Luminary Tax Advisors. Enrolled Agent. CSLP.
#TaxTwitter
-er. Forbes Top 100 Tax Accts to Follow '21. Bloomberg Tax Pros to Follow '22. WOCC Small Biz of Yr '23.
This is way better than I deserve. I'm honored to be considered anywhere near worthy of having a photo in Bloomberg. Thank you
@taxgirl
and
@tax
for the spotlight.
#TaxTwitter
All of my GOP friends who are worried about 87,000 IRS enforcement agents coming after the little guy... How about just don't cheat on tax returns? A fully truthful and accurate tax return is bulletproof in an audit. I never understood the fear of an IRS audit. Don't lie. Period.
Me: I need your expenses off your credit card for 2020.
Client: $35k
M: I need a breakdown of that $35k
C: About $3k/mo
M: ....................................................................
The struggle is real.
#TaxTwitter
I get that it's a headache to go through and audit. Nobody wants to do that. And I get that it's costly to go through an audit and nobody ever wins when an audit comes knocking. But enforcement is important. Catching the cheats lowers the liability the rest of us need to pick up.
If you could spare a few thoughts for my grandfather again, I'd appreciate it. He fell last night and is basically bleeding uncontrollaby. He won't be here more than maybe a day or two more per Hospice. Taxes shall have to wait. Appreciate your thoughts, friends.
Me: I need ______ for your tax return.
Client: You have that already.
Me: Clearly, I don't if I'm asking for it.
Client: I know I sent it to you. Can you go back and check?
God help us all get through these next 4 days.
#TaxTwitter
Of course, if the audit isn't clean, the government doesn't pay that and the one being audited is SOL to pay the tax pro their fees.
But all y'all W-2 only folks worrying about audits are worried about nothing.
#TaxTwitter
It's with a heavy heart but with a sense of relief that I just found out my grandfather passed away tonight. He's in such a better place now than before thankfully, but he'll be sorely missed. Thank you
#TaxTwitter
fam for all your support. Y'all are the best.
Have a client who got an IRS notice he owes $1,100. IRS calc'd the excess SS wrong, and we sent them a letter and copies of all the W-2s to prove that they're wrong and we're right. IRS sent back a letter saying client owes the money. Client just decided to pay it.
#TaxTwitter
It's an emotional end to 2022 for me. I've been planning for 2023 for almost two full years to get to this point professionally. But we're here! Luminary Tax Advisors is now wholly my business and I couldn't be happier to see how this chapter in my life goes. HNY,
#TaxTwitter
!
FA: "So you're one of those 'by the books' accountants?"
Yes. Yes I am, thank you.
It amazes me that that even has to be a statement/question.
#TaxTwitter
In this budget, the IRS should have a built-in pay-for program for tax pros who represent audits for tax returns under X dollars in AGI (may as well be the $400k threshold). If the IRS audits a tax return under that mark, the government pays X to the tax pro if there's no change.
Client who has two dinky W-2s and SSA walked in the door with a bottle of Apple Crown for me.
I did her return in 10 minutes. Told her don't worry about the bill. Bribery pays, people.
#TaxTwitter
Very proud moment today. Our billings crossed $100k in a single month for the very first time. Previously we had never hit $80k in a month. My team? It's literally the best, hardest working, goal-oriented team. So very proud of our accomplishments all season long.
#TaxTwitter
I'm having a post tax season motivation problem. I realize that I have a lot to do, but I just can't get the body to kick into gear and do it. I figured, "Eh, I'll take a few days, and then I'll be ready to go again." A few days is now 8. Y'all going through similiar?
#TaxTwitter
The moment a client realizes that 100k in 1099NEC income and 100k in capital losses = a big, fat extension payment.
Only in tax can 100k - 100k = 97k
#TaxTwitter
Dismissed a client who deserved it. Liberating. You're rude to my staff, you're out the friggin' door. 14/10 -- absolutely recommended when needed. Not every client is a great client.
