Discussion:New to the business need help!
From TaxAlmanac
| Revision as of 22:31, 29 January 2008 Nancyshoemake (Talk | contribs) (We are all learn) ← Previous diff |
Revision as of 03:28, 30 January 2008 Ucimnemc (Talk | contribs) (Trish - I too am) Next diff → |
||
| Line 93: | Line 93: | ||
| {{ForumReplyPost|UserID=Nancyshoemake|Date=29 January 2008|Text=We are all learning every day. Those out there that say they know it all are the ones you run away from! The tax law is quite complex and apart from the many tax geeks that can "quote the code".....we are all in the same boat. By the way, I love the tax geeks...thank you thank you!!!}} | {{ForumReplyPost|UserID=Nancyshoemake|Date=29 January 2008|Text=We are all learning every day. Those out there that say they know it all are the ones you run away from! The tax law is quite complex and apart from the many tax geeks that can "quote the code".....we are all in the same boat. By the way, I love the tax geeks...thank you thank you!!!}} | ||
| + | |||
| + | {{ForumReplyPost|UserID=Ucimnemc|Date=30 January 2008|Text=Trish - I too am fairly new to the world of professional tax preparation. And while some of the posts here may seem somewhat intimidating, don't let them disturb you personally or professionally. My suggestion; in your free time (should you be so lucky as to actually find some at this time of the season), use the search box on the left and merely browse through the "Tax Questions" forum. When you see something of interest, click on it. If you don't fully understand the question or the subsequent posts, pull out the 1040 instruction book, the Pub 17, and finally, review the regs that are available here. While no web site can take the place of a good mentor, this forum can be an absolute wealth of info, often a giggle, and sometimes a downright hoot! As to your original posted question: When you complete a return, take the time to go through it item by item to be sure you know the reason for it. If YOU don;t know why there's an entry (or lack thereof), take the time to dig through your materials and the client's paperwork until you can justify it to yourself. Good luck and many happy returns!}} | ||
Revision as of 03:28, 30 January 2008
Discussion Forum Index --> Basic Tax Questions --> New to the business need help!
Discussion Forum Index --> Tax Questions --> New to the business need help!
| 23 January 2008 | |
| This is my first year doing taxes- I have done several that were efiled, I have one now that wants to mail it, I use pro series basic and when I printed out the fed and state they were only 2 pages each does that seem right? | |
| 23 January 2008 | |
| Hate to be rude, but exactly what are your qualifications to prepare taxes professionally? | |
TheTinCook (talk|edits) said: | 23 January 2008 |
| Aww, geez Trish. You gotta give us a little more to go on then 1040A and 540EZ. For example the infromation you got from your client. And fill out your profile.
P.S. Somewhere in North Carolina, an Enrolled Agent has blown off the CPE class he was supposed to be teaching, and instead is breaking into the local animal shelter. | |
| 23 January 2008 | |
| Not trying to be rude but H&R Block is the training I got-the info is client is married filing joint-his spouse doesnt work he has 2 children 2 and 4 and is a renter with about 3500.00 in tool write offs as he is a mechanic- I am not trying to be super tax woman if I dont know the answers I find them I just dont file anything. I am learning so thank you jdugancpa for making me feel like an idiot. | |
| 23 January 2008 | |
| Naww, she knows what she's doing, her e-files are flying through. It's tough for anyone to get used to new software. Get a bottle of Old Lockjaw and sip on it and read over the manual real careful. Well, you can't do that, there is no manual anymore. Use the on screen help until it starts swimming before your eyes, then call it a day. | |
| 23 January 2008 | |
| Yes, it does sound right, 1040A, they are not itemizing (their itemized deductions did not exceed the standard deduction). In general, look at the returns, and see if they reflect the entire picture. If the program has a Q&A, that should at least serve as a guide to make sure you catch most items. Don't know specifically about the 540EZ, that's a Cali. State Return? I am assuming Husband only has W-2 income. I imagine your program calculated whether they were phased out of EIC. | |
TheTinCook (talk|edits) said: | 23 January 2008 |
| You should be okay with the 540EZ with only two dependents.
No worries Tirsh, this board is a great place for professionals, it's just a little newb harsh at times. Didya take the Basic Course or the Building Blocks course? | |
| 23 January 2008 | |
| Jdu's critque is not all bad. I'm sure the same has applied to me many times. Get a J.K. Lasser's Your Income Tax 2008 at least. | |
| 23 January 2008 | |
| Hang in there Trish, and don't let the disrespectful responses get you down.
This board is a wonderful resource, despite some evidence to the contrary. Keep asking questions. Sounds like you're not working at HRB even though you had the HRB training. My best advice is to find yourself a real live tax guru to provide you with wisdom and insight. I'm ex-HRB, also in California and starting my own practice. In lieu of a guru, feel free to get in touch if you need support or have questions. The New Tax Guy | |
| 23 January 2008 | |
| Thank you, new tax guy- I would love to have your email address if you dont mind-I promise I wont bombard you with questions its just nice to be able to ask a question without feeling like a total idiot. I appreciate all the positive feedback.
