Megan Brinsfield CPA, CFP®

#moneynerd and #tax guru. Director of Financial Planning at Motley Fool Wealth Mgmt.

[Megan Brinsfield CPA, CFP® @TaxyPants]

@RetirementRisks I've incorporated 4% rule in my Q's to advisors as part of candidate screening for hiring. Maybe 1 out of every 15 can actually state the core concepts. Biggest misrepresentation is that a 4% withdrawal rate is a capital preservation strategy, which makes me😳for their clients.

[Megan Brinsfield CPA, CFP® @TaxyPants]

@MegBartelt Appreciate normalizing extensions for the preparer's sake, but the longer a client has to get info to you, the less accurate that info and the harder the conversation becomes if the projection was wrong (surprise PTE income, "oh, I didn't think that was taxable", etc)

[Megan Brinsfield CPA, CFP® @TaxyPants]

529 + student aid pondering
Now that 529 can be used to pay off student loans, and assets are considered less than income in the EFC calc, are advicers telling clients to hold on to 529 until post-graduation? What's cost-benefit of student aid implications vs accrued interest?

[Megan Brinsfield CPA, CFP® @TaxyPants]

@CPAPlanner Client moves, gets married/divorced, inherits $ how many times in a lifetime? Are they tracking CP/separate asset status along the way? Even among CP states, rules differ on the treatment of corpus vs earnings thereon. Feels like odds of correctly reporting aren't high.

[Megan Brinsfield CPA, CFP® @TaxyPants]

@CPAPlanner Here's the thing....how many clients are actual tracking this over time (particularly subaccounts of retirement account rollovers/consolidations and timing of same) such that even a knowledgeable accountant would be able to properly report?

[Megan Brinsfield CPA, CFP® @TaxyPants]

@DailyTaxMemes BNA, but I do wish there was a better way to capture the value of deferring SS/accelerating Roth conversions beyond the short term tax liability for the projection period (like showing impact on first yr RMD and/or tax impact for heirs at some arbitrary rate)

[Megan Brinsfield CPA, CFP® @TaxyPants]

@ben_lucchese If your W-2 is the only income you have, self preparing will be faster than a CPA.

[Megan Brinsfield CPA, CFP® @TaxyPants]

We believe in financial freedom for all. That the world can be smarter, happier, richer. And,
we believe the time for achieving this together is now. That’s how Foolish we are. Join us at
The Motley Fool Foundation. #FoolFoundation #Financialfreedomforall #dogood
#buildingbridges

[Megan Brinsfield CPA, CFP® @TaxyPants]

@JLWCPA2 @YourVoiceAtIRS @IRStaxpros Not a blanket justification, but I wonder how much of the extension ambiguity is related to the anomaly of COVID extensions

[Megan Brinsfield CPA, CFP® @TaxyPants]

@CommTaxAidDC @AARPDC Any thoughts on what VITA/TCE looks like for tax season 2022? Working on recruiting more volunteers and anticipating Q's about setup. Thx!

[Megan Brinsfield CPA, CFP® @TaxyPants]

In a few minutes at 11:30 ET on @MotleyFoolLive, I'll be talking to @MyFabFinance about her new series Going From Broke, which focuses on helping millennials drowning in debt overcome crippling financial struggles.

[Megan Brinsfield CPA, CFP® @TaxyPants]

@danielcrosby I recently started asking people about a work project that has resulted in the most forward momentum in their career. It tells me a lot about how candidates define progress, what they value in a work environment, and how they are contributing to that progress (and who benefits).

[Megan Brinsfield CPA, CFP® @TaxyPants]

@taxgirl What do I have to do to join the #TaxTwitter party? If you say run, run I shall. 🏃‍♀️

[Megan Brinsfield CPA, CFP® @TaxyPants]

@cFIREsim I've often thought that retirement planning is overly focused on dollars-&-cents capital rather than incorporating some qualitative human capital component that accounts for people's resilience and flexibility. When a plan is successful, in most cases that person is overprepared.

[Megan Brinsfield CPA, CFP® @TaxyPants]

If you wanna see some real tax, baby, here's your chance. @Cofield_Advisor and I are talking tax breaks for small business owners on Motley Fool Live tomorrow at 11:30 ET. No joke! Members can tune in at https://t.co/QK7qPgRClU

[Megan Brinsfield CPA, CFP® @TaxyPants]

I love joining @AnswersPodcast for mailbag time. We talk 5071C letters (everyone's favorite, right!?), personal residence gain exclusion, reasons to take control of your AGI, and more! https://t.co/DDdarSLMsd

[IRSnews @IRSnews]

Have you heard about the new provision that makes the first $10,200 of 2020 unemployment benefits tax free? Do NOT file an amended return -- #IRS will soon issue additional details. https://t.co/mgDlwUGRwj #COVIDreliefIRS

[Megan Brinsfield CPA, CFP® @TaxyPants]

If you are in the wave of folks getting #stimmy checks today, consider my contributions to these 7 ways to deploy that cash. https://t.co/WaYTAXNWza

[Megan Brinsfield CPA, CFP® @TaxyPants]

Excited to talk about women's unique financial planning challenges AND opportunities with @JeanChatzky tomorrow at 12:30 ET on Motley Fool Live. Members can tune in at https://t.co/QK7qPgRClU

[Megan Brinsfield CPA, CFP® @TaxyPants]

@cFIREsim I've heard Camp Mustache and Camp FI are good - smaller groups too.