The post wasn't necessarily directed at your accountant, specifically. I'm sure your accountant is up on all of the latest legal loopholes, like the % of utilities. But then, that's something I knew long before my son became a CPA. Wim -----Original Message----- From: Duaine Hechler <dahechler at att.net> To: pianotech <pianotech at ptg.org> Sent: Sun, Feb 27, 2011 8:44 am Subject: Re: [pianotech] Quick Quickbooks Question Well, sorry to disappoint you, Wim, however, this man is always on top f the latest - or was - he has retired now and - 4 - of his sons have aken over the business - each one having his own specialty. That is how he knew how to, legally, get around all the self-employed oop holes - like the % of utilities instead of "office space" Before he would start a new tax year, he got updates on all his software nd attend the latest tax seminars, etc. Duaine On 02/27/2011 12:12 PM, tnrwim at aol.com wrote: My advice came from a "career" tax man - about 50 years in the business. Just like some piano tuners, just because your tax man has been in the business for 50 years, doesn't mean he knows all the rules and regulations. In fact. a lot of times they know less than the newer accountant, because these old guys think they know everything, and fail to read all the new codes, etc. My son, a very successful CPA, has seen first hand, how some of these old timers are so out of touch with the new tax codes, that he has been able to saved some of his clients thousands of dollars in taxes after he re-did the return. WIm -----Original Message----- From: Duaine Hechler <dahechler at att.net <mailto:dahechler at att.net>> To: pianotech <pianotech at ptg.org <mailto:pianotech at ptg.org>> Sent: Sat, Feb 26, 2011 8:22 am Subject: Re: [pianotech] Quick Quickbooks Question On 02/25/2011 02:58 PM, Mr. Mac's wrote: >> On Thu, Feb 24, 2011 at 5:50 PM, Duaine Hechler <dahechler at att.net mailto:dahechler at att.net>> wrote: >> >> … by my tax man, said not to worry >> about inventory and mark it as supplies or COGS. … >> > > Point of information: > For those who might not know, be leery of someone else's tax person's dvice. > > There's more to keeping track of inventory than bellows cloth and bridle straps. > which are basically consumable supplies. > > There is a distinct difference between consumable supplies and larger ticket > items. > > Keith > > Keith McGavern, RPT > http://www.ptg.org/chapters/oklahoma/ > http://pianostuff.kamcam.com/ > My advice came from a "career" tax man - about 50 years in the business. Agreed, about your difference - however, he still said just to write it off and forget about depreciation. Duaine -- Duaine Hechler Piano, Player Piano, Pump Organ Tuning, Servicing & Rebuilding Reed Organ Society Member Florissant, MO 63034 (314) 838-5587 dahechler at att.net <mailto:dahechler at att.net> www.hechlerpianoandorgan.com <http://www.hechlerpianoandorgan.com/> -- Home & Business user of Linux - 11 years - uaine Hechler iano, Player Piano, Pump Organ uning, Servicing & Rebuilding eed Organ Society Member lorissant, MO 63034 314) 838-5587 ahechler at att.net ww.hechlerpianoandorgan.com - ome & Business user of Linux - 11 years -------------- next part -------------- An HTML attachment was scrubbed... URL: <http://ptg.org/pipermail/pianotech.php/attachments/20110227/db81d9ff/attachment.htm>
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