mcb39

I cooked and fed all of my descendents. It was wonderful. Today, I am doing nothing. We have so much to be thankful for.

I hope that we don't get slapped for getting off the thread. I still disagree with you Dennis from the standpoint of "If it's not broke, don't fix it" and expense. Since I have an excellent IT man (client) and a small office like mine cannot afford to buy that many new computers and have perfectly good ones sitting on the shelf. I got my update on Saturday and feel as though my computer is new. I even wrote my WISP today and downloaded ATX 24. Now, to figure out multi-factor authentication and maybe all will be well.

The tossup is moving all the existing information to a new computer. That doesn't always work the way it should. This is day 3 of the updated OS and everything is running smooth as silk. I do still have the option of restoring the old system. Plus I did a complete system backup to an external HD before the update. I only have 2 small items for IT to tweak so far. Only personal preferences.

I bit the bullet today and updated from 10 to 11 on my desktop. Because of my age and my health; there is no sure answer as to how much longer I will practice. I do not choose to purchase another new computer this year. Two new Win 11 laptops last year. Hoping the program installations go smoothly next week and moving forward; and hope that everyone has a successful tax season.

I went and did some research in ATX System Requirements. The program will run perfectly well until October 14, 2025 on Win 10. At that time you will lose Windows Security on Win 10. I am dealing with the same sorry situation and meeting with IT tomorrow to see which is the best route to travel. The 2025 Tax Program is being released on Monday, Nov25.

Never would consider. My husband doesn't offer them in his business either.

Yes, that is a great "hook", but he already is a client and has a feeling that his prior 3 years might be incorrect. In my mind, I think we will take a look anyway. A few hours of input could make me a hero and he is a really nice guy.

I have a new client who wants me to check and/or correct three prior years. My question to him is whether he wants to pay the price of recreating three years and possibly (or not) amending. Apparently the IRS found something amiss. I prepared his 2023 tax returns. He was already unhappy with his previous preparer. Remains to be seen what he decides. I have copies of the three years in question and they appear fairly complicated so possibly could use a good look. Waiting to see what the IRS changed.

If you do decide to do it, have him pay up front and then quietly and politely amend the return. You have the software and the original return, it isn't that busy yet, you can make some quick cash and then send him on his way. IF you decide to do it.

My CU pays .995 on savings accounts with immediate phone or online transfer to checking account if necessary. Over the last 18 months or so they have been paying 4.5 to 5.5 for short-term CDs; minimum of 1000. I watch it closely as I have a few and one coming due on 12/10/24 which went in at 5.25 and will not renew nearly that high as rates are dropping now. However, I have one coming due on 3/10/24 that went in at 2.967 for 24 months, which I should be able to renew at a much higher rate; depending on the uncertain economy. I believe right now that their highest rate is 4.75 and dropping. I think the real importance of this thread is not where you have it or how you have it; just HAVE it available without penalty immediately. So few people do and that is a sad situation.

The main concensus of this thread is to have available money somewhere. Whichever venue you choose, just DO it. I read somewhere that only 20% of taxpayers have $2000 or more in a savings account. It is probably even less at the present time.

I don't see this being an issue in a Community Property State. Correct me if I am wrong. She needs to pay.

However, this was not the case with CDs. I have been laddering CDs for the past several years and have reaped decent benefits. Particularly, in the past two years. I purchase a CD at the end of every tax season. BUT, I cannot even talk family members into doing the same. Mainly, I believe that they just don't understand that they have nothing to lose. I did convert a few clients who totally GOT it and enjoy playing the renewal game. The caution is to always leave enough of a cushion in regular savings for emergencies, if needed.

When clients bring their paperwork in; one of the things I look for is interest income. So few have any. That doesn't mean they don't have any retirement plans or investment income; but where is their cushion of ready cash for an emergency. So few have it. I think that Kathy said it best in reference to wants and needs, budgeting, etc. We taught our boys to save from little on. When they got an allowance, they could spend half and half went in the bank. That learning has carried them well into adulthood and nearly to retirement age. I am so proud of them AND their children. I try to counsel my clients in the gentlest of ways. Sixty-five years ago we started life as a young married couple with not much to our name. I am proud to say that we have practiced what we preach and are comfortable now with what we have built. And both still working...just because!

Wouldn't it be nice if everyone had that problem?

This is so often the case with single member LLCs. They want to open a separate bank account for their business and the bank requires an EIN. I have had clients who purchase merchandise used in their business and the seller requires an EIN. In reference to the original post, See "Do You Need a New EIN?" at irs.gov/businesses/small businesses-self-employed/do-you-need-a-new-EIN. This is what I read in the book; however, there are examples of cases when you do NOT need a new EIN.

Will let you know when I get home and look it up.

As a matter of fact, in the polling question regarding this subject; most of us disagreed with the answer. Will have to look it up in the home study book. I, personally, did not think that was the correct answer.

We were just told in class yesterday that the new entity does NOT have to file for a new EIN>

I totally agree. I just had an involved sales tax issue and a call that was taken by a real live person, was handled quickly and to our satisfaction. I have always found them reasonable and easy to deal with.

It seems that we have come full circle as tomorrow we elect a new President and we also start classes for the 2024 Income Tax Year. Little by little, I am getting ready for the new year, which I hope won't be my last. I nearly didn't make it through 2024 and am very grateful to be here. It doesn't take a lot of strength and breathing to sit in a chair all day preparing tax returns and visiting with clients. However, it takes a fair amount of brain power and stamina and I have been preparing my body ever since July. I lost a lot of color in my hair while in the hospital; but I learned a lot about breathing. I practice breathing every day. I follow this board every single day and couldn't do this job without all of you. So, Thank you all for contributing; answering and asking the questions that spur me to research. I am thankful for so many things and I feel that it would be wrong not to share my knowledge with those who need it. I anticipate a tough tax season. So, let's keep on keeping on.

I meant "personal car". Also, I have to wonder how many of them report tips.

Uber tracks his mileage., and possibly his income, Generally I have not found it to be very profitable other than for personal pleasure. I have even had clients who purchase a separte care to use just for Uber or Lyft.

The assumption being that they simply want to start contributing to a Roth rather than a conventional. However, if they are no longer working, that idea would be redundant. Sometimes our fingers work faster than our brains. My apologies.

This is not true. I have retired clients nearly every year that ask how much they can draw from their retirement and avoid paying tax. If all they have is interest, dividends and SS; it is easy to forcast the safe amount they can withdraw. It can be any amount if you do the expected calculations correctly. I have had clients withdraw the max that they can, whether they need it or not. Going forward, the only tax they will pay will be on the interest if they don't spend it. Some may even have CG or Capital Loss Carryforwards. There is no one statement that is true for everyone. I never advise rolling a conventional into a Roth. Start a new Roth if you want but NEVER roll. IMO