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  2. I don't care about free coffee. I care about good coffee. I will, coincidentally, be away from home Sunday morning and I'll be getting coffee at Java Divas. I kid you not, the brewed coffee is quite good. The espresso, not so much. But Karin likes their frozen coffee drinks.
  3. Today
  4. September 29.... Get excited, coffee drinkers! On Sunday, Sept. 29, there will be National Coffee Day deals you're going to want to take advantage of. The holiday celebrates your caffeine habit in the form of new specialty, discounted, and in some cases, free drinks! Some of our favorite events going on for National Coffee Day are happening at Krispy Kreme, where customers can get a free coffee and glazed doughnut, and at 7-Eleven, where customers can get any size of coffee for only $1. Cinnabon will offer a FREE 12oz coffee on 9/29 all day. A lot of yummy coffee deals for coffee lovers.... See below or Google https://www.passionforsavings.com/free/national-coffee-day-freebies/ https://www.retailmenot.com/blog/national-coffee-day-deals-and-freebies.html Don't over do it, or you could end up like this fella......................................................................Jitters
  5. Did you step up 50% of the house at date of death?
  6. The only trust eligible for the exclusion is a grantor trust. see reg 1.121-1(c)(3)(i) I believe it would have been allowed under a provision of the EGTRRA of 2001, but that was subject to sunset.
  7. Judy's right, as usual. Why do I even bother to respond?
  8. Remote Desktop. It's been in windows for many versions now. We use it for several clients, but it's been recently "jazzed up", although the technical details are above my pay grade. https://support.microsoft.com/en-us/help/4028379/windows-10-how-to-use-remote-desktop
  9. What was your salesperson's name? When it was time for me to renew, my salesperson refused to give any discount at all. I WAS a 20 year customer, but that made no difference. They wanted to increase my subscription price by 400%. What is this, about WIN10 having remote access built in?
  10. i called them they gave me a 50% discount to stay.
  11. A marital trust (B) was created 4 years ago when spouse died. The home, only asset, sold this year, so there was a good amout of LTCG. Does the trust get the Sec 121 ($250K) exemption?t
  12. No, I disagree with this ^^. The instructions are clear that the the otherwise allowable deduction is reduced by the amount of the credit on line 2 of the form, NOT the amount of expenditure used to generate the credit. If line 1 says to not enter more than $1,000, then the amount on line 2 is $500. So, in Edsel's client's case, the expenditure before considering any credit of $2000 is then reduced by the credit of $500, and the remaining allowable deduction is $1,500.
  13. Use $1,000 of costs towards credit, which is 50% of the costs. That leaves $1,000 of costs to use for deduction. You can also see if just using the deduction works better. Sometimes it's funny that way, and does give the client a better outcome. There may even be a sweet spot where $1,500 deduction and $500 towards credit ($250 credit) is best.
  14. Thanks folks - I need to get this straight...because it will determine whether we choose the credit or not. Remember they are in a 35% tax bracket (plus 5% for state), so we want to be careful to not lose more than we gain. Start-up Costs: $2000. Credit equals 50% of first $1000, or $500 credit. Deduction for start-up costs: $2000 minus $500 credit, or $1500?? I'm trying to read Judy's text above. If the deduction is only $1000, taking the credit is almost worthless. Thanks for all who have responded... p.s. this has convinced me I need to brush up on the general business credits. There's a wheelbarrow full of them.
  15. Judy's info is, as always, correct. Reduce the deduction by whatever was used to get the credit. In that regard, it's like education credits. You can take a deduction or a credit, but not both with the same funds. You can take both if you use different funds. In this case, by reducing the deduction amount by that $1,000 used towards the credit.
  16. @Edsel , it's clearly covered in the instructions. See below. Also, I edited your original title so readers don't think this is 'N/T' :
  17. Lucky you Tom.....I had to call a tech person to get my XP going......Look!
  18. Amazing. Thank you Catherine. One remaining question. It appears if we take the credit on Form 8881, we cannot take the deduction. We either get the deduction or the tax credit, but not both. Administrative Fee is $2000. Maximum credit is $500. Taxpayer is in 35% tax bracket. Which of the following is true? We can take the credit of $500 but can only deduct $1500 of the $2000 paid. We can take the credit of $500 but cannot deduct ANY of the $2000 paid. If this works like most of the General Business Credits, I would think the first selection to be true.
