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How to Become a Wealthy Accountant / Re: CPA Pursuit
« Last post by JenSten88 on April 15, 2019, 11:30:48 AM »

I've worked at a Big 4 firm, a middle market firm as well as a local firm.

If your end goal is to run your own CPA firm specializing in private client services (individuals, closely held businesses, estates and trusts- I would advise against the last two).  I would highly recommend starting out at a middle-market firm and eventually transition to a local firm.  You want the variety in the clients, the technology experience as well as the contacts available at both of those sized firms.

Once you transition to the local firm, you'll be able to get a much better idea of the players at that level, who will be retiring etc. Although I will say, many local firms that can't find a suitable person to take over their firm will sell to a larger firm. Even the Big 4 are buying local PCS firms now.

If you can get a position at a Big 4 firm, the benefits are fantastic and there are many wonderful career paths available to you. I would keep my options open and see what opportunities present themselves as you pursue your degree and license.

Best of luck with everything!
Taxes / Re: UPE & QBI
« Last post by KeithTax on March 19, 2019, 03:35:55 PM »
My software has a place to make adjustments because UPI is an adjustment.
Taxes / UPE & QBI
« Last post by Jimmy on March 04, 2019, 09:12:33 AM »
Are Unreimbursed Partnership Expenses deducted in the QBI calculation.  It seems only to make sense that they would be but the tax programs are not including this in the QBI calculation. 
Taxes / QBI and former employer regulations
« Last post by FullTimeFinance on March 02, 2019, 04:46:16 PM »
Under 199A there is a provision for a three year look back for a contracting business with income from a former employer.  Under my understanding one can rebut this and still claim the deduction if you have sufficient evidence you are not acting in a similar capacity as you were as an employee.  My wife is currently in the position of making a viable rebuttal (last w2 income was in late 2016, 6 month gap in work,  different division, different work deliverables,  contracted for product delivery rather then hourly work, ect.). Anyway my question is does the IRS have a form for this?  Ie how do I rebut.  Is it as simple as a letter along with the filing and a copy of the applicable deliverable contracts for 2018?

Edit: No sooner do I post a question then I find my own answer buried in pub 535
"If you were previously an employee of a
business and continue to provide substantially
the same services to that business after you are
no longer treated as an employee, there is a
presumption that you are providing services as
an employee for purposes of section 199A for
the 3-year period after ceasing to be an employee. You may have to rebut this presumption
upon notice from the IRS by providing records
such as contracts or partnership agreements
that corroborate your status as a non-employee
. "

So it appears they'll contact me if need be.
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. 
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?
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.
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
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.
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:
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