Help with IRS

I've been going to a CPA since I owned my own business almost a decade ago. Most years I actually save more than what it costs me to use a CPA and it keeps all the finances tidy / worry free.
 
From my past life as a CPA and via my current CPA i use, I don't keep up on all the stuff these days. Training for job expense is not an education expense, so for a stripper to get boobs and write them off, well, she already had them, the education was complete. Deduction of the CFI would be similar to education expense, now the II or MEI, could with the right documentation land into the boob category of job training.
 
SFLAX said:
From my past life as a CPA and via my current CPA i use, I don't keep up on all the stuff these days. Training for job expense is not an education expense, so for a stripper to get boobs and write them off, well, she already had them, the education was complete. Deduction of the CFI would be similar to education expense, now the II or MEI, could with the right documentation land into the boob category of job training.
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...and who doesn't want some of this? :)
 
dustoff17 said:
Pretty sad that breast enhancement surgery for a stripper IS deductible but a CFI is NOT! Guess it depends on the add-on, huh?

Not complaining about the end result, just think it's a bit inconsistent on the part of the IRS.
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Maybe as it's twin time?


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Richman said:
Holy Poop...this, this, a thousand times this.

Hiring competent help with regards to IRS issues is the ONLY path to take.

Richman
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Having an accountant and attorney is part of being a professional. Regardless of profession. It is best to use them proactively and not reactively.

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Because of the situation the OP is in, this advice doesn't really help them, but for someone else it might. The day you earn your commercial and begin working in this field, hire an accountant. Discuss what your current situation is, what your future plans are and develop a plan. You can try to write off anything but an accountant will let you know what the IRS will likely approve. Such as vehicle depreciation, miles, cell phones, as well as training & travel expenses.

Attorneys. There are going to be situations where you're going to be exposed to liability, presented with employment contracts, or maybe even be sued. Most people seek their guidance as a last resort when the poop has already hit the fan. It might cost $100-$200 to have a contract reviewed beforehand. Very cheap insurance for the problem that could have been avoided in the first place and now the attorney's fees are $250-$500/hr


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CFI A&P said:
Because of the situation the OP is in, this advice doesn't really help them, but for someone else it might. The day you earn your commercial and begin working in this field, hire an accountant. Discuss what your current situation is, what your future plans are and develop a plan. You can try to write off anything but an accountant will let you know what the IRS will likely approve. Such as vehicle depreciation, miles, cell phones, as well as training & travel expenses.

Attorneys. There are going to be situations where you're going to be exposed to liability, presented with employment contracts, or maybe even be sued. Most people seek their guidance as a last resort when the poop has already hit the fan. It might cost $100-$200 to have a contract reviewed beforehand. Very cheap insurance for the problem that could have been avoided in the first place and now the attorney's fees are $250-$500/hr


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The accountant when you are a W2 employee with no other income is a bit overboard. What little there is to write-off (headset, uniform if not company paid) you're not going to save anything and if you can't figure out a 1040EZ then you probably shouldn't be a pilot. Once there are investments, business income or 1099s then it is a bit more involved and time to get an accountant and bookkeeper. I guess I might be the dork though that spends time on overnights reading IRS pubs so I know if I am going to be screwed or not.
 
When you guys say you save more money by using a CPA than what that service costs, what exactly do you mean? Are you saying that they save you more money than the CPA service costs because they know what they're doing versus you just using Turbo Tax? I've always done my taxes myself using TT but I have a fairly simple financial situation. Is there something I am missing?
 
If you itemize you might grab some stuff that a professional might know, not a ton, but many are related to work expense. But if you use standard deductions, not much they can do. But TT does a good job.
 
amichael said:
When you guys say you save more money by using a CPA than what that service costs, what exactly do you mean? Are you saying that they save you more money than the CPA service costs because they know what they're doing versus you just using Turbo Tax? I've always done my taxes myself using TT but I have a fairly simple financial situation. Is there something I am missing?
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If you itemize deductions(or otherwise have a complex return), a good CPA is worth their weight in gold. Deductions are a big trigger for audits. Most CPAs will assist you if you get audited on a return they filed.

If you've got simple taxes and take the standard deduction, yeah, I wouldn't worry about an accountant.
 
FlyingAccountant said:
If you itemize deductions(or otherwise have a complex return), a good CPA is worth their weight in gold. Deductions are a big trigger for audits. Most CPAs will assist you if you get audited on a return they filed.

If you've got simple taxes and take the standard deduction, yeah, I wouldn't worry about an accountant.
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An 170lb accountant would be worth $2.8+ MILLION dollars if they were worth their weight in gold.
 
amichael said:
When you guys say you save more money by using a CPA than what that service costs, what exactly do you mean? Are you saying that they save you more money than the CPA service costs because they know what they're doing versus you just using Turbo Tax? I've always done my taxes myself using TT but I have a fairly simple financial situation. Is there something I am missing?
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Every dime that you pay your CPA is deductible on your taxes. If you file a lot of different schedules for your state and federal taxes like we do, you can't begin to navigate your way through that crap. At least I can't. The tax laws are continually (again for state and federal) and constantly changing and being amended. I can't keep up with that either, nor do i want to. A good CPA will know what you can deduct and what you cannot, and how far you should or should not push certain deductions in order not to trigger a red flag with the IRS. They will also represent you if you ever do have an audit. They know how to amortize stuff, I mean just a plethora of crap that I don't understand and don't want to. It's hard enough keeping good and accurate records, having a filing system, keeping and organizing your receipts, etc. just to be able to give a CPA your numbers/ information.

Stick to what you know. Let another professional do the job that they are trained and experienced in.
 
I've worked contract(1099) and full time(1040) as a mechanic. If you're working contract find an accountant today, or tomorrow. I've been upside down with the IRS before and I'll guarantee you it's cheaper to pay an accountant than it is to pay the IRS. I have friends who are paying them for tax years in the early 2000's due to interest and penalties. Just my personal experience, YMMV.
 
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