Efros Financial is a Los Angeles-based CPA firm providing small business accounting/bookkeeping, tax preparation/resolution, and financial planning services. Learn more at www.efrosfinancial.com.
Questions? Please feel free to reach out at (323) 531-3500 or info@efrosfinancial.com.
Great video Alexander! I love the case scenarios and how well you put them together to show how they look when you have to put the numbers on the various tax forms. Now, I know you didn't want to include retirement contributions as one of the scenarios, but could you do one that DOES have retirement contributions thrown into the mix? I even have an example. S Corporation, single shareholder. Gross business earnings are $250,000, business expenses before the retirement contribution and owner salary is $50,000. The owner is paid a $150,000 salary, so the company's 401K contribution to the plan would be $37,500 (25% of the salary, as the max allowed). So net business earnings are $12,500. The single shareholder elects to defer the max $23,000 so his net salary in box 1 of the W-2 is $127,000, with Medicare and SS wages in boxes 3 and 5 showing the full $150,000). What are the overall taxes in this setup on the 1040?
Which software are you using to fill out those worksheets and forms? I'm done with TurboTax because sometimes I need to change something in a form and I have to reverse-engineer what questions to answer to get it to change. Being able to edit my own forms, while still having a lot of automation, would be a godsend
If form 7203 calculates my allowable loss is $27,000 from a partnership and this is my only income for 2023,(that is no income) can I elect to carryforward this loss to 2024. If so how do I do this.
I have a question and I'm truly stumped on what to do. I just got an extension until I can figure it out. Here is my problem. Some how I was signed up for the government healthcare from Aug to Dec in 2022. I did not do this. I can even show that I didn't know I had coverage because I paid cash for my prescriptions and my last doc visit was in May earlier that year. How do I file a fraud claim for this? Because the IRS said I got money forhealthcare I didn't know I had, my regular taxes bounce back. I can't file and if I file with the above form you were discussing, that's fraud. I didn't use any money from the government. I think a local doc used my ss without my permission but what do I do? I know better then to just file. I'm a single mom and the grand I was gonna get I could really use so going to a tax expert isn't an option. I can't afford it. Help! Please! Thank you .
Mr. Efros is very helpful. If Delaware States part of the nice state? I was hired by a company in Delaware during pandemic when I lived in Michigan. And I was told to work from home during pandemic ( Feb 2021 ~ Aug 2022). But there were state tax withheld for both states in my payroll and record of W2 forms during this time. Question: Am I eligible to file for a refund of the Delaware state taxes that were withheld while I was working remotely from Michigan., since I physically worked and lived in Michigan during that time and did not perform any work in Delaware (had no Delaware-sourced income during those periods). Really appreciate it if anyone can please help answer. Thank you.
I sold a rental property to my son with the seller financing. Now I’d like to buy it back from her. She still has $100k mortgage to me. Which is better? 1. She gifts me the property 2. I purchase it from her And I’d like to inherit it in the end. And what would be my base? Thanks for your insight
the only question I have is where would I find my shareholder basis from the previous year to start the form. Would it be on my K-1 for the previous year? Thanks for any help.
I don’t know what you think but you make my date. I have 57 years old, my first language is Spanish, I recently get my BA as accountant and right now I’m preparing for take the EA exam Part 1 and in January start my MA for the rest of the credit I need for the CPA exam. People think and tell me that I lose my money and time but listening you am sure that is worth and is my goal. Thank for what you do😊
I’m very interested in obtaining remote clients and possibly helping ex pats with their taxes. U mentioned paying software price per tax client is that lacerte. What’s a good site are package to use when your don’t have many clients and just starting out. I knew a guy who had an engineering degree opened up his tax business obtained the e a credential n specializes in real estate and charges high prices. 1031 exchange
Enjoying your videos Efras keep them coming. Due to c p a shortages Texas has lowered its exam requirements from 150 to 120 plus 30 hours of acctg and business classes. 😮 bachelors degree in any field and the acctg n business classes. After training with liberty tax and then hiring the favorite friends for the small gigs I would like to start my own tax prep business how do y’all. Texas talk get your clients.
Thank you this was encourgraging and inspiring story would like more videos to keep me going and focused in accting cuz I was stuck and jumping majors and jobs unhappy. I have a a masters in international management but no good jobs for it so going back to do 20 units . I alread had accounting 1 back in 2008 and not taking that again. What are courses I ican take that are importanant . Im taking income tax prep, accounting 2 upcoming semester
Absolutely love your energy and content, I’ve finally decided to atento the CPA, I am completing two classes required for the cert. I will start studying and test taking all 2025. Thank you for sharing, truly!
Hey there! Just wanted to drop a huge thanks - I followed your ultimate guide and passkey material for the EA exams, and guess what? I passed! 🎉 Any chance you could create a similar video for the CPA exams? Your content is pure gold, and I know it'd help me (and so many others) crush it! 🙌 Love from India🇮🇳
I worked for one of these outfits. I'd say they walked a gray-ish line. The upfront fee was low, and just covered pulling transcrips and finding the best solution, the resolution was much more money. Most of the clients were way down on their luck and couldn't even afford the investigation fee. Most resolutions would involve financing or direct payments. The reviews from clients are were good though, the down n out did save a significant amount of money. The better off people either qualified for penalty abatement to get back to the original tax owed, or didn't qualify for anything, at which point they were refunded. We were instructed to tell potentioal clients the acceptance stats for OIC, which is low, refer those with smaller debts and low income to reach out to local organization for help and those with very high tax debt usually avoided us choosing to go with their CPA. Having said that, i think they opperate legally, they do offer more than just resolution, and they employ enrolled agents and licensed tax people....but the sales side still used pressure and scare tactics.....might be as legit as it gets in this dirty space 😂 I did have plenty of clients who were disabled, or retired, carrying 10k to 30k in tax debt that successfully went into CNC status and were very happy with us.
Another great thing to add is when you take the EA you get the results right away AND it doesn’t require the 150 credit. So you can up your value while knocking out the CPA and getting the remaining credits if applicable.
Obviously CPA exam has been a pain in my ass that won't bother me any longer I have gotten my license already thanks to you Mr Dylan God bless you more cuz you made it possible for me
Passing the CPA exams is when you study hard,if you can't study or you don't have time for your studies I'd advise you get yourself a help like Mr Dylan
Can a "Board of Directors" off-site meeting (this year) to formalize a business process before actually launching the business (next summer) be written off in the following tax year - after the business has been incorporated (S-Corp)?
I heard capital losses expire after 3 years, so if you have more than 9000 in losses in the same year, you couldn't deduct more than that against ordinary income. It's possible I heard in from someone outside the U.S. You have to make sure your getting your information about the correct country.
At the end of the video you mention the treatment of interest in the year of death and that the estate would pay the tax up to date of death and then trust. My understanding is that a revocable living trust becomes irrevocable upon death of the last grantor. In that case they would get an EIN and pay tax for the portion after death. The interest prior to death will be on the personal tax return of the deceased and not the estate return. If the account was already in the trust prior to death it is treated the same way. The probate estate is not involved. When my dad died there was a bank account in the trust with his SS number as the tax ID. Once the EIN was established after death, a new account number was assigned and tax for that year split according to date of death. There was no involvement from the estate.
Touching AI - there is TaxGPT, it is not precise. Tax Research deals with laws, laws are written for being interpreted. I think AI can do straightforward return. It depends how they are programmed.
Touching AI - there is TaxGPT, it is not precise. Tax Research deals with laws, laws are written for being interpreted. I think AI can do straightforward return. It depends how they are programmed.
