I work too hard because I'm greedy. Somebody stop me.

rant\

Even as I type this, I could be doing a tax return. This 15 minutes costs me $75.

If I go jogging in the morning, I lose $300.

If I take a 3 hour break, I lose $900.

If I don't work for 12 hours on Sunday, I lose $3600.

It becomes very stressful because every red light and every word of small talk has me calculating my loss of revenue.

Does anyone else face this inner struggle?

If you ask me is the additional $50,000 worth ruining my life for 12 weeks, I will tell you "no, but I do it anyway".

If you ask me do I make enough money in the year, I will tell you "yes, plenty, but I want to make more".

But when my queue has 120 un-started tax returns and I think, "I enjoy doing tax returns and I make so much money doing them, I must do them all now and make room for more!"

I know we will all be dead very soon and it's not worth it. But I do it anyway. It's the cause of nearly all of my stress.

/rant

But when my queue has 120 un-started tax returns and I think, "I enjoy doing tax returns and I make so much money doing them, I must do them all now and make room for more!

Do you have any help or are you all alone?

Are these 120 un-started returns already in your office or are they clients who have not sent their documents in?

I only have 11 returns in my hopper that must be done by next weekend. Rest are awaited over the balance of the tax season.

I do take 2 hours off for lunch and stress relief. I don't multiply my hours off with my average rate because that is really not a fair way to value your happiness. I am flesh and blood NOT a machine

If you don't exercise or take time to decompress/de-stress, you're decreasing your life expectancy.

How much revenue is lost there?

If you don't exercise or take time to decompress/de-stress, you're decreasing your life expectancy.

How much revenue is lost there?

My former boss was a workaholic and his wife enjoyed all the luxuries until he put himself in the grave

Great points, thank you. This is what I needed and I took some time off yesterday. Please bill me for the therapy.

I have 2 additional tax prepares in the office, but I'm not including "their" clients.

I also have a "data manager", a receptionist, and an office manager/accountant (who does data entry into Drake for me), but she is so overwhelmed with other items that are very helpful to me, I have not asked her to start entering data for me yet.

To be honest, I only have about 80 un-started with all or nearly all docs in. The remaining clients have not yet provided a reasonable amount of docs yet.

Still, this creates a reasonable amount of stress for me.

And it's early yet - our real rush isn't until or "cut-off date for on-time filing" which is the 23rd of March.

To be honest, I only have about 80 un-started with all or nearly all docs in. The remaining clients have not yet provided a reasonable amount of docs yet.

Are these 1040 returns mostly or 1065, 1120.

My hopper is mostly 1040 right now. I will not see the 1065 until end of this month and most go on extension anyways.

What is your typical turn around time after you have received all the necessary data?

rant\

Even as I type this, I could be doing a tax return. This 15 minutes costs me $75.

If I go jogging in the morning, I lose $300.

If I take a 3 hour break, I lose $900.

If I don't work for 12 hours on Sunday, I lose $3600.

It becomes very stressful because every red light and every word of small talk has me calculating my loss of revenue.

Does anyone else face this inner struggle?

If you ask me is the additional $50,000 worth ruining my life for 12 weeks, I will tell you "no, but I do it anyway".

If you ask me do I make enough money in the year, I will tell you "yes, plenty, but I want to make more".

But when my queue has 120 un-started tax returns and I think, "I enjoy doing tax returns and I make so much money doing them, I must do them all now and make room for more!"

I know we will all be dead very soon and it's not worth it. But I do it anyway. It's the cause of nearly all of my stress.

/rant

I would encourage you to go to "Strategic Coach", a professional coaching company out of Toronto. It was costly... but helped me balance all. I now make twice what I was making 10 years ago and work 30 percent less. Google Strategic coach.

Are these 1040 returns mostly or 1065, 1120.

My hopper is mostly 1040 right now. I will not see the 1065 until end of this month and most go on extension anyways.

What is your typical turn around time after you have received all the necessary data?

My 1120s's and 1065s really haven't started showing up yet. I will have about 100 of them.

What I'm getting now are those that want their refunds and those that need their taxes for the private school, etc.

Turn around time 1-3 weeks, depending on complexity (I mix in the easy ones that want their refunds out of order a bit).

I would encourage you to go to "Strategic Coach", a professional coaching company out of Toronto. It was costly... but helped me balance all. I now make twice what I was making 10 years ago and work 30 percent less. Google Strategic coach.

OK (I mean....I really will.... I like it)

If you haven't been busy since 1/2, here is an idea. I have over 50% of my 1120S/1065 returns for the year in the door and 40% of my total for the year done. I practice surge pricing where I offer a small discount if they come in by 1/11, and start setting gradual price increases after 1/21. As a result, I am busy starting 1/2. The early birds are the easiest anyway so it's still great money when I'd be slow otherwise. As of now, I am sitting pretty for the influx of 1040s right around the corner.

My hopper is mostly 1040 right now. I will not see the 1065 until end of this month and most go on extension anyways.

