EmergDoc wrote:Hmmm....another 100% equity allocation thread. The last time I saw this many was early 2008.

EmergDoc wrote:Hmmm....another 100% equity allocation thread. The last time I saw this many was early 2008.
Ditto.Dan999 wrote:Congrats.
That is a major accomplishment and be proud of yourself.
That's SOP at every CPA firm (unless he's a sole proprietor.) At this point, I'd point out the errors and let the guy fix it. If you're still not satisfied, you've got a year to find someone else.markfaix wrote:billern wrote:Obviously his associate did all the work, and the head CPA reviewed it only briefly.
This CPA also agrees.billern wrote:As a CPA, I have to agree. OP, I'd suggest using a CPA this year, especially since this is your first year in this partnership.
So, I guess the $18,000 I billed a guy last year is out of the question.Peter Foley wrote:... $250 is a lot to spend for data entry and a little oversight.
Without actually seeing your return, it's hard to tell, but that does not seem excessive to me. (I'm a CPA.) FWIW, I bill a couple of clients approximately $15,000 per year for their returns.Bongleur wrote:I'm thinking that I really should shop around ???
Speaking as a professional, it all depends. $600 could be a bargain on some returns. On others, it could be too high.dgm wrote:I was curious about what a reasonable rate for tax prep is for a personal/family tax prep person.
That's called a "single member LLC", and you don't have to file a separate return for them. Just report the income on Sch C of your 1040.doclotek wrote:if I am the only employee and owner does an a LLC still make sense?
Agreed. He's semi-retired now.baw703916 wrote:In the case of your client, his human capital is already very intertwined with the stock market. So that would probably be a good reason for having even less invested in equities than his net worth would imply.
Exactly.bottlecap wrote:He has absolutely no need to take risk.
Partnership tax is extremely complex, but you're correct on the payroll tax savings with the S-corp.tfb wrote:... I heard LLC is simpler but S-Corp has the advantage of potential savings on payroll taxes.
It sounds like your CPA was correct. If the prior year's K-1 showed no income or deductions, there's no need to amend.southerndoc wrote:Would you recommend filing an amendment for prior year's returns since I didn't claim the K-1 previously?
I don't understand. How can you have that much income and live in Illinois and not be able to deduct state income tax?bhead33 wrote:I am taking the standard deduction - not much to itemize. Turbox Tax says with all that that I am not subject to AMT.
Interesting. You're itemizing, right? I'm asking because the tax deduction is what kicks most people into AMT.bhead33 wrote:Turbo tax says I am not subject to AMT ...
This is what nails most people.MarkNYC wrote:xerty24 wrote: ...the percentage of "business income" allocated to that state because it has operations in that state and the business is organized as a flow-through entity for tax purposes, such as a partnership, LLC, or S Corporation.
Agreed. I think he's much better than Dave Ramsey, but DR seems to do a better job of promoting himself.hicabob wrote:He gets a bit corny and it's usually very basic but a boglehead has to like him - esp. relative to the other tv financial advisors