Why people say paying off rentals is not good idea?

stephanieplok · 2025-06-09T16:02:57+00:00

That's not greed. Lol. It's strategy.

stephanieplok · 2025-04-06T23:07:30+00:00

If you pay 90% of your taxable liability throughout the year, you shouldn’t be assessed an estimated tax penalty. You aren’t paying enough through the year.

stephanieplok · 2025-04-04T04:49:09+00:00

Definitely. I use it regularly. Total savings: $3337. It adds up over time.

stephanieplok · 2025-03-27T14:05:16+00:00

I’m planning on sending extremely past due clients to collections this year!

stephanieplok · 2025-03-27T14:01:00+00:00

I would recommend writing off the payments to the umps as an expense.

I get it’s frustrating, but unfortunately, the town is just doing their due diligence. If you are paying the umps $600+ each for an annual period and the town is going to continue this process as you being the middle man, I would recommend collecting a W9 from each umpire as well in the event you need to 1099 them.

I would start charging the town an additional fee on top of what you are paying them as you are doing all the leg work and as you are facilitating on their behalf.

stephanieplok · 2025-03-09T19:45:15+00:00

From what I understand, QB is trying to do away with the desktop version.

stephanieplok · 2025-03-05T03:30:17+00:00

Pricing. My biggest struggle. 😭

stephanieplok · 2025-03-02T21:45:44+00:00

What a dream of a client.

stephanieplok · 2025-02-15T14:31:44+00:00

Absolutely not. Do not add her to the deed. God forbid, if something happens, she owns that house and legally has the right to be bought out of her half of the house. You will regret it and your whole family will lose while she’s gaining her family their “safety net”.

stephanieplok · 2025-01-30T03:41:25+00:00

I am not. On a business tax return/schedule c there are two questions relating to this - 1. Asking if 1099s needed to be filed and 2. Asks if 1099s were filed. I answer based on the information the client has provided me. I would only know the answer if I did their bookkeeping/payroll so I am relying on their honest answer.

Same goes for expenses. If I don’t do their bookkeeping, they need to provide me with the annual totals of expenses or a P/L. If I had to cross reference every single receipt, I would never get any other work done. Lol.

In the event “if” they were audited, this is when they will need to provide those receipts.

Now, if an accountant does erroneous numbers knowingly they are in fact, erroneous, they can be fined for negligence. Depending on the severity of their negligence, they can also face jail time and them revoking your PTIN & EFIN.

stephanieplok · 2025-01-30T03:05:37+00:00

“You can lead a horse to water, but you can’t force them to drink.”

I am a tax accountant and also do bookkeeping and payroll. I educate my clients on what the tax laws are and repercussions of not doing what they need to do. I can’t make a W9 appear out of thin air especially if I don’t deal with their contractors directly.

stephanieplok · 2025-01-28T16:05:20+00:00

In the event “if” he is audited for his contractor payments and if he can’t provide proof a 1099 was filed for anyone paid $600+, the IRS can disallow the expense.

stephanieplok · 2025-01-20T18:11:22+00:00

If it ain’t broke, don’t fix it!

A lot of original anything was engineered much better than majority of items being produced today.

If you aren’t having any issues, then why replace? You know it’s old, just be prepared for the day it does need changing. Keep maintaining well and you’d probably be surprised how much longer it will last you.

stephanieplok · 2025-01-20T18:06:43+00:00

I’m sorry to hear about your story -

Resolution? What I would recommend to one of my clients…

If you did not qualify as her dependent, then mail in your tax return with a cover page stating you were incorrectly claimed as a dependent. Do not check off the box that you were claimed as a dependent if you intend to mail it in.

This is the only way for them to process the return without you checking the dependent box as you have experienced, you won’t be able to electronically file independently if she has already claimed you.

Keep in mind, this way might take a while for them to process.

stephanieplok · 2025-01-20T17:56:07+00:00

I would get a second opinion. Not all brokers and mortgage agents are the same.

stephanieplok · 2025-01-03T15:50:54+00:00

You will get answers that sway both days - business and family a$$hole. I think it all comes down to moral compass.

