Posts by Timothy Morgan38

Kimberly Harris6 said:I have zero issues downloading those straight from the IRS site and opening them without any trouble.

The problem is there's no extension on the file...

Just right-click the file, hit rename, and tack this onto the end of the name .XLS... simple enough.

Henry Edwards33 said:None, just like always 🙄

😁

😍 No, really... I'm just incredibly relieved to finally get rid of all that...🙂 I've had enough paperwork and staring at screens... I just need a break...

and some people actually managed to cook those final bills😉

Henry Edwards33 said:Yeah, right... give it a few more days and you'll be insufferable. Right now, you're still playing the humble guy. 🙄

😁

🙂🙂🙂

fadedmoose4 said:Nah, you're definitely not.
Honestly, being a bit more flexible with pricing right now—especially with the economy being such a dumpster fire—is way smarter than just losing your entire client base.

I had this former accountant of mine who started hiking her rates on everyone, and guess what? She ended up totally unemployed because she drove everyone away, which eventually forced her to lay off her assistant. She actually complained about it later, but man, it was too little, too late.

I've even got buddies telling me their CPAs are starting to jack up prices and even charging extra for basic reports. They're already looking for the exit door.

So, you gotta weigh it up—do you want to keep things affordable and stay busy, or play hardball and end up with zero clients?
You're a straight shooter and you clearly know your stuff; it shows in everything you post here.

Jessica & lili😍

I might start getting an ego if you two keep being this kind...😁

My take? I'd much rather have 100 clients paying $33 a month than one single client dropping $10,000 monthly...
...
As for billing, I've always hated being hit with unexpected fees. If I have to pay extra for something, I'd much rather spread those costs out over the course of a year instead of facing a massive bill all at once... so, naturally, that's exactly how I handle my own clients...

Eric Bennett4 said:So, I’ve decided to take the plunge and start my own small business, and I find myself facing a few hurdles. I appreciate any insight or guidance you all can offer before I dive in. To give you some context: I am planning to act as the sole representative for an Italian firm operating within the West Coast region. They aren't interested in establishing a formal US entity or hiring a full staff until they see how the market responds, which means, for the time being, I will be the only person on the payroll. This leaves me with several pressing dilemmas:
1) Is it legally viable for a sole proprietorship to function as a commercial agency? Specifically, I am looking into sales representation. If we draft a formal representation agreement to ensure everything is legally sound, would that suffice?
2) There is the issue of transportation. Until I can secure a company vehicle, I intend to use my mother’s car. What is the standard procedure for this, what are the typical mileage reimbursement rates, and how does the IRS view these deductions?
3) Regarding office space: I plan to use a portion of my family’s apartment—which is under my father's name—as my workspace until I can lease a proper commercial unit. What is the protocol here, how is the tax implication handled, and am I even permitted to sign a lease agreement if the property is part of a multi-family residential building that isn't zoned for separate commercial units?

1) Honestly, I haven't a clue—but it probably works.

2) You can use a personal vehicle for business purposes and claim deductions$0.67 based strictly on mileage, and THAT'S IT.

- Or, you could rent the car from your mother, pay her a monthly lease fee, and then deduct gas, maintenance, and all those related costs at a 70/30 ratio... though keep in mind, your mother would have to report that rental income on her taxes.

3) You could rent a portion of your dad's place at a set rate. He’d have to pay income tax on it, but in exchange, you'd be able to write off the rent as a business expense.

fadedmoose4 said:

So, I was digging around under the hood of this VTi setup today, and man, let me tell you—it’s a whole different beast once you actually get your hands greasy. It’s not just some basic engine swap; it’s like trying to tune a high-performance racing machine while sitting in the middle of a crowded garage in Detroit. Everything is tight, everything is cramped, and if you don't know exactly what you're doing, you're gonna end up stripping a bolt or snapping a sensor and crying about it later. It’s honestly like trying to fix a Tesla with nothing but a screwdriver and a prayer. You think you have enough room to reach that one specific gasket, but nope—the frame is right there, mocking you. But once you get past that initial frustration? That’s when the magic happens. The way the airflow hits those components is basically the automotive equivalent of a perfectly timed drum solo. It’s punchy, it’s aggressive, and it just feels *right*. If you aren't prepared to sweat through your shirt and swear at a stubborn bolt, don't even bother messing with this kind of tech. It’s pure, unadulterated mechanical soul. kaže:
Look, I don't charge extra for my year-end statements or tax filings. It’s just part of the deal.🤷 That’s already baked into my monthly bookkeeping fee... honestly, I'm not charging anything extra for it right now... though, looking at the workload, maybe I should be.😕

Honestly... I’ve seriously never heard anyone say they don't charge extra for that. Like, ever. Every single place I’ve been to adds an extra fee, and let's be real—everyone's pricing is all over the map.
I gotta hand it to you—major respect. I’m tipping my hat on this one. 👍Look, I don't care what kind of monthly retainer they're pulling in. It doesn't matter if they're dropping serious cash every single month. At the end of the day, you’ve gotta show some actual respect to the client. Period.
Man, don't even get me started. I learned my lesson the hard way with my last accountant... that person actually had the nerve to hit me up with extra fees on top of everything else! Total nightmare. $167Honestly, I just hit my limit. I got so pissed off that I finally called it quits and decided to go find someone else.
Look, I’m telling you—I am finally, actually, legitimately satisfied right now. Everything's finally clicking.
And I see there are even better ones out there... the types who spend their whole lives running those bookshops just to give everything away for free.

