Blue Notch

Finished my suckish paper. Luckily it's only the first draft. Now to get whatever sleep I have left tonight. Tomorrow I'm taking a long nap when I come home from work.

Rather B.Blown

You take more naps than a toddler, Nathan.









I love naps. Especially about midday.

cdynaco

Well there's two sides to that so don't buy everything the professor is telling you. I've had one business since 1985 and another since 1987. I have used a professional during that entire time because it is not advisable for a self-employed business owner do their own taxes without a professional signature on that Return... otherwise you're an audit waiting to happen.

A CPA or LTC is helpful with strategies and so forth, but they don't know your business like you do. And because I stay up on tax articles, financial mgmt., and yearly tax changes; I can speak knowledgeably with my CPA so we cover every angle. However, there are a number of things they have overlooked over the years that I brought to their attention. Not because they were deficient in any way, but because they only see glances of your business once a year. Regardless if you use a CPA, you have to pay attention so you have an idea what to inform them of.

For example, I have managed my own investments since early 80's. I learned tax loss selling and avoiding wash sales, holding periods for LT Cap Gains, etc., by reading IRS pubs and investment articles. Of course today that's a cinch with the net but previously you had to rely on WSJ, Businessweek, Pub 17, etc. My CPA would never have instructed me about those strategies until after the fact because they aren't by my side when I make trades. Same goes for the Roth Conversion I did last year when the market tanked. I read the strategy for months, then called for their opinion, and the tone of voice was like 'yeah - good idea'! LOL They have hundreds of clients so its not like they start a phone campaign and call them all - "hey you've got that Trad IRA... have you thought about a Roth Conversion?"

I have wound down my businesses so my return is simple now. I'm using Turbo tax and that is fine for most people that are emloyees (providing you get the correct version for your situation). And CPA's have priced themselves out of the market - no more $300 - $500 bills for me. And I never brought them my info in a 'shoebox'. I always had info compiled on ledgers in the early days, then Excel since late 80's, then QuickBooks the last several years, and everything orgainized for them. Yet they still gouged me that much.

So again - everyone - whether you are an employee, have your own business, a homeowner with mort interest & prop taxes, etc.; needs to do a little homework on their own and stay abreast of tax laws throughout the year.



PS: you can carry tax losses forward on your personal return even if you close your business.

2k7gtcs

I really enjoy hearing about your love and thirst for knowledge and enrichment. You seem to really want to learn and enjoy sharing what you've learned with your peers and professors.

2k7gtcs

For myself I use Turbo Tax. I know what's allowed and whats not. The amount of time my accountant would spend sifting through my computer books looking for what they think is pertinent isn't worth the savings I might get. I tried it for 2 years having an accountant do it and in neither case did they save me more than the cost of their services.

Now on the flip side all 3 businesses which I'm a owner or co-owner of we use an accountant and I wouldn't have it any other way. But 2 of those are S-Corps and one is a C-Corp. C-Corps get screwed. Talk about your double taxation. God forbid you should make a profit. Best thing to do with a C-Corp is oay yourself a higher salary, for which you'll pay taxes on, because if you actually post a profit in a C-Corp, you'll get taxed undfer corporate tax rate, which is ridiculously high and arbitrary, and then if you take it out as a dividend you'll get taxed on the personal side. That's the most ridiculous thing I can think of. S-Corp is much better about these things. You just take it out and pay taxes on it. At least its only once.

cdynaco

Yeah I've heard that about C Corps. Apparently the advantage is for really large companies.
Can you reform as an LLC? In Oregon they let you choose whether to be taxed as a Corp or a Partnership. With a Partnership LLC they'd issue you a K-1 and you'd pay individual rates like an S Corp. And you'd still have some liability protection.

2k7gtcs

Problem is this particular company was formed in 1984 and because of this is stuck as a C-Corp.

I think the advent of the LLC, at least in our state, began in the 1990's and they seem to be very popular of late. The S-Corps have served their purpose with us and for them I get a K-1 from our accountant like you said. It might be possible to re-organize the C-Corp but the fact that its been in business for 26 years we've been told makes it next to impossible. Plus you need to have a year in which you have essentially no loss or gain. Plus they don't like companies with considerable assets to switch either. They want you to be at zero more or less and that just won't happen. The best bet would be to just wind this company down and restart a new one in the mean time under an LLC or S-Corp.

To be completely honest the only thing that keeps me personally in this particular business is to help my father continue to build a financial nest egg so he can retire in peace. Under any other circumstances I'd be out on my own already. In many ways I already am, but continue to share to pay back the sharing he gave me over the past 14 years or so. He gave me 10 good years of pulling me along and I owe him the same till he decides to hang it up.

cdynaco

Understood.

jerseygirl

morning ppl....hows everyone been?