Trish | |
| 23 January 2008 | |
| Trish, my email addr is in my tax almanac profile.
The New Tax Guy | |
| 23 January 2008 | |
| Trish, I do not understand why you feel like an idiot. You have prepared returns like this by hand during your H & R training. The computer prepared returns look just like the hand prepared ones. You are being very smart thou to ask questions. I suggest having all of your returns reviewed by another pro. They will be able to teach you a bunch. | |
Death&Taxes (talk|edits) said: | 23 January 2008 |
| Besides this board, see if your software has a bulletin board or the like where you can commisserate and ask questions of those actually using your product.....yes, there will be lots of people bitchin there, it's part of our way of life, but you may also find answers too. And you might find a local users association.
Check out NATP also, and tell 'em Kevin sent you. Seriously, I have been to one or two functions since joining and liked them. Also, you will receive an emailed newsletter with tax news and an invaluable "You make the call" question each week. Good lord, the man wants to file by snail mail!!! What a story; you should call the newspapers. Now I shall close with my favorite quotation: "Times are bad. Children no longer obey their parents, and everyone is writing a book." -- Marcus Tullius Cicero ... | |
| 23 January 2008 | |
| In addition to continuing to learn more and more every year (by taking classes and studying on your own), don't be ashamed to get to know someone more experienced in your area who you can refer work to that is totally out of your comfort zone right now. We all learn something every year, but don't drown by trying to learn everything in one year. | |
| January 23, 2008 | |
| Trish - lots of good advice above re: find a mentor. It has done me a world of good, both from a learning standpoint and a 'confidence' level standpoint.
Specific answer (maybe) to your question. I use Lacerte, and if you still have the "I want to efile) boxes checked, you do not get all the forms you need. Check that out, but it sounds like you do have all the forms you need (1040A/540A) are itty bitty. You could also try suppressing the use of 1040A/540A (Lacerte allows this) to see if you get more forms. Nothing I know of requires the use of the "A"s, you can file the long form Good luck with your first tax season! | |
| 23 January 2008 | |
| From Pro Series I always print from "select forms to print".
It displays what forms, schedules, & worksheets were prepared by the program. You should be able to tell what forms you need to print from there. | |
| 24 January 2008 | |
| Trish, I'm really not a mean guy. But a 1040A is about as easy as it gets. If you cannot read a 1040A and see if it is correct then you need to study a little harder. Read the instructions for the 1040 and 1040A. The instructions include explanations as to what type of taxpayer is eligible to file a 1040A. Everyone is new at some point. But when someone prepares taxes professionally the public assumes they know how to prepare a basic return. If you are starting your tax preparation business with little/no training and do not have a more seasoned professional to provide some help and assistance, you are headed for trouble. | |
Bottom Line (talk|edits) said: | 24 January 2008 |
| Double check your setup in ProSeries to make sure it's printing the pages it should. | |
Lmcdon9822 (talk|edits) said: | 24 January 2008 |
| Trish - Your doing ok. We all make mistakes whether we have been in the business 10 years or starting out. Starting a tax business, let alone any business is not an easy task. A dumb question is the question not asked. And if you don't ask, you will never learn. Keep asking!! | |
| 24 January 2008 | |
| There are no stupid questions, only stupid answers.
It sounds like you are working all alone. It's very risky to start a tax practice on your own without a few years of working for someone else under your belt. See if someone will review your work for a small fee, and then add that fee to your prices. Also get "errors and omissions" insurance. If you make a mistake, your clients may sue you. One lawsuit can put you out of business permanently. | |
| 29 January 2008 | |
| I am ctec certified and bonded that is the first thing I did, thank you for your help. I have learned one thing if you call the IRS and talk to 10 different people you will get 10 different answers to the same question so I am not really feeling like an idiot anymore :) | |
Nancyshoemake (talk|edits) said: | 29 January 2008 |
| We are all learning every day. Those out there that say they know it all are the ones you run away from! The tax law is quite complex and apart from the many tax geeks that can "quote the code".....we are all in the same boat. By the way, I love the tax geeks...thank you thank you!!! | |
| 30 January 2008 | |
| Trish - I too am fairly new to the world of professional tax preparation. And while some of the posts here may seem somewhat intimidating, don't let them disturb you personally or professionally. My suggestion; in your free time (should you be so lucky as to actually find some at this time of the season), use the search box on the left and merely browse through the "Tax Questions" forum. When you see something of interest, click on it. If you don't fully understand the question or the subsequent posts, pull out the 1040 instruction book, the Pub 17, and finally, review the regs that are available here. While no web site can take the place of a good mentor, this forum can be an absolute wealth of info, often a giggle, and sometimes a downright hoot! As to your original posted question: When you complete a return, take the time to go through it item by item to be sure you know the reason for it. If YOU don;t know why there's an entry (or lack thereof), take the time to dig through your materials and the client's paperwork until you can justify it to yourself. Good luck and many happy returns! | |
