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Post by Bob on Jun 21, 2021 9:00:53 GMT -6
Just think, it's all been trimmed back so hard that we're struggling to get the forms right. God forbid now we actually stop and analyze a return and look for some planning opportunities, and then have a conversation about it and why. Right now is an interesting example. Stock market is on fire (good fire). But what is also on fire is the balled up tax liability on deferred retirement assets. The government is already cooking the books on inflation. We'll really find out when the CPI adjustment for social security for the next year is released.
The brutality of counterfeit money is not only the inflation, but the actual taxes on that inflation. If you end up with a reduced standard of living and a higher tax liability because the honest criminals in the commerce department underreport price damage, that pain becomes exponential. If the gov tells you the poverty line is X for a single person, but it's actually X+80% more, you'll be getting hammered from both ends trying to pay the tax man and keep cat food in the cupboard.
I can't unload fake dollars and deferred tax liability fast enough these days.
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Post by MoBuckChaser on Jun 21, 2021 10:47:02 GMT -6
2/3rds of our investment money is in taxable accounts. The other 1/3 is regular, sep and Roth IRA accounts. I don’t know if even the Roth IRA is going to be safe from taxes anymore. The whole tax thing is fucked up and getting worse.
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Post by benmnwi on Jun 21, 2021 11:53:07 GMT -6
good to know I am not the only one with questionable tax person.... My guy retired a couple years ago and I really trusted him. He hates the government and the tax laws. His daughter took over the business, and now I have some lady doing mine and I just am uncomfortable with her. I was going to leave this year, but I dont know where to go. i asked some friends and they kinda feel the same way. I wasnt able to get any solid leads as to where to go. I'm just going to ride it out with the guy I have then change when we move to SD. I'll need a tax person that understands the ins and outs of farm stuff. My old accountant was in his 70's and he was a farmer on the side and was very helpful with farm related expenses. He was very good and I trusted his results and he clearly knew what plenty of farmers did in similar situations. The young guy who took over his position was also good, but he wasn't as sure about the farm tax questions. Now that guy quit and they hired a new guy who is kind of weird and doesn't seem too confident when he answers my questions. We had to pay in a couple grand more than I expected and I asked him what specifically changed since I didn't see a clear reason. Turns out he missed one entry and it would have costed me a couple grand if I didn't question it. The guy gets paid a lot per hour and I expect him to double check his work before the results are given to me. |
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Post by caveman on Jun 21, 2021 17:41:50 GMT -6
I am scared of the day my tax guy retires or dies first. No way I find someone I like half as much that is half as good.
He has told me a some good things over the years.
His richest clients aren't the ones that make the most, they are the ones that spend the least.
And.
You can have it done fast, done correct, or done at a low cost, pick two out of the three. I have found that applies to most things and has helped me with my customers.
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Post by biglakebass on Jun 21, 2021 18:36:10 GMT -6
I am scared of the day my tax guy retires or dies first. No way I find someone I like half as much that is half as good. He has told me a some good things over the years. His richest clients aren't the ones that make the most, they are the ones that spend the least. And. You can have it done fast, done correct, or done at a low cost, pick two out of the three. I have found that applies to most things and has helped me with my customers. That was Dave Bredeson for me.... when he retired I simply said..... fuck. |
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Post by Freeborn on Jun 21, 2021 20:42:33 GMT -6
My daughter is a CPA, and hates doing even her own taxes. She said the US tax code is too complicated and the computer program for a CPA to use for taxes always needs updating at a huge cost every year. She has no desire to get into taxes. Yep, most accountants hate taxes. Taxes regulations change often and there are so many different tax scenarios it’s impossible to know them all. You can amend your tax return and I don’t think you will draw an audit. |
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Post by kabic on Jun 21, 2021 20:55:16 GMT -6
Glad I'm poor and do my own taxes LOL.
Not really poor, I just have a simple tax situation.
