mcb39

I totally agree. I just had an involved sales tax issue and a call that was taken by a real live person, was handled quickly and to our satisfaction. I have always found them reasonable and easy to deal with.

It seems that we have come full circle as tomorrow we elect a new President and we also start classes for the 2024 Income Tax Year. Little by little, I am getting ready for the new year, which I hope won't be my last. I nearly didn't make it through 2024 and am very grateful to be here. It doesn't take a lot of strength and breathing to sit in a chair all day preparing tax returns and visiting with clients. However, it takes a fair amount of brain power and stamina and I have been preparing my body ever since July. I lost a lot of color in my hair while in the hospital; but I learned a lot about breathing. I practice breathing every day. I follow this board every single day and couldn't do this job without all of you. So, Thank you all for contributing; answering and asking the questions that spur me to research. I am thankful for so many things and I feel that it would be wrong not to share my knowledge with those who need it. I anticipate a tough tax season. So, let's keep on keeping on.

I meant "personal car". Also, I have to wonder how many of them report tips.

Uber tracks his mileage., and possibly his income, Generally I have not found it to be very profitable other than for personal pleasure. I have even had clients who purchase a separte care to use just for Uber or Lyft.

The assumption being that they simply want to start contributing to a Roth rather than a conventional. However, if they are no longer working, that idea would be redundant. Sometimes our fingers work faster than our brains. My apologies.

This is not true. I have retired clients nearly every year that ask how much they can draw from their retirement and avoid paying tax. If all they have is interest, dividends and SS; it is easy to forcast the safe amount they can withdraw. It can be any amount if you do the expected calculations correctly. I have had clients withdraw the max that they can, whether they need it or not. Going forward, the only tax they will pay will be on the interest if they don't spend it. Some may even have CG or Capital Loss Carryforwards. There is no one statement that is true for everyone. I never advise rolling a conventional into a Roth. Start a new Roth if you want but NEVER roll. IMO

Done

This could be a very good idea. I have a few choice words on this subject. (Makes me hot under the collar just thinking about it.)

I have never liked annuities for personal reasons. I like the stock market even less. I, personally, have been laddering CDs for a few years now and am amazed at the interest I am amassing. Bottom line is that my original investment will always be there. This isn't necessarily the answer for everyone. My first caution is to keep a safe cushion that is available for use should any unexpected event occur. My son is of the age where he could draw from his IRA or Pension at any time without penalty. He also has a safe cushion. I couldn't have given him any better advice at this time, As Judy said, look at all the angles. Examine the ins and outs and goals. If in doubt, you should not be giving financial advice.

You have to look at all sides of the situation. My son now has a retirement plan at work. He doesn't need this money at the moment. This IRA was set up in excess of 20 years ago. It's just been sitting there slowly accumulating low interest. Just saying. I certainly wouldn't give this same advice to everyone.

Bear in mind that the same thing happens when you exit the tax program and go to email or any other program that involves typing. They are trying to keep our minds sharp

I just recently advised my son, who has a longtime redundant IRA set up years ago at the Credit Union; to invest it in a short term CD. The Credit Union agreed. He did as advised. He has been getting 0.99% interest and will now get 4.99% and after 7 months , we will re-evaluate.

I always use all caps for Tax Returns. ATX has the option to use all caps. It is much more presentable and easier to read. IMO

I had the same experience several years ago. Came home from work and water line under the sink had blown and I walked in ankle deep water to the phone, which; of course, didn't work. Pretty much the same scenario as you except that by then I had moved my office upstairs. We worked until well past midnight getting stuff out of the basement and into a dumpster. I, also, got a new kitchen, but I had to pay for the upper cabinets as the water didn't touch them. I made a deal with the Insurance Co for a settlement. I had enough clients in all different phases of construction so I took the settlement and contracted the work out to my clients. Pretty much a nightmare, but so much better than what we are seeing in the South right now. Good luck to you going forward. I just remember being really tired for a long, long time.

I have never accepted credit cards and I have never had a complaint. They will either write a check or go and get the cash. As a result, the cash gets recorded as income and goes in the safe. That, in turn, is our spending money for the year so that we don't have to pay credit card fees. (A penny saved is a penny earned)

You sure have. Welcome back.

They have already told us so.

Yes, I am tired of protecting myself from myself. I am tired of running to get my cellphone because someone is sending me a code to get into a site. I, too, am a sole proprietor with my office in an addition built on to my home. Nobody does or has any reason to go anywhere near my work computer. My husband, who is the only other human living in this house, doesn't even know or want to know how to turn it on. There are two other computers in the original part of the office on which we do data entry, bookkeeping, look things up, etc. My office door to the outside has a double lock and a deadbolt. My filing cabinet has a lock. My main desk has a lock. My computer has a password; my cellphone has a password. My safe has a key. We even shut the watermain off when we leave for the weekend. How safe is safe?? Oh, my outside dropbox also is under lock and key.

I can honestly say that as I am just recovering from a bad Pneumonia, I totally don't GET it. I am turning the corner now, though, so may be able to figure it out.

I went through this last year. In my case, it was medically necessary and fit the requirements. Client has since passed.

We fill out Schedule A for most clients because, in Wisconsin, some itemized deductions can flow through to the State forms. I don't have a problem with that. Also, I have always felt that the loss of the 2106 hurt many of my clients.

Dar.......occasionally clients make qualifying contributions to their HSA over and above what is withheld from their payroll. Those clients get a credit for out of pocket contributions as long as they do not go over the maximum allowed. I have only had a few of these and it is usually in the year of retirement, but not always.

No, Darlene, that is not my tax practice. What in the world would I do with $500,000? (Ha Ha). I have not idea who that might be; nor do I care. I am just so glad to be alive. Thank you for reaching out.

I did have the pneumonia vaccine twice and reacted badly to both. I have had breathing issues for four years, since I was ill for 12 days, four years ago; just before Covid was a word. My hospital Doc said that I have been ill for a long time and fighting it on my own . Breathing issues for four years and it finally tried to take me out.I fought so hard to get rid of the oxygen and breathe on my own. I am pretty stubborn. To tell you the truth, I wasn't sure I could do it, but I had already purchased my tax program and had a lot of unfinished work to do. They fixed me up just fine.

What is ARM? I hate to be stupid, but I hate when people use abbreviations that I don't understand. Sorry, Dennis, I respect your knowledge and I am always wanting to learn new things. TIA (HaHa)