Posted by rnanceohio on 06/29/2011 - 11:22
How much do you talk with your 1040 clients about saving money and basic financial planning? One CPA from North Carolina recently told me, "For my tax clients, mostly average income families, I would feel like I'm not doing my job if I didn't prompt their thinking about improving their short-term and long-term financial positions. Most of them don't save nearly enough."
Can you come up with $2,000 in 30 days without selling any possessions? According to the National Bureau of Economic Research, a whopping 47 percent say they couldn't dig up the dough. Sad and scary, especially for those who are uninsured.
Saving coins in a piggy bank was taught to me at an early age; however, I never saved 2,500 pennies. Jason West of Vernal, Utah used 2,500 pennies to pay a disputed $25 medical bill. This stunt resulted in a citation and subsequent fine. Geez, whenever I try to pay for my coffee entirely with coins I get the evil eye. 2,500 pennies? Hopefully your 1040 clients aren't paying you in coins!
How much do you talk with your 1040 clients about saving money and basic financial planning? One CPA from North Carolina recently told me, "For my tax clients, mostly average income families, I would feel like I'm not doing my job if I didn't prompt their thinking about improving their short-term and long-term financial positions. Most of them don't save nearly enough."Can you come up with $2,000 in 30 days without selling any possessions? According to the National Bureau of Economic Research, a whopping 47 percent say they couldn't dig up the dough. Sad and scary, especially for those who are uninsured.
Saving coins in a piggy bank was taught to me at an early age; however, I never saved 2,500 pennies. Jason West of Vernal, Utah used 2,500 pennies to pay a disputed $25 medical bill. This stunt resulted in a citation and subsequent fine. Geez, whenever I try to pay for my coffee entirely with coins I get the evil eye. 2,500 pennies? Hopefully your 1040 clients aren't paying you in coins!
Reader comments
I'm going to be a little naivete, however I thought pennies as well as dollar bill are suppose to be "legal tender for all debts, public and private" according to some of the pieces of paper in my pocket.
Now a days, you go to a government tax office, they have signs that state they do not accept currency - only credit cards or cash. This poor individual, maybe he is trying to make a "statement" paying with pennies but what happened to "legal tender" as we were taught "in the good old days"?
Now a days, you go to a government tax office, they have signs that state they do not accept currency - only credit cards or cash. This poor individual, maybe he is trying to make a "statement" paying with pennies but what happened to "legal tender" as we were taught "in the good old days"?
Posted by David J. Rothfeld, CPA from Hicksville, New York on Jul 6, 2011 - 8:45 am
Accountants need to coach their 1040 clients, whether they want to hear it or not!
Posted by Dick Williams from Carbondale, IL on Jun 30, 2011 - 11:59 am
I've always made a practice of offering information to clients regarding their financial future. I also keep a hammer in the utility room just in case one of those piggy banks shows up.
Posted by Arlis Stevens from Irving, TX on Jun 29, 2011 - 11:54 am
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