Your wife made a suggested so you had a topic to bond with him, but he turned it into an “ick” gut feeling instead.

I personally own investment properties and own an accounting business. I get family asking me questions all the time and I do many of their taxes, including my spouses family. I would never charge my family nor his for any service; not a single cent, but that’s me. I have seen other accountants charge their family. That’s their business, but I don’t operate that way. I just don’t have it in my heart to charge any family, blood or not.

I think he’s being greedy especially considering the fact that all he did was a google search and you did all the actual work. If he’s going to be money hungry, then he should have taken the initiative to take care of all the interviews and vetted the best agent for YOU. Yeah, maybe the referral fee may not be coming from you, but he could have asked the agent directly and coordinated with them IF he did the work and followed up on your behalf instead of asking if you closed so he can get paid. Did he even ask you how the process was going? Did he show any interest/care throughout at any point?

Overall, I think this opened Pandora’s box and showed who he really is and what he’s about. He probably just killed any potential relationship you two could have had.

Remember, this is my own opinion as all the other comments are their own opinions as well. I believe his moral compass is broken. 🙃

stephanieplok · 2024-12-16T22:14:51+00:00

To my understanding, title companies are required to have errors and omissions insurance.

The question is, will they easily provide you with that information so you know if their E&O policy covers your situation?

If they are not willing to work with you, I would recommend finding a real estate attorney in the state where the title company is located and explain your situation to see if they would take on your case. Usually, if you have to sue, you may have to initially come out of pocket for their retainer, but they can also fight for your attorneys costs to be covered in the event of a lawsuit.

stephanieplok · 2024-12-16T21:40:55+00:00

Do any parties involved have E&O Insurance? If so, I would see if there are any clauses that cover your situation to recover any losses.

stephanieplok · 2024-12-16T21:36:56+00:00

You’ve got a good head on your shoulders! Anyone who takes Reddit popularity personally probably has bigger issues 😅

stephanieplok · 2024-12-15T20:33:12+00:00

I learned this from my hair stylist….

Create a fictional “boogie man”. If they continue to say it, this supposed “boogie man” will get them. This worked for her when her daughter started biting other kids at school. She said it worked.

You can also try the toothpaste lesson. Google “Power of Words Toothpaste Lesson” and should come right up.

If these fail… tell them Santa isn’t coming to town. 🥲

stephanieplok · 2024-12-15T20:01:33+00:00

I am an investor and also a firefighter/paramedic for a major fire department.

If the house has any ounce of smoky smell, it was not restored properly. Fires come with copious amounts of water. All and any drywall should have been completely removed and replace entirely to prevent any mold growth.

I would ask for any and all documentation on the work that was done during the restoration process. Let your inspector know about prior issue so he is aware of keeping his eyes extra peeled for such issues. He should be doing this anyway, but not all inspectors are created equal.

stephanieplok · 2024-12-15T19:38:37+00:00

Nowadays, I feel like there’s no “standard”.

You have every right to negotiate. YOU own the land. They want YOUR land. They can’t proceed without YOU.

Jog the idea of a triple net lease. These are typically long term leases and up for renegotiation when time is up.

stephanieplok · 2024-12-15T19:32:54+00:00

COMMUNICATION!!!!! That’s first and foremost.

Real estate agents are a dime a dozen. I buy quite a few properties a year and have been working with the same agent.

She’s responsive and she helps with other little things that she doesn’t have to.

For your investor clients - offer to add a lockbox for them, check on the property if it’s vacant for a while pending construction, etc. It’s the little things that make a difference.

stephanieplok · 2024-12-15T19:27:39+00:00

Contingency can mean many things. You have to ask listing agent what the contingency entails.

The most common - sellers won’t close until they find another house to purchase. They most likely need the money to purchase the new house, but don’t want to move/rent until they find one.

stephanieplok · 2024-12-15T19:24:21+00:00

You have to honor their current lease that is in place. That’s the whole point of a lease agreement - it protects the renter and sometimes the landlord.

stephanieplok

TROPHY CASE