What CRM do you use that works well with Liberty's systems? I'm looking at purchasing a franchise but want to make sure I can maintain relationships with my existing client base from my previous tax practice.

I use Zoho CRM which has worked well for us. Liberty doesn't have any specific integration with it, but they don't need to - I just export client data from their system at the end of each day and import it into Zoho for marketing and relationship management. They're fine with this approach as long as all actual tax work happens in their system. I was able to import my previous client base into Zoho before I even opened my franchise, which helped tremendously with my first-year numbers. Just make sure you're transparent with your franchise rep about what you're doing and get written approval to be safe.

That's good to know! What scanner model did you end up using? We're still using the recommended ones and they're terrible with multi-page documents.

Thank you for bringing this up - that's really important info! My immigration status is actually something I'm working on separately. Do you know if there's any downside to being classified as a resident alien for tax purposes? Like does it create any complications for immigration applications later?

There's generally no downside to being classified as a resident alien for tax purposes when it comes to future immigration applications. In fact, having a consistent tax filing history is usually seen as a positive factor when applying for permanent residency or citizenship. What immigration officers typically look for is that you've been properly filing and paying taxes according to your correct status. If you're physically present enough to qualify as a tax resident, then filing as a resident alien is exactly what you should be doing. The important thing is consistency and honesty in your tax filings. The only potential complication would be if you were trying to maintain nonresident status in the US for some specific tax treaty benefit. But for someone in your situation who has been here continuously for 22-23 years, filing as a resident alien is appropriate and won't create immigration complications.

Not everyone can "just become a citizen" - there are tons of complicated situations where someone might have been brought here as a child but doesn't have a straightforward path to citizenship. DACA recipients, for example, or people who fell out of status because of paperwork issues beyond their control. Plus, citizenship applications are expensive AF and take forever. My friend just spent over $4,000 on the process including lawyer fees.

Thank you so much for explaining this! I had no idea the IRS already knows about the interest income. If they might adjust it automatically, should I still file an amendment or just wait to see if they send me a notice? I'm using TurboTax if that matters.

I would definitely recommend filing the amendment yourself rather than waiting for the IRS to adjust it. When you handle it proactively, you're in control of the process and can verify everything is correct. If the IRS makes an automatic adjustment, they sometimes include penalties and interest that you might avoid by amending quickly. With TurboTax, it's really easy to amend. Just log into your account, look for the option to amend your return, and follow the prompts to add the 1099-INT. The software will fill out Form 1040-X for you and guide you through the process. It's actually much simpler than most people think, and for a small amount like $87, the additional tax will be minimal.

Good point about the withholding! Also, OP, if this is the first time you've earned bank interest over $10 (the reporting threshold), don't feel bad about not knowing. The tax code is ridiculously complicated and nobody teaches this stuff in school.

Does it matter if the losses are short term or long term when you're offsetting gains? Like can I use long term losses to offset short term gains?

Great question! The IRS has specific rules about how losses and gains offset each other. First, short-term losses are used to offset short-term gains, and long-term losses are used to offset long-term gains. If you have excess in either category, then you can use them to offset the other type. For example, if you have $10k in short-term losses but only $5k in short-term gains, you'd first offset those short-term gains completely. Then you'd have $5k in short-term losses remaining, which could be used to offset long-term gains. If you still have excess losses after offsetting all gains, you can deduct up to $3,000 against other income, and carry forward any remaining losses to future years.

This doesn't answer OP's question at all. They're clearly asking about taxable accounts where capital gains matter. Not everyone can fit all their investments into tax advantaged accounts especially at higher income levels where contribution limits are an issue.

I claimed the credit last year for a similar setup, and it went through fine. I included a statement from my electrician certifying the installation met local code requirements, plus his license number. No issues with the IRS. The important thing is being able to document you followed local requirements. If you didn't need a permit, get something in writing stating that. Could be from your electrician, local building department, or even a printout of the relevant code section.

Thanks, that's reassuring. I have the invoice from my electrician that states "installation complies with local electrical code" and includes his license number. I'll reach out to him for a more specific statement about the permit exemption just to be safe.

You can claim 30% of the costs for both the charger and installation up to a max credit of $1,000. So with your $1,800 total, your credit would be $540 (30% of $1,800). And yes, if your town doesn't require a permit, you don't need one for the credit - but document that exemption!