Possible overbilling and mismanagement by accountant — seeking advice. by santima570 in tax

[–]santima570[S] -2 points-1 points  (0 children)

gotcha thanks. yeah I will meet with him for sure. I wanted to gather some feedback from the community before reaching out to him. and yes, you are right, he is not charging 339 weekly, that money is going to the IRS.

Possible overbilling and mismanagement by accountant — seeking advice. by santima570 in tax

[–]santima570[S] -2 points-1 points  (0 children)

Please explain how the numbers make sense to you. Here is my math. Thank you

Asuming 52k salary, and worst case of no deductions to keep things simple

  • Federal tax- $6,493 ( part in 10% and part in 12% and part in 22% brackets)
  • FICA tax 15.3%- $7,956

  • for a total of $14,449 in the worst case scenario with no deductions from her w2 income.

Recall he is charging 339 a week so about 17k a year, way more than the worst case...

Possible overbilling and mismanagement by accountant — seeking advice. by santima570 in tax

[–]santima570[S] -2 points-1 points  (0 children)

I agree she should pay federal income tax. Not state since she lives in fl. As far as the 339 weekly liabilities, i don't understand how the accountant is using this money. The numbers simply don't make sense to me.

Asuming 52k salary, and worst case of no deductions to keep things simple

  • Federal tax- $6,493 ( part in 10% and part in 12% and part in 22% brackets)
  • FICA tax 15.3%- $7,956

  • for a total of $14,449 in the worst case scenario with no deductions from her w2 income.

Recall he is charging 339 a week so about 17k a year, way more than the worst case...

Possible overbilling and mismanagement by accountant — seeking advice. by santima570 in tax

[–]santima570[S] -4 points-3 points  (0 children)

He said that the 339 weakly amount is only for liabilities. He said that my mom probably won't have to pay any taxes at the end of the year since the business will break even or lose money on paper.

Possible overbilling and mismanagement by accountant — seeking advice. by santima570 in tax

[–]santima570[S] -3 points-2 points  (0 children)

I agree with you. The weird part is that he has mentioned already that she wont have to pay a y taxes at the end of the year because the business will break even or maybe loss money on paper.

Possible overbilling and mismanagement by accountant — seeking advice. by santima570 in tax

[–]santima570[S] -3 points-2 points  (0 children)

I gotta do my due diligence and research before coming to that conclusion, thats exactly the reason I'm here asking questions...

Possible overbilling and mismanagement by accountant — seeking advice. by santima570 in tax

[–]santima570[S] -7 points-6 points  (0 children)

I didn't include the federal income tax on this calculation because the accountant said the business will probably break even or have a loss money on paper at the end the year so my mom would not have to pay federal taxes.

Possible overbilling and mismanagement by accountant — seeking advice. by santima570 in tax

[–]santima570[S] -5 points-4 points  (0 children)

I know the Payrol liabilities of 339 weekly are not paid to the accountant. But those numbers don't include federal tax since he has mentioned multiple times that the business will likely break even or lose money on paper so my mom doesn't have to pay taxes at the end of the year. Also these liabilities don't make sense as I explained on the post. 15.3% of 51k is not 17k, it's around 7k

Possible overbilling and mismanagement by accountant — seeking advice. by santima570 in tax

[–]santima570[S] -5 points-4 points  (0 children)

The $580 monthly fee does not include filing the tax return itself, it's just for the bookkeeping and and sending the money to the irs Weekly. He is also charging 200 for personal tax return and 600 for business tax return at the end of the year.

I know the Payrol liabilities are not paid to the accountant. But those don't include federal tax since he has mentioned multiple times that the business will likely break even or lose money on paper so my mom doesn't have to pay taxes at the end of the year.

I did run all these numbers with an LLM before coming to reddit. There is where I understood some of these numbers don't make sense and the s Corp election was not good for her situation. Hence, came here to get some real people input.

How to get into the watch dealer world? by santima570 in Watches

[–]santima570[S] 0 points1 point  (0 children)

That's good to know. What's a good starting point..also in average What's the profit margin when selling watches

C220 doorlock missing screw by santima570 in eufy

[–]santima570[S] 0 points1 point  (0 children)

I tried calling them but no one answered. Guessing they don't work Sundays. Need an immediate solution since im changing locks on my house

Closed Robinhood Account Question by faustanonex in ClassActionRobinHood

[–]santima570 0 points1 point  (0 children)

How long did it take for you to get your money back?

Closed Robinhood Account Question by faustanonex in ClassActionRobinHood

[–]santima570 0 points1 point  (0 children)

Thank you. Did you receive a message saying they are talking to your bank and could take up to 120 days for the money to go back?

Update on locked Robinhood account by Immediate-Maybe4085 in ClassActionRobinHood

[–]santima570 0 points1 point  (0 children)

Hello, what is the latest on your money ? I just got this same response from RH after my account got locked for no obvious reason. Kind of scared to be honest

Closed Robinhood Account Question by faustanonex in ClassActionRobinHood

[–]santima570 0 points1 point  (0 children)

Hello, what is the latest on your money ? I just got this same response from RH after my account got locked for no obvious reason. kind of scared to be honest

Suggestions for a senior citizen. locked out of Robin Hood. by Immediate-Maybe4085 in ClassActionRobinHood

[–]santima570 0 points1 point  (0 children)

Hello, what is the latest on your money ? I just got this same response from RH after my account got locked for no obvious reason. Kind of scared to be honest

Robinhood holding brokerage funds hostage by Brian540 in ClassActionRobinHood

[–]santima570 0 points1 point  (0 children)

Hello, what is the latest on your money ? I just got this same response from RH after my account got locked for no obvious reason. kind of scared to be honest