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I need a Tax Accountant to Help Me With ____ / Tax Help
« Last post by MWood on January 31, 2019, 08:36:12 AM »
Hello, I am looking for a tax accountant/CPA/EA to help me with my taxes.  I am a sole proprietor with one main business but also am part of an LLC that generates a K-1, own rental property, etc.  I feel I'm paying too much in taxes and whenever I broach this topic with my current CPA, she just doesn't have much to offer.  She's never told me about an HSA, which I just found out about and have since opened an account.  I am behind on my retirement savings and want to know if there is more that I can do to not only help myself, but save on taxes.  I live in Texas.  I'd love to find someone fairly local but for the right person, I'm certainly open to virtual.  I'd prefer someone like Keith who has extensive tax knowledge and has ideas for saving/maximizing retirement and saving money on taxes.  Anyone out there that can help me?  Any of you professionals, please feel free to email me directly as well.  Thank you for your consideration. 
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Taxes / Government Shutdown: File Early, Amend Later
« Last post by grr on January 23, 2019, 11:01:37 PM »
I appreciate those with the sentiment to file early, and end the government's interest free loan early... and it seems like that might be even more pertinent this year, with an unpaid IRS workforce.

I love Vanguard as much as everyone else, but their tax documents always prevent me from filing early in the season. Last year I had to amend  a return for the first time.  It wasn't too difficult, and might have made my state filing easier.

Am I wrong to consider filing early, with information I have, grabbing my large refund before the queue gets too long, and amending the return, perhaps with a small payment, later?
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Index Funds and the Stock Market / ETF advice
« Last post by Jay on January 14, 2019, 09:54:47 PM »
I’m a working man without a lot of education. I have a high paying job and am trying to invest my money wisely. I don’t understand all the talk about stock prices and earnings and a lot of other things. I’m trying to educate myself but I think it’s best to keep things pretty simple. Currently I am putting all my investments into VOO and VTI. I also have some rental properties but will probably not purchase anymore real estate in the future. My goal is to invest in those 2 funds with almost everything I invest in the future. Am I an idiot for thinking that voo and vti will be all I need to invest in? I’m fairly young and will probably keep on working for a number of years part time at least. I’m pretty much 100% equity for now because I don’t foresee that I will need any of that money in the near future.
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Bookkeeping / Bookkeeping services offered
« Last post by KitR on January 05, 2019, 11:07:14 AM »
I am an accountant doing bookkeeping for my small firm's corporate clients within a niche industry.  I am interested in offering bookkeeping services as a side gig to a couple of individuals or small companies.  To avoid conflicts with my regular employer, I will not take outside clients involving automotive dealerships.

I have 8 years experience with QuickBooks, but I'm very tech-savvy and would be open to using other bookkeeping software, on my system or logging in remotely.  I have prepared personal and corporate taxes in the past, but prefer to do bookkeeping exclusively because A) there are a lot of tax changes year-to-year and I feel clients are best served at tax-time by someone more focused on tax and B) I'd prefer work that's more year round instead of going nuts for a couple months out of the year.  I have experience as a landlord, and have done bookkeeping through employers for clients in for-profit education, HVAC service, investment services, and reinsurance industries and a non-profit.  I'm currently the treasurer for the Fort Worth chapter of Mensa. 

My bachelors degree was in Computer Science, but I subsequently returned to school and took a greater number of Accounting credits than I originally had in Computer Science, so I figure my educational background would compare to someone with an Accounting bachelors.  I've taken all the courses my state requires to sit for the CPA exam, but have opted not to sit for the exam because I don't work directly under a CPA to obtain the required hours of CPA supervision that I would need for that credential.

I am also available for consulting work involving Excel macro programming or small automation projects.

I look forward to discussing how I can assist you with your bookkeeping needs.

