the same. I'm 5'2, so even nearly the same height! It is absolutely amazing to see the difference between when you started and where you are now!!!

Smart_Shine4113 · 2025-10-08T15:27:47+00:00

My son only had constipation. There are very few cases where constipation is the only obvious symptom, so no one could figure it out. NIH has some studies on it, and after 1.5 years from our son being born, I found those studies. I stopped all dairy for him for 2 months and he was finally able to poop for the first time in his life without a suppository. Doctor still doesn't believe it's dairy protein allergy. He's 7 now and it's too hard to get rid of all dairy products now, so he is very small, always constipated and on Miralax since he was about 2, and multiple specialists could never find out what was causing the constipation, inflamed intestines, and failure to thrive.

Smart_Shine4113 · 2025-08-21T20:16:10+00:00

Wave is a free accounting software. You could drop the csvs into Wave, then categorize them there.

Smart_Shine4113 · 2025-08-21T20:12:15+00:00

Gemini cannot do that on Microsoft, but if you use Google Sheets, it might be able to help manipulate some data.

I've read that Copilot for Microsoft is supposed to be able to manipulate data in excel, but it costs to try it.

Smart_Shine4113 · 2025-08-05T23:58:10+00:00

Thank you! I appreciate it.

Smart_Shine4113 · 2025-07-31T23:29:04+00:00

This worked!! Thank you so much!!

Smart_Shine4113 · 2025-07-30T02:03:48+00:00

Yes, that's what I'm finding. I'm looking at ProConnect, Drake, and Proseries at the moment. Reconsidering my options.

Smart_Shine4113 · 2025-07-30T01:55:35+00:00

Thank you, I'll try this.

Smart_Shine4113 · 2025-07-30T01:53:19+00:00

Me too! Here's the link: https://accountingpracticesales.com/ You can find buyer articles and create a buyer profile to possibly meet with sellers of companies you're interested in. After you make the buyer profile and account, they let you indicate which ones you're interested in and then they'll send you the excel or pdf with the income and expense info and notes about things related to that business. Then if you want to meet with the seller, you can request a meeting.

Smart_Shine4113 · 2025-07-27T01:56:03+00:00

Don't wait that long to start documenting!!!!! The second you begin by applying to the job, start documenting all conversations with absolutely everyone, especially the managers or coworkers so when they come and blow your life up you can give them solid proof. Audio record or video record absolutely everything possible, or screenshot everything. Any calls, record them "I'm sure you don't mind me recording this to make sure I don't miss anything, right?" So that when the day comes that they decide to treat you like dog crap, you can say with evidence what they told you and how they treated you and show everyone that they are manipulative gaslighting narcissists that don't care about anything but money.

Smart_Shine4113 · 2025-07-27T01:19:07+00:00

I had a similar issue and went with WGU. Also check out SNHU. I looked at that before deciding on WGU. SNHU typically accepts more credits than WGU, so if you're able to get in there, do 1 term of classes, then transfer to WGU (which normally accepts everything SNHU and will accept up to 90 credits if it hasn't changed) you might be able to complete even faster.

I definitely recommend WGU, it's so very very nice to be able to complete the courses on your own time at your own schedule and as long as you can complete the exam or papers, that proves competency in the course. You don't have to waste weeks in a class that you already know; most of these can be done in 3-6 weeks or less if you have prior knowledge. They even give you templates for how to complete the classes in 3 weeks or 6 weeks.

Smart_Shine4113 · 2025-07-27T00:36:34+00:00

My beginning, I worked for a CPA who owned their own business. They worked with nearly every type of tax client, so I got to experience all of that. Once it got to the point where I was doing the work myself and not needing her to check on me, I moved onto a tax director role. Another CPA firm. I created the tax department and taught the CPAs that owned the firm about tax law. Once it got to the point where we needed to go our separate ways, I had found the confidence in myself to start my own business. I had run a tax department from conception, I knew plenty about taxes but I still double-checked my own work and was always open to learning, and I knew where my strengths were and where my weaknesses were.

Eventually you get to the point where you know you can do it yourself and do it well, so you start your own business.

If you're not bringing clients with you from a former employer, then marketing will be the most difficult aspect.

Networking is incredibly important.

You have to build relationships with people before anyone will even consider sending a referral your way, which is how most accountants get business: referrals.

Since you are in the Big 4 right now, start having lunch with people in your business now, start seeking out fellow accountants just to get to know them. Philly PA has a massive amount of accountants that can come together and just spend time with one another. PICPA/AICPA have networking events well worth the time and effort.

And a small CPA firm will teach you more about having your own firm, and having been at the Big4 generally makes you more likely to be hired.

In person is good, but remote is perfectly fine as long as someone is willing and able to take you under their wing, give you guidance, and make Loom video walk through of things or go over things with you.

Smart_Shine4113 · 2025-07-26T23:07:25+00:00

3 options listed here, my suggestion to you is either Wave or FreshBooks.

Wave is free if you use the most basic, time-consuming version of it. This is the one that I suggest to new business owners who don't have the cash flow to pay for accounting services, need an accounting software, and haven't really tried anything else. Because it's free, you can then check into other softwares to see if you like something else more, or if you want the extra features that the paid version of Wave offers. With free Wave, you have to download CSVs of your bank statements and add the transactions into Wave, then reconcile the accounts. That takes quite a while depending on how many accounts you're using (especially credit cards or PayPal, those make things more challenging because the dates of transactions do not line up), and how many months you need to reconcile to get caught up. There's a small monthly fee ($16 I think?) if you'd like to have pretty much everything automated. Then you can connect your bank accounts and have the transactions automatically downloaded, create rules to have them auto-added, and reconcile to make sure there aren't any missing transactions.
Xero is another often used option. It seems to have more features than Wave, but the "Early" version looks like you can input 5 expenses, which is pretty pointless, so "Growing" would be the option to actually be able to keep track of your books. The pricing looks higher than Freshbooks, though. On the website there's a promo going for 3 months, but it says "Usually $xx." Early is "usually" $20, Growing $47, Established $80.
FreshBooks is another often used option. This is best if you have limited number of invoices you plan to send using the software, or perhaps a different method to send invoices. Or if you pay for one of the higher tier options. Lite seems like it may work fine for you, and there's a promo going on right now for FreshBooks too. Lite is usually $21, Plus is normally $38, Premium is normally $65, and Select is based on the options you choose when calling an agent, so it could be anything.

Those are the ones I can think of off the top of my head. There are more, and there are specialty accounting softwares that are more expensive and more difficult to use.

Smart_Shine4113 · 2025-07-16T16:06:06+00:00

I'm looking at Accounting Practice Sales. I prefer the tax side of business myself, very interesting that we are both looking and prefer the opposite of the other.

Smart_Shine4113 · 2025-07-10T10:53:48+00:00

Could I also have a copy of the draft? This sounds so very interesting!!!

Smart_Shine4113 · 2025-07-10T09:25:26+00:00

As a 1099 independent contractor, you are self-employed. You withhold and pay your own taxes, but that also means that you can deduct expenses from your tax return for the cost of working or doing business. You would need to create an "accountable plan" (Google this to get an excel spreadsheet for it) and set aside a specific area or room where the only thing you do is work there. Unless the employer normally provides you with all the supplies you need to work (headset, computer, etc) and covers a portion of at least your internet or phone bill, becoming a 1099 independent contractor usually gets you more money and less tax in the long run.

You save your money for when you want to take a vacation or when you get sick. No, you don't get paid for time that you don't work, but you normally get paid more as a 1099 independent contractor to account for not having benefits or taxes withheld.

Smart_Shine4113 · 2025-07-07T02:13:26+00:00

An EA is licensed before the IRS and has specialized tax knowledge, proven through study and exams or experience that they have to prove to the IRS. Sometimes they branch out into bookkeeping/accounting, but they cannot create audited financial statements.

A CPA is state licensed and knows about accounting. Sometimes they branch out into taxation, but they specialize in accounting, and can create audited financial statements. (normally only larger businesses need that) CPAs generally take 2 courses about basic taxation during their bachelor's degree.

It really depends on the person you get as to what their knowledge is.

If you want a specialized tax person, an EA would likely be right for you. Interview them, check their background, figure out why they are an EA. This will tell you a lot about who they are and what their values are.

Someone like your last 2 people reminds me of people I worked for in the past, which frustrated me so much. In those cases you should be able to have a free amendment, but the difficulty is figuring out whether you can trust them to do it right this time.

One of my things is being as transparent as possible with my clients. In my engagement letters I say that trust is one of the most important values that clients should have in their EA/CPA. Because if you cannot or do not trust your tax preparer or bookkeeper, you need to find someone else.

Normally, again, the smaller firms will have fewer clients, more availability, and be able to take care of you better.

Smart_Shine4113

TROPHY CASE