#TaxTwitter
My problem post-tax season is focus. This is a common problem, right? After 3.5 months of hyper focus for long work days, I'm just having a hard time accomplishing tasks I know won't take long to do. I've got vacation coming up next week, so that'll hopefully help.
#TaxTwitter
Me: "Anything else change with your tax situation this year?"
TP: "Yeah, I started an S-corp last year."
That sure as shit would've been good to know like YESTERDAY.
#TaxTwitter
You wouldn't tell the doctor your heart surgery is easy. You wouldn't tell the dentist that tooth that's hurting you is simple to fix. You wouldn't tell the attorney those filings only took them 15 minutes.
So don't tell your tax pro your return is easy. Cuz is isn't
#TaxTwitter
Hey
#TaxTwitter
... I had a lot of people last go around ask me for what I'm sending to my clients about changes in the tax code. Here's some screenshots for my new ARP email that you all are welcome to poach if you'd like.
Stop depreciating vehicles that aren't owned by your business. And stop buying vehicles in your business' name that aren't used for the business. And no, your "company vehicle" probably isn't actually used for the business. Thank you for coming to my TED talk.
#TaxTwitter
Today is the end of an era. My dad is retiring after over 4 decades doing small biz accounting and personal tax. This is gonna be long. (Not) Sorry.
Dad never pushed me into accounting. In fact, he tried desperately to keep me away from it, wanting me to follow my own dreams. 1/
Starting that LLC sounded like a great idea on TikTok til my tax pro told me that because I put my spouse on the LLC with me created the need to file a 1065.
That is due in 11 days.
#TaxTwitter
Here ya go,
#TaxTwitter
. BOI reporting step by step in the simplest form I can think of. For SMLLCs in non-community property states, this is easy. For complex corporate structures? Whewwwwwwwy. Good luck. Test this yourself. I left off the signing up for a FinCEN #.
Alright
#TaxTwitter
, I'm calling it. After 961 painful days of March 2020,
#Marchternity
is over. (Except in FL/NC/SC/AK.) Though our profession will never be the same after all this shit, we're very likely done with enormous tax bills in Congress for at least a few years. 1/
Tough weekend. We said goodbye to Pop yesterday. And now motivation is super low to do anything but sleep. Gonna be a major drag of 7.5 days.
#TaxTwitter
Yes. I need ALL the pages of the brokerage statement. All of them. The odd pages AND the even pages. I'm sorry I'm making this so difficult.
#TaxTwitter
Former client who I haven't heard from in years has a "Quick question."
Old Me: Here's your answer.
New Me: I'm happy to engage in that for you. Here's an engagement letter and a retainer, and we can go over your whole tax situation.
#TaxTwitter
I usually reserve this Twitter for rants and laughs, but if you could, please spare a few thoughts for my grandfather. Pop's 95. He technically beat COVID last month, but it sapped everything from him, and the will to keep fighting is gone. Hospice is coming in today.
Have a client who tragically lost her husband in 20. She came to me in May 2021, and I took her on because I felt bad. Met with her today for 21. Saved her a ton in cap gains LY w/ 3115 on a rental. She told me I was a prayer answered.
Doesn't get better than that.
#TaxTwitter
Spoiler alert for the rest of the world that isn't on
#TaxTwitter
: Your tax return is not getting done faster because you called to ask about when it's getting done.
Folks, I finished my own tax return tonight. Like 8 months ahead of schedule. Please applaud. (We won't mention the fact that I missed on my own tax planning by almost $2,000.)
#TaxTwitter
YOU in Congress make it harder to file your taxes by passing bills on 3/11 that fundamentally change the way that millions have to think about filing taxes, including taking thousands of Americans who would file a joint tax return & make them file 2 returns instead.
#TaxTwitter
The tax prep industry rakes in big profits by lobbying to make it harder to file your taxes. I’ve fought back with a plan to let millions of Americans sign and return a pre-filled tax form and make the IRS create a free online tax prep service.
Tax return is done. It's beautiful. Magnificient. Belongs in the 1040 Hall of Fame. And then:
Me: "You're getting a refund of $X"
TP: "Great. What about my business taxes?"
