Going to see the accountant on Friday

[swamp]

to do some tax planning. Yay me!

I know what I am grossing, and can generally estimate the net, but I have absolutely no freakin' idea if I've paid enough in quarterly taxes, if I can contribute more to my SEP/IRA, or if I need to some cash on office equipment.

I need suggestions on how to stay awake during this meeting.

[wvugurl26]

Double shot espresso?

Take notes? Suggest different options?

If I can participate I stay awake easier.

[GRG a/k/a goldenrulegirl]

Lay your bar license on the conference table in front of you.

It will remind you how you need to get your taxes in order so that you can keep generating money for Disney trips and pick-up trucks and tractors and ski-doos and boats.  

[swamp]

Nov 2, 2015 13:52:52 GMT -5 GRG a/k/a goldenrulegirl said:

Lay your bar license on the conference table in front of you.

It will remind you how you need to get your taxes in order so that you can keep generating money for Disney trips and pick-up trucks and tractors and ski-doos and boats.  

I'm trying, doesn't that count?

[ArchietheDragon]

Find a hot accountant with piercing eyes and a rippled body that bulges through his shirt. 




HAHAHAHAHAHAAHHA





But serious, have something sharp in your pocket that you can jab your leg with when you feel yourself start to doze. 

[NancysSummerSip]

Find a hot accountant with piercing eyes and a rippled body that bulges through his shirt.

Pffft. She finds one of those, they won't have any paperwork on that table. They will be using it for something else.

[msventoux]

Hype your kids up on Halloween candy and take them with you.  Take one toy into the meeting and let them fight over it incessantly all the while bouncing off the walls in a sugar frenzy.  Do nothing to intervene and keep them from repeatedly shrieking and tearing the conference room apart.  You and the accountant will definitely be awake.

However it's likely your accountant may reevaluate their workload the following year and no longer be able to provide the level of service you deserve, and will wish you well in your future endeavors. 

[Regis]

I always did mine over lunch.  Even if I couldn't stay awake, at least I got a free lunch out of it!

[tskeeter]

Nov 2, 2015 13:56:50 GMT -5 ArchietheDragon said:

Find a hot accountant with piercing eyes and a rippled body that bulges through his shirt. 




HAHAHAHAHAHAAHHA





But serious, have something sharp in your pocket that you can jab your leg with when you feel yourself start to doze. 

Do they make those?

[swamp]

Sharp things I can poke myself with?  Yes. 

[MJ2.0]

What's a "hot accountant"?

[Miss Tequila]

Nov 3, 2015 18:10:16 GMT -5 MJ2.0 said:

What's a "hot accountant"?

Grrrr....

[MJ2.0]

[swamp]

It was not as painful as I thought. And he does have very nice blue eyes............

But I have to set transfer my SEP/IRA from my old firm to this one, that's one of those details that got left out in the transition. I thought it was my personal account, not a firm thing. Once it's set up, I have to set up a retirement account for my assistant.

Any suggestions on what I can buy?  I don't really need anything............

I was also told to find some office equipment to buy, give him actual mileage travelled, and then withhold my December deposits. He's also going to calculate to see if I need to pay any more quarterlies, and how much more I can deposit to my retirement.  

I don't get the theory behind delaying deposits. I know it defers the tax to next year, but i'll just have to pay it next year. It's not like that money will put me into another tax bracket.

[NancysSummerSip]

Any new legal software coming on the market that interests you? Or legal research subscriptions you might want that you don't already have?

[ArchietheDragon]

 A big screen TV for your "office".  

[swamp]

Nov 10, 2015 12:34:46 GMT -5 NancysSummerSip said:

Any new legal software coming on the market that interests you? Or legal research subscriptions you might want that you don't already have?

I just bought the update to HotDocs for Real estate, and I already have westlaw.

Maybe I should take some online seminars.

[swamp]

Nov 10, 2015 12:34:54 GMT -5 ArchietheDragon said:

 A big screen TV for your "office".  

I thought about that, but neither me nor my assistant watch much TV. We stream it online if we need to see something at the office.

Ohhh, Waaaaiiiiit.  You mean my "office."   Meh, DH has 48".  That's plenty. 

