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Answer on ceiling.

Look up the amount used last year

If we were going to commission a special, tax-accountant's version of the Magic 8-Ball, what should be the "answers" on the ball? It depends $500 Answer hazy; Congress is in session Suggestions for others? Let's have some fun with this; be outrageous!

SALY Facts & Circumstances Usual & Necessary There's a Form for that Acronym of the Day

What answer would you like?

Ask your hairdresser Tom Longview, TX

Definitely "SALY!" Definitely "it depends" We need a big "maybe" on there. When in doubt "extend". and "Sharpen the pencil" In this town lately we could also have "create an LLC"

How much is reasonable? What do most people take?

FREE REFUNDS!

What's the standard deduction for Charity? ...for __________? TikTok But my co-worker's refund is bigger! I'm self-employed; how much will I owe? How big is my refund? Ltr CP2000

Last year my client had paid into a Roth which was over amount allowed and was charged 450 bucks (7500 x 6%). This was actually the first time that I had a client that kept the Roth IRA contribution and paid the tax. But I didn't expect to see it again on the 2024 return! What the heck. Carry forward the 7500 and hit me again? I've never had to look at this before. Just when I thought "I knew everything."

Just had another call yesterday from a client who got a letter saying that he owed over $5K. He never owed that much and I, personally, assisted him with Direct Pay. I am quickly reaching the point where I regret committing to another year of tax prep. No matter how right you are; you are still wrong. The IRS is making us look like a bunch of Idiots.

These balance due notice letters should probably be a separate discussion.

Oops, posted too soon. I've take the discount for all the years prior but now use only 1040 package so it's only $140 or so. With back surgery Monday and moving in June, I'm not sure whether I will continue. My healing process will determine. When I used MAX for many years, it was worth it to pay early as the amount was more significant. And then one year someone posted that they got the discount in the fall after all. Maybe begging and pleading was involved - or bribery, who knows? I am passing this time. YMMV

I have always taken advantage of the discount

Mail a copy of the proof of payment to the address on the payment coupon sent (along with that payment coupon). Add in a note about expecting the penalties & interest to be reversed since they have had payment since the due date. Highlight the date of payment on that copy of the payment receipt. Eventually, they'll catch up to it and fix it.

I dropped back to 1040 to do my 1065, 1120S and 1040, plus my fiancee's 1040. Still cheaper than paying someone to do all of those or messing with some other software. But then I added 8 or 9 simple paid returns that more than pay for the software.

Where is that $79 program for us tax practitioners ??? That is what I paid for it in 1991.

Makes me think. Our first official order was in 1984, $35. Currently, for the most similar program, the price is $79. In 1984, we calculated and filled in preprinted paychecks. Paper "reports" were printed to get figures to enter into tax forms. W2 fill in was possible, if you or we knew the proper "printer control codes" for the brand and model of printer being used. Inflation charts tell me I should be charging about $105. But nope, and we have exponentially more functions/features than 1984. -- The reality is, there is usually one code base these days, with the ability to hide/disable things if you want a lite or different "versions". The cost is actually MORE, to produce the lesser versions (time adding/testing the code to hide/disable things). The savings of a lite version are often from reduced support costs via restrictions on support in some manner (the cost of one long support issue can take a couple of years for the customer's license fee to recoup). -- Written as I chuckle to myself pondering pricing. I just filled up our EV for under $10 (~250 miles) and tomorrow, I get to fill up our ICE, about 30 gallons at $5.80 per, good for about 600 miles. The last time I got gas, it was at least a dollar less per gallon. We would have no ICE car, except it is the one SWMBO allows the pups in, and it can be flat towed behind our motorhome. We have no room for a car trailer or I would get a second EV to drag around on trips. I am allowed to keep our Wrangler, carbureted, 4WD, top and doors off, and I get to use the third pedal!

The person who set it up made a lot of money. Apparently enough to "incentivize" brokers.

Those K-1s from PTPs!!! Do people make any money from those 'investments'?