Me: ...
TP: ...
Me: ...
TP: ...
Me: "... what business taxes?"
#TaxTwitter
I was today years old when I learned that paper towel dispensers were 1250 property.
I am not depreciating a paper towel dispenser over 39 years. That's where I draw the line. Come at me, IRS.
#TaxTwitter
We're at the, "There has to be something I can do to reduce this tax liability" portion of the year.
Good news! If you have a business, you can pay more in accounting fees! I'm definitely ordinary and necessary! I'll happily increase my tax liability to lower yours.
#TaxTwitter
If you called a doctor, would you expect to be able to ask the doctor anything free?
If you called a lawyer, would you expect to be able to ask the lawyer anything for free?
Why do you think that you can call me and ask for help filling out a W-4 for for free?
#TaxTwitter
Fun is handing the girl behind the counter 50 bucks after she says she's gonna have to wait until Christmas Eve to get gifts for her kid because that's the next payday. Won't quite fill the whole bottom of the tree, but hopefully it helps.
Dear
#TaxTwitter
: Thank you all for your thoughts. I'm out of my procedure and all went really well. If all goes well, I should be out of here in the next few hours. Everything went really well today. Y'all are the best family.
Good morning to everyone except the people in Congress who really think that the best time to make tax law changes for 2023 is in January 2024, 5 days before filing season opens.
#TaxTwitter
Me: "You'd have a K-1 from your PTP."
Client: "Do you really need that?"
Me: "Yes."
Client, 2 months later: "Here."
The K-1 that I held a tax return for...
#TaxTwitter
problems.
Pro tip: If you're a person who calls my admin looking for me, and she tells you that I'm in a meeting, if you call back after 58 minutes and give her hell that I haven't gotten back to you yet, there's an H&R Block right down the road with your name on it.
#TaxTwitter
How come it isn't acceptable to ask a body shop, "How much will you charge me to fix my car?" without even taking it into the shop to figure out what's wrong, but it's totally acceptable to ask an accountant, "How much will you charge me to do my tax return?"
#TaxTwitter
Last night, I was honored and humbled to be awarded West Orange Chamber of Commerce Small Business of the Year! This is an incredible distinction in a Chamber of well over 1,000 businesses and is one that validates the work we're doing with Luminary Tax Advisors in the community!
Dear parents of kids who drove for DoorDash & who think they're smarter than we are & are playing around with crypto:
Yes, your kid has to file. Yes, your kid's 1040 will cost more than yours. Yes, your kid is subject kiddie tax. And yes, I'm dead serious. Good luck.
#TaxTwitter
Just leaving from an hour with Pop. He's had it. It's depressing to see. Grandma has it really difficult right now watching her husband of 70 years deteriorate.
Thank you for all your thoughts. You're an awesome community.
Hit a big milestone in my business today. Always said if my business got to X dollars, I'd never need to bring on another client. And for the first time, we hit X and did so with 2 full months to spare in the year.
#TaxTwitter
Gonna have a nice surprise for the staff tomorrow morning. Just surpassed the best month in company history. They were promised bonuses if we got there. We're there w/ 5 days to spare. We'll work on working smarter not harder in the future but will celebrate this now.
#TaxTwitter
A: "Anything else I need to know about your tax return?"
C: "I started this LLC last year but I lost money doing it. I made it some S something. We don't need to do anything with that right?"
#TaxTwitter
Happy Opening Day,
#TaxTwitter
May your tax season be the okayest, most limited disaster-filled 85 days possible. (Because expecting any more than that would be unreasonable.)
If you're busting your tax pro's ass about getting your return done, know we're trying to keep you from missing out on potentially thousands of dollars of brand new shit. You'd rather have this job done RIGHT than done NOW. Don't believe me? Get your 1040 done at H&R.
#TaxTwitter
For my non-tax friends, this is exactly why the IRS needs money & resources. This wasn't a hard issue. This taxpayer DOES NOT owe this $1,100, but it literally became not worth it to him to fight this fight because there are times the agency is just incompetent. It's frustrating.
