Tax Season Decompression
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Tax Season Decompression Now that we've made it through tax season, it would be nice to hear some feedback from you all. Did the process go smoothly for your club? We changed the tax preparation page a little bit this year. The intent was to try and give you more direction and make sure you completed all the steps you needed to generate correct tax forms. What did you think of the changes?
Laurie Frederiksen
Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe Hi Laurie,
This was my first tie and was a nightmare for me. The numbers from Bivio did not agree with the numbers from the 1099. Part of that was my fault because I didn’t’ watch it closely enough on a monthly basis. I came close in the end but it took many “conversation” with you and the Edward Jones tax hotline. I am appreciative of all of the help. Here we are in April and already the numbers don’t agree and it is more than just the dividends. Back to the computer to figure this out. I’d happily give up the job at my club but no one else is willing to take it. After all of my whining I can hardly blame them.
Appreciate your help very much.
Judy
"Go forth in the busy world and enjoy it. Interest yourself in its life, mingle kindly with its joys and sorrows"
From: [mailto:]
On Behalf Of Laurie Frederiksen
Now that we've made it through tax season, it would be nice to hear some feedback from you all.
Thanks in advance for your perspective. It really helps us to be more effective as we make changes and improvements to the program.
Laurie Frederiksen
Dear Judy, Dividend Reinvesting makes a club treasurers job an order of magnitude more complicated. We did it briefly in my club many years ago and I finally told them that it was not at all worth the extra work on my part. I guess my club is trained to want to keep the treasurer happy.:) With commissions so low, it is much less work to save up your dividends and reinvest them in full blocks of shares rather than in many many tiny lots, each of which needs to be tracked separately. Here is more about some of the other issues DRIP investing creates for clubs: https://www.bivio.com/site-help/bp/DRIPs_and_Automatic_Dividend_Reinvestments_Help It's a personal thing. If you like spending hours on your club accounting and you are comfortable with keeping your records, it is certainly possible to handle DRIP investing. Some people even enjoy it. I can understand that. But if it's not your cup of tea and nobody else in your club wants to handle the record keeping, perhaps it is something where the benefits are not enough to cover the aggravation. Perhaps your club might think about having an assistant treasurer to help you. Since bivio is online, it is very easy for two people to collaborate on the club records. It is good you are trying to stay on top of it each month. The sooner you find an issue, the easier it is to get it corrected. Thanks for the feedback. Laurie Frederiksen
Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe Piece of Cake very easy to follow and everything balanced but we have simple investments with dividends recorded each month it only takes me about 5 minutes to balance each month On Fri, Apr 25, 2014 at 10:35 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
I agree with Herb. We use the autosync option with our TDAmeritrade account and audit accounts monthly at our meeting. Comparing a brokerage statement with a valuation report takes only minutes. We compare number of shares recorded and current market value. Even without autosync it only required about 10
minutes a month and hopefully Bivio is tracking the cost basis for each reinvestment. We typically own fewer than 12 stocks at a time and if each pays a quarterly dividend, that means handling as many as 48 transactions PER YEAR. That's easier than taxes to my way of thinking. Mike Jones Wall$treet Wannabees Bloomington, MN ----------------------------------- When someone says "I'm not book smart; I'm street smart" I hear "I'm not real smart; I'm imaginary smart." ----------------------------------- From: Herb Lemcool <hlemcool@gmail.com> To: Club Cafe The <club_cafe@bivio.com> Sent: Friday, April 25, 2014 9:44 AM Subject: Re: [club_cafe] Tax Season Decompression Piece of Cake very easy to follow and everything balanced but we have simple investments with dividends recorded each month it only takes me about 5 minutes to balance each month On Fri, Apr 25, 2014 at 10:35 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Your tax program makes life great for a treasurer. I felt the process was much better for the 1099 reconciliation this year, but that may be experience, or that we didn't have any sales with reinvested dividends.
This year I transitioned out of the role and we have a new treasurer. The tax program provided a great transition tool as it gave a good review of what's coming to make next year smooth. Mark Eckman On Fri, Apr 25, 2014 at 8:40 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Thank you for the feedback. Another thing you can do during the year that will make tax time go much more quickly is to check your cost basis every time you have a sale.Laurie Frederiksen
Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe Laurie, Thanks to you and the whole bivio team! The changes really did help at tax time. With all of the changes to the 1099, your process sure helped me verify the broker data against our bivio records. Rich Hill B.R.I.G - Book Readers Investment Group From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Laurie Frederiksen Now that we've made it through tax season, it would be nice to hear some feedback from you all.
Thanks in advance for your perspective. It really helps us to be more effective as we make changes and improvements to the program. Laurie Frederiksen The new form was great and now that I have learned to look out for washed sales and learned to watch for unqualified dividends, I hope I do not have to bother you next year. You are a wonderful person to deal with all the questions from treasurers. I could not have survived without you!!! KittieOn Fri, Apr 25, 2014 at 9:40 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Thank you for your kind words. Just so you know, adding the ability to handle wash sales required a lot of complicated programming. We are all lucky to have such talented programmers working on the bivio program. We are the only investment club software that handles wash sales. We are very proud of having this ability to make these complicated entries for you in an easy way.If we can see the bright side of the extra work, ultimately, it makes us all better investors, which is why most of us are members of investment clubs. Laurie Frederiksen
Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Follow Us on Google+ Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe |
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