Todd Schanel

CPA, CFP, CFA.
"A write-off is a business expense used to reduce your taxable income."

[Todd Schanel @Advisor_Jupiter]

@stevenfcpa I said the same thing when Netflix stopped sending me DVDs in the mail.

[Todd Schanel @Advisor_Jupiter]

Also coming soon, free solitaire
on Windows 95 (@TRTaxAccounting get it together.)

[Todd Schanel @Advisor_Jupiter]

@TKopelman They just wanted the car.

[Todd Schanel @Advisor_Jupiter]

@tracknumber06 @Rick_Ferri Rick used to charge an AUM fee for a 10MM portfolio, 25 basis points I believe.

[Todd Schanel @Advisor_Jupiter]

@bsuecannon What scheduling tool do you use? And have you considered surge pricing?

[Todd Schanel @Advisor_Jupiter]

@BlakeTOliver And as more people are pushed into manufacturing, that means they are not available to do other things- activities that may more productive. Everything is a tradeoff.

[Todd Schanel @Advisor_Jupiter]

@RyanLEllis @BillKinneyCPA

[Todd Schanel @Advisor_Jupiter]

@onenoteforall @BlakeTOliver Right, but secret level government data can be hosted in the cloud now. And some IRS data is already “on the grid” because of the online portals. Regardless of why, this is all positive. The IRS site landing page already looks much better .

[Todd Schanel @Advisor_Jupiter]

@CPATaxTeam @CPAlife77 (By the way, if it was improperly filed, how did you discover it was filed?)

[Todd Schanel @Advisor_Jupiter]

@CPATaxTeam @CPAlife77 This is the consequence of a poorly designed law that says if you file the stupid form, the penalty is 0.5% per month, but if you don’t, it’s 5% per month.

Getting the zero in is insurance for everyone. The IRS will still accept the extension payment.

[Todd Schanel @Advisor_Jupiter]

@Rick_Ferri The “science” of investing (mostly) says: there is no outperformance, you can only get higher returns by taking on more risk.

I’m fine with that definition.

[Todd Schanel @Advisor_Jupiter]

@uptonaccounting @taxlady04 @DOGE It’s a serious issue for the profession and the country.

[Todd Schanel @Advisor_Jupiter]

@taxlady04 @DOGE Tax season compression is a major problem that needs to be fixed. It is a root cause of a lot of challenges the profession is facing.

June 15 is the right date. @DOGE @EarmarkCPE

[Todd Schanel @Advisor_Jupiter]

@andreamacdcpa Steve Forbes flat tax proposal in 96/2000 proposed a 17% flat tax on earned income, no tax on investment income. No deductions, but a large personal exemption shielded lower-income earners from all tax. Purpose was simplification and to encourage investment to boost growth.

[Todd Schanel @Advisor_Jupiter]

@andreamacdcpa The 1986 Tax Reform Act simplified the code to two brackets (15% & 28%) and broadened the base by cutting deductions & loopholes. In 1991, the top rate rose to 31%, then to 39.6% in 1994.

[Todd Schanel @Advisor_Jupiter]

@andreamacdcpa The FairTax was a real legislative proposal in the early 2000s to replace the U.S. income tax with a 23% national sales tax. It included a monthly prebate to offset taxes on essentials, aiming to simplify taxation and boost economic growth.

[Todd Schanel @Advisor_Jupiter]

@W_Holtsman https://t.co/W4YRIVoRzs

[Todd Schanel @Advisor_Jupiter]

@CPATaxTeam @BlakeTOliver @ronaldbaker @EarmarkCPE Blake, I agree that accountants can learn a lot from investment advisors, particularly independent, "fee-only" advisors. Why does a a client who pays $8K a year in advisory fees balk at a $50 increase in a tax prep fee? I've seen it happen. We need to solve that puzzle.

[Todd Schanel @Advisor_Jupiter]

https://t.co/YUOnjrFuX2 @BlakeTOliver @AcctPod

[Todd Schanel @Advisor_Jupiter]

@russcfox @PKubeyEA Then that won’t be on the transcript.

[Todd Schanel @Advisor_Jupiter]

@Rip_Murdock @Rick_Ferri @olsonplanner A sound pricing strategy deters customers who aren’t a good fit, to ensure resources are available to serve those who are.