Possi

16 hours ago, FDNY said:

I have a client that calls all year but she always adds $100 to my invoice because she knows she can be a pest.

But this year or the last month is different, her college son has been day trading, big time and early on she has been telling me the kid is awesome, making tens of thousands of dollars.  First thing I told her was to remind him to watch his wash sales.  Didn’t listen and after 176M of sales and over 2M in wash sales he has 326K in gains.  But only 50K in the account.  She wants to strangle the kid and worst part she’s trying to hide it from the father.  Can’t wait to see how this turns out on 10/15.

Down south, we say, "Hold my beer and watch THIS $h**!"

18 hours ago, cbslee said:

I remember years ago when my wife was a Girl Scout Leader ( we had 3 daughters ), she was calling a girl's mother to ask her to help with something.

All of a sudden right in the middle of the phone call, the mother yells , "Dog Fight"   and hangs up!

I'm straight up stealing "DOG FIGHT" when I need to get off the phone! LOL 

As long as it wasn't a rental property, I believe it is treated as part of a divorce settlement, not a taxable event. 

Wait for smarter people to post, though. 

Sometimes money doesn't solve the problem. 

Thanks for posting.

Oh no, she's not retired. She's working the back field since hugging all those late filers! 

#ritahugs

21 minutes ago, TAXMAN said:

So what you are telling me is that I get a full federal deduction of 10k on the sch a and a full 10k on Va sch a along with the va tax credit of 6500. Just sounds to good to be true. Thanks

 

Yes, that is correct. It's a great incentive, isn't it? 

It is true.  

The VA Sch A does not get changed because of the tax credit. 

The taxpayer gets the tax credit AND the complete federal Sch A charitable contribution amount. Do not reduce the VA charitable contributions.

I called Richmond and was reassured that VA conforms to the Sch A charitable contributions. 

I have had this before, but not as much money, and it never occurred to me to reduce the Sch A charitable contribution, so I'm glad I was right! 

All this time, the only way our clients would know it wasn't a scam was because the IRS never calls you. I think this might go sideways real quick. 

Then again, I have always told my clients to contact me first if they get any communication from ANY taxing source. So, it's also job security. 

That's great! 

The great-er news is that I sold my business and finally grew up to be an employee! So thankful to have the responsibility off my back, and excited to help the next one build her business. I'll work for a few more years, just because. 

As long as there are DIY'ers, anybody can do taxes, and anybody can cut hair. Truth. 

We need the DIY'er returns audited. 

Job Security. 

Thanks!! 

That's how it works in TaxWise, yes. It's pretty simple. 

We print an "ACH 1040/ES" page as a reminder to the client.

I actually made every client check, unless they told me straight up that they received the entire amount. These clients getting letters swore by the amounts given to me. 

I am telling them that they would need to prove to the IRS that they did NOT receive the money, and "good luck with that." Not my problem. 

The whole thing is a cluster bomb, as will the last stimulus payment and the advance CTC be next year. 

Job security.

Yes, lots of letters are coming to my clients because in spite of my spending countless hours explaining why I needed their exact stimulus payments, many got them wrong. 

In other news, I did sell my business! YAY! I will continue to work for the buyers for at least 4 years.  I will be transitioning from TaxWise to Ultra Tax. Praying for an easy learning curve.

I'm so happy to be an employee and not a business owner. One more step toward retirement. 

And yes, you will still see me here! 

20 minutes ago, cbslee said:

One way of doing it is as a commission based employee is 30 % of the tax return billing fee.

Thanks, I was considering a commission and wondered how much to ask. 

Well, it is looking like I will be selling my business and working with the new buyer for as long as I want, at least 3 years! So, y'all won't be rid of me yet! 

I feel really good about this. Y'all know how stressed out I was last tax season, and I need to get this office out of my small house. 

I do have a question though. 

I'm in Va Beach. How much should I expect to be paid while I'm working for the new owners? I have no idea! 

Thoughts?

On 7/22/2021 at 2:40 PM, cbslee said:

Perhaps you should let her know about how to "opt out."

She can't "opt out" because she doesn't qualify to receive it. She tried. 

2 hours ago, Gail in Virginia said:

For two children, I think the amount would be $600 per month, so it sounds like they based it on the MFJ return with 2 kiddos and gave her half and him half.  Maybe?  I agree this sounds screwed up, and somehow it will likely be my fault - everything always is. 

Maybe. They should have based it on the very timely filed 2020 tax year, though.  It's so discouraging and such a mess to unravel. 

I did a look-back, and she was the primary TP on the 2019 MFJ return with HIS 2 children on the return. 

We filed the 2020 return on MARCH 7th, 2021.

It looks like the IRS based the CTC on the 2019 return and not the 2020 return. 

How many times will this happen across the nation?PLUS, on the 2021 return, he will most surely be able to claim the entire CTC because HE (likely) never received an advanced payment. I still need to check with him.

33 minutes ago, cbslee said:

Perhaps you should let her know about how to "opt out."

She can't "opt out" because when she went to the web site, she "doesn't qualify for child tax credit." 

I'm not even making this up. 

18 minutes ago, Corduroy Frog said:

One interesting possibility might be to conjecture whether IRS will "forgive" excessive CTC payments which were not justified.

I told her to keep the money, but to expect to pay it back.... in 2025 when they catch on. LOL

And so it begins. Client called and wondered why she got $500 deposited to her account for "CTC."

Filing status is single. 

She has no children.

We will never be able to un-screw this lightbulb.

24 minutes ago, TAXMAN said:

Kinda figured that. Got state done. TP sold a rental property for a price they could not walk away from thus creating the est. required. Thanks all.

That is happening a lot this year. I just cough up an estimated payment voucher for my clients to mail. 

Yes, I do a lot of states, and GA took their sweet time deciding on this. It's painful. 

If not for the state return, I wouldn't be retiring. They just kill me. 

Send me the return and the letter, and I'll try to get a bead on it for you. 

Donna

Wow, that's GREAT! 

Many years ago I had mine waived. I mailed a check way back then... I just had to stop payment on the check and get a bank print-out of the stop payment. I explained in my response that my attempt was made, but the payment never made it to the IRS.