Providence Consulting, CPA

Charlotte CPA, enjoys helping clients with tax and accounting services. Also certified expert in hearding small children (four so far).

[Providence Consulting, CPA @ProvidenceCPA]

@uptonaccounting Stay strong, it’s not easy being a pillar holding up everything around you.

[Providence Consulting, CPA @ProvidenceCPA]

Don’t use abusive tax schemes

[Justin Miller @justinmilleresq]

Can a dentist really be sentenced to 41 months in prison for improperly using trusts as part of a promoted tax scheme? In Ulibarri, the 10th Circuit Court of Appeals held that such a sentence wasn't procedurally or substantively unreasonable.
https://t.co/BDNr0ejrYo

[Providence Consulting, CPA @ProvidenceCPA]

Can you check again? I think I uploaded it with my other documents.

[Daily Tax Memes @DailyTaxMemes]

Clients that swear they uploaded it to the portal

[Providence Consulting, CPA @ProvidenceCPA]

Happy Mother’s Day!

[Providence Consulting, CPA @ProvidenceCPA]

@mountainwesttax @LoganGrafTax So frustrating, I finally got in the queue. Praying they don’t hang up on me

[Providence Consulting, CPA @ProvidenceCPA]

@cordes_tax Keto after tax season, lots of steak and eggs

[Providence Consulting, CPA @ProvidenceCPA]

@cordes_tax I'm fine, if it happened a week earlier... I don't want to think about that 😅

[Providence Consulting, CPA @ProvidenceCPA]

My five year old espresso machine broke yesterday.

Dear lord, thank you. Thank you for waiting until after tax season for my espresso machine to break. Thank you.

[Providence Consulting, CPA @ProvidenceCPA]

😂

[Roger Ledbetter @rledbetterCPA]

Judas: *sells Jesus out for 30 pieces of silver*

St Matthew (tax guy): you know that’s taxable right

Judas: Can I at least deduct anything against it?

Matthew: Illicit income. No deductions allowed.

Judas: *returns the silver*

Matthew: Did you get a letter from them

[Jeremy Wells @JWellsTax]

Stock basis, AAA, and retained earnings often move together, but they answer different questions.

I put together a simple comparison and example to show how they work and why they matter.

📖 Read it here: https://t.co/AucRKEXxbg

[Providence Consulting, CPA @ProvidenceCPA]

No, they all went as unpost-able and no notification was sent to the client or POA on file.

[Wendy Mortensen @wndywitch]

Did the IRS process any S Corp elections and enter them into their computer system ANY AT ALL?

[Providence Consulting, CPA @ProvidenceCPA]

@AccountingAsArt But I just have a “quick question”

[Providence Consulting, CPA @ProvidenceCPA]

I’ll host the watch party

[Stuart Hartley @MrStuartHartley]

Forget CEOs eating Burgers. I want go see the CEO of Thomson Reuters complete a multi-state 1065 from scratch in UltraTaxCS.

[Providence Consulting, CPA @ProvidenceCPA]

@fintaxdude @Intuit They won’t say it but they want you to move from Lacerte to ProConnect. Same way they are pushing customers from QuickBooks Desktop to QBO.

[Providence Consulting, CPA @ProvidenceCPA]

Even Google knows Matthew 22:21

[Kelly Phillips Erb @taxgirl]

Google heard "tax return preparer" as "tax return to prayer," and that just feels right for this filing season.

[Providence Consulting, CPA @ProvidenceCPA]

I’m doing this when my children get just a little bit older.

[Roger Ledbetter @rledbetterCPA]

Teaching my oldest son about taxes

Tell him he owes me 20% of his "adjusted allowance"

He asks what "adjusted" means

Hand him a "publication 17" I made up

He asks which deductions apply to him

Tell him to read "section 4" (there is no section 4, it's been superseded by 5(1)(a))

He comes back asking if his Pokemon card collection is depreciable

I say "maybe" if he trades any for gain

What's "gain" he says

He asks if he can just give me his whole allowance instead

He says "that would be easier"

I say "we don't tax 100%. this isn't New York"

He asks what that means

I hand him "Form 18" and tell him he has to choose how he wants to be taxed

"but be careful because the wrong choice could double your tax rate to 40%"

He says "this is insane"

I say "no son, this is optimizing"

He asks what optimizing means

He asks if other kids have to do this

He says "this is dumb, if you know how much I owe why wouldn't you just tell me"

He understands tax now

I've never been more proud

[Providence Consulting, CPA @ProvidenceCPA]

Tax season officially starts January 26. With changes from the new OBBBA tax law, make sure to get your tax documents in order early.

https://t.co/4awdxvaTpH

[Providence Consulting, CPA @ProvidenceCPA]

Yes our system is complicated. Yes we can help you navigate it.

