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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 Dec 31
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      I love this sort of thing: a professional services business which does exactly one thing, very very well, by software-ing the heck out of it. https://collegetaxrefunds.com/ 

      4 replies 29 retweets 300 likes
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      Patrick McKenzie‏ @patio11 Dec 31
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      What's the problem? There's a particular tax credit that students have available, which is worth ~$1.5k, which affects too small of a percentage of the client base for H&R Block et al to actually design business processes that apply for it successfully. Thus this company.

      5:14 PM - 31 Dec 2019
      • 1 Retweet
      • 42 Likes
      • Aaron Brown warning: tweets unrelated to news jo Matt Secoske Vladimir Grichina 3rdMoment 🏛️ Matt "MSG superfan" Olson Joyce H If you meet 60+-year-olds, quarantine like one
      2 replies 1 retweet 42 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 Dec 31
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          "You got your taxes done. They're probably wrong and cost you $1.5k extra. Upload them here; we'll tell you if they're fixable. If yes, either pay $300 now or $400 when you get your refund check."

          1 reply 0 retweets 31 likes
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        3. Patrick McKenzie‏ @patio11 Dec 31
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          Relative to almost all tax-adjacent businesses they've got one *fascinating* advantage: they are intentionally set up to file *corrected* returns, not original returns. That's one of the most brilliant hacks I've ever heard of.

          2 replies 1 retweet 63 likes
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        4. Patrick McKenzie‏ @patio11 Dec 31
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          Seriously if you think you appreciate how brilliant it is think longer because there are *layers* to it.

          3 replies 0 retweets 22 likes
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        5. Patrick McKenzie‏ @patio11 Dec 31
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          I'm not even sure I have them all but, minimally: 1) Every large tax provider is a source of operational leverage for you. 2) You don't have to understand *anything* but the one credit and your only edits flow through that one. 3) This keeps your costs predictable and low.

          3 replies 0 retweets 32 likes
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        6. Patrick McKenzie‏ @patio11 Dec 31
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          4) This is the big one: Unlike *every other tax professional in the world*, yours is not a seasonal business. All taxes filed in the last 3 years are in the in the amendment window; you can win custom from any (college-attending) filer in January through December.

          1 reply 1 retweet 41 likes
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        7. Patrick McKenzie‏ @patio11 Dec 31
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          This is not a business about *preventing* mistakes, which would need to beat H&R Block to the educational punch and have every student understand this issue prior to filing. It is about *identifying and correcting* mistakes, which entirely flips the economic model.

          1 reply 0 retweets 39 likes
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        8. Patrick McKenzie‏ @patio11 Dec 31
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          Also note that the marketing message can be "Tell your friends that all they have to do is upload a photo of their tax return and a check will arrive for a bit over a thousand dollars in a few weeks. We will happily work on contingency."

          1 reply 0 retweets 49 likes
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        9. End of conversation
        1. New conversation
        2. crankycatcoder‏ @crankycatcoder Dec 31
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          Replying to @patio11

          This is a real indictment of the tax code, to be fair.

          1 reply 0 retweets 1 like
        3. Matt Guttman‏ @RealtimeAI Dec 31
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          Replying to @crankycatcoder @patio11

          We’ll call this one # 2822850369

          0 replies 0 retweets 1 like
        4. End of conversation

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