[ArchietheDragon]

Nov 10, 2015 12:36:10 GMT -5 swamp said:

Nov 10, 2015 12:34:54 GMT -5 ArchietheDragon said:

 A big screen TV for your "office".  

I thought about that, but neither me nor my assistant watch much TV. We stream it online if we need to see something at the office.

Ohhh, Waaaaiiiiit.  You mean my "office."   Meh, DH has 48".  That's plenty. 

only one?   I thought you wanted to make something of your life. 

[midjd]

Maybe I should take some online seminars.

Online, pssh. I am sure there are some good end-of-year CLEs in San Diego or Miami.

[NancysSummerSip]

Nov 10, 2015 12:35:34 GMT -5 swamp said:

Nov 10, 2015 12:34:46 GMT -5 NancysSummerSip said:

Any new legal software coming on the market that interests you? Or legal research subscriptions you might want that you don't already have?

I just bought the update to HotDocs for Real estate, and I already have westlaw.

Maybe I should take some online seminars.

Do you have Lexis Nexis access? May or may not be up your legal alley, but might be worth a look.

[wvugurl26]

Training courses are always a good way to spend money. Of course legal ones tend to be a little boring.

[ArchietheDragon]

Nov 10, 2015 12:50:47 GMT -5 wvugurl26 said:

Training courses are always a good way to spend money. Of course legal ones tend to be a little boring.

She doesn't need to actually attend the course.  Her boss won't mind. 

[The Captain]

(Puts fingers in ears)

lalalalalalalalalalalala

[Ombud]

Are you cash or accrual basis?? If accrual, irrelevant

[swamp]

Nov 10, 2015 14:42:13 GMT -5 Ombud said:

Are you cash or accrual basis?? If accrual, irrelevant

cash

[ArchietheDragon]

Also, in theory delaying deposits doesn't relieve you from reporting income in the year you received the check.  Delaying payment does, but not delaying deposit.  Of course, in practice......     

[GRG a/k/a goldenrulegirl]

I think with some of the clients you have, Swamp, you want to run to the bank as fast as you can and cash those checks before the ink dries.

Delaying the deposit until January just means your clients will have more money to spend on Christmas gifts.  

[Deleted]

Nov 10, 2015 12:27:44 GMT -5 swamp said:

It was not as painful as I thought. And he does have very nice blue eyes............

But I have to set transfer my SEP/IRA from my old firm to this one, that's one of those details that got left out in the transition. I thought it was my personal account, not a firm thing. Once it's set up, I have to set up a retirement account for my assistant.

Any suggestions on what I can buy?  I don't really need anything............

 

Can your firm buy/lease the car you drive?   Can it buy membership in the country club so that you can entertain clients?   Can it buy season tickets to share with clients?  Can you improve the benefit package for you and your assistant?  Company-provided life insurance, disability, dental?

I'm just brainstorming.  These (plus a beach condo) were some of the things that my ex's father's company bought.  I have no idea how these things actually work.  The clients really did get first dibs on the tickets, but one of the executives/spouse usually accompanied them.

Your accountant should have ideas.

[bookkeeper]

Nov 10, 2015 12:27:44 GMT -5 swamp said:

It was not as painful as I thought. And he does have very nice blue eyes............

But I have to set transfer my SEP/IRA from my old firm to this one, that's one of those details that got left out in the transition. I thought it was my personal account, not a firm thing. Once it's set up, I have to set up a retirement account for my assistant.

Any suggestions on what I can buy?  I don't really need anything............

I was also told to find some office equipment to buy, give him actual mileage travelled, and then withhold my December deposits. He's also going to calculate to see if I need to pay any more quarterlies, and how much more I can deposit to my retirement.  

I don't get the theory behind delaying deposits. I know it defers the tax to next year, but i'll just have to pay it next year. It's not like that money will put me into another tax bracket.

Not another tax bracket, but if you read the fine print, some exemptions and deductions disappear at certain income levels.  DH and I have taken about $140,000 in retirement income this year.  When I was estimating our 4th quarter estimated tax payment, I noticed we shouldn't take any more out until after New Year's!