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How to Become a Wealthy Accountant / Re: Why Drake over Intuit?
« Last post by KeithTax on May 27, 2019, 08:37:04 PM »
Matt, I don't recommend Drake Accounting over QBs, but asked if anyone was moving in that direction. I have yet to fully explore Drake Accounting. There are some things I find easier with Drake (e-filing, for example).

Once I flesh the whole thing out and have a few employees also give their approval I'll the info along. Until then it is a work in progress.
How to Become a Wealthy Accountant / Why Drake over Intuit?
« Last post by Matt on May 26, 2019, 08:17:19 PM »
Hey Keith,
I was wondering why you recommend Drake over other tax and accounting software products? I know you that Drake is well known for their service response time. Drake's pricing is a bit cheaper but comparable to others. It seems like the majority of folks use Intuit products like ProConnect and Quickbooks. So then if I wanted to win business from a small company that uses QB, wouldn't it make sense to use QB Accountant? Appreciate your thoughts.
General Discussion / Re: Things we pay for that we can get for free
« Last post by Hintz on May 03, 2019, 05:50:29 AM »
I'm guilty of that as well. We are ready to pay as soon as something looks a bit fancier or is slightly more convenient. haha
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.
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