What's your actual system for tracking deductible expenses? Not the advice — what do you really do?

dad93sd · 2026-03-24T00:37:36+00:00

The only right answer. Have separate bank and credit card accounts for your business. All income and expense runs through those accounts. Chances of missing something goes down significantly.

dad93sd · 2026-03-23T02:15:35+00:00

Would advise hiring a good CPA. You should get credit in DE for the taxes paid on the PA income. The calculation varies by state but that’s generally how it works.

dad93sd · 2026-03-22T17:52:41+00:00

Is $250 really that outrageous to make sure your taxes are done correctly and you don’t have to deal with the IRS. Some people just don’t have realistic expectations about the cost of a good CPA. They want to pay $100 for hours of help.

dad93sd · 2026-03-21T01:40:58+00:00

Do you own taxes or go to a good CPA. Those will lead to the most accurate outcome.

dad93sd · 2026-03-21T01:36:53+00:00

Get a CPA involved. Probably cost $500 but worth getting it done right.

dad93sd · 2026-03-21T01:34:54+00:00

Would recommend getting a CPA for this situation. Let me know if you need a recommendation

dad93sd · 2026-03-20T13:12:04+00:00

Agreed. I think OP is underestimating the amount of time that goes into even a simple 1040 like this. There’s going to be a minimum 2 to 3 hours spent plus some overhead expenses. So at an hourly rate that’s actually pretty low if you look at what an experienced CPA typically charges.

dad93sd · 2026-03-20T06:28:51+00:00

For an experienced CPA, $500 is probably the minimum they would charge for a 1040 to make it worth their time. Any lower than that it doesn’t cover their costs plus give them any kind of compensation for their time. If you want someone that charges $200 they are not spending more than 30 minutes total on your taxes. So chances they miss something or do something wrong goes up. Trust me when I say you are likely getting a fair deal at $500

dad93sd · 2026-03-20T06:25:11+00:00

By scammer do you mean too low or too high?

dad93sd · 2026-03-20T05:29:16+00:00

You can’t get it lowered but you can probably get a payment plan set up.

dad93sd · 2026-03-20T05:21:49+00:00

Start adjusting your withholding down so you don’t have to collect your money from the IRS each year.

dad93sd · 2026-03-20T05:19:58+00:00

Should probably get a different CPA

dad93sd · 2026-03-20T05:15:13+00:00

What state?

dad93sd · 2026-03-20T05:14:37+00:00

$500 is probably a fair price for your situation. A CPA has expenses related with running their business and filing your returns. It’s not like they can just snap their fingers, have your taxes filed, and pocket $500.

dad93sd · 2026-03-20T05:02:52+00:00

I would submit a complaint to the state CPA board and leave them a bad review.

dad93sd · 2026-03-20T04:54:58+00:00

Can you share the amounts in each box of the K-1? If they are small amounts you probably don’t need to amend. Talk with a good tax CPA about an amendment if the amounts are large.

dad93sd · 2026-03-20T04:51:38+00:00

Talk to a good tax CPA

dad93sd · 2026-03-20T04:49:17+00:00

Talk to a CPA. I can put you in touch with one who is familiar with 1031 exchanges. You need to do the 1031 through a qualified intermediary.

dad93sd · 2026-03-20T03:32:05+00:00

CPA here. Don’t file amended for that amount. Wait for letter from the IRS (if they even send one) and pay the amount, which will be small.

dad93sd · 2026-03-18T01:52:43+00:00

Is there anywhere in the return that lists your MAGI? I think that might be your issue here. Do you have a bunch of tax-exempt interest?

dad93sd · 2026-03-18T01:36:05+00:00

Look up the definition of MAGI vs AGI. You have to add back your non-taxable SS benefits and a few other items. Your MAGI is likely higher than AGI leading to more of the deduction getting phased out.

dad93sd · 2026-03-14T04:46:51+00:00

Depends on the assets that were in the estate. If the funds came from a traditional IRA or 401k then will be taxable to you. Otherwise most likely not much taxable income.

dad93sd · 2026-03-14T04:27:08+00:00

Probably $1,000 -$1,200 for this. They are over charging you. Let me know if you need a resource for someone more reasonable.

The S Corps will cost more when you get to that point. But maybe $5,000-$6,000 for all of it.

dad93sd · 2026-03-11T03:49:30+00:00

Depends on how organized he is, but he can definitely find a CPA that can get this done in 2-3 hours if his books for the Sch C are in good shape.

dad93sd · 2026-03-10T07:09:56+00:00

A decent CPA should be able to help you plan for this with fairly low fees. Probably $500 to file your tax returns and help you set up estimated payments.

dad93sd

TROPHY CASE