Guest Taxed Posted March 31, 2013 Report Share Posted March 31, 2013 50 extensions! Man you need extra staff or your clients just like to watch you sweat it out! You got work for the rest of the summer. Quote Link to comment Share on other sites More sharing options...
JohnH Posted March 31, 2013 Report Share Posted March 31, 2013 Why would he need extra staff? Extensions are a great way to stretch the filing season out over a more reasonable time period to increase personal production & associated revenue. Extensions keep you from sweating. Sound business strategy as far as I'm concerned. I routinely pepare 50-60 extensions every year (including my own). 1 Quote Link to comment Share on other sites More sharing options...
rfassett Posted March 31, 2013 Author Report Share Posted March 31, 2013 Those 50 are on top of the 45 corp extensions I did for the corporate deadline. You, Taxed, just don't understand my business. Mine is a full year service. We have over 100 monthly and quarterly financials and 150 quarterly payroll and sales reports. So working all summer is just part of the job. Tax season is just a blip in our yearly schedule. Managing the workload, as JohnH suggests, is paramount. Quote Link to comment Share on other sites More sharing options...
SFA Posted March 31, 2013 Report Share Posted March 31, 2013 I am planning to use extensions to train our staff on new software. Bring em on! Quote Link to comment Share on other sites More sharing options...
SFA Posted March 31, 2013 Report Share Posted March 31, 2013 Those 50 are on top of the 45 corp extensions I did for the corporate deadline. You, Taxed, just don't understand my business. Mine is a full year service. We have over 100 monthly and quarterly financials and 150 quarterly payroll and sales reports. So working all summer is just part of the job. Tax season is just a blip in our yearly schedule. Managing the workload, as JohnH suggests, is paramount. Pretty impressive! Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 31, 2013 Report Share Posted March 31, 2013 I have clients that won't get k-1s until September. And clients that are still bringing me stuff. I tell them, wouldn't you rather I look at this when I'm fresh in May, than now when my eyes can barely stay open? I'm with John on this one, extensions keep me busy all year, just not quite as busy as now. Which is very good. 2 Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted March 31, 2013 Report Share Posted March 31, 2013 I guess my business model is a lot different than most here. I like to take it easy in the summer and not worry about extensions. I just deal with quarterly filings for the most part and the CP2000s that pop up. I gear back up again in the fall for year end work, reports etc. This year my goal is no more than 10 extensions and that too because taxpayer does not have necessary documents for accurate filing (3 of them have a K1 pending from an investment club of sorts!). Quote Link to comment Share on other sites More sharing options...
SFA Posted March 31, 2013 Report Share Posted March 31, 2013 I guess my business model is a lot different than most here. I like to take it easy in the summer and not worry about extensions. I just deal with quarterly filings for the most part and the CP2000s that pop up. I gear back up again in the fall for year end work, reports etc. This year my goal is no more than 10 extensions and that too because taxpayer does not have necessary documents for accurate filing (3 of them have a K1 pending from an investment club of sorts!). Not a bad busines model if you are semi-retired. I'm hoping for the day I too can have your life. Sounds like a plan. Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted March 31, 2013 Report Share Posted March 31, 2013 Not a bad busines model if you are semi-retired. I'm hoping for the day I too can have your life. Sounds like a plan. You can make it happen if you are self employed and know where to draw the line (money vs. peace of mind). I am still driving a 12 year old car, and my computer still has Windows XP Pro! At my age I want to enjoy all the summers before it is too late! Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 31, 2013 Report Share Posted March 31, 2013 I enjoy my summers too; I have at least 4 vacations planned already. Maybe 5. The first starts April 17! One of the reasons this biz is suitable for me is that I don't mind a few months of hell in order to get a lot of down time. But I'll be able to breathe a lot easier once my house is paid off. 5 years! And my car is a 99 Honda. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted March 31, 2013 Report Share Posted March 31, 2013 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 31, 2013 Report Share Posted March 31, 2013 Amen! Quote Link to comment Share on other sites More sharing options...
JohnH Posted March 31, 2013 Report Share Posted March 31, 2013 I like to enjoy the summers AND winters. If it weren't for extensions, I likely wouldn't be able to get in any skiing in Jan-Feb. And it's hard to postpone that activity until May-June. Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted March 31, 2013 Report Share Posted March 31, 2013 All good points and thank US Congress that the tax code is so complicated! If it was flat tax calculated on a postcard we would be looking for some other type of part time work! Quote Link to comment Share on other sites More sharing options...
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