Bill Kinney, CPA, EA

it's the "other half" ER of payroll tax that bowls over a lot of people who start small businesses (even with the deduction). Also, the EE half is not as transparent when deducted from a paycheck as opposed to being tallied on a 1040. is she making low 6 figures? tht would be the entry point to s corp for some of my clients.

Talk of income, taxes, and who pays what came up on a girls trip. Then the whole they make this, how much do we make again…she’s shocked at the disparity I think. Low 6 figures still doesn’t go that far in Columbus or Phoenix. Shock hit when I said how much we pay in taxes. Her self-employment taxes specifically (Not enough juice to elect as an s-corp). Why do I have to pay those? Even with all the strategies we use between our businesses and rentals. She’s like Eric, we pay too much…Are you sure that’s right!? Afraid so. Imagine, if the states and federal government had to give you an itemized list of expenses like a credit card statement on a per citizen basis!? - War (“defense”) - $7,235 - Nonhoused Housing - $5,353 - Healthcare for others - $6,789 - Roads - $34 - Schools - $0.25 - Fraud - $890,780 Imagine, how that would change voting.

My wife is in shock. Baffled at how her small business—at her income level—pays SO MUCH in taxes. - How is that fair?! - What do they even do with MY money!? Doesn’t believe my calculations: NI - Taxes: Fed + Self-Employment+ CO = Thinks I need to run optimizations on MFS vs. MFJ. Welcome to my Sunday brunch at my house.

@peterreillycpa I don't track the size of these generally, but may have a few clients that would qualify.

#TaxTwitter - Hey what is up with everybody? I tried a survey asking how many Kwong inspired 843s people expected to be involved with and nobody answered. There was one comment. So how aware are people that there is a theory based on two decisions that all IRS interest and many not if all penalties accrued during COVID emergency (January 2020 - July 2023) should be refunded and you need to get claims in by July 10? If you are not aware at all of this just Google "Kwong refund". Of course, maybe it is that nobody likes me anymore. Then it is OK. I understand.

@IshDtax @DailyTaxMemes yep. and they're willing to pay it. And if they're not, they leave or stop utilizing.

@BillKinneyCPA @DailyTaxMemes More attention = more service = more $$$. Just basic economics. Nothing personal.

Updating this to put the Boomers more front and center. They are a massive time suck and simply refuse to adapt to changes I try to be empathetic but their chronic unwillingness to do anything different is going to get them off of #TeamDTM

The NBA playoffs and NFL draft come just after tax season and it's lovely.

@Micha_Siegel @stevenfcpa It happens every year. This is the first year I really tried to take a larger block of time right after the deadline, because usually I'm just sitting here at the office wishing I wasn't here.

@BillKinneyCPA @stevenfcpa I too have waaaay too much spillover. My fault mainly, but sucks all the same.

This is the most stressful after tax season I can ever remember. I have more shit to do, I would rather it just be tax season again, it was a lot less stressful.

@DianeGilabert Prompt responses: the clients that realize they need to strike while the iron is hot. You can't really train that, though. They're either good at it or they're not.

What’s one thing your best clients did right this #tax season? And how did you train them to do it? #TaxTwitter

This feels like it could be a scene from an animated movie where the cow and the dog are talking to each other.

@NeverCallMeRich Look at you kids! Happy anniversary!

Happy “technical” 26th and “legal” 12th Anniversary, Kevin!

@YourLocalTaxGuy I got everything done that came in before the deadline. My perpetual problem is people don't know that there's a deadline, even though we communicate it multiple times every year and we've had one for decades.

For anybody who got extended by their accountant: your accountant is probably lazy and just didn’t prioritize you even though you had your stuff in well before the deadline. You should fire them.

@Tyler_Menzer The worst part about this is it's not even a deduction for the actual bills, just the taxes and fees. But like the social security thing that the government pushed as "no taxes on social security," people will only hear that first part.

I dont think my students can handle another set of below the line deductions and phaseouts to learn...🥲 Anyone remember that we were supposed to have been filing on a postcard for a decade by now

We went through three tax seniors in the last year before finding one that will stick. The first one we fired; the second one quit on us, but it's probably good that he did because he wasn't the greatest fit. The one that we hired in January is going to be here for a while, and she's amazing.

Your employees will make or break your firm. I have honestly figured this out first hand. They say to hire slow and fire fast. It is sometimes very difficult being a firm owner.

@cbriancpa My mom just had hers done. Her recovery is going pretty well. Hopefully Curt’s does as well!

Had to be here at 4:45 am, but definitely worth it. Hip-Hip-Hooray Curt's getting his new hip today!

@AccountingAsArt @brainerdtad I am also in this, but from the Intuit side, we're going to keep Lister likely, but some of the things that attach on to it, we're going to replace.

NEED YOUR HELP: We are currently using too much of Thompson Reuters - and we are looking for something new. We like UltraTax, Engagement Manager and Fixed AssetsCS - everything else could be changed. What are other people using? Our biggest concerns are having something that allows an e-signature, plays at least decently with UT and has a friendlier portal.

@iboyfxx Sure, but if you're trying to sell me something, I'm probably not interested.

@BillKinneyCPA Would love to share something relevant with you on this if you’re open to it.

My top challenge this year, which is very common in a good stock market year, is financial advisors managing their clients' accounts and not being mindful of the tax that they're generating. It's led to multiple surprise tax bills. These clients also don't reach out to me until they send us their documents, and so there's really nothing I can do to help them by then except tell them that they owe a lot of money. Something to work on for this year with clients.

@TheNFTCPA It's a little less painful when you know the person and they have a connection to your firm, at least, but I'm not sure we got much of a discount for that. We did slow roll payment, which caused me to become buddies with their collections department.

@BillKinneyCPA Its painful seeing those invoices from the recruiter come in.

We hired a tax senior with 20 years of experience in Jan. Thankful we did that. She kicked ass and helped a ton!

@TheNFTCPA We ended up using the niece of our former owner, who is a recruiter. She keeps her ear on the ground for what we're looking for, and she had this candidate who is a perfect fit. Paying those recruiter fees isn't fun, but in this case it was totally worth it.

@BillKinneyCPA How did you source the person?

@VictoryAde44743 She definitely did!

@BillKinneyCPA 20 years of experience walking through the door in January perfect timing The right hire at the right moment changes everything. Sounds like she earned her spot on the team!

@bsuecannon Yay Randy!

We busted out! 😃