  19. This is what is great about this board. You learn something new almost every day.
  20. If he meets the qualifications (small enough employer), then there is an up to 50% credit on the fee for the first three years. Info here: Retirement plan startup cost credit - IRS
  21. [Salesmans Old Fish Stories] We've heard of these before - "Lease your car" for tax breaks, Buy my "Energy Star" product for tax credits, etc. For the most part there is only an element of truth - enough to mislead the consumer. I heard one today for the first time - I would like to present this to you for your comment, review, or clarification: A large client is establishing a 401(k) plan next January. The plan consists of an employee's deferred payroll deduction, an employer's match, and an administrative fee billed to the employer annually. As far as I know this is typical. The administrative fee is $2000 annually. Agent for the custodian told my client there is a 25% tax credit associated with the $2000 fee, and they will get $500 back. What??? For Real??? Have I missed something? Comments please...
  22. Yesterday
  23. My dedicated fax machine is an old XP computer. Faxes come there then I can transfer, if desired, to my main computer now Win 10. There are differences, indeed!
  24. I was looking for a financial series I had written for my church a few years back and could not find it on my current computer (Win 10). So I pulled my Win 7 machine out of storage and hooked it up. Nope, not there either. So I pulled out my really old Win XP machine. Shocked that it fired right up (but it took a while - gotta love that new SSD in my current computer). It was amazing that I could plug in my Logitech wireless keyboard and mouse and they worked perfectly with XP. I remember I never wanted to leave that operating system and only did so when there was no other choice. Found what I was looking for, but it was different to see that old operating system. And no, I did not connect it to the internet while I was on it. I have no idea if there are any boogey men out there just waiting for an XP machine to connect to the interweb thingy and steal all my old data, but I was not taking a chance. Tom Modesto, CA
  25. Thanks Abby! For the cost basis, I use the capital account withdrawal as the ending basis. Not the original amount paid. Then the gain subject to recapture as ordinary income listed in the K-1, is reported on the 4797 as ordinary income, this amount is subtracted from the capital gain amount. Say the Sales Price is 10,000, and the basis is 6,000, and the gain subject to recapture is $3,000, you would have a $1,000 capital gain and a $3,000 ordinary income gain. For a loss transaction, say the sales price is $10,000 and the basis is $15,000, and the amount subject to recapture is $3,000, you would have a $8,000 capital loss, and a $3,000 ordinary gain on the Form 4797. I am hoping I am seeing this correctly. Thanks for your help.
  26. I have been using GoToMyPC to remote into my desktop when away from my office. They are pricing themselves out of my budget and was wondering if anyone has used the built in remote access that comes with Windows 10? If so is it easy to set up or do I need my tech guy to set it up for me?
  27. New York Releases Guidance on Economic Nexus Threshold and Requirements for Remote Sellers Effective Date: June 21, 2018, the date of the United States Supreme Court decision in Wayfair Threshold: $300,000 $500,0000 in sales of tangible personal property and more than 100 sales (On June 24, 2019, New York enacted legislation to raise the state’s economic nexus threshold to $500,000. The number of transactions threshold remains the same.) Measurement Date: Immediately preceding four sales tax quarters Includable Transactions: $300,000 gross tangible personal property sales When You Need to Register Once You Exceed the Threshold: Next transaction On January 15, 2019, the New York State Department of Taxation and Finance released a notice stating that businesses without physical presence in New York that exceed the state’s economic nexus threshold must collect and remit state and local sales taxes. New York did not pass specific legislation to enforce the remote seller collection responsibility. In the notice, the Department states that following the South Dakota v. Wayfair decision, “certain existing provisions in the New York State Tax Law that define a sales tax vendor immediately became effective.” Businesses that fall within the definition of sales tax vendor and make taxable sales into the state are required to collect and remit sales tax. Remote sellers without physical presence will be required to collect and remit sales tax, if in the immediately preceding four sales tax quarters the seller: Has made more than $300,000 $500,000 in sales of tangible personal property delivered in the state; and Conducted more than 100 sales of tangible personal property delivered in the state The sales tax quarters for New York are: March 1 through May 31, June 1 through August 31, September 1 through November 30, and December 1 through February 28/29. Sellers that meet this threshold and are not yet registered as a vendor with New York are expected to do so immediately. For more information, visit the Department’s webpage on the new requirement. (N-19-1 Notice Regarding Sales Tax Registration Requirement for Businesses with No Physical Presence in New York State, New York State Department of Taxation and Finance, January 15, 2019) UPDATE: On March 26, 2019, the New York Department of Taxation and Finance released a bulletin related to registration requirement for businesses with no physical presence in New York state. This bulletin states that New York’s economic nexus rules became effective on June 21, 2018, the date of the United States Supreme Court decision in Wayfair. Previous bulletins were not as explicit in naming June 21, 2018 as the effective date. UPDATE: On June 24, 2019, the New York Governor signed S.B. 6615, which raised the state’s economic nexus threshold to $500,000 from $300,000. The number of transactions threshold remains the same at 100 sales.
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