..so to those that have a facebook and have seen some recent posts about my grandma, well my mom left last night at 6ish to go to ukraine...hopefully everything is going to be ok there

Blue Notch

I take a nap maybe once every few weeks.

Knowledge is overrated.

Good luck Diana.

jerseygirl

thank you nathan..im just praying that when my mom lands in Ukraine, the Ukrainian Customs wont be a-holes to her and let her thru..but once they smell US Dollars they are horrible...im just waiting for that phone call from her..

edumspeed

Morning

One more day 'till my day off. But at least I didn't have to wake up early today

StangMahn

I love naps, often times, I just pass out on the couch, not from my own choice. College is tiring.

From us accountants, thank you. If everyone did a little bit, we wouldnt have to charge as much. When you're doing these things as an accountant, you can't really go down a list of possible exemptions, so people should do their hw.

Remember, just in case...there is a difference btwn an accountant and a tax preparer...there are only 324,000 CPA's in the country. It's like they say, "those who can are CPA's, those who can't are tax preparers"

good luck Diana

btw, nice avatar, I had that set as my wallpaper for a long time at work

jerseygirl

thanks dave...yep google images helped..

GottaHaveIt

#3
LOL @ 8 & 12
*
Some of these ring so true
*
*
Even when opportunity knocks, you still have to get off your *** and open the door.*

1. I think part of a best friend's job should be to
immediately clear your computer history if you die.

2. Nothing sucks more than that moment during an argument when
you realize you're wrong.

3. I totally take back all those times I didn't want to nap
when I was younger.

4. There is great need for a sarcasm font.

5. How the hell are you supposed to fold a fitted sheet?

6. Was learning cursive really necessary?

7. Map Quest really needs to start their directions on #5. I'm
pretty sure I know how to get out of my neighborhood.

8. Obituaries would be a lot more interesting if they told you
how the person died.

9. I can't remember the last time I wasn't at least kind of tired.

10. Bad decisions make good stories.

11. You never know when it will strike, but there comes a
moment at work when you know that you just aren't going to do anything*productive for the rest of the day.

12. Can we all just agree to ignore whatever comes after Blue
Ray? I don't want to have to restart my collection...again.

13. I'm always slightly terrified when I exit out of Word and
it asks me if I want to save any changes to my ten-page research paper that I swear I did not make any changes to.

14. "Do not machine wash or tumble dry" means I will never
wash this - ever.

15. I hate when I just miss a call by the last ring (Hello?
Hello? **** it!), but when I immediately call back, it rings nine times and goes to voice mail. What did you do after I didn't answer? Drop the phone and run away?

16. I hate leaving my house confident and looking good and
then not seeing anyone of importance the entire day. What a waste.

17. I keep some people's phone numbers in my phone just so I
know not to answer when they call.

18. I think the freezer deserves a light as well.

19. I disagree with Kay Jewelers. I would bet on any given
Friday or Saturday night more kisses begin with Miller Lite than Kay.
*
21. Sometimes, I'll watch a movie that I watched when I was
younger and suddenly realize I had no idea what the heck was going on when I first saw it.

22. I would rather try to carry 10 plastic grocery bags in
each hand than take 2 trips to bring my groceries in.

23. The only time I look forward to a red light is when I'm
trying to finish a text.

24. I have a hard time deciphering the fine line between
boredom and hunger.

25. How many times is it appropriate to say "What?" before you
just nod and smile because you still didn't hear or understand a word they said?

26. I love the sense of camaraderie when an entire line of
cars team up to prevent an A-hole from cutting in at the front. Stay
strong, brothers and sisters!

27. Shirts get dirty. Underwear gets dirty. Pants? Pants never
get dirty, and you can wear them forever.

28. Is it just me or do high school kids get dumber & dumber
every year?

29. There's no worse feeling than that millisecond you're sure
you are going to die after leaning your chair back a little too far.

30. Sometimes I'll look down at my watch 3 consecutive times
and still not know what time it is.


*
*
*
*
*
*
*
*
*
*

edumspeed

Good stuff Ed

Blue Notch

Scary how true some of those are.

future9er24

#10 is hecksa true

GottaHaveIt

My wife emailed me that to start the day she always gets good side a few days ahead of a party were having for Nathan on Saturday as his 14 is Wed

GottaHaveIt

I don't know if I'd enjoy eating at the place in the video below on link I'd be the for a Heart Attack not to Oogle ?
http://www.metro.co.uk/news/820913-a...-5-fatty-foods