The dog days of tax season are here. I’m dead tired and not as caught up as I was a week ago. Missing documents and research put me in a minor bind. Still looking good, but for the record, I took a short nap at my desk Friday. I was cooked. I’m off Saturday, but working Sunday to prepare for a phone meeting with Mr. Money Mustache. The quiet, empty office is conducive to massive productivity. You’d be surprised what no interruptions can do to a guy’s efficiency.Read More
A surprise refund in the middle of summer from the IRS quickly raises suspicions “this might not be a good thing”. However, refunds for less than anticipated are more common. Missing refunds top the list.
Before you panic, refunds have a general time table. If your refund is AWOL you might need to practice patience first. If it’s been less than three weeks since you e-filed (six week for paper filed returns) you need to wait a bit longer. Calling the IRS will waste a good portion of your day only to hear the friendly IRS employee say you need to wait at least 21 days before they can do anything.Read More
It was an exciting week in the Wealthy Accountant’s world. Facebook decided they didn’t want me to use the name Keith Taxguy. Now if I were a Russian meddling in the election I would’ve had no problems at all. It all ended well (so far).
New policies instituted in the office this year are paying off. For the first time since I showed up in the blogosphere people are surprised how fast I’m getting work done. After tax season I’ll spill the beans on my experience so other tax firms can experiment with the same tools. It should help other business owners and those with a side gig formulate ideas to increase their efficiency. This means less work and more profit. Isn’t the modern world awesome!Read More
Tax season is still early in the tooth but patterns are starting to emerge.
My software allows me to use current year data to estimate results based on the Tax Cuts and Jobs Act changes. With a couple hundred returns under the belt already the impact of the changes are mostly expected with a few surprises thrown in.Read More
Tax season is here with concerns about tax law changes effective this year while the old rules apply to the return being prepared this tax season for 2017. Several new tools are available to help you determine how the tax code changes will affect you.
Drake Software, the program I use in my office, has developed a Tax Planner incorporating the changes in the TAX CUTS AND JOBS ACT. If we prepare your return you will get a copy of this diagnostic automatically at no additional cost.Read More
There is nothing wrong with doing your own return to the best of your ability and then hiring a tax pro for the return you will file. (Read the last sentence again and again until it sinks in.) Yes, you might have two prep fees for the year: one for the DIY program (required when you print) and the accountant. But you will also see where you missed things.
An alternative is to hire a tax pro when you have a unique issue and then go back to preparing your return for a couple years. Some accountants hate this. I don’t.Read More
Google has a neat feature called Alerts. This feature allows you to get a daily update on any topic you desire. The setup process is so simple even an accountant like me can do it without a problem. Once set up Google scans the internet, news and social media for mentions of your selected topic/s.…Read More
The IRS was nice enough to tell us yesterday when they’ll open tax season this year: Business returns January 8th and January 29th for individuals. Talking about tax season, things have been exciting around the office this week as a year of planning is nearly complete. Finding qualified tax professionals locally is impossible in my…Read More