Andy Smith

Founder of @numberwisebooks providing cloud accounting and tax services to growing businesses. Specializing in fitness studios. @Xero gold partner.

[Andy Smith @adsmith482]

@BrianDavisTax @stevenfcpa That has been my experience as well - if there is no bank info on Page 2, the client gets a notice. Even if they had a balance due.

[Andy Smith @adsmith482]

@LoZabransky Without fail - deliver a tax return with a balance due. Get an email "Did you take all my deductions?"

No - I hold some deductions back and wait for you to beg me before I take them. It makes me feel alive.

[Andy Smith @adsmith482]

@cordes_tax nothing like having to download an extension to get my accounting system to properly show me an income statement.

[Andy Smith @adsmith482]

@cordes_tax Even with the new reporting? You know what I want? I want to have to resize the columns every time I run a report just so i can see the numbers. And be sure to have a ton of white space on either side.

[Andy Smith @adsmith482]

@taxpreptech Just put me down for the max.

[Andy Smith @adsmith482]

@TaxSouthwest Related question - has anyone just tried filing a return with PTET and paying with the return? Has CA denied the election?

[Andy Smith @adsmith482]

@JWellsTax And universal healthcare.

[Andy Smith @adsmith482]

@cbriancpa If schools shouldn’t be funded by property taxes, and the state doesn’t have an income tax, then … what? Not trolling, just genuinely curious.

[Andy Smith @adsmith482]

@BrianKirschner_ @McLeanGolf I am 100% convinced that all the Ryder Cup lineup takes are all engagement farming and nobody actually cares. Because nobody actually cares, do they?

[Andy Smith @adsmith482]

@CTW_SMB I want to hear about the picture on the left! That's awesome.

[Andy Smith @adsmith482]

@rohindhar Amen to this.

[Andy Smith @adsmith482]

@BuySideCPA Since he didn't have enough money to buy groceries in year 1, there's a good chance he will die in year 2 and pay no taxes

[Andy Smith @adsmith482]

@FortWayneCPA It has always seemed that "partner" was both a job title and an ownership description for accounting firms. It never made sense to me - the partner term needs to go away when it is only a job title.

[Andy Smith @adsmith482]

@FPasselli94 This tries to explain it https://t.co/rT0Q8yLIlU

[Derek Thompson @DKThomp]

New newsletter: The US economy is splitting in two. There’s a rip-roaring AI economy. And there’s a lackluster consumer economy.

- Macro: Last quarter, spending on AI outpaced the growth in consumer spending

- Stocks: In the last two years, ~60% of equity returns have come from “AI-related” companies, esp the hyperscalers like Microsoft and Meta (per JPM)

- Micro: According to Stripe, firms on the platform that self-describe as “AI companies” are dominating revenue growt, far surpassing the growth rate of any other group

[Andy Smith @adsmith482]

@tailor_hartman And the moving walkways are just that - “walkways”. This isn’t a ride at Disneyland - get moving.

[Jason Staats⚡ @jasononfirms]

We put together a (new) 50-minute masterclass on how to optimize your 1040 tax prep process

5 members of my team spent 2 weeks on this one. It may be the most complete 1040 workflow resource on the web.

It's broken down into 11 steps:

1. Engage
2. Schedule
3. Intake
4. Workpaper Prep
5. Request
6. Input
7. Self-Review
8. First Review
9. Partner Review
10. Billing
11. Delivery

For each step we cover:

• The ways firms do (or don't) do it
• The leading tech to enable it
• Whether AI can automate it
• And how to deskill it

Important: you'll be shocked to see how firms use wildly different levels of expertise to get the same work out the door, so deskilling is a big talking point throughout the video.

I'll DM you the private link, no email addy required:
1. Reply with "1040"
2. Retweet

Let's get those 1040s out the door like never before 🤜🤛

[Andy Smith @adsmith482]

@tryjasononline 1040

[Andy Smith @adsmith482]

@cordes_tax @ajthecpa1226 and every day at my office is like a party - so always 100%