Alicyn McLeod

TIL when someone says they are from Chicagoland it's an actual city and not a cute way of saying how much they love Chicago.

I love this. I want one. Where did you get it?

Adorable! 🥰

this is mentally healthy approach 👍👍

I can't tell if you're being facetious or if you live under a rock

Best compliment I could receive

Let us know what you think!

#toosoon

Everyone else is an idiot when your understanding is superficial.

I feel about property taxes the way I imagine most non-tax CPAs feel when someone says "oh you're a CPA! can you help me with my TAXES??"

🙃

Trey it was printed directly from Excel to pdf.

They did not get the memo.

Another day, another Excel file a client sends in pdf

That's awesome Mike! So proud of you. I was hooked after my second ride.

You'll get used to the shoes. ❤️

Prospective client just told me they had to go to HRB 2x to get their 2023 1040 prepped.

The first time, the person who knew how to enter K1s wasn't there. 👀

Went back and that person still wasn't there. Someone else powered through it painfully. 🤦🏻‍♀️

Ummm...this is a thing?

A platform is not an advisor.

Which doesn't matter until the platform breaks.

And you have no advisor.

Do you want a new convert to lead you on your own spiritual journey?

Probably not.

Be careful who you are consuming your AI-related information from.

I haven't seen it. Will it ruin the 80s for me?

🫠

To everyone considering adding their spouse as an owner to their business because "it just seems like a good idea", please talk to an attorney first.

You're welcome.

💯

1099s are the WORST

Starting to work through W9 requests for monthly clients. It's...not fun.

We're building a process to address this on a monthly basis going forward, but that won't make this any more fun.

You can't make up for bad with more

I have a joke about debits and credits, but it's so balanced, it will offend folks on the left and the right.

Questions about taxes for attorneys? Hit me up.

#LawSky

4. Underpayment penalties. If you're operating as an S Corp, you could add some extra income tax withholding to your last paycheck or two before year-end. It’s deemed to be paid in throughout the year, unlike estimated tax payments.

If you're a high-profit, one-owner firm in a state with an income tax might be a no brainer. This might just be about calculating the amount and making a payment. Multiple owners? Offices in multiple states? A spouse running their own business? This becomes a spicier analysis.

3. PTE election. A Pass-Through Entity election allows you to receive a federal tax benefit for an otherwise disallowed state income tax deduction.

But some decisions - like accelerating deductions for firms paying taxes on cash basis, optimizing owner salaries - those have to be done in the current year. Moves like establishing a retirement plan are time sensitive, but sometimes can be done the following year.