-Kit R
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Taxes / Re: Deduction of Unreimbursed Expenses as a Employee/Contractor for 2018
« Last post by KeithTax on January 01, 2019, 03:37:39 PM »
You will receive a W-2 as an employee. Unreimbursed employee business expenses are no longer deductible. The best outcome would have been if the employer had an accountable plan.
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Taxes / Re: Safe Harbor Question
« Last post by KeithTax on January 01, 2019, 03:35:32 PM »
So I worked at a place for 12 years and was let go last November. I got 12 weeks severance (which added to my income).
This year I got a new job in February and sold a large amount of stock in October. This stock is long term capital gains.
My current job is a state one so I don't pay social security. My question is last year because of severance and working through November I had a high income and paid tax.This year I will have paid a little less in taxes but because of the 6 figure sale of stock owe a substantial amount. Do I pay that now by Jan 15 or by April 15th? Should I make small estimated tax payment to make sure i have paid as much tax as last year?

Taxes are due when the income is earned so the January 15th estimated tax due date is valid. However, if you pay at least what your tax liability was last year and pay in full by the due date you also avoid an interest penalty. (There are a few factors that modify this, but my answer covers the majority of situations.)

Another issue to consider is Opportunity Funds. You have 180 days to invest the gains into an OF to defer tax on the gains, plus some of the gains eventually become tax-free if a few simple rules are followed.  Here is a post on Opportunity Funds:

https://wealthyaccountant.com/2018/10/23/opportunity-funds-deferred-and-tax-free-gains/
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Taxes / Safe Harbor Question
« Last post by mmmbuckeye on December 30, 2018, 03:41:35 PM »
So I worked at a place for 12 years and was let go last November. I got 12 weeks severance (which added to my income).
This year I got a new job in February and sold a large amount of stock in October. This stock is long term capital gains.
My current job is a state one so I don't pay social security. My question is last year because of severance and working through November I had a high income and paid tax.This year I will have paid a little less in taxes but because of the 6 figure sale of stock owe a substantial amount. Do I pay that now by Jan 15 or by April 15th? Should I make small estimated tax payment to make sure i have paid as much tax as last year?
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I need a Tax Accountant to Help Me With ____ / Re: 401k - "Age 55 Rule"?
« Last post by SteveCPA on November 27, 2018, 06:36:31 PM »
Jim is correct. While I do like the many options available through an IRA, this 401(k) option is great for retirement at 55, before the IRA age of 59 1/2. The SEPP is another option for retiring even earlier without any penalty, but it comes with a big disadvantage of not having the ability to change the withdraws without penalty before 5 years, or 59 1/2, whichever is later, unless through death or disability. There are three calculation options, so there are some choices available. A CPA can help find those numbers so you can chose what is best for your situation. The SEPP can apply to an IRA, or to a 401(k) if separated from employment.
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How to Become a Wealthy Accountant / Re: CPA Pursuit
« Last post by SteveCPA on November 27, 2018, 06:19:43 PM »
How often does what you described in the second paragraph actually work out, Maccountant? It sounds great.

I have seen this happen a lot as well. It is harder to find CPAs, and many current single owner firms are wanting a replacement so their clients are in good hands and makes for a smoother transition. I have found this type of job on my state's CPA board. I am also a Macc person that wants to build up experience to have their own firm, or partner in it. I think this is the best way to do it and would learn more than a Big 4 if owning this type of firm is your goal.
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Taxes / Deduction of Unreimbursed Expenses as a Employee/Contractor for 2018
« Last post by ErnieK on November 27, 2018, 12:01:55 PM »
I signed a contract with a labor broker (employment agency), which required me to be paid as an employee, W2,  (they will not pay via 1099); then, I was seconded to the agency's client in another state.  The agency paid their portion of FICA taxes, and also withheld same from me.  However, I had considerable expense relocating and establishing short term housing in another state, and also payed state taxes to that state.  My assignment came to an abrupt end after three months due to unexpected events.  I have a business license in the county of my home state (to provide engineering services) of which this employment pertains to.  I would like to deduct expenses associated with this job; however, with tax law changes in effect for 2018, I'm unsure.  My desire is to file as a business on Sch. C or E, declaring a loss against zero income, as it was reported on a W2, since this was a one-time job.  The expenses were 17% of income received.  Is this an acceptable way to file, or am I just stuck accepting the losses?
Thanks for a reply.
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