What I Hate About The First Days After Taxmeggedon

[RitaB]

1) Eight million payroll tax returns to do. Three paid the right amount of tax.

2) People with letters. Got accosted at the dumpster this morning by a lady with a letter. Seems she told me the wrong amount of estimated tax payments. Now, this letter is pretty straight forward. She didn't understand it at all.

3) People who got extensions calling to see if I've done their return yet. I will do it after the eight million payroll tax returns and before my own, how bout that?

4) Knowing I have to clean now.

[Gretel]

Is there anything you like

Is there anything you like about being a tax return preparer?

[RitaB]

Well, shucks

Is there anything you like about being a tax return preparer?

Well, sure, lots of things:

1) The three people who paid the right payroll tax.

2) Not dealing with any letters for 99.99% of my customers.

3) The people who never call to see if I'm done yet.

4) Looking around after I clean. Not sure when that will be.

5) Kidding around with you guys about goats, pictures of garbage bags of donations, bad advice our clients heard, that guy who got caught up and said, "Hey, that wasn't so bad".

[FEDUKE404]

Likes

I STILL am chuckling about the "garbage bag" donation photos!

FE

[MAJ]

I wish I'd et more Garbage Bag stories..

What I hate are the clients that answer my question:

How much did you donate last year? This is a two part question.
1) Cash/check
2) Non-Cash, clothes to good-will, etc.

I have certain clients that answer -- I'm not sure, what did I do last year, just add a few dollars to that.

Then I reply, "I'm not sure I understand the relevance from last year to this year. The question is, THIS YEAR, not last year.

Funny people.... Funny people...

[joanmcq]

I still have to do my after tax season ritual of vacuuming the rug in my office (the office I work in-I have another room my clients see). But first I have to pick up all the crap that's still on the floor...open tax reference manuals, a box of cereal, kleenex...

It is satisfying though. And just picked up a new client from a tax planning phone conference.

[S T]

The "adreline let down" after working so many hours to accomplish the last 2 weeks of tax filings- extensions

Then, having to move forward to the payroll and sales tax quarter reports, property tax reports that have to be filed, by 4/30.

Clean up all of my "stacks" of paper work - catch up on my own "personal" mess of papers!

Then a "serious" cleaning!!! Have Trash, shredding, filing or scanning and probably a lot more!!

Calculating the overtime I owe my Employee for the last few weeks! but TG she is there for me!

No "down time" to regroup and regain any type of sanity.- I am so far behind in the "paper mill"

What I do like is still the payments being received and going to the bank Having the time to think about those returns on extensions - and then having time to concentrate on some "new accounting clients" that hopefully will be easy

Also - the clients that took the time to say "we appreciate you and what you do for us" - so the reflection of all of that.





Sandy

[BP.]

Is there anything you like about being a tax return preparer?

Reading RitaB!

[Uncle Sam]

And don't you just love these clients who believe "they're making money" from
investments simply because they get big distribution checks, that are mostly
a return of capital?

[Jiggers]

And don't you just love these clients who believe "they're making money" from
investments simply because they get big distribution checks, that are mostly
a return of capital?

....from those PTP K-1's!

I hate those. Especially when they sell an interest. And it has all sorts of attachments that may or may not provide a 2¢ deduction.

I am going to tell my clients that have these, by way of a letter, that my fee for digesting their K-1 and reading all of the attached statements and instructions that accompany these K-1's is based on my hourly rate with a minum of one hour.

And some have more than one K-1. I have one client with 4 of these.

[JohnH]

And don't you just love these clients who believe "they're making money" from
investments simply because they get big distribution checks, that are mostly
a return of capital?

And there's another benefit. Even if they don't get a distribution check, they have the secondary benefit of "capturing losses" so they can save on taxes at year-end. It's all about saving taxes.

This results, of course, from their financial advisor monitoring those "capturable" losses and directing the client to sell so they can invest whatever's left in the next best thing their firm is promoting. (Im sure bonus commissions have absolutely nothing do do with the recommendation)

[RitaB]

And it sounds

And there's another benefit. Even if they don't get a distribution check, they have the secondary benefit of "capturing losses" so they can save on taxes at year-end. It's all about saving taxes.

This results, of course, from their financial advisor monitoring those "capturable" losses and directing the client to sell so they can invest whatever's left in the next best thing their firm is promoting. (Im sure bonus commissions have absolutely nothing do do with the recommendation)

And it sounds so appealing to "capture" these losses. Like a loss is something to be pursued: "Come on, you loss, get in here. There, gotcha. Go me."

Ranks right up there with "catching" a cold. Just let it go on by, dude.

[Lion]

One broker of a client Harvests losses. Considering that client has $200,000 in capital loss carryovers already, they could skip the harvest for a few years. But, then the broker's Management Fees wouldn't be as high. I think the brokerage should net client losses against broker fees and pay the client for the privilege of harvesting his losses.

[RitaB]

There's another good word

One broker of a client Harvests losses. Considering that client has $200,000 in capital loss carryovers already, they could skip the harvest for a few years. But, then the broker's Management Fees wouldn't be as high. I think the brokerage should net client losses against broker fees and pay the client for the privilege of harvesting his losses.

See? "Harvest." Makes em think they are in there growing a garden for em or something. Another five dollar word. Literally.

Yeah, RitaL, you are spot on. Broker oughta pay the investor at some point.

One has to wonder when the client is gonna catch on that "Under The Mattress" is a better investment firm. LOL.

[JohnH]

Looking at some of the broker shenanigans I've seen lately, in place of "harvest" they should use the word "reap", then change around a few letters.