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I'm not an attorney, but I always heard that only insurance can protect your personal assets against a lawsuit. My attorney told me that even my corporation could not protect my assets against my mistake, only against me employees. I don't have employees anymore, but I hope that I have plenty of insurance. I'm not sure what am llc would do in your situation.

My opinion is that all a SMLLC does in TN is add expenses to your life and some billable work for me. It might POSSIBLY fake somebody out by making them THINK you'd be difficult to sue. Kinda like that time back in the eighties when I tied my horse to a lawn chair while I ran in the house for a Mt. Dew and she stayed put. My motto is do your job right, have the appropriate liability insurance, and don't worry about it.

It provides an additional layer of protection in terms of personal liability, but it is not an absolute. The corporate veil can be pierced, and if you are personally negligent, you will still be liable. It is a bit more of a hassle for the other side to pierce the veil and actually attach you individually, but it definitely can happen. The best money spent is on good liability insurance.

I lived in suburban Chicago, not the boonies. (Boonies now.) So, I guess that makes me older than you.

And the phone tax credit! I got 711 articles that year. Who cares what my basis is in my $180,000 stock sale? Get me that $30 phone tax credit!

Waste has nothing to do with taxes. If no one has the right claim the exemption, no one does regardless of waste. If the father lived with the mother the whole year and provided more than 50% of his girlfriend support in 2016, then he can claim her. If not he can claim his daughter only.

No. The Barbados government doesn't have any legal obligation to report it, but the TP does. You did it right by reporting it.

I agree about good insurance. An LLC does NOT replace your need for insurance -- in any