The last two years for taxes have been tough. Taxes didn't get done in time (I take them in at least two-3 months in advance and they don't get done (I file in October) by the 15th, got some late fees.I was also alarmed when I mentioned converting $ from my traditional IRA to a ROTH and he said I couldn't...he took a half hour to check it out. Then he didn't know what IRMMA was...and he's in his 80's.

I tried someone else this year and it was so pleasant, done in a couple weeks. If everything goes well, I'll continue there.

My former accountant called to see if I was bringing my taxes in so I jtold him I went elsewhere. We had a good conversation and am glad to hear the firm will be purchased by a much younger employee there whose daughter also works there.

If anything happens to my new accountant I can always go back; I'm a strong believer in having backup plans.

What do you have backup plans for?

Me, too - but they don't know it yet.

I got a couple referrals at the last local reia meeting.

I'm glad you found someone you like. I hope I do, too.

I was actually getting a refund for the first time in..... I can't remember.

A small one, but still....... I wanted them done early. Got everything to them early February. At the last minute they said I needed an extension, and didn't get done until August.

I think they have taken on more work than they can handle. And, I'm sure I'm just a minnow at the bottom of the pile.

I told my former tax guy that I thought they had too many cients. He asked me if I got my taxes done faster and I said yes. At one point I thought maybe have both tax guys do my taxes and see how they differ or if they are the same or close. What do you think of that idea?

My new tax guy is less expensive, very thorough and "on point". I am a former accoutant, but I only know enough about taxes to be dangerous.

For me, cost isn't so much a factor as is how aggressive are they with additional write offs.

There used to be a considerable amount of gray before I also added a small Schedule C along with the schedule Es. Things run a bit smoother now and questions like what property do I put this training under stopped. It now is part of the Schedule C.

I need to start looking for a new tax company as well. When I started with this one I had a current owner handle our files.

Then he semi-retired. Now he is retired fully and although the guy doing them is good, he doesn't have the RE background and I think he leaves some money on the table.

Also they keep getting more expensive, as in a lot more. We have one LLC, one W2 and 20 doors. But the excel file we use breaks everything down for them.

It really seems to be just data entry at this point.

We also get charged if we send an email asking how to report this or that.

"I wish taxes were not so taxing to do"

Oreo, would you be willing to share your new guy's info? Our preparer is good (we think) but expensive and slow. We submitted our docs March 1st, she had a follow-up question, we answered it a week later. I guess that put us back at the end of the line, because it was July before we got our returns.

Thank you, Plenty.

I had to do the same thing about 4 years ago. The little place I use was sold to a former corporate tax person. The previous owner was great but had to slow down for personal reasons so sold.

ROBIN: I would gladly share my new tax guys info. A few caveats to consider. I just filed my 2025 taxes a couple weeks ago; too early to tell is IRS has any concerns yet. I always file an extension to free me up in the Spring. As GKarl mentioned many preparers are in their 70s and 80s. My preparer is in his 70's and is a one band man. I don't know his rate of speed during the regular tax season. I brought my details in in August and they went out in September which worked for me.

I was looking for your keen insight GKarl.

GKARL, I wonder about something.

Six,

There's a shortage right now which will get worse over time as people die out or quit. It used to be that you could sell your practice as a sort of retirement plan, but there's little market value for legacy type practices (i.e. low tech). There's a strong market for virtual practices and larger practices generally. Private equity firms are buying up the larger practices. The local solo practice is mostly a dying breed particularly if they're low tech.

This business can be highly stressful. The stress comes from client demands and the highly technical nature of the work. As you get older, you have less bandwidth for that. This is not unlike real estate management and folks getting tired of tenants and etc.

ROBIN: The next door neighbor to a rental we will be moving to said his daughter has her own practice on Mayfair Road in Wauwatosa. She is young and that whole family is intelligent and hard workers. I believe he said she used to work for Baird before she decided to go out on her own. I already had hired Bruce @ BPA so didn't go with her, and if something happens to Bruce, I might consider going with her.