Tax prep/planning

[cyinne]

I am looking for a new tax prep/planning person in west central Iowa, mostly the Carroll/Denison/Storm Lake area. My old one is more of a lawyer type that pretty much goes through the steps and fills out the forms and send them in. I am looking for that plus some of the planning and year end purchases that may need to be made. I am tired of paying through the nose come tax time. Thanks!

 

[BCClone]

I am looking for a new tax prep/planning person in west central Iowa, mostly the Carroll/Denison/Storm Lake area. My old one is more of a lawyer type that pretty much goes through the steps and fills out the forms and send them in. I am looking for that plus some of the planning and year end purchases that may need to be made. I am tired of paying through the nose come tax time. Thanks!

Why do they have to be around you? I used to see mine 2x/year and haven’t met face to face with him for several years for mine or my company’s stuff. Email/mail stuff and then show up to sign and get printed copies. Phone or zoom works well.

 

[cyinne]

Why do they have to be around you? I used to see mine 2x/year and haven’t met face to face with him for several years for mine or my company’s stuff. Email/mail stuff and then show up to sign and get printed copies. Phone or zoom works well.

IDK- I just guessed it would be easier?

 

[Cyrealist]

My old one is more of a lawyer type that pretty much goes through the steps and fills out the forms and send them in.

Lawyers aren't accountants. Most accounting firms have lots of knowledge/experience and can do a good job for most people and small businesses.

 

[cyinne]

Lawyers aren't accountants. Most accounting firms have lots of knowledge/experience and can do a good job for most people and small businesses.

Yep, that’s why I’m asking….

 

[CloneLawman]

Lawyers aren't accountants. Most accounting firms have lots of knowledge/experience and can do a good job for most people and small businesses.

Some lawyers are also accountants. Some lawyers are tax planners and regular Circular 230 practitioners. As are some enrolled agents.

What matters, imho, is the professional who is selected. There are some of each of those groups who can "do a good job for most people and small businesses".
I know an enrolled agent, for example, who absolutely kicks ass on tax planning for farmers and other small businesses.

And there are some accountants who don't do tax.

 

[BCClone]

Some lawyers are also accountants. Some lawyers are tax planners and Circular 230 practitioners. As are some enrolled agents.

What matters, imho, is the professional who is selected. There are some of each of those groups who can "do a good job for most people and small businesses".
I know an enrolled agent, for example, who absolutely kicks ass on tax planning for farmers and other small businesses.

And there are some accountants who don't do tax.

What’s an enrolled agent?

 

[CloneLawman]

What’s an enrolled agent?

An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee. Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.

Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before. Learn more about enrolled agents in Treasury Department Circular 230

 

[isufbcurt]

DM'd you

 

[Cyched]

Can’t decide if you want @CloneLawman or @isufbcurt to do your taxes?

 

[mywayorcyway]

Are you paying through the nose for the tax service or on your taxes?

 

[CloneLawman]

Can’t decide if you want @CloneLawman or @isufbcurt to do your taxes?

 

[BCClone]

Or just stopping doing taxes. Know a guy who just waits until the bill comes and then moves.

 

[CycloneSpinning]

Curious as to opinions on the wash rule. Bought a car and sold some stock to fund some of that. VOO in particular. I was between that and VTI. My VTI had a small gain and VOO had a small loss (held them both since early 2022). Ran across the fact that the wash sale rule applies to different accounts and realized I purchased 1 share in my wife’s Roth IRA a week later. Crap…but not a huge deal. Then I read that “substantially identical” could be broadly defined to include S&P 500 funds in our 401ks…which we of course are contributing to every two weeks. How would I even account for this? Do you base it off the amount you paid into these funds and figure out how many shares of VOO would have been purchased? And then just not recognize the loss on that many shares?

Thanks in advance.

 

[CycloneDaddy]

Curious as to opinions on the wash rule. Bought a car and sold some stock to fund some of that. VOO in particular. I was between that and VTI. My VTI had a small gain and VOO had a small loss (held them both since early 2022). Ran across the fact that the wash sale rule applies to different accounts and realized I purchased 1 share in my wife’s Roth IRA a week later. Crap…but not a huge deal. Then I read that “substantially identical” could be broadly defined to include S&P 500 funds in our 401ks…which we of course are contributing to every two weeks. How would I even account for this? Do you base it off the amount you paid into these funds and figure out how many shares of VOO would have been purchased? And then just not recognize the loss on that many shares?

Thanks in advance.

Im not a tax expert but you are giving the IRS way to much credit. I wouldnt worry about it.

 

[aeroclone]

Or just stopping doing taxes. Know a guy who just waits until the bill comes and then moves.

 

[CycloneSpinning]

Im not a tax expert but you are giving the IRS way to much credit. I wouldnt worry about it.

That very well may be true. I like it when things are cut and dry, but that may not be possible here.

 

[BCClone]

Well, the dude got a 5 year prison sentence for more DUIs than I can count. So they can find him now.

 

[Clonedogg]

Curious as to opinions on the wash rule. Bought a car and sold some stock to fund some of that. VOO in particular. I was between that and VTI. My VTI had a small gain and VOO had a small loss (held them both since early 2022). Ran across the fact that the wash sale rule applies to different accounts and realized I purchased 1 share in my wife’s Roth IRA a week later. Crap…but not a huge deal. Then I read that “substantially identical” could be broadly defined to include S&P 500 funds in our 401ks…which we of course are contributing to every two weeks. How would I even account for this? Do you base it off the amount you paid into these funds and figure out how many shares of VOO would have been purchased? And then just not recognize the loss on that many shares?

Thanks in advance.

I think this only applies to Brokerage accounts not tax sheltered accounts like IRAs or 401ks

 

[CycloneSpinning]

I think this only applies to Brokerage accounts not tax sheltered accounts like IRAs or 401ks

Sale was from a brokerage account. Purchases are in the retirement accounts. Maybe you are acknowledging that though.