Category Archives: BUSINESS BANKING

A Tax Blog Throw Down – I Dished it Out – Now it Looks Like I Will Have to Take It.

By Stacie Clifford Kitts, CPA

* Deep breath, Heavy sigh*

Where to begin?

Until recently, I was happily posting little tidbits of tax stuff, mostly gleaned from the IRS’s tax tip releases and some original posts written when I could get time away from the tax practice.

Then an old friend, who is also a writer, publisher, editor, and internet-marketing expert, pointed out that I should use my blog posts to boost my internet presence and market myself online. [Frankly, I always thought people just stumbled onto blogs by accident or found you by some miracle. I really didn’t think much about it. However, that is another blog on another day.]

In addition to following some of her great tips, I also began looking for other tax blogs and quickly realized that there was a whole tax blogging community. They appeared to be a supportive group too, re-tweeting posts, linking to each other’s blog pages, writing flattering posts about each other, generally a very pleasant blogging experience.

That is, until I read a post by June Walker. Now, to be fair, June did not strike first. No, she was set off by a couple of bloggers, The Wondering Tax Pro, aka “Sammy Segar, CPA” and The Tax Lawyer’s Blog aka “Attila Attorney” to be specific. Each of these bloggers disagreed with her post, You Do Not Need a Business Checking Account.

Now, if you have ever thought that accountants were docile number crunchers, you were wrong, at least as it applies to Ms. Walker. You can check out her retaliation here.

In addition, as this saga drags on, it appears that I am soon to be the target of Ms. Walkers rants as I might have been a bit harsh in my comments to her retaliation post. I am not going to go into the whole thing here since you can click on the link and page down to my post. Mine starts “OMG -I can’t believe what I am reading. Is this how tax bloggers behave?”

Although I risk being the target of her mean spirited rants, I stand by my “chick think” statement. I believe some of her comments were snide, belittling, unprofessional, and unnecessary – In the same way a bunch of women might stand around the water cooler and gossip about the pretty girl in the office next door. . However, that’s just my opinion.

So here you go Ms. Walker, rip me apart. It certainly won’t take a genius to find flaws in my blog posts. I definitely need an editor. LOL. However, it will be interesting to see how many mistakes she was able to find in my comment posted on her blog…kind of like a Where’s Waldo exercise.

Oh…do I get a “composite figure?” How exciting. I cannot wait to find out. 🙂

Now off to take care of the important things in life, like putting my granddaughter to bed.

Oh and yes, that’s me and the grandbaby right after we finished this evenings bath.

Wowser – A Tax Blog Throw Down – Why Keeping a Separate Business Checking Account Can Save Your Clients Money.

By Stacie Clifford Kitts, CPA

I must say, the business life of a tax accountant isn’t exactly a mardi gras. Moreover, it’s no wonder that we don’t see movies of the week about the accountant who couldn’t balance his or her ledger – borrrrring.

Therefore, I certainly look forward to the occasional lively debate, something stimulating and thought provoking, you know to spice it up a bit . But gees, I sure was stunned to read the comments made by June Walker over at her blog post There’s no shortage of bad advice out there. I suppose I don’t need to go into the details, since you can head over to her blog and read it yourself. But suffice it to say, she was a little miffed when a fellow blogger seamed to diss her blog post You Do Not Need A Business Checking Account.

But, hello, what do you expect to happen when you give that type of advice? Come on -you do not need a business checking account? What? Are you serious?

Regardless of all the important reasons to have a separate business account, you can check those out here at The Wondering Tax Pro’s blog, the extra cost that would be incurred by many clients to have an accountant or bookkeeper wade through business and personal expenses to pick out the proper deductions is not something I would readily advise to any client. And I know this from personal experience. Thank you.

I want my clients to focus on the important aspect of managing their businesses – you know – the revenue generating part, not the “Oh crap, I forgot to pull that business expense out of my co-mingled account” part.

So if you want to save your clients some frustration and some accounting fees, please advice them to open a separate banking account for their self-employed business.

In my opinion, advising a client NOT to open a separate business account would undoubtedly increase the accounting fees for those clients. So unless that is your intention, better stay away from that type of advice.

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