My 1120s's and 1065s really haven't started showing up yet. I will have about 100 of them.

OK (I mean....I really will.... I like it)

I know a lot of us charge a "Rush" or "Late Fee" for return preparation when documents are received late in the season and they have to be rushed or put on extension. I have never seen it start as early as 1/22?? Do you provide your clients with a schedule so they decide how much of a discount they want??

I do. This is what I sent this year.

I would very much appreciate it if you could pick a day in January on which I can receive your information so we can plan staffing and work levels. To provide incentives, the following pricing can be expected for this coming tax season.

• Submit your information by 1/11/2020 - 10% discount off normal pricing
• Submit between 1/12/2020 and 1/18/2020 - 5% discount off normal pricing
• Submit 1/19/2020 - 1/31/2020 - normal pricing with 3-4% increase inflationary increase
• Submit 2/1/2020 - 2/14/2020 - 10% fee increase over normal pricing (assuming identical complexity as prior year return)
• Submit 2/14/2020 - 2/21/2020 - 20% fee increase over normal pricing (assuming identical complexity as prior year return)
• 2/21/2020 is the last day to submit your information for us to file by 3/15/2020.

I know a lot of us charge a "Rush" or "Late Fee" for return preparation when documents are received late in the season and they have to be rushed or put on extension. I have never seen it start as early as 1/22?? Do you provide your clients with a schedule so they decide how much of a discount they want??

Push all new S Corp clients to opt for the fiscal years of 9/30, 10/31 and 11/30

It allows you to get a head start on the corporate tax season

Push all new S Corp clients to opt for the fiscal years of 9/30, 10/31 and 11/30

Tried that and a lot of small employers with unsophisticated bookkeeping and payroll system hate it because they are used to reconciling with bank statements etc. that are on cal. year basis.

I thought you had to have a special IRS approval for that and, unless there was a valid reason, it was hard to get that approval.

Push all new S Corp clients to opt for the fiscal years of 9/30, 10/31 and 11/30

It allows you to get a head start on the corporate tax season

No, approval is automatic for a September, October and November year ends. Very simple. Check a couple of boxes on Part II of the Form 2553 and then attach Form 8716 (which is basically your name and the year end you want) and you are good to go,

Reach out to clients with November year ends the week before Christmas and you have the year end stuff ready to go when you get back after New Year's.

Reach out to clients with November year ends the week before Christmas and you have the year end stuff ready to go when you get back after New Year's.

Yeah right...

Don't forget Form 8752, Required Payment or Refund Under Section 7519

The 8752 is a minor annoyance but I have found the only clients that complain about having to keep an amount on deposit are the small clients that are not profitable. They will complain about having to keep $1,000 on deposit but the clients with tens of thousands or into the six figures do not miss it besides that initial year. I usually only push the fiscal years on the really profitable companies and then you can do a lot of tax planning in October & November

They work great for doctors and lawyers who tend to get a lot of $$$ in in December. That income is all getting pushed off another year.

The income gets pushed to another year, but the required deposit offsets that timing benefit. That's the point of the deposit.

I agree that fiscal year S corps are great - I have been working on a large one for several weeks, and I really could not do it if it weren't at the beginning of my tax season. But that fiscal year benefit is mine, not the shareholder's, due to the required deposit.

I know we will all be dead very soon and it's not worth it. But I do it anyway. It's the cause of nearly all of my stress.

Money should not be used as a "scorecard" but as a means to provide the things that provide value in your life.

I've made two major changes in my accounting career direction and both times it followed a death in my family. In each case I had been miserable for a while, but the death really forced me to think "we only get one shot at this life -- and what am I doing this for?" It was a level of clarity that allowed me to see myself from the outside and once I saw it, the only thing to do was to change!

Now I don't suggest the "death in the family" route. If you would benefit from a professional therapist you should absolutely make an appointment -- not after tax season, but today. I have to imagine that there are therapists with practice specialties where they deal with white collar professionals such as lawyers, accountants, company CEOs, etc. Otherwise, a good strategic coach should help provide clarity and some mindset benefit.

My 1120s's and 1065s really haven't started showing up yet. I will have about 100 of them.

That, to me, is a huge danger sign!

If you haven't been busy since 1/2, here is an idea. I have over 50% of my 1120S/1065 returns for the year in the door and 40% of my total for the year done. I practice surge pricing where I offer a small discount if they come in by 1/11, and start setting gradual price increases after 1/21. As a result, I am busy starting 1/2. The early birds are the easiest anyway so it's still great money when I'd be slow otherwise. As of now, I am sitting pretty for the influx of 1040s right around the corner.

Being proactive with business clients is absolutely key. In my state, personal property tax returns are due 3/1 so I have a greater time crunch than most. Right now, nearly all of my entities are either completed or are sitting in my office. I meet with every business client during the 4th quarter (some more frequently) and we do a mockup of where they are for taxes. It also minimizes end-of-year cleanup and it allows them to be ready for me before 2/15.

I don't do surge pricing but I charge for extensions.