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Showing content with the highest reputation on 12/08/2022 in Posts
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I would definitely contact my E & O Insurance Carrier. According to the AICPA's Insurance Carrier, Divorcing Clients are one of the leading causes of Legal Proceeding against CPAs. Being prepared is far better than being caught of guard by surprise.4 points
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If he does a qualified distribution (over 70 & given directly to the charity from the broker) he won’t have a deduction but doesn’t have to take the RMD as income either! Win/win.3 points
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I've got you all beat -- I have Package X from 1974 to the last time they issued it! I told somebody I expect to be buried with them, like Pharaoh....3 points
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Make sure you track your business/personal usage so you only deduct the business use!!!2 points
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My clients needed to pay me over time, and had a couple clients die, so my cash flow was slowed. I did receive small PPP loans. My banker actually was the first to notice my bank balance less than prior years and contacted me to apply! Otherwise, I wouldn't have been able to renew my software at the early price.1 point
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I got blue light blocking computer glasses a few years ago and they really help. But I never thought of deducting them as a biz expense! D’oh!1 point
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Sch C, does wife work for the biz? Then set up medical reimbursement plan for wife & get him covered as spouse. And I agree, ACA plan! No need to do all of this finagling to get income low.1 point
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Yes, nobody had exactly $300 or $600. I think it is a shame that they took this tiny perk away. People really liked it and it didn't amount to much. I have a client who has already informed me that he is donating his entire RMD to three charities. Of course it will give him a deduction that he doesn't need; but kudos to him because he doesn't need the money either and has no wife or children.1 point
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None of my seven clients that I know received PPP funds experienced a hardship. All had increased sales 2020, increased again in 2021. They are not wealthy, and that means nothing to me; I am still aggravated when I think about it. One questioned me raising his monthly bookkeeping fee $25 recently, and a lot of words barely managed to stay in that thought bubble over my head.1 point
