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It's all very simple:
If you have to ask "Is it taxable?" - it probably is.
If you have to ask "Is it deductible?" - it probably isn't.
#TaxLife
Probably the most often asked question tax pros get is: "Is it taxable?"
Brian Streig, CPA
54.9K posts
Brian Streig, CPA
@cbriancpa
CPA focusing on tax.
Most of my tweets are related to #TaxTwitter or about Austin, Breckenridge, Italy, tattoos, food and my puppy. He/Him 🇮🇹🇺🇸
- I just voted in Travis County. I thought it was a little odd how they ordered the presidential candidates. If you're looking for Biden, you have to go to the second page. Based on convos outside, we weren't the only ones thinking this.
- I just got a P&L from a client that put $3.5 million in "Other Miscellaneous Revenue" but this amount is 60% of their total review. I'm pretty sure it's not "Miscellaneous"
- In about an hour, my mom is going to have a procedure on her brain to help reduce (or even eliminate) her Parkinson's and essential tremors. If you could send prayers or positive thoughts that it goes well & works, that would be great! 🤲
- Tax Facts: Your question isn't easy And your answer isn't free.
- How am I supposed to get anything done if everyone keeps asking me questions?
- Have you ever finished a big return mid-day and it took so much mental energy, that you're just really done for the day.
- In what world is it appropriate for clients to email a tax professional at 8:30 am on a Sunday morning reminding them that they haven't responded to an email sent Saturday afternoon at 4:30 pm? I'm serious, I'm almost OVER IT! #TaxTwitter
- Our tax senior is a newly minted CPA and so excited to be put on a Form 2848 and getting her CAF number. 🎉 Little does she know I'm more excited to have another person I can delegate to call the IRS for our clients 😂
- Stop lowering your prices or discounting your services to satisfy cheap people. They pay full price for their Starbucks, Nikes, Stanley Cups, and iPhones. They can pay your full price, too.
- I'm on the phone with IRS PPS and faxed my client's POA, death certificate, and Letters Testamentary. IRS Agent: the taxpayer will need to call. Me: But, he's dead. IRS: Let me put you on hold for 5 to 7 minute... #TaxTwiter
- When you're sending info to your accountant/CPA/EA, please don't send a screen shot of your excel file. SEND US THE EXCEL FILE! #TaxTwitter
- What a pedestrian explanation for a complex problem. How about a series: Tax prep fees are rising because: -tax law keeps getting more complicated -complex tax laws make return prep take longer -even "simple" returns aren't simple anymore -tax deadlines are stuck in 1955 -Burnedrude but okay
- My best piece of advice for new tax pros, marry someone who understands our long hours and will cook you comfort food during busy season. #TaxTwitter
