michaelmars

​I don't agree with this, what if the client started their own business and made gazillion dollars? the irs doesn't assume they have all the info and not ask for a return. If they did, then every client we have with only w-2 and 1099 income wouldn't need to file a return and a bill or refund would magically appear sometime around 4/15 each year.

back when I only had insurance for tax work it was less than $500 per year. Now that I have coverage for everything but audits my $2mil of coverage is $120 per month. The scariest part of practicing is E-filing, you put in a wrong a/c number etc and you client has huge penalties. Recently a client called that is $750,000 of tax payments didn't come out of his account and he was already demanding that we pay all interest and penalties. Well luckily he was checking from the wrong account. Imagine the late filing penalties if his extension somehow got messed up. Well worth paying for insurance. The most important part of the insurance isn't them paying your penalties but paying for you lawyer when a client claims malpractice.

​thank you for taking my quick answer deeper, I agree with what you say.

added to cost basis

too much time on your hands, what to work on some extensions of mine?

I posted on this topic numerous times, I would use a 1065, in almost every case I want the 1040 to be from flowthroughs. I might even give a spouse or child .0001% just to get it off of the 1040. High 1040's have a higher rate of audit, and an auditor will make you prove expenses aren't personal. Having it as a 1065 makes it easier down the road to add partners or transfer percentages each year to children. If any legal issues occur you only have to supply the 1065 to a tenant for example and not the whole 1040 which even though protected, shows all your other income or assets. When your loving couple gets divorced, its much easier to trace the distributions. Since the amount of accounting you would have to do is the same whether on an E or 1065, the only extra prep cost is the actual filing out of the form.

​Eric, I know you don't do taxes but you should realize that going to the toilet is a very rare luxury during tax season.

while I am almost totally paperless, for me its more for storage than working files. I pdf everything but keep the paper for the 3 open years then shred. as an old timer I just like paper for working. My offsite storage is almost empty but my current files are nice and full. Every 10/15 they get purged of the oldest year.

I THINK WHAT EVER YOU DID did help a lot. maybe not perfect but much better than the original settings for the fonts and borders.

Example is on your post, "posted 10 hours ago" is very faint, as is the total post count. and the line separating each post.

I STILL have trouble with the contrasts of the different fonts, especially on the home page. the light gray is almost impossible to read even on my 24 inch monitor.

SNAPSCAN 300 FAST AND PORTABLE.

it was so pathetic last time, except for our lunch.

I had a trust filed 4/12 accepted yesterday.

enjoy.

I would never charge Less than the big box stores, I have confidence in my ability and I believe my clients do too, they are paying for year round access, etc etc. I probably should raise my fees every year but I have the habit of raising 10% or so every 3 years. On the rare occasion a client questions it, I can honestly say, hey its been the same for over 3 years, have your utilities and grocery bills gone up, So have mine. In JJ case, if he raised 300 returns $10 that's $3000 if he loses one or two, he is still way ahead and working less. I also don't have any rules written in stone, the little old lady that I have been doing for 20 years may not see an increase for 10 years, etc. I bill on value, not fee charts or form based nor income based. A w-2 for $600,000 is the same fee as a w-2 return for $40,000. There is no added value because they made more until the richer client starts adding investments etc. Oh and the PTP's that Merrill Lynch pushes so much, I add 50-100 for each one.

Sunday I get to shoot my new handgun purchase in January, It been hard looking at it all tax season knowing that not a round is going through it till after 4/15

Just an aside to your post, why would you file estimates for yourself when you are on extension? If you add what you need to pay with your 1st estimate to your extension, you have that extra hedge in case your extension is short.. Lets say I "think" I need 10k for my extension and 15k for my first estimate, I send 25k with the extension.

my 2 cats were one red and one black.....their names you ask? Debit and Credit

Judy has it right

I have similar workbooks from other venders but for $20 I got this too. Thanks for the info about it. I have over 200 of these on extension, getting cost segs first., gonna be a looooonnnnnggggg summer.

isn't pension 13R not W?

cant extend unless the original return was extended, SOL runs out 4/15

you got it right.

if entered properly it will show up on page 1 of the 1040