After almost a year, I’m back on the blog. Heading into the third pandemic-affected filing season, much has changed here at Tax Therapy. First, I am working from home for the foreseeable future. That means the practice has transitioned from mostly office-based to mostly virtual. The only clients I will be seeing in person are… Read More
A couple of weeks ago I was talking with some colleagues about being forced to watch videos to learn features available in new software and just how much I didn’t like that. The videos are slow. I can read faster than that and I comprehend better as well. Usually, I’m going to want to read… Read More
The two most beautiful words I heard on #TaxTwitter this weekend were “seller’s market.” What does that mean? It means that good #taxpros are in demand. Good #taxpros. I’m seeing loads of newbies on FaceBook who have passed a test or taken a few classes and decided to open a tax practice asking for advice… Read More
This post is based on actual conversations that have occurred in the Tax Therapy office. Mid-March 2019. The phone rings and I answer it. Me: Tax Therapy, this is Amber. Caller: Hi, yes, I was wondering if you could do my taxes? Me: Well we are taking new clients. Caller: When can I get an… Read More
The CARES Act and the more recent legislation (it doesn’t have a catchy name so I’ll call it CARES2) have created an above-the-line adjustment for certain charitable contributions. Pro-tip: If it’s “above the (AGI) line” it’s an adjustment to income; if it’s below the (AGI) line it is a deduction. If you are a #taxpro… Read More
Remember when they were doing direct deposit or mailing a paper check? Well someone convinced someone that prepaid debit cards were a better idea. I won’t wax philosophical on the fact that you can’t usually pay rent with a debit card. Instead, I will link to this article from The Tax Girl letting you know… Read More
It’s Thursday and, after a fairly productive start to the week and a really hectic Wednesday, I am working from home. I have a 2-hour class today and I also needed to catch up on reading and administrative tasks. The tax returns, however, keep on trucking. I’ll be back in the office tomorrow (Friday) working… Read More
In case you missed the memo, NM Governor Michelle Lujan Grisham (a.k.a. Notorious MLG), has extended the stay-at-home order through May 15th. Cat and I are going to continue to honor that by Cat staying at home. That means no phone support for me. That means leave a message! I am usually at the office… Read More
Come Monday—it is still not alright. But I am in the office processing returns and I will be available by phone, Zoom, or e-mail if you have questions. I know a lot of you have questions. I did send out a detailed e-mail (via Constant Contact) about the stimulus payments and expect to send out… Read More
I recently read that 95% of small businesses fail within the first 5 years due to either bad management, under capitalization, or some combination of the two. Tax issues for small business owners have the same roots. Bad record keeping is often a sign of bad management. Mileage is one of the most highly scrutinized… Read More