Best Tax Year Ever

[BobKamman]

When the going gets tough, the tough get going.

In dictatorships the government collects all the information it needs and sends you a tax bill, with credit for bribes and payoffs. Democracy is messy. We have the worst tax system in the world except for all the others.

Who doesn’t like challenges? Well, OK, stand in this line over here if all you want is a participation trophy. Tax return preparation could be boring some years. I told my clients they didn’t need me but they might next year, when something neither of us had ever seen could arise and require actual expertise.

Grant me the serenity to accept the things I cannot change, courage to change the things I can, and wisdom to know the difference.

I know I can’t change a bureaucracy that has been underfunded for 20 years. I know I can’t afford software that promises immediate gratification with real-time updates when rules change – even if such software existed. I know some of my clients live from refund to refund, but I can encourage them to work on their budget skills.

I don’t know why some tax preparers complain. Maybe they secretly wish they had become an actuary.

[jeffmcpa2010]

Well said Bob. 

Mid March change to tax laws retroactive was a bit inconvenient, but that only affected a small percentage of the returns already filed, and after waiting for the air to clear, the IRS announced that I didn't have to do anything - they would take care of it. (That is still to be determined, but is not a "during tax season problem".

In general my tax returns take no longer to prepare this year than any other.

All the Whining about tax withdrawal dates, has no affect on me, as in all my years of practice (which date to before this option was even available) I have never had a client ask me anything about this, let alone ask me to set them up for it. I do the return, File it, and hand them any payment vouchers and pass the responsibility to the client.

I admit to being older and grouchier, and I got tired of babysitting clients who needed their hand held just to turn around. (I am not talking about my elderly clients who genuinely need assistance, which helping them is one of the most rewarding things I do.) Those needed babysitting I have weeded out long ago.

I am probably fortunate to be at a point in my career to be still doing this because I enjoy it, not because I have to and am chasing every last $. (But I remember those times not to fondly.)

I just say to everyone...Take time after this is over to reflect a bit. What can you do to make next year better? Work towards exiting those 20% of your clients who are 80% of the problems. Lots of times I have found those clients to be less than their % of my fees and much larger % of potential liability.

Work with those you enjoy, and price the others out of your firm. LOL

Anyway - Most of us will get through ok, Summer is coming, and hopefully we got enough work done now to spend some time on a Lake, Beach or in the Forest, on the golf course, or what ever recharges you so you can get ready to do it all over again.

Best wishes to all.

[IRonMaN]

It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.

[BobKamman]

What the Dickens do you mean by that?  Well, I suppose you could compare France in 1789 to the US in 2021.  There was a change in government by people who wanted different tax laws.  Today, a pandemic; back then, an epidemic of decapitation.  

The big difference for me this year has been that I am not meeting with clients.  They send me or drop off stuff.  Phone calls or emails resolve any questions.  This is what many have been doing for years, but with some it takes all the fun out of it.  I'm thinking of inviting them back this summer for a free hour of chat-laden explanation and advice, as long as we've all been vaccinated and probably masked.