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On the software question - I started my practice 3 years ago and tried several options. Drake is actually reasonably priced for small practices and has excellent support. But if you're really budget-conscious, look at TaxAct Pro or ATX. One thing to consider beyond just the tax software is practice management. I use Canopy for client management, document collection, and e-signatures. Having clients upload documents directly to a portal saved me so much headache compared to getting random emails with partial information. Whatever you choose, factor in training time. Each software has its quirks and learning curve. Try to decide by November so you have time to get comfortable before tax season hits.
Thanks for the software suggestions! I hadn't heard of ATX. I'm definitely worried about the learning curve - is it realistic to pick up new tax software and be proficient by February if I start learning in November?
Yes, starting in November gives you plenty of time to get comfortable with the software. Most professional tax programs have similar workflows since they're all built around IRS forms. The differences are mainly in navigation, shortcuts, and additional features. Most vendors offer free training webinars in November-December specifically for new users. Take advantage of those! I'd also recommend doing 5-10 practice returns using last year's forms - use your own return, family members, or make up some scenarios. This hands-on practice will make you much more efficient when you're facing real client deadlines.
Mei Wong
Don't forget about insurance and licensing requirements! When I started my practice, I was so focused on software and pricing that I almost missed getting proper professional liability insurance. Check your state's requirements too - some require a PTIN and/or preparer registration at the state level. For payment processing, I tried Venmo initially and quickly abandoned it. Besides potential terms of service issues, it looks unprofessional to clients who expect a more formal payment system. QuickBooks Payments or even Square are better options that provide proper invoicing and give clients confidence.
Also, make sure you get an EFIN from the IRS if you plan to e-file for clients. The application process can take 6-8 weeks, so don't leave it until January! And definitely get E&O insurance. I had a client situation last year where it saved me from a potential $14,000 claim when I made a mistake on a complex investment calculation.
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Have you considered looking for tax relief companies? My brother owed like $12k in back taxes from 1099 work and got help from one of those places advertised on the radio.
Molly Hansen
ā¢Be REALLY careful with tax relief companies! Most of them charge huge fees and promise things they can't deliver. They basically do the same things you can do yourself (set up payment plans, apply for currently not collectible status, or submit an offer in compromise). The IRS has their own programs that don't require paying a middleman. Check out the IRS Fresh Start program before paying some company thousands of dollars for something you could do yourself for free.
Brady Clean
Something else to consider - if you can put the tax payment on a credit card, sometimes that's better than the IRS payment plan depending on your interest rates. The IRS charges both interest and penalties on unpaid balances. Just be careful because there's usually a processing fee of around 2% to pay taxes with a credit card. But if you have a 0% intro offer or a very low interest rate, it might save you money compared to the IRS interest rates + penalties.
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From my experience as an S-corp owner with unequal distributions, your best option is to formalize a loan. Create a promissory note with reasonable interest rate (current AFR rates), specific repayment terms, and have both parties sign it. We made the mistake of taking informal draws for years and had a nightmare sorting it out during an ownership change. Also, don't overlook the benefits of a shareholder agreement that specifically addresses unequal distributions. We amended ours to allow for disproportionate distributions with specific accounting requirements that protect everyone's interests. Whatever you do, make sure EVERYTHING is documented properly. The distinction between loans, distributions, and compensation is exactly what the IRS loves to scrutinize in S-corps.
Thank you for this practical advice. If I go the loan route, do I need to create the documentation before or after taking the money? I've already taken about $15K more than my 1% share would justify in 2024, and we haven't filed yet. Can I retroactively document this as a loan? Also, any guidance on what a "reasonable" interest rate would be in the eyes of the IRS?
Ideally, loan documentation should be created before the money is distributed, but you can retroactively document it if you haven't filed yet. The key is to create the documentation before the end of the tax year - so you're still within the window for 2024. For interest rates, the IRS publishes Applicable Federal Rates (AFR) monthly. For a loan between related parties, you should use at least the minimum AFR for the appropriate term (short, mid, or long) from the month the loan was made. For April 2024, the short-term rate was around 5.25%. Using anything significantly below this could cause the IRS to impute interest, which creates tax headaches for both parties. The documentation should include a clear repayment schedule, consequences for default, and signatures from both parties. Make sure your accountant records it properly on the books as a loan to shareholder rather than a distribution.
Has anyone considered just increasing the 1% ownership stake to better reflect the economic reality? That seems simpler than all these loan structures and special distributions. If OP is consistently taking 10-15% of the profits maybe their ownership should reflect that?
Liv Park
ā¢This could trigger gift tax issues depending on the value of the company. If mom gives additional ownership percentage that has significant value, it might require filing a gift tax return. Also some S-corps have restrictions in their operating agreements about ownership transfers. But I agree it might be the cleanest solution long-term.
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I made this exact mistake last year but with $37 in dividends that showed up after my conversion. My accountant said not to worry about it and just include it in the basis for next year's conversion. Haven't had any issues.
Did you have to pay any taxes on those dividends though? I'm confused about whether they count as income for the current year even if you're converting them later.
Mia Green
One thing nobody's mentioned - you should check if your traditional IRA has a "sweep" feature that automatically moves dividends to a money market fund. If it's set up right, you can have future dividends go directly to Roth if your brokerage allows it! Saved me a lot of hassle with these small amounts showing up randomly.
Isaac Wright
One important thing nobody's mentioned yet - if you lived in the house with your dad for at least 2 years out of the 5 years before you sell it, you might qualify for the $250,000 capital gains exclusion ($500k if you're married). Even with the step-up basis, this could be super important if the house continues to appreciate after you inherit it.
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Kolton Murphy
ā¢I actually moved in with him about 18 months ago to help take care of him before he passed. So I wouldn't qualify for that 2-year requirement yet. Do you know if I'd need to live there longer to get that exclusion? Or does the clock reset when I inherited it?
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Isaac Wright
ā¢The clock doesn't reset upon inheritance - it's based on your actual residency. So if you've already lived there for 18 months, you'd need to stay another 6 months to hit the 2-year requirement. That could save you a lot if the house appreciates beyond your stepped-up basis. Also keep in mind that you'd need to claim it as your primary residence, not just occasionally staying there. But it sounds like you've already been using it as your main home, so that part should be covered.
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Maya Diaz
Does anyone know how to prove the fair market value at date of death? My sister is in a similar situation and the IRS questioned the appraisal she used. Such a nightmare!
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Tami Morgan
ā¢We used a certified appraisal dated within 30 days of my mom's passing. Cost about $500 but worth every penny for documentation. I also kept comps from similar homes that sold in the neighborhood around the same time as backup evidence.
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