Megan Brinsfield CPA, CFP®

@RetirementRisks I've incorporated 4% rule in my Q's to advisors as part of candidate screening for hiring. Maybe 1 out of every 15 can actually state the core concepts. Biggest misrepresentation is that a 4% withdrawal rate is a capital preservation strategy, which makes me😳for their clients.

Two vastly misused or misunderstood terms in financial planning 1) 4% rule (it’s not a rule) 2) dollar cost averaging (this does not mean investing overtime when you earn and can save - it also, on the whole, doesn’t help returns) #financialplanning #fintwit #money

@MegBartelt Appreciate normalizing extensions for the preparer's sake, but the longer a client has to get info to you, the less accurate that info and the harder the conversation becomes if the projection was wrong (surprise PTE income, "oh, I didn't think that was taxable", etc)

529 + student aid pondering Now that 529 can be used to pay off student loans, and assets are considered less than income in the EFC calc, are advicers telling clients to hold on to 529 until post-graduation? What's cost-benefit of student aid implications vs accrued interest?

@CPAPlanner Client moves, gets married/divorced, inherits $ how many times in a lifetime? Are they tracking CP/separate asset status along the way? Even among CP states, rules differ on the treatment of corpus vs earnings thereon. Feels like odds of correctly reporting aren't high.

@TaxyPants Not sure I follow the question. Can you clarify?

Up next, I'm going to subject myself to the pain of Community Property. I mean, who the heck came up with this whacky system anyway! (Actually, fun fact: Its basically taken from French law instead of separate property, which is largely derived from English law💡) #AICPAENGAGE

@CPAPlanner Here's the thing....how many clients are actual tracking this over time (particularly subaccounts of retirement account rollovers/consolidations and timing of same) such that even a knowledgeable accountant would be able to properly report?

Presenter just asked room how many people were from a Community Property state and it was probably about 80% - 90% of the room. WAY out of whack😕 In today's day and age, nearly all of us have geographically dispersed clients, and at least SOME in CP states #AICPAENGAGE

@DailyTaxMemes BNA, but I do wish there was a better way to capture the value of deferring SS/accelerating Roth conversions beyond the short term tax liability for the projection period (like showing impact on first yr RMD and/or tax impact for heirs at some arbitrary rate)

I seem to be getting a lot of requests for multi year tax planning, timing of SS, ROTH conversions, etc. I've traditionally done this in Excel and using tax prep software but its clunky What software are people using to better model multi year (say 3-7 years) tax expectations?

@ben_lucchese If your W-2 is the only income you have, self preparing will be faster than a CPA.

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@JLWCPA2 @YourVoiceAtIRS @IRStaxpros Not a blanket justification, but I wonder how much of the extension ambiguity is related to the anomaly of COVID extensions

I'm calling it. The IRS is now completely broken. If you can't get your paper payment processed and they don't know how to apply electronic payments for which the year is clearly designated, we're doomed. @YourVoiceAtIRS @IRStaxpros #Rettig #TaxTwitter

@CommTaxAidDC @AARPDC Any thoughts on what VITA/TCE looks like for tax season 2022? Working on recruiting more volunteers and anticipating Q's about setup. Thx!

In a few minutes at 11:30 ET on @MotleyFoolLive, I'll be talking to @MyFabFinance about her new series Going From Broke, which focuses on helping millennials drowning in debt overcome crippling financial struggles.

@danielcrosby I recently started asking people about a work project that has resulted in the most forward momentum in their career. It tells me a lot about how candidates define progress, what they value in a work environment, and how they are contributing to that progress (and who benefits).

You have to choose someone to hire based on their answer to just one question. What do you ask?

@taxgirl What do I have to do to join the #TaxTwitter party? If you say run, run I shall. 🏃‍♀️

Hey #TaxTwitter - any interest in running a post-tax season (hahaha) #virtual5k for charity? Since we have such an affinity for breakfast foods, I was thinking we could support programs that provide kids with meals - including breakfast - out of school. LMK if you have interest.

@cFIREsim I've often thought that retirement planning is overly focused on dollars-&-cents capital rather than incorporating some qualitative human capital component that accounts for people's resilience and flexibility. When a plan is successful, in most cases that person is overprepared.

Nothing like hearing about someone's cancer diagnosis. Makes me wonder if modeling life out to age 100 is absolutely bonkers for retirement planning 😭 Retire early, and retire often, peeps.

If you wanna see some real tax, baby, here's your chance. @Cofield_Advisor and I are talking tax breaks for small business owners on Motley Fool Live tomorrow at 11:30 ET. No joke! Members can tune in at live.fool.com

I love joining @AnswersPodcast for mailbag time. We talk 5071C letters (everyone's favorite, right!?), personal residence gain exclusion, reasons to take control of your AGI, and more! motleyfoolanswers.libsyn.com/podcast/march-…

Have you heard about the new provision that makes the first $10,200 of 2020 unemployment benefits tax free? Do NOT file an amended return -- #IRS will soon issue additional details. go.usa.gov/xs7Bg #COVIDreliefIRS

If you are in the wave of folks getting #stimmy checks today, consider my contributions to these 7 ways to deploy that cash. legalzoom.com/articles/7-way…

Excited to talk about women's unique financial planning challenges AND opportunities with @JeanChatzky tomorrow at 12:30 ET on Motley Fool Live. Members can tune in at live.fool.com

@cFIREsim I've heard Camp Mustache and Camp FI are good - smaller groups too.

I still not convinced that the Fall will be like "normal times", but what PF/FIRE-related conferences have y'all attended in the past? I'm looking to do some planning, and I'm totally not with the "in-crowd" on these events 😂 #personalfinance #retirement