Jared | CPA • Taxes

Taxes are confusing on purpose. I’m a CPA explaining how taxes actually work for independent and online income — without judgment, hype, or scare tactics. Sometimes that’s education. Sometimes it’s guidance. Always clarity.

First freshman outing: 2 IP, 6 outs, 6 strikeouts. Welcome to high school baseball.

@Lifeinvestmoney Seems legit! Sign me up 🤪

Bonds are paying 5% What’s stopping you from investing $1million and living off $500k/yr?

$10,000 invested in these IPO’s are now worth: Sears: $0 Enron: $0 Nikola: $0 23&Me: $0 WeWork: $0 JC Penny: $0 Pets .com: $0 WorldCom: $0 Blockbuster: $0 Radio Shack: $0 Lehman Brothers: $0 Bed Bath & Beyond: $0

@cordes_tax I become the editor I never asked to be

If you find an editing error in a book you are reading, what do you do?

@KurtSupeCPA I had a tax client convert their entire traditional IRA to a Roth IRA in a year that they were using the health insurance marketplace. Not only did they have a lot of tax at a higher tax rate, they had to repay the premium tax credit on the health insurance.

Name a worse retirement decision than naming your spouse outright beneficiary on a $2M IRA in a second marriage with adult kids from a first marriage. I've been doing this 30 years and I can't think of one. Drop yours in the replies.

@CrownCPA Thanks for the reminder that I have to do a couple 990 extensions!

The question of the day is how long can I procrastinate doing this 990 before I go into “omg crisis” mode 🤔

Hard to beat a spring brown trout in a small stream

This seems accurate

@cartermcclung Yess…this. I don’t know how many times I have explain that an LLC is a legal structure, not a tax strategy

I don't know who needs to hear this, but: 1. A revocable trust doesn't save you money on taxes. 2. An LLC doesn't save you money on taxes.

Finally got out of the office after tax season to test my survival skills… 3 morels. 2 trout. 1 Busch Light (full). Went better than planned. Skill or luck?”

@IraGilligan I think it means the product doesn’t work unless you pray really hard

Spotted at the Korean skincare store, what does it mean?

@LoganGrafTax Same. I’ve had three people come in this week with incorrect notices.

The IRS is not ok right now. So many incorrect notices are being sent out to my clients... And I'm just a small firm. That means there are probably tens of thousands of incorrect notices being mailed out right now.

@cordes_tax @bsuecannon All valid questions to ask. This one was a small acreage and the fence lines were overgrown grass. But their friends tax guy let them take theirs. I told them every situation is different.

@Taxes_Explained @bsuecannon This one depends! How much land? Are you responsible for the fence? Are you responsible for spraying and maintaining the easement? Depending on the state, did you register it? Also depending on the state, are you paying business tangible personal property taxes?

Having a few acres of land doesn’t make you a farmer on a tax return. 🤦🏼‍♀️

@bsuecannon @cordes_tax “I bought a new UTV. I can write it off for my land rent. I use it to check the fence lines.” I heard that one this year.

@cordes_tax Or the 4 chickens you build a 10k sq foot barn and a $40k Polaris for? 🤣

@_FinancialCents When they listed my professional fees on the farm schedule worksheet under veterinary and breeding expense. I laughed. But they were a mess!

Finish the sentence: “I knew this client was going to be a problem when…”

@CrownCPA Good call on the toilets! Lol Switzerland would be high on my list. Especially the part with people speaking English and things are easy to understand. I need to do a post tax season trip!

@Taxes_Explained I would recommend a lot of other things than the toilets! 🤭 Highly recommend Switzerland. Super clean and nice. Everyone seems to speak English quite well and things are easy to understand.

Ways we are all the same across the world: - Every culture gets up early to get off of transport and stands there in anticipation - Men leave toilet seats up in every country

@CrownCPA Oh yuck. I’ve never experienced a European toilet. I need something fun culture in my life!

@Taxes_Explained 🤣🤣🤣 ha!! The worst part of European guys doing it is that their top toilet lid closes around the normal “seat” so then I can’t use my foot to knock it down and avoid touching it. Ugh!

😎

Missed a turn on the way to the office… hooked a chub instead of a trout. We’ll call it a win. #fishing