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Jack from Ohio

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About Jack from Ohio

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    ATX Supreme Guru
  • Birthday 07/27/1956

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    Cell# 937-423-9879

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  1. 1099-Misc code 7 and EIC

    Schedule C, or C-EZ. The IRS will be looking for that amount on one of those two forms. Otherwise, client will get a CP2000. I have personal experience in this exact same scenario. Use C-EZ and business code 999999.
  2. Tax Star of the Week for 2/16 - 2/23/18

    I want to get a picture of Rita on her backhoe...
  3. No firsthand experience with this scenario. Client wants to do a conservation easement and take a charitable deduction for the value reduction of the land. Here is the information he gave me: "I'm only getting paid 75% of the value of my property as it relates to a conservation easement. So, it''s roughly $100,500 at closing." "I'm required to pay $5,000 towards the grant group. I think that's considered a charitable contribution. And there's roughly $40,000 that they are not paying me that is to be considered a charitable contribution also. That would be the 25% that they don't pay me." My question is: How is this reported on the tax return? Are there capital gains associated with the sale of the easements? Can this easement be part of the land parcel where his home is located? Is this simply reported as a charitable gift? What kind of documentation is needed? As you can tell, I truly have no experience with this situation, so any help, advice, or direction will be greatly appreciated. He is planning to do this in 2018. Income for 2017 was $75K.
  4. Solar panels and roof costs

    Agree with DANRVAN.
  5. Farm - Change from accrual to cash. Inventory?

    Thank you for the help. I understand the hybrid method. Next question: When I mark the farm as cash method, the ability to input inventory goes away. How/where do you input the inventory under the cash method?
  6. State Estimates - can't create efile

    If you are going to set up the estimates as direct drat, you must input all the information at the time you file the return. Otherwise, you must mark the estimates to be paid by check, and the program will go past them. I never set up estimates for direct draft. Clients ALL forget, then there are overdrafts, "How can I stop the draft? There is not enough money in the account..." So, I create the vouchers with no dollar figure, write my recommendations on the vouchers in pencil, and give them to the client.
  7. State Estimates - can't create efile

    Mark the estimated payment to be made by check, and your problem will go away.
  8. lives with but not dep...qual. for EIC?

    If the child is her dependent child, (not dependent relative) she can qualify mom for EIC and HOH, even if she is not claiming her as dependent.
  9. Thoughts Scorp Never filed 1120S

  10. ATX client letters

    I will be there!! There may be a group of us from Ohio. We will see!!
  11. Importing QuickBooks Online Accounting Data

    I never trusted the export/import of tax information from QB. The function is not complete and fraught with errors.
  12. Double amend

    Yes. Use the previous amended return as the original return on the second amend.
  13. Back to back IRS audit

    Tell your client to clean up his act! That will eventually stop the audits. Be sure to increase your fees for representing him SUBSTANTIALLY this time, and again the next time.
  14. ATX client letters

    Ditto!! There is not a PERFECT weekend, so follow Richcpman's advice so we can plan!!