[Mark Cecchini, CFP® @markcecchini]

COMMANDER: We’re fighting for freedom. And part of that freedom… is the freedom to retire with dignity. So we’re going to start accounts called 401(k)s.

SOLDIER 1: What’s a 401(k)?

COMMANDER: It’s a retirement account. You put money in, it grows tax-free, you take it out when you’re old.

SOLDIER 2: So I don’t pay taxes on it?

COMMANDER: Well, you pay taxes later. When you withdraw.

SOLDIER 2: So it’s not tax-free.

COMMANDER: It’s…tax-deferred.

SOLDIER 2: What’s the difference?

COMMANDER: You pay taxes later instead of now.

SOLDIER 1: What if I want to pay taxes now?

COMMANDER: Then you do a Roth 401(k).

SOLDIER 3: What’s a Roth?

COMMANDER: You pay taxes now, and it grows tax-free.

SOLDIER 2: That’s what I thought the first one was.

COMMANDER: No, the first one you pay taxes later.

SOLDIER 1: Which one’s better?

COMMANDER: Depends on your tax bracket in retirement.

SOLDIER 1: …How would I…know that?

COMMANDER: You don’t. You just guess.

⸻

SOLDIER 4: What if I don’t have a 401(k) through my employer?

COMMANDER: Then you open an IRA.

SOLDIER 4: What’s the difference?

COMMANDER: One’s through your job, one’s on your own.

SOLDIER 4: Can I have both?

COMMANDER: Yes.

SOLDIER 4: Should I?

COMMANDER: Maybe.

SOLDIER 3: Can I do a Roth IRA?

COMMANDER: Only if you make under a certain amount.

SOLDIER 3: What’s the limit?

COMMANDER: Changes every year.

SOLDIER 2: What if I make too much?

COMMANDER: Then you do a backdoor Roth by putting it in a Traditonal first.

SOLDIER 2: …Is that legal?

COMMANDER: Surprisingly, yes.

SOLDIER 1: What’s a backdoor Roth?

COMMANDER: You contribute to a traditional IRA, then convert it to a Roth…but watch out for “pro rata”.

SOLDIER 1: Why wouldn’t I just contribute to the Roth directly?

COMMANDER: Because you make too much money.

SOLDIER 1: But this way I can?

COMMANDER: Yes.

SOLDIER 1: That feels like a loophole.

COMMANDER: It is. But the IRS is cool with it.

⸻

SOLDIER 5: I just changed battalions. What do I do with my old 401(k)?

COMMANDER: You roll it over.

SOLDIER 5: Into what?

COMMANDER: An IRA. Or your new 401(k). Depends.

SOLDIER 5: On what?

COMMANDER: The funds. The fees. Whether your new plan accepts rollovers.

SOLDIER 5: What if I just take the money out?

COMMANDER: You’ll pay taxes plus a 10% penalty.

SOLDIER 5: What if I’m 59?

COMMANDER: Penalty.

SOLDIER 5: 59 and a half?

COMMANDER: No penalty.

SOLDIER 5: …The half matters?

COMMANDER: The half matters.

⸻

SOLDIER 3: What’s a mega backdoor Roth?

COMMANDER: Okay. So. Your 401(k) has a limit of how much you can contribute.

SOLDIER 3: Right.

COMMANDER: But the total limit including employer contributions is higher.

SOLDIER 3: Okay…

COMMANDER: So if your plan allows ~after-tax~ contributions, you can put in more, then convert that to Roth.

SOLDIER 3: Does my plan allow that?

COMMANDER: I don’t know. You have to ask Betsy.

SOLDIER 3: Will Betsy know?

COMMANDER: Probably not.

⸻

SOLDIER 2: Can I deduct my IRA contribution on my taxes?

COMMANDER: Are you covered by a retirement plan at work?

SOLDIER 2: Yes.

COMMANDER: Then only if you make under a certain amount per year.

SOLDIER 2: What’s the amount?

COMMANDER: Depends if you’re married.

SOLDIER 2: What if my wife has a plan but I don’t?

COMMANDER: Different limit.

SOLDIER 2: What if neither of us has a plan?

COMMANDER: Full deduction.

SOLDIER 2: So it’s better to not have a 401(k)?

COMMANDER: No…

⸻

SOLDIER 1: Can I just keep my money in a sock?

COMMANDER: You could. But inflation will slowly destroy it.

SOLDIER 1: What’s inflation?

COMMANDER: (sighs)…

[Providence Consulting, CPA @ProvidenceCPA]

Happy New Year!

[The Money Cruncher, CPA @money_cruncher]

Here's every piece of tax tips I could come up with.

Read this if you want to save money on taxes in 2026: