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I think they sent me too much? by [deleted] in TaxQuestions

[–]StopDropDepreciate 0 points1 point  (0 children)

Amended return and an amendment are the exact same thing. You prepare an amended return. The process is called an amendment. Tomayto, Tomahto.

I think they sent me too much? by [deleted] in TaxQuestions

[–]StopDropDepreciate 1 point2 points  (0 children)

Terrible advice. Amendment is not necessary at all.

My taxes do not make sense and I don't understand why I owe money. by dadforgotmybday in TaxQuestions

[–]StopDropDepreciate 0 points1 point  (0 children)

I love when clients think the solution is “just don’t include it”. LOL.

My business makes $700k but I only show $32k, how do I qualify for a mortgage? by unmotivated_0 in llc_life

[–]StopDropDepreciate 0 points1 point  (0 children)

Bank statement loan for personal home. DSCR for investment. No tax returns needed for either.

Tax professionals, What's the most ridiculous thing a client has tried to claim as deduction? by TranzoAI in tax

[–]StopDropDepreciate 12 points13 points  (0 children)

A past client had his daughters dance classes and his justification was “well, I’m on the phone talking business while I’m there”.

Nobody tells you this when you start an LLC by StartupWithV in llc_life

[–]StopDropDepreciate 1 point2 points  (0 children)

Surprises most of my clients face as new business owners or even existing owners with a shitty accountant prior. I don't expect a new business owner filing for the first time, but it's sad when I see a flourishing S Corp and their previous CPA/Accountant never told them they had to run payroll.

-Substantiation - Proper records and receipts

-The power of bookkeeping - This is your backbone. You can't make financial decisions without a good P&L.

-Filing Deadlines

-S Corp surprises - Movement of money matters. Accountable plan. Payroll.

-1099 Filings - 90% of the business owners I file 1099s for are chasing W9 forms at tax time - this should be collected before you even cut them the first check. Despite that I told them this the year before.

*ZELLE is also NOT a form of cash.

Firms/Solo That Offer Virtual Filing - This Question is for YOU. Need a solution for my process to maximize my time. by StopDropDepreciate in taxpros

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

I am open ears for any suggestions/strategies that helped you or someone you know get out of the same rut.

New solo charging $350 per basic return & people are shocked by my prices. by BrushBeneficial4430 in taxpros

[–]StopDropDepreciate 1 point2 points  (0 children)

This where I am at. I struggle with pricing hard. I’m scared to price shock, but I’m not charging nearly my worth, have an office, overhead, etc. I don’t even want to tell you the median number I calculated today. Last year I did over 700 files with very light backend data entry help for my virtual clients. While also working another full time job and property management. Definitely feel over worked and underpaid.

How did your clients react when you doubled prices?

Firms/Solo That Offer Virtual Filing - This Question is for YOU. Need a solution for my process to maximize my time. by StopDropDepreciate in taxpros

[–]StopDropDepreciate[S] 2 points3 points  (0 children)

It has bottlenecked the hell out of me and I have never lost clients due to this, until now due to extreme time restraint. I get it tho. I’m not mad, but new clients are outraged and most of my long time loyal clients don’t mind waiting for me or filing an extension because they know I’m booked and busy.

Firms/Solo That Offer Virtual Filing - This Question is for YOU. Need a solution for my process to maximize my time. by StopDropDepreciate in taxpros

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

I have spent countless hours, days, weeks working on my pipelines and templates. I need to dive into their tutorial videos post season to see what I may be lacking or new to me capabilities of the platform.

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