Pour one out this weekend for the oldest client I'll ever have. 107 years old. And he electronically signed for his tax return this year.
Unfortunately, he isn't going to make it through the weekend, but what a hell of a run that was.
#TaxTwitter
My old man just gave me his 90 day notice for retirement. At most it was only gonna be 7 months more, and he's only doing a few little things at this point anyway. But still all the feels just hearing it.
#TaxTwitter
Alright
#TaxTwitter
, time to be real. Please don't be like me. Take care of yourself and don't let stress do awful things to your body. I've been hospitalized since Saturday with an obstruction in my GI tract, and hopefully today, they're going to find that it's nothing. 1/
600ish fine individuals I'm fortunate enough to call clients received this letter in their mailboxes this week. Happy to introduce my new brand and the Luminary Tax Advisors team for 2023!
#TaxTwitter
Domain✅
Fictitious name✅
New vision✅
Happy to announce that we are rebranding and becoming Luminary Tax Advisors! Formal launch coming in Q4.
#TaxTwitter
Don't know who needs to hear this, but your 17-year old kid can't file his own tax return and be his own dependent just to get stimulus payments. Dependency is based on facts and circumstances, not what can get you the most money.
#TaxTwitter
Since mortgage rates are rising at a ridiculous rate, you know what would be really nice? If CD rates and savings rates actually went up, too. Banks are murdering us all right now w. their BS. You can get 5+% on mortgages now. You can afford to raise my savings rate above 0.0001%
Good evening to everyone except for people who open up S-corps, don't take salaries and then try to take Solo 401(k) deductions on 1040s without any SE income.
#TaxTwitter
Hey Congress, you're the problem, it's you.
January 30, and the fact that the commissioner of the IRS even has to think about making a statement telling people not to wait on Congress to file their returns is absurd.
#TaxTwitter
Client: Where's my return?
Me: I hear ya. Soon.
*2 days later*
Client: Where's my return?!?!?
Me: JFC
*1 day later*
Client: WHERE'S MY RETURN?!?!?!
Me: *Clear*
*Finishes return*
Me: I'm done. I just need a copy of your DL.
*Crickets for 6 days*
I hate people.
#TaxTwiter
Having an admin is fantastic on a daily basis. Having an admin on April 18th? UNBELIEVABLY PRICELESS. The number of stupid, "Uh, you need to sign your 8879 still" calls and emails I didn't have to field today is worth her entire year's salary.
#TaxTwitter
CPA: "I'm a CPA who specializes in real estate."
Also CPA: *Depreciates residential rental property over 39 years. No allocation for land. Deducts mortgage interest (but not property tax?) on Schedule A instead of Schedule E.*
Great way to end the week, I suppose.
#TaxTwitter
It's an absolute emergency that I get copies of tax returns to a client who has been given copies of her tax returns right this moment.
I have promised to go off on the loan officer if the Lightning lose tonight. Don't tempt me, Lightning. I'll do it.
#TaxTwitter
For good measure, I have 6 clients who were funded by PPP. 6 of my 7 highest grossing clients. My other 35 applicants? Crickets. But don't worry, there's no favoritism going on here. First come, first serve, right?
#PPPloan
Do we really think the IRS has extremely high call volumes all friggin day on December 28? Or is it just that nobody's working? Cuz I think it's the latter.
#TaxTwitter
Forgive me for flooding your timeline tonight. My wife's on a cruise and my dog is with my inlaws, so y'all are the only folks I've got to reminisce with.
Hey idiots of Congress, you do realize that by not fixing PPP that you've essentially cut the PPP benefits in half, right? TPs gonna lose 30% of their PPP from Round 1 and 30% of their PPP from Round 2 in taxes.
This is just utter insanity if it didn't make the bill.
#TaxTwitter
C: "I made an IRA contribution last year."
A: "Ask your financial advisor for your 5498."
C to FA: "My tax guy says I need a 5498."
FA: "Never heard of a 5498. Asked a couple of my colleagues. They don't know either."
#TaxTwitter
is gonna need
#fintwit
to be better than that.