Originally posted by Jiggers
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To (raise) fee or not to fee?
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Hmmm... good question
Originally posted by ChEAr$ View PostSchedule M. I haven't looked yet, but if a couple both get SS and neither worked,
is that schedule M even needed? Is it a must?
Won't everybody who gets wages over $6,451 (M-line 1a) have to use the form and see if they get more/owe some back? And then the $250 SS calc (line 10) would be figured in.
Don't know how it'll play out until actually doing one, but I guess we'll have to look it up online (like the stimulus payment) to confirm they got the $250. Not too complicated I suppose, but just a mess to have to deal with in volume.
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Re: Jiggers and the board -- I agree.
Originally posted by superman View PostThanks Jiggers...I did not hear about it. This board is awsome for someone that works on their own. The information is so valuable.
Superman
Too, our board just beats the tar out of ever' other tax forum.
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I am not saying whether you should or should not have an increase in your fee structure, however, I am curious. 33% of the poll responders indicated they will increase fees at the same rate as inflation. I understand that SSA indicates those on SS will not get an increase because there is "negative inflation." Does that mean you will be decreasing your fee? Just curious:>)
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Things go up!
Originally posted by MAMalody View PostI am not saying whether you should or should not have an increase in your fee structure, however, I am curious. 33% of the poll responders indicated they will increase fees at the same rate as inflation. I understand that SSA indicates those on SS will not get an increase because there is "negative inflation." Does that mean you will be decreasing your fee? Just curious:>)
2. Health insurance went up.
3. Minimum wage went up.
4. Gasoline has gone way up. $1.799 in January 2009, $2.549 in October.
5. Been to a supermarket lately? Everything has gone up.
6. Restaurants have gone up.
7. Utility bills have gone up.
8. Visits to the doctor have gone up.
9. Visits to the dentist have gone up.
I don't know where SSA got their information, but they are wrong.Jiggers, EA
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Originally posted by Jiggers View Post1. Property taxes went up.
2. Health insurance went up.
3. Minimum wage went up.
4. Gasoline has gone way up. $1.799 in January 2009, $2.549 in October.
5. Been to a supermarket lately? Everything has gone up.
6. Restaurants have gone up.
7. Utility bills have gone up.
8. Visits to the doctor have gone up.
9. Visits to the dentist have gone up.
I don't know where SSA got their information, but they are wrong.
changes on the consumer price index (CPI) not since last January, but for the period coninciding with it's fiscal year, i.e. October 1 2008 - Sep 30, 2009.
Over the past 6 years (see TTB 1-5) the geometric increase for SSA benefits has been
3.15%. (geometric = the same rate applied to each succeeding year and not the average of those figures in TTB).ChEAr$,
Harlan Lunsford, EA n LA
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Jiggers
"I don't want to do RAL's. But I have a problem with collecting fees on some slow payers. Always pay, but takes months.
I know, I should collect when I give them their return, but I came from a CPA firm that did end-of-month billing and many clients came with me. I contined that way of billing."
I have SIGNS in my office with this statement!
"Payment is due when services are rendered"
It may be easier than you think to get the clients used to paying when they pick up tax returns. If anyone questions this "new policy" I would let them know that it is because "some people" were slow to pay and now you must insist that everyone pay BEFORE picking up the returns. Also, point out that many other Tax Prpearers have them same policy (HRB?). Good Luck!
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Originally posted by Jiggers View PostI don't know where SSA got their information, but they are wrong.
Plus, if you want to use our Govenor's definition of inflation, costs don't ever go up, but income does, so that means we should all raise our prices even if we didn't see an increase in costs! TPaw finally gives me something I can use.
ATG"Congress has spoken to this issue through its audible silence."
Anyone ever notice they beat the daylights out of the definition of a child, but they don't spend much time at all defining "parent"?
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Originally posted by S T View PostAre we going to have access to this payment - It was done through SSA? Then I belive some payments were also given through the VA
Maybe, like BB stated - some t/p will not be filing - so not a concern
I wonder if SSA or VA will give us access?
Sandy
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Jiggers,
$10 is the total fee. Drake may get $2 of this, but the only deduction to the client is $10, plus whatever you charge in addition.Gary B., E.A.
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I make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information.
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Still I'm thinking about possible fee increases for upcoming tax season.
1. First impressions back about September: due to bad economy, clients, esp those without a job, won't understand a fee increase, no matter how many more forms there are.
Not to say they would forsake ME! But they would still question it even though unspoken.
2. Oct: NO social security or US civil service retirement raises, due to zero change in face perhaps even a slight decrease, in the CPI. Hmmm... so I don't get a raise from SS.
3. Nov: new IRS forms announced, schedules L and M. (fine tobacco? grin)
Should we charge more? Sure, why not? But wait, they only affect sales tax and property taxes which are already deductible someplace/somehow else last year. Clients won't perceive any change there. And our software will take care of calculations. Same inputs somewhere as last year. home buyers? ah well, these must be paper filed as we learn now, in order to send along supporting HUD documents I suppose. KaChING!
4. Jiggers mentioned prices going up in spite of the flat CPI, e.g. property taxes (not here, btw) and health insurance (oh boy! don't want to get started on that 13% increase!)
But.... clients won't give a darn about our personal living expenses. This means that if we try to explain a fee increase in terms of price increases, be sure to use examples of business expenses, e.g. professional development, software, AND higher electric costs, at least here in Southern Company territory.
5. I have averaged an increase only in alternate years and this one upcoming IS the year after all.
And that's the way it is.ChEAr$,
Harlan Lunsford, EA n LA
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