Discussion:How many extensions - 2008

I'm winding it down today and here's my totals: 118 extensions and I've finished 554 1040's; I've finished 17 Partnerships (4ext) 7 Corps (4 ext) 8 S-Corps (6 ext).

I spent the majority of the day also filing extensions for an additional 75 2007 clients that we haven't heard from. I have a marketing idea for those, and I'll let you know later in the year how it goes.

531 returns completed (as of tonight) vs 553 last year 4/15

aren't you an EA?

Of course I'm an EA, but I generally exclude the authority to sign stuff for the client on my 2848;s.

You folks who do 500-600 tax returns -- how much staff do you have? I work alone (from home), with a gal who comes once a week to assemble returns.

Oh, I am down 27 returns from last year's number, but who knows how many people will discover a bruning need for an amendment or a tax return over the summer...

I did 250 1040's 80 percent relatively complex (k1's, passive etc..., Sch C, D, E). about 110 business returns. (1065, 1120S).

I do NOT want to do more. I am very mentally fatigued. 25, 1040 extensions, 10 biz extensions.

Glad it's over!!!

There are a few elections that need to be made on a timely filed (including extensions) return.

In a current case, I'm seeking relief under Rev Proc 2007-62. If we hadn't filed the 7004, the client would be out of luck.

It's back to being mortal again.

This get's the job done around our office, pick your poison (scroll down for choices):http://www.bumwine.com/

I have two additional part time preparers and an office manager that keeps everything sane. I start off doing the returns in the beginning and then it gets a little busy and I spend most of the time reviewing, answering questions and bantering on TA and Facebook, errr, I mean with clients explaining their returns to them.

My one preparer I inherited and she is pretty good, last of her kids started school this year, so she was 9 to 3 most days. The other is a younger CPA who had her first year with me after leaving a bigger regional firm. Very sharp young lady. But I won't let her know I said that.

70 extensions 291 finalized 43 MIA (they fired me, or I fired them) 32 New Can't complain in this economy.

NOW it's tequila time.

Average client billing $215.

Total returns, 23 including the freebies. Boy, I am rolling in the dough...I can't even afford to start DRINKING! :D

Thanks to you all...you guys have been great help this year. I am starting to know more and I am able to help out a little more around here myself...earn my keep if you will.

Michael

Harry Boscoe, eat your heart out... I'm drinking a Busch Light!

Thank you for all of the wise contributors on this site. It's nice having a place to refer to as sometimes your mind just goes blank or you get these off the wall curve balls. Thanks.

I am glad I can be your "I don't feel so bad, I could be THAT guy! :D". We sound a lot alike in that we are growing our businesses by word of mouth. Forget advertising, the only real advertising I found to work is word of mouth and a brick and mortar shop with a sign on it/out in front of it. I tried everything from bloodying my thumb tacking cards and fliers to mailboxes, advertising in the local school newspaper (small town), etc. Not one call.

I am going to find a couple of small business or young entrepreneur groups and see if I can't work up a 'Getting organized for tax season' or some similar presentation for them. I think that is a very good way to grow....especially with young entrepreneurs because there is one single trait that makes them great targets as clients, they know everyone and never stop talking/selling.

Michael

Work it out with your local Sheriff that he tucks one of your cards in the suit jacket of all the newly released prisoners.

A lot of them want to turn over a new leaf when they leave the Pen, and they are all looking for a good tax man. Remember, it's the people who are heading to jail (and don't know it yet), that you want to avoid. But the newly released prisioner has learned his lesson, and he makes a great new client.

So, you ought to be able to pick up a couple hundred reformed prisioners as clients each year... and the great thing about them is that your picking up all those additional returns for the years they didn't file.

I would hazard a guess that they didn't pay any quarterly tax estimates on all that income from making license plates and working the chain gang! Who could need a tax man more than them....well, other than my satan client.

Yo ho, yo ho,

Michael

1 man shop. No help, returns prepared in front of clients. Could probably only handle a few more individual returns, while still doing monthly/quarterly write up , summary, payroll,1099,w2s. Most returns are schedule :E, C, D, a few are just schedule A's I would say less then 30. Several NOLs this year. Only 5 clients lost this year. 1 because of death. New clients outpaced leaving clients only by word of mouth.

That is a LOT of new clients!

Michael

Fred, it is word of mouth. I am just that good. I might not and do not know everything. But what I do know I am good at. Or I come here to get better.

No Michael, I did not. My clients are telling their friends and children and family members and I also make appointments a year ahead of time. That does help alot. Next year I'm taking something that I learned from all of you guys. I'm sending out a check list to all of my prior clients when I send out thank you cards.

Michael, I found out that I brought in $40k into Block this year. I'm only getting a small small chunk of it for myself :(

Good for you Genskitty.

Michael

I would like to have about 15 more returns (10 personal and 5 business/llc/c based). That would keep me plenty busy since this is only a part time gig.

I have some marketing ideas for my Quickbooks setup sales. I hope to put that plan of action into play once I get rid of the client.

Micahel

Here is what is currently on my to do list: one 2006 1120s, one 2006 1040, three 2007 1120s, four 2007 1040, three 2008 1120s, seven 2008 1040. And all of those 1120s have either done no accounting or very bad accounting for those years so I need to fix that first. I guess I also better get to those 941s and UCT-6 forms. Once I have all of this off my plate I plan to start sending out letters to businesses opened within the past 2-3 months to see if I can grab some more monthly accounting clients. I actually planned to do this several weeks ago and got bombarded with all these people that hadn't filed taxes in 2-3 years.

What I used in my calculation was just total billings from 1/1/09 to 4/15/09 divided by payroll paid for the same time period. Interesting to me also. As a sole proprietor, my time isn't figured into this of course. It did seem like I worked less this year, but got more done.

thanks

john

10-12 business/1041 returns

Did the same amount as last year, but made more money because I raised my fee!! YEAH!

only 2 ext. but its hard telling how many I will do this summer that didnt file an ext. I have a lady coming next week to file 2006, 2007 and 2008!