Stalking the Accountant: Groundhog Day

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!

I found a gapping problem in the new tax law this week that will cause serious issues next tax season. I stumbled upon it by accident (asking clients questions). Monday I’ll have a full write-up. This issue is for more than accountants. Anyone who files a tax return is affected. I estimate 70% of taxpayers will need to adjust for the error or will have a nasty surprise when they file their return next year.

A few reminders before we head into the entertainment part of the weekend. Do-it-yourselfers should consider 1040.com through this blog. I like the program and use the commercial grade program in my office. Since this blog’s profits go to charity (increasingly supporting agencies helping abuse survivors) it’s for a good cause.

 

We have another nifty drawing to give money away again in the upcoming week. Don’t miss your chance.

 

Looking to manage your growing stash better? Personal Capital is a resource many are using to visualize all their investments in one spot. Best of all it’s free!

 

In the near future I will share my experience using PeerStreet. I think it is an excellent addition to many portfolios. Over the last year or so I’ve wound down my Prosper and Lending Club investments for a variety reasons I’ll outline in the future post. I’ve added PeerStreet to my investment mix and so far have been very happy. I also like the added protection of real estate backing the loans I’m investing in.


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And now for some weekend entertainment.

 

What I’m Reading

Tax season limits my reading time. (Notice my sad face.) I’m working on a really good book I hope to report on next week. I also have been catching up on some neglected issues of National Geographic. The short articles fit the schedule easier this time of year for me.

 

What I’m Watching

Tax season quickly turns into a real life edition of Groundhog Day. Each day melts into the next, only to repeat again and again until we get it right. With this in mind, I’ve never seen the movie Groundhog Day. I know, I know. Everybody has seen the darn movie except me, until now.

This weekend I went to the library to checkout Groundhog Day. (I actually sent Mrs. Accountant.) Now we can officially declare every living human has seen Groundhog Day. So much for my reputation as an early adaptor.

For the record, I actually watched the movie; something I rarely do. Normally TV is background noise or a sleep inducer. Bill Murray earned his keep. I watched, yes watched, the entire movie. Of course they had me when the groundhog was driving.

 

Here is a YouTube video everyone MUST see. Elon Musk hits the nail square.

 

What I’m Listening To

I worked in silence most of the week as I was on a mission from God. The work was peeling off at a rapid clip. Here is one soundtrack I noticed in my YouTube queue from earlier in the week.

 

Be good, kind readers. One month of tax season is nearly in the books. See y’all Monday.

(Now I’m off to read a book. I am taking the whole weekend off! All of it.)

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Keith Taxguy

4 Comments

  1. bob on February 24, 2018 at 8:38 am

    Hello Keith-i may be facing a 20k fed payment can i open a roth ira to get credits to lower my 20k tax to the fed –iam 56-yrs old. Thankyou -bob curran

  2. Wise Money Tips on February 24, 2018 at 9:19 am

    Groundhog Day – Entertaining movie that everyone can probably relate to one way or another.

  3. Susan @ FI Ideas on February 24, 2018 at 9:24 am

    I watched the Elon Musk interview. Thanks for that. Just as you had never seen Groundhog Day, I’ve never watched Elon Musk speak. Now everyone has! It was interesting to hear what he is developing to educate his kids. I feel we are at a crossroads right now. You can learn anything you want or need to know on YouTube or internet searches. College debt no longer makes sense.

    Unless you need a CPA I suppose!

    • Keith Taxguy on February 24, 2018 at 9:49 am

      Everything a CPA knows can be learned by anyone, Susan. We can educate ourselves (and should). Utilizing a professional is still okay. Then at least you’ll understand enough to know if the professional is blowing smoke or really knows what he is talking about.

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