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Post by kooch on Jun 21, 2021 21:08:30 GMT -6
Glad I'm poor and do my own taxes LOL. Not really poor, I just have a simple tax situation. I have the worst of both worlds. I'm poor, and my shit is complicated. At least it was complicated this year. |
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Post by biglakebass on Jun 21, 2021 22:35:23 GMT -6
Glad I'm poor and do my own taxes LOL. Not really poor, I just have a simple tax situation. I have the worst of both worlds. I'm poor, and my shit is complicated. At least it was complicated this year. I wish I owned 3 properties..... |
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Post by kooch on Jun 22, 2021 5:43:07 GMT -6
I have the worst of both worlds. I'm poor, and my shit is complicated. At least it was complicated this year. I wish I owned 3 properties..... Point taken. Paying for three things sure does make a guy feel poor though. I drive a vehicle with 200K miles. Paying for a kid in a private university. At least my son is off the payroll for now. |
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Post by smsmith on Jul 1, 2021 6:40:15 GMT -6
My daughter is a CPA, and hates doing even her own taxes. She said the US tax code is too complicated and the computer program for a CPA to use for taxes always needs updating at a huge cost every year. She has no desire to get into taxes. Our CPA is a widowed farm wife who had to do something to pay the bills when her husband died in his 40s. She is honest with us and I appreciate that. She says the changes that were made to the tax code this year really threw her practice for a loop. Between the code changes and deadline movement, she fell behind. I think she probably has too many clients. I do know that she completes farmer's taxes first, other people who owe money next, and everybody else can wait. I'm okay with that. This year I don't think our taxes will be completed until sometime next month. That seems a bit excessive. We'll give her one more year and see if next year things go smoother. She hasn't made any errors that I'm aware of, and did catch a few errors that my old (really expensive) CPA in WI had made. Felt like a schmuck on Monday. Found out our CPA had surgery to remove cancer and was on medical leave. That was the reason for the delay in getting taxes done. She didn't want to let the "public" know that she had cancer as she was afraid of losing clients. We'll be sticking with her |
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Post by Sandbur on Jul 1, 2021 13:57:15 GMT -6
I wish I owned 3 properties..... Point taken. Paying for three things sure does make a guy feel poor though. I drive a vehicle with 200K miles. Paying for a kid in a private university. At least my son is off the payroll for now. We all make choices in life. My pickup has 150,000, our car about 120,000. We bought them used and don’t go in debt for vehicles since our first ones. |
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Post by caveman on Oct 7, 2022 16:09:21 GMT -6
I am scared of the day my tax guy retires or dies first. No way I find someone I like half as much that is half as good. He has told me a some good things over the years. His richest clients aren't the ones that make the most, they are the ones that spend the least. And. You can have it done fast, done correct, or done at a low cost, pick two out of the three. I have found that applies to most things and has helped me with my customers. FUCK
Letter in the mail today that my accountant died October 3rd.
Liked the guy as much as his work. dammit.
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Post by smsmith on Oct 7, 2022 17:16:45 GMT -6
I am scared of the day my tax guy retires or dies first. No way I find someone I like half as much that is half as good. He has told me a some good things over the years. His richest clients aren't the ones that make the most, they are the ones that spend the least. And. You can have it done fast, done correct, or done at a low cost, pick two out of the three. I have found that applies to most things and has helped me with my customers. FUCK
Letter in the mail today that my accountant died October 3rd.
Liked the guy as much as his work. dammit.
Sorry to hear it for his family/loved ones and clients. The gal who does our taxes has been trying to hire young people to take over more of the day to day stuff for years. I'm guessing she'll just say "fuck it" in the next year or two and hang it up. I have no desire to go all the way to St. Cloud to get our taxes done, but that's probably where we're headed in the near future. |
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Post by biglakebass on Oct 7, 2022 18:16:50 GMT -6
my guy retired a couple years ago, his daughter has it now.....
Lets just say, not impressed.
A month ago I received a bill for tax preparation for 2020 and 2021... I called her up and gave her a rash of crap. First off, IF I hadnt paid them, why am I getting a bill now? Her excuse,,,, we are incredibly busy. What BS.
Secondly, I pay the day I have it done and have for umpteen years. I told her I am not looking for cashed check evidence that far back.
She sheepishly said, you can disregard that.
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