Here’s my rub on taxes.
Accountability is not two sided
The IRS expects me to be exact on my return. Same when I prepare returns. I try and do the best job possible.
However, the government misappropriates taxpayer money, pisses it away, sends it off to other countries, and
I don’t feel like I’m cut out to be a CPA. It’s not the ability to do the work.
It’s the inability to deal with the long hours and the stress.
I see why people leave the profession
Times are rapidly changing in the accounting profession
People are retiring from the profession
People are not entering the profession
Tax laws are increasingly complex
The days are gone where you can expect any tax professional to prepare your return for $300.
Notice From IRS…
“Please respond within 30 days”
Response from IRS…
“We are going to need more time”
.
.
“We need additional time…”
.
.
“We misplaced your document, can you resend?”
The Accountant Shortage Explained as Succinctly as possible:
1️⃣People retiring >> People graduating w/
accounting degrees
2️⃣Poor work life balance
3️⃣Poor pay relative to work demands
Firms that address 2️⃣ & 3️⃣ above will thrive!
This was written by a former colleague of mine.
It breaks my heart that clients treat CPAs like this.
It is perfectly ok to get an extension.
It is not ok to chew your CPA out because you owe. Especially if YOU didn’t pay your estimates or engage in tax planning
Unpopular Opinion...
I am not a fan of 529 plans for saving for college
✅Tax savings minimal for most people
✅ Restrictions galore on accounts
✅ Higher fee funds
Plus, who knows what college will be like in the future
TAX TIP: Just a reminder that if you're buying individual stocks or real estate, you pay a lower tax rate if you hold them for a year and THEN sell.
In some cases, that 'lower tax rate' is zero.
That is NOT a typo.
I just completed
@Investandbefree
Platinum coaching program and wanted to do a thread of what I learned and my thoughts on the program.
A thread of the 10 biggest takeaways:
Does anyone else fill up their spouses car for them?
I’ve always done it because I saw my grandpa do it for my mom when she had cancer.
Just always thought it was a nice thing to do
Tonight at the dinner table, my son tells me about a school assignment where the teacher asked them how they would spend a million dollars.
He says the usual things…house, car, college, etc..
I then say “you could sell 30 $320 cash secured puts on QQQ and get $3,000 in premium
Met with my new doctor today and am already blown away by the subscription model.
I don’t know if I can go back after getting a taste of concierge medicine.
Am I the only one that opens up Twitter and thinks “Damn, where did I go wrong?”
Seems like everyone is earning big money on here (who knows if it’s all true)!
I’ll go back to paddling my own canoe!
2022 Goals
Physical
1.) Deadlift 200kg (440 lb)
2.) Bench 142 kg (315 lbs)
3.) Squat 150kg (330 lbs)
4.) Break 39 min on 10km row
Financial
1.) Hit $75k in dividend income
2.) Hit $50k in Option Premium Income
3.) Hit $400 daily day trading starting 3/22
Cotd….
When a plumber comes to your house, do you expect a bill?
When you consult with a doctor, do you expect a bill?
Then why would you expect a consultation with an accountant to be any different?
If you are self employed and haven’t set up a Solo 401k yet, you need to get your paperwork in ASAP. To contribute to one, you must have the account open by December 31st.
Get your paperwork to your broker ASAP!
The most rewarding thing to me is to build a life and create a family and a legacy with someone that you love deeply.
Anyone that says that marriage is the end is kidding themselves.
There are challenges, there are days you will be mad at your spouse. Life happens.
It’s
I get negative comments when I post about never giving up or getting married.
"Marriage IS giving up. No?" 👇
Do y'all consider marriage giving up?
If you could retweet this with marriage advice & a picture of y'all married I'd appreciate it 🙏 negativity is disheartening!
I DID WHAT I SAID I WOULD DO!
MY GOAL IS ACCOMPLISHED A DAY EARLY!
Through injuries, tax season, etc.. I still did what I had to do.
Also accomplished rowing 2 half’s and a full marathon along the way.
My secret.
I needed 2,739.7 meters every single day
I needed 83,333
@MarcLobliner
I live a little further south in Williamson county and I always thought people had a ton of money, but I always have to remind myself it’s easy to fake being wealthy.
I’d rather focus on building real wealth and not impressing others.
Keep it up and stay debt free
🚨Couldn't be more excited to make this announcement!
The CPA tax genius
@mdeepe80
just joined Priceless CPA as our Chief Operations Officer and Senior Accounting Manager
Couldn't be more excited to help people save taxes and crush tax returns together 🙏
Welcome Matt plz 👇
Every day. I can better understand more and more why there is a CPA shortage as well as a shortage of people that want to go into public accounting.
Clients in general seem to be ruder than before. However, as an EE I have zero control over it.
If you doing a side hustle, and want simplicity in accounting, I recommend the cash method.
With the cash method you record income when you receive cash and expenses when you spend cash.
However, as your business grows you may want to look into the accrual method.