Look, this isn't meant to be an attack or anything... I have NEVER charged anyone anything extra...

Let's look at an example...

A sole proprietorship pays $333 (including tax) per month for bookkeeping services, and that covers the tax filings, all the forms, everything—reconciliations, payroll onboarding, terminations, filing with the IRS, Social Security, etc. (total annual cost $4.00)

A corporation pays $667 monthly, which includes everything similar to the sole proprietor, plus additional state filings, tax returns, reconciliations, and so on. Total annual cost—$8000

Some clients can't even be bothered to bring their own files, so I just throw that in as a courtesy too...

Maybe I'm an idiot for doing it this way—probably am...😕
Maybe I'll change my modus operandi eventually...
🤷
I should also mention that I handle all the federal forms, state filings, IP, ID-1, IP, all the payroll paperwork, termination notices, and all the filings for Medicare and so on.

Am I a moron?????

Henry Edwards33 said:Me, I’m right there with you 🙂

So, what's the actual plan for billing this? Is five $0.00 😍
even going to cut it?

Self-employment tax filing - $4,000 plus sales tax
Corporate income tax + local levies - $15,000 + sales tax + the cost of my therapist😉

Kate Hernandez said:What kind of numbers are we talking about for either scenario? You can always shoot me a DM.🙂

Look, I'm telling you, it all depends on how the books are kept and the sheer volume of work involved... I can't just pull a number out of thin air without seeing what’s already been done. I need to know if the ledger accounts actually balance, if payroll liabilities have been recorded based on monthly statements, and if the obligations for the U.S. Chamber of Commerce, City Hall, Red Cross, and the National Football Federation have been calculated and posted. Plus, does the sales tax match the monthly filings? Is the revenue split correctly? Depreciation... blah blah blah...

There are a million variables I'd need to account for before I could give you an actual quote...

If you're just looking for someone to fill out the standard tax forms and vouchers using a balance sheet that's already finished, it shouldn't cost more than $1,500—$667... but let me be clear: an "already finished" balance sheet means all entries are complete and the corporate income tax has already been determined.

fadedmoose4 said:Here, maybe this helps you out.
My accountant is charging me $0.50 plus tax this year. Honestly, I'm pretty happy with it since my old guy used to charge me double.
Some people definitely overcharge, though.
But really, it's all about which firm you use—prices vary wildly from one place to the next. It mostly depends on how much heavy lifting you have to do for that year-end report.
That's usually how they set the price... at least, that's my take on it.

I don't bill separately for my year-end statements or tax filings🤷 because that's already baked into my monthly bookkeeping fee... honestly, I don't charge anything extra at all... though maybe I should...😕

Kate Hernandez said:Quick question: what’s the going rate just for putting together a year-end financial statement? I mean, strictly the closing statement itself 🙂

Look, if you’ve already got the balance sheet ready to go, then just filling out the standard forms shouldn't break the bank...

But if they actually have to handle the year-end closing entries and run all the audits too? Then I wouldn't even attempt to guess at a price...

Henry Edwards33 said:I've been digging through some accounting reports...
And I’ve finally come to this conclusion: 🙂
There’s really no point in stressing over the rules or worrying about the red tape. We have plenty of "cheerful" federal regulations, and even more "enthusiastic" bureaucrats out there to enforce them for us. 🙂 🙄

Just try to stay positive... a single shot of person or maybe some bourbon solves most of these headaches😂 😂😂

I hear you, and you've got a point, though I still don't get why a company would be so allergic to being mentioned in a positive light. Maybe they're just terrified that a single bad review might float to the surface?...

I think it's primarily a trust issue rather than whether the feedback is good or bad... if you aren't prepared to handle criticism, you shouldn't even start a business... I've been burned more than a few times myself, so I tend to be overly cautious... and like I said, it's not exactly in his interest to hawk as many software licenses as possible since he doesn't even need forum ads to move units...

So you recommend them, but only privately. That’s what I don't get—why are people on this forum somehow less reliable than your personal acquaintances? Are we all just scammers and frauds here?

Which part of my sentence "exclusively to my business partners and people I know or have worked with in some capacity..." did you fail to grasp? I don't personally know anyone from this subforum (Business & Finance), nor have I ever worked with anyone here... It doesn't cross my mind to recommend software, an accountant, or even a local mechanic to anyone... What I can offer is my opinion, but providing referrals for software, mechanics, or accountants? I'll happily pass on that...

