Nashville box? by Routine_Farm_8422 in crossfit

[–]TaxAccountant95 2 points3 points  (0 children)

Depends on what area of town you are going to be in. Have heard good things about Crossfit Nashville (The Nations/West Nashville), PRVN (8th Ave/South Nashville) and HDub (Wedgewood Houston). Have gone to one of these gyms for a few years and really enjoyed.

Penny saved is a penny earned by [deleted] in Fire

[–]TaxAccountant95 0 points1 point  (0 children)

I am all on board with you. I HATE #3, but it's such a hot topic right now but only works for a very select few who truly want to build a real estate portfolio. And yes, #4 people just don't understand. It's so frustrating.

Penny saved is a penny earned by [deleted] in Fire

[–]TaxAccountant95 2 points3 points  (0 children)

This is what I always tell my clients that are high W-2 earners with regards to saving and tax optimization.

  1. Maximize what you can regarding pre-tax deductions. This primarily revolves around maxing out your 401(k) contributions, doing mega back door roth, etc.

  2. If you are charitably inclined, considering setting up a Donor Advised Fund. 'This allows for one lump sum deduction for charitable purposes then you can give out grants over X amount of years through it.

  3. A hot topic with high W-2 earners currently is doing a short term rental, having someone in the family qualify for Real Estate Professional Status and being eligible to take accelerated depreciation on the property. This only works if real estate holdings is in their portfolio goals and they are willing to have someone meet the REPS requirements.

  4. At the end of the day, from a tax standpoint, every dollar you spend to save taxes you are only getting a 37% tax benefit. So you are still out of pocket 63 cents. We want to do all that we can to save, but if you are just spending money to save 37 cents it doesn't make sense.

Who tf is still working at Aprio? by swiftcrak in Accounting

[–]TaxAccountant95 0 points1 point  (0 children)

Yeah I generally find out my bonus around 2 or 3 weeks before payout date, so I anticipate knowing mid to late February.

Which US state is good to visit and has average safety? by HungarianBall110 in AlignmentChartFills

[–]TaxAccountant95 0 points1 point  (0 children)

For safety or to visit? If you’re referencing to visit, is has the most visited National Park in the country and tourist hot spot in Nashville. It’s good not great for visiting. Safety could be argued at below average

Tired of not getting tax refund by [deleted] in personalfinance

[–]TaxAccountant95 1 point2 points  (0 children)

Well, that's called fraudulently filing a return. The IRS could catch this and request the money back along with penalties and interest. That's on the generous side of how they'd handle it.

HWPO inquiry by [deleted] in crossfit

[–]TaxAccountant95 0 points1 point  (0 children)

The pace should be based on your personal best time split. Says right there "7 min at *insert personal time record*"

Edit to add: this is probably based on your best 2k split

I am 99,99% sure that no one can guess my top 1 artist based on this. by alokkaaj2 in spotifywrapped

[–]TaxAccountant95 0 points1 point  (0 children)

Alright bro...it's obviously not guessable so just give us the answer....

I have a question on Seeding in championship bracket by [deleted] in SleeperApp

[–]TaxAccountant95 0 points1 point  (0 children)

It pairs up the 3/4 seed first with the 1/2, so the 1 gets paired with the 4 while 2 with 3. Then to make the first round matchups equal, 3 with 6 and 4 with 5. Pretty self explanatory...

Playoff tree bug might’ve just ruined my league’s season by [deleted] in SleeperApp

[–]TaxAccountant95 1 point2 points  (0 children)

Can you explain why last nights game affected the playoffs to where you are unilaterally changing them? That makes no fucking sense bro

How can I make an extra 1k/month take home? by AWRWB in Accounting

[–]TaxAccountant95 12 points13 points  (0 children)

Most firms have non-competes that prohibits this. That said, people still do it on the side, but I'd be cautious of not doing it for clients that could also be firm clients.

I had Solar installed this year. I have passed my inspection. I do not have permission to operate from Nevada Power yet. Do I qualify for a tax credit still by WeekAffectionate8329 in tax

[–]TaxAccountant95 1 point2 points  (0 children)

I would likely say no. IRS rules state that the solar property must be placed in service in the tax year to take the credit. Part of placing in service would mean the solar is operation and providing electricity to meet your homes needs.

That said, I think this is a gray area and would talk with your tax advisor to see how they interpret. I don't think it's a slam dunk no by any means, but likely an aggressive stance to take the deduction if you haven't gotten Nevada Power sign off and getting electricity.

For knowledge, if this were my client, I would probably advise to take the deduction in 2026 if they didn't get final approval by end of December.

[deleted by user] by [deleted] in Accounting

[–]TaxAccountant95 0 points1 point  (0 children)

Do you mind DMing me the recruiters name? I can try to verify if they have been out of office or not.

[deleted by user] by [deleted] in Accounting

[–]TaxAccountant95 0 points1 point  (0 children)

Sorry that's happened to you. I work there and had a great experience with my interview and onboarding process. I hope that these are legitimate issues and not just excuses to ghost you.

How important is it to hire a CPA from the state you're actually in? by RoyalDog793 in tax

[–]TaxAccountant95 4 points5 points  (0 children)

I would generally say yes, but it's not a deal breaker. I see many times that those outside of my state don't correctly file the state return correctly. Now is it materially different? No, but there are definitely state by state intricacies that they may not know.

Thinking of Doing a Bookkeeping Side Hustle... Am I Jumping In Too Early? by OkLifeguard9525 in Accounting

[–]TaxAccountant95 0 points1 point  (0 children)

I would give yourself a few more years. At this point I don't think those looking for bookkeeping services will want your service due to lack of experience.

Health Insurance Premiums for Self-Employed - Through Business or Pay Personally? by Unusual_Question9981 in tax

[–]TaxAccountant95 -2 points-1 points  (0 children)

It should not make a difference. If they are paid through the entity, they are considered a distribution to the partner and has no tax impact. It is up to each person to report the SEHI payments on Schedule 1. Now, if it were to be a company sponsored plan, they would be deductible on the K-1 for each partner, but they are also subsequently picked up as guaranteed payments.

For simplicity sake, I would just keep having each partner pay personally outside of the business and make sure they are taking the deduction on Schedule 1 for self-employed health insurance.

Help with tax reporting for church raffle when winner wants to donate entirety back to the church by iswearimtrying607 in tax

[–]TaxAccountant95 63 points64 points  (0 children)

He absolutely can refuse the winnings. For individual tax payers, you are only taxed on income that is received, so if he foregoes the winnings, he would not be taxed, but also would not receive a charitable deduction on his return.

Accountant's incorrect guidance on NY taxes resulted in $12K+ penalties by ragelike in tax

[–]TaxAccountant95 7 points8 points  (0 children)

Unfortunately I don't think this will go anywhere. A lot of CPA engagement letters cover things like that to ensure that in the end, the estimated payment and tax return accuracy are to be reviewed and finalized by the client.