Jump to content
ATX Community


  • Content count

  • Joined

  • Last visited

  • Days Won


About Roberts

  • Rank
    ATXaholics Anonymous

Profile Information

  • State
  • Gender

Recent Profile Visitors

4,189 profile views
  1. afraid to get EA

    Holy cow, the cost to take the exam just went up to $181 for each of the three sections? That's a major difference from when I took it 13-14 years ago (or at least it seems). The EA license was easily the cheapest license I'd ever seen a person could acquire back then.
  2. Tragedy causes young child to get 1099r

    That actually works also and gets tax deferred (or free) growth. The problem is the kid has to own it since it's their money to begin with so it doesn't eliminate the risk that the child would blow it all when they are 16. With a minor trust, the trustee would have to agree to any withdrawals until turning a set age. This kid could easily have $200k in their fund when they turn 16, not a lot of teenagers could avoid the temptation.
  3. Tragedy causes young child to get 1099r

    I'm assuming this is the Survivor Benefit Plan? If so the kid gets the benefit until turning 22 unless she gets married or quits school and then it stops. For the savings account, I hope they get the funds into a minor trust account.
  4. Client chooses penalty instead of free insurance

    I have a client who is over 80 and has 100% private health insurance - refuses to sign up for Medicare. His son in law is a surgeon who told him at one point that he refuses to accept Medicare or Medicaid patients so he thinks all doctors do that. He had a knee replaced and the insurance company is who covered it all.
  5. More Oversight Again ?

    The problem isn't the regulation, it's the interpretation of it by the regulator in your office and mission creep. Look at how much documentation goes into the EIC and apply that to pretty much every form (consider a Schedule C or 1120S for a minute). When I started in the securities industry a new account form was a single page. 27 years later it is an 18 page document with 13 pages of legal wording and we are required to update it every 3 years with new signatures. If I sell a client an individual muni bond the regulatory and documentation burden on that is 5x that if I sold them a mutual fund that invested in the same thing.
  6. Go away...you bother me

    New tax client this year and I'm looking at last years return: she owns a house in New York State but doesn't live there visits for vacation. She works 7 months of the year and rents an apartment in Missouri. She works 5 months of the year in New Jersey. Here's the problem, they filed 3 state tax returns all as non-residents. The W2s show her having income in the state of New York. One W2 says she made $60k total and attributes it $60k in Missouri and $60k in New York. She has another W2 from her time in New Jersey that does the same thing but the preparer did a manual override of THAT New York attribution of income. The software prints off a W2 so I know they entered it into the software. Very weird.
  7. How many times per day

    Thankfully, a lot of the programs stopped doing the 90 day requirement. I use two different tax programs and have the passwords written on a piece of paper taped to my monitor.
  8. How many times per day

    Do you log into your tax software? Last years tax software to check something? My software logs me off after 20 minutes so I basically have to log back in about 20x per day.
  9. HELOC Fate

    As long as it's for business and you've documented that - I think the interest is 100% deductible for the business. I lot of people use home equity loans to finance rental property just for the ease of getting a loan. When I did a cash out refinance to buy a rental, the mortgage lender said he would need a letter from me explaining for what I was using it. I told him I was buying a rental property and he freaked out explaining I shouldn't say that - write that I'm giving it to my nephew to pay for his college education and I'll get the money immediately. If I say it's for a business (rental property) I'll spend the next month justifying a business plan.
  10. Rant - Electronic Documents

    I did fire a client 2 years ago for too many questions. I did his personal return and he gave me 10 questions which I answered. Then 10 more which I answered about 5 and then 10 more and said he needed answers to the other 5 also. Told him to leave and never come back. Seriously, I really shouldn't have to explain every freakin year how I determined the life expectancy of each item within your rental property. Why isn't his cable bill at home a tax deduction since he uses it for education (he watched those flip it shows on real estate)?
  11. Rant - Electronic Documents

    I'm with John. If a client can text or email - they are my preferred client. I HATE sitting on the phone for 20 minutes hearing about their last surgery. Have a client who is in the process of dying right now but for the last 10 years if he called and I asked "how's it going" his immediate response was "do you have an hour?" He was somewhat joking but if you let him he'd talk for an hour about his problems. Always had to keep him on track or he'd go off about politics or his hip or how horrible his kids are.....
  12. Rant - Electronic Documents

    I've had multiple text and email message with a client. We were waiting on her mortgage statement as we discussed that her refund was cut by 75%. Told her yesterday afternoon that I'd have the return completed last night. This morning she informs me she made charitable contributions of $150 and needs it on the return. You couldn't tell me that at any time over the last week?
  13. Recommend a free antivirus for PC

    If you have Windows 10, Defender is perfectly fine. Just do an occasional sweep with others (I do them every other week). As was said by cbslee, since I moved my email address to being handled via Google and everything goes through their system - I get next to nothing in spam. My corporate email address was transferred to google last summer and their spam blocking system does a solid job. I use Thunderbird as my email client software for accessing the account.
  14. What would you charge?

    My general quote would be a disclosure riddled $175 that is adjusted up and down according to factors some of you might not agree with. Ability to pay, where they live, how they came to me, what they paid the previous person and how nice they are all factor into the fee. The same return can be charged anywhere from $75-$250. I have some ghetto living clients who are awesome and I charge $75. Disabled vet client gets his rather complex return for $125 plus a free house call. On the same switch I have very wealthy 30ish year old clients living in nice homes their grand parents gave them and I charge $450. All they have are a single investment account 1099 and a K-1 from a trust with 3 numbers (div, int and capital gain).
  15. 0 Tax Returns Completed Thus Far

    My corporate and personal tax returns are done - just waiting to efile.