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About Roberts

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    ATXaholics Anonymous

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  1. Retrospective look at 2017 tax filing season

    A ton of firms break down the foreign source income for the foreign taxes. Mine sadly does not and most of my clients have a 1099 from my firm. I don't think any mutual funds I'm seen break out the foreign source but I could obviously be wrong. Actually, when I saw a ton of firms - there are really only a dozen or so firms that generate 1099s. Most brokerage firms clear through another firm and you have to read the fine print to see it.
  2. Retrospective look at 2017 tax filing season

    I just enter business miles and don't worry about total miles. I don't think W2 codes C and DD mean anything for the return but I enter them. Not entering them would literally drive me nuts. Foreign tax on a 1099 is mind boggling sometimes. On mutual funds I don't think it's possible to enter an income. If the tax is on a 1099 div or int - boost up the simplified method far higher because they've been informed where it was coming from. Does anyone really break down where the income came from other than "other country"? The 1099's from my firm don't break out the foreign income - you have to go searching. On a 50+ page 1099, that's not quick sometimes.
  3. MeF is down

    I did two efiles yeterday - both were accepted in normal time but I didn't receive notice of it until this morning.
  4. NT So - how did YOU celebrate?

    I hit golf balls because the golf season has officially begun.
  5. Trust Distribution

    That would be a legal question of whether it is appointed to the other beneficiaries and or your own beneficiaries. The only time I've seen it done was with an only child and their kids were next in line. On trusts it isn't staying in the trust, someone is getting it.
  6. MeF is down

    The IRS says they are going to do a hard reboot, shut down the entire system and start it up again. That's some amazing tech support they've got over there. (my state collects the return from the IRS so unlinking won't help)
  7. Trust Distribution

    A beneficiary can refuse acceptance of their portion. They can't then dictate who gets their portion.
  8. I believe you are 100% correct. I agree with Judy that you don't have a rental, you have a Schedule C rehabilitation business and when they started renting it out it became a Schedule E rental. The interest is capitalized on the Schedule C - it's deductible in future years on the E. Tons of people (me included) take out HELOC or cash out first mortgages to pay for rental property because you get better interest rates and you can avoid a business plan.
  9. Did you put them in as 2% floor deductions? Previous preparer who I took over a bunch of returns for didn't, he put it under accountant fees. We had a big argument over that one. I've since had 3 different CPAs tell me they put it in under the accountant line. IRS instructions are pretty clear it's 2% floor.
  10. Oh, goody. Corrected 1099s from Morgan Stanley

    I received a stack of them on Monday morning from a different firm. Turned out every one of them was "corrected" but it didn't change a single one of my entries. Most either changed info about a separate K-1 or they re categorized a qualified dividend to a (wait for it) qualified dividend.
  11. Don't know whether to laugh or cry

    I'm going to start including an electricity,telephone, rent and maybe even a health insurance and lunch surcharge. I hadn't seen someone include a computer fee since the 90's on anything.
  12. Don't know whether to laugh or cry

    New client today and she brought along with her last years bill. The bill included $50 "COMPUTER FEE". My mind is officially blown.
  13. I am CRAP sometimes - I should be fired

    I remember that time I made a mistake. Should be a whistling in the wind emoticon.
  14. Where is that file?

    Except for maybe a dozen times per year, my desk is clean when I leave at night. A cluttered office is a cluttered mind. I WILL have 4-5 boxes on the floor but they are temporary filing cabinets.
  15. Don't know whether to laugh or cry

    Had a new client a few years ago with two Schedule C's. In one he sold a few health insurance policies and the other he received real estate referral fees. He wanted me to split the cost of everything he purchased by their usage between the two "businesses". Printer cartridge it should be 31% and 69%. Envelopes should be $26% and 74%.... and so forth. I tried to explain the IRS didn't care. He was a one year client.