I could spend days writing to you about my experiences with online recommendations and "internet friends," which might help you understand, but that's not the topic here and quite frankly, I don't want to relive those memories... it just gets my blood pressure up... I've helped plenty of people, both online and in person, and the vast majority couldn't even bother to say "thanks"... meanwhile, I've saved many others a massive amount of stress, money, and time...

All I'll say is that I've been on this forum for a long time (7 years) and out of everyone I've met, there's about 80% of them I never want to hear about again in my life...

Just settle it with Dub

God, these threads...🙄

Terry Johnson3 said:I agree, though you might have been aiming that comment at my response above. I’m not the type to look down on anyone—quite the opposite. I can't stand arrogance. But in your case, the issue was different. You didn't even want to put in the effort to grasp the obvious facts that would have actually helped you. If you're struggling to understand what a price bracket is, then fine, we've reached the point where I'd practically have to explain why the sky is blue. People here don't have time for that.
And when people *do* take the time, you either get someone refusing to name the software they recommend, or you get those who just bash everything without making a single valid point. If that's the crowd that's preferred here, I might as well just walk away.

Since you called me out directly, let me explain why I’m keeping the software name under wraps. Hopefully, that settles this item on the agenda once and for all... The sole reason I won't name it publicly is because the owner and I have an agreement. He wants me to recommend his program exclusively to my business partners and people I actually know or have worked with... And since the owner is also a friend—we moved from a strictly professional relationship to a business-friendly one over the years—I respect his wishes...

Given that online forums are crawling with self-proclaimed "all-in-one" geniuses, and the market is flooded with "fly-by-night" companies where finding an honest firm you can actually work with feels like winning the Powerball, his decision makes perfect sense to me...

It's a small, family-run outfit with a few partners involved in development, and they intend to keep it that way... The "grab the cash and run until the experts leave" mentality isn't how they operate... and I respect that... Honestly, I'm the same way; I refuse to work with anyone I don't have a solid referral for... I've been burned too many times and paid far too much in taxes on invoices that I'll never actually collect...

Most importantly, you aren't going to see me recommending this program to just anyone. I am simply comparing experiences with various firms in the industry that I've dealt with... If I had a bad experience with someone being discussed here, naturally, I'm going to say so... if the experience was good, I'll say that too...

And I'll repeat what I've said before: this thread is titled ACCOUNTING SOFTWARE, not Synapse... I don't see any logical reason why this discussion should be treated as nothing more than a helpdesk for people with questions about Synapse while everyone else stays quiet...

If I'm wrong, then fine, rename the thread to SYNAPSE and I'll stop showing up here altogether...

That's why I'm glad Techtronic came up. As soon as I get a chance (read: when I actually have free time), I'll try to test their software. If it holds up, I might suggest it to people looking for a more budget-friendly solution (for things like invoicing, inventory, POS, etc.)... Because, truth be told, I am looking for a cheaper option that I can recommend to my clients with total peace of mind...

John Allen5 said:🤷 I don't see the issue here... you can knock this out in ten seconds using Excel...
If you have, say, three employees who contributed a total of $657 MIO, and the total interest calculated is $32, you just figure out each person's percentage of that total and multiply it by the interest—let's say $32..

For example:
Employee | MIO | Share | Interest
A | 500 | 0.253807107 | 24.36548223
B | 650 | 0.329949239 | 31.6751269
C | 820 | 0.416243655 | 39.95939086
Total | 1970 | 1 | $32

It's really not that simple... what about employees who've already left the company... or the new hires?

Do you see the actual problem? It isn't a matter of simply splitting the total interest among currently active staff... it's about allocating it to the specific individuals for whom the interest was actually earned 😉

I'm going to try to build a Microsoft Excel spreadsheet that handles everything automatically... I just need to figure out the logic behind all the formulas first... I really ought to brush up on my percentage calculations so the whole thing actually works...

Daniel Castillo12 said:I’ve dealt with this firsthand...
$3.00 I had to split it up among 14 different employees...
so I ended up calculating 0.65 for eleven of them, and 0.64 for the other three,,,,
based on the specific MO2 levels...🤷 it was a total headache.

hmmm... why does everyone have the exact same salary?

Interest has to be calculated proportionally based on each individual employee's MO2 contribution... I'm still sitting here spinning formulas in my head trying to figure out how to calculate this without losing an entire week of my life...

And it’ll balance fine regardless of how you slice it, as long as the final payout matches R.S.M.U.... but personally, I’d rather do it the right way while I'm at it... just so nobody can come breathing down my neck later claiming I messed something up...

Oh, give me a break... 😂

Consider this my official notice: I’m done responding to your little provocations. 🙂

absolute troublemaker😍

Henry Edwards33 said:Geek alert... wait, are you actually a woman?

I’ve got a gut feeling a guy with this much attitude just doesn't exist. 🤔

😍

Oh, you haven't seen anything yet... if I showed you my workspace, you'd think I was losing my mind... just looking at my desktop icons... or how my data is organized... everything in its own specific folder, every single file name perfectly capitalized, zero weird special characters allowed...

In the car, I actually adjust the air vents just so they're all perfectly parallel... 😂😂😂