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The 25/32 income figures go back to the 1983 change to make 50% of social security possibly taxable.
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Intentionally lowering benefits without having to actually vote on lower benefits. Making up a new CPI index to determine your COLA increase also cut your lifetime benefit by about 15%.
- Today
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I started in '88. It was 25/32 then.
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yes, just had a client with modest income who took $15k out of her IRA with 20% withholding--she still owed because of the additional Social Security income being taxed. It's been $25,000 and $32,000 since...the 90's?
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Almost every client I have, has "some" Social Security included in taxable income. When I started in this business, only the "pretty well-off" did.
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good point, although in this case it wasn't Marie's decision. I cancelled my policy and knew that any discoveries for past events would no longer be covered, so I paid for two years of "ERP" coverage. We know how long the IRS can take to get around to sending out notices
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Frog, how does someone who works but doesn't earn enough be affected by the NIIT?
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I have a case with ATX and so far, what the tech has had me do doesn't work, And then tonight, to top it off, I have 3 more returns that rejected due to not being the latest program version/form version. But I can't remember how the tech showed me how to update all of the forms in the return. Which didn't work for the 1116 error, but maybe it'll work with this one?
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Good one Lion. Another is the dreaded Obamacare tax, especially the 3.8% NIT on investments. The problem with taxing investments affects the sale of real estate, which depresses jobs for those who work but do not earn enough to pay the tax. This has been a point of contention with capital gains for decades.
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Need reassurance on partnership Buyout
NECPA in NEBRASKA replied to NECPA in NEBRASKA's topic in General Chat
Thanks for the help. It was explained to me incorrectly by the leaving partner. I should be receiving a copy of the agreement tomorrow. The partnership redeemed the interest. -
$3,000 net capital loss allowable per year. I have clients who won't live long enough to use all their capital losses!
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Be careful because many policies will not cover any claims prior to the initial coverage date. You also need to check with your previous insurer as to coverage for acts which occurred before the cancellation date.
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For that amount it sounds like a repair and maintenance
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Many elements are not adjusted for inflation. Which is the worst, i.e. needs adjustment more than any other? My vote is for Child Care Credit. The $3000 and $6000 limit has been around forever. The increased percentage?? Forget about it - if the couple gets more than 20% they can't afford to pay babysitting nowadays. To make matters worse, employers have gone absolutely ga-ga over a new benefit - up to $10,000 tax deferral for babysitting. Some employees are going after this like a pig after slop. But it only works if it negates the Child Care Credit in its entirety. And if the spouse doesn't work or have earned income, ALL of it is taxable. My clients find out about it too late, and drop it after one year of misery. Yes, my vote is for the Child Care Credit - dubious benefit, and nowhere NEAR the hyper-inflated cost of paying a babysitting service.
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Client paid contractor via Quickbooks payments (Contractor Payments for those of you who use QBO). Who is responsible to send the 1099 NEC to the contractor? I think it is QB since they are the payment processor. Just like Venmo or PayPal. Am I correct? Tom Longview, TX
- Yesterday
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Need reassurance on partnership Buyout
NECPA in NEBRASKA replied to NECPA in NEBRASKA's topic in General Chat
Thank you. They have not given me the actual buyout agreement. It's starting to worry me a bit. I am going to ask for it again. -
You don't know my visa bill, if only paying minimum payments.
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Thanks everyone for the replies. I will pass this by the client but am kinda stuck on the 27.5 life. Client doesn't really need the bonus depreciation either. This must have been a small system as the receipt is for $3200.00. I though it should be way more than that but then again, I have always been on a city system.
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No prior letter was received by either of these clients. I totally believe them.
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Medlin Software, Dennis started following E & O INSURANCE
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Pick any reasonable online company to get something in place ASAP., Then, if you wish, take some time to find something else, engage, then cancel the "temp" policy. Having a gap is likely costly compared to "changing".
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Maybe think like a one baker bakery (like I used to be for three years). When the mixer broke, the call to the repair shop was made while we were on the way to Tahoe or to the beach. It was amazing how fast we could hit the road, even if it was for 24 hours. I swear, it always broke on its own, and we were never pre packed up!
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Here you go: https://www.atxcommunity.com/topic/34151-cyber-insurance/#comment-207714 https://www.atxcommunity.com/topic/33964-e-o-ins/#comment-206815
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If the partnership made the payment to the former partner it is considered a redemption of his interest by the partnership, instead of a buyout of his interest by the remaining partners.
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These are supposedly the restarted automated collection letters that have been suspended for several years. The IRS says that these taxpayers should have received an initial balance due letter with an explanation? Perhaps you could ask your client to request a transcript?
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Just scroll back to that date in General Chat