This shit has got to stop if you want people to become tax professionals
We can debate the 150 hours til the cows come home
The core issues plaguing the profession
Low Pay
Long Hours
We attend school to study accounting
We attend CPEs to grow our knowledge
We research tax law
Now I am even more angry. 2 people who recently graduated w 4 yr accounting degrees sent me dms.
One spent a year interning for a firm within 90 minutes of my office. More rural. I know of one of the owners a little. Little bit lower cost of living than Fort Wayne. Single
The more I think about it...
the more I realize I just not might be cut out for public accounting
Maybe its that I need the right place to grow
Maybe its me taking things personally
But maybe it’s just not right for me
Ill figure something out!
I don’t get why some financial advisors feel the need to get in a pissing content with CPAs.
I’m staying out of that horseshit. I’ll focus on other things.
My goals for the rest of the year:
- Release an online course
- Collect a steady $1,500 a week selling
options
- Deadlift 440 lbs (200 kg)
- Bench 335 lbs
- Finish up 75 hard
Tax Tip
If you typically pay estimated payments and are behind, but also have a W-2 job. Then consider increasing your withholding for the remainder of the year
Withholding is considered to have been made throughout the year, while estimated payments are credited when paid.
@Investmentkage
Losses are unlimited if you sell a naked call.
A covered call, you are selling someone the right to buy your shares of stock at a certain price. You pledge 100 shares of stock as collateral for each contract sold.
A naked call, you don’t have the shares.
Tip. When entering in K-1s for a new client, ALWAYS get prior year basis schedules. Had one today where the prior CPA didn’t include increases in liabilities as additions to basis.
I only caught it because I was showing a $200k gain on distributions in excess of basis
@ParkaTrades
All I can do at this point is vote for people that push for more accountability.
If you have other ideas, I’m all ears.
Best solution would be if I could be dictator for a year 😆. Then I could clean stuff up.
@SpacTraderinTra
$IPOC lots of potential. Almost $4T in healthcare spend for the US. Fastest growing Medicare advantage plan, Medicare enrollment increasing and their focus on improving outcomes and cutting costs. This could be a game changer.
Please consider your risk tolerance when investing.
If you are all in stocks or crypto and you can’t stomach the thought of them going down 30%+ percent at any point in time, then you need to reevaluate your strategy.
This is terrible.
You do not mess up payroll and if you do it needs to be fixed IMMEDIATELY
They did the work they need to be paid.
The fact that people can’t pay their bills because PwC HR/payroll is dismissive is appalling.
Think this says a lot how they view their
I will not sell puts on 300% IV stocks
I will not sell puts on 300% IV stocks
I will not sell puts on 300% IV stocks
I will not sell puts on 300% IV stocks
I will not sell puts on 300% IV stocks
I will not sell puts on 300% IV stocks
😂😂😂
Tip
If you receive a 1099-K for credit card payments for your business or side-hustle, there better be a Schedule C with your return that has sales AT LEAST as much as what is on that 1099-K.
Trust me, if you forget, the IRS will remind you sooner or later.
My church is doing a Digital Detox.
That means all social apps will be removed on the phone for now. If I get on Twitter it will be through my computer and only for a few minutes.
I’m also removing email apps and other things that could be a distraction.
People that need
What happened to me today and why it may have been a turning point for me in my trading journey
Most of these lessons
@Investandbefree
talks about but sometimes it helps to get them out for reinforcement
A thread…
I’ve had enough fun with tax returns today
Had the following today
Guy w/ 30 K-1s
Guy w/ property that sold in South Africa
Guy w/ 3 Sch Cs one being a ABNB on his personal residence
@BowTiedBull
It means that we can rack up as much debt as we want. They will have to issue new debt to service the interest on the old debt as well as refinance the debt coming due. Federal program expenditures are small compared to the money spent on Defense, Social Security, Medicare, and
Yes this is a real 1099
Yes this is >2,000 pages
Yes there is a capital loss
Don’t be that guy that trades all day and goes backwards
Trade less, earn more
6.) The power to always have a trade
You can trade paired ETFS on any timeframe you want, which means that there is always a side you can take
Examples (3x, 2x, 1x Leverage)
Bullish - $TQQQ, $QLD, $QQQ
Bearish - $SQQQ, $QID, $PSQ
This is a great summary. As for clients, this is what it means in my opinion.
1.) Expect significantly higher fees.
2.) Expect many firms to not accept new clients or be picky about what type of client they are looking for
3.) Be ok with having your returns extended (This
If you’re looking for a tax pro these days, be aware of 3 big trends:
1. Accounting enrollment is down in universities
2. People are burnt out and leaving public accounting before retirement
3. Tax code gets increasingly complex every year
It’s been an adventure trading this year.
A rough start but the last two months I built my account back up from the losses I had and now became consistently profitable.
It’s been a journey this year and am ready for 2023.
I also forgot the most important thing.
You can take your own trades and
Never..
Rely on others on social media
Chase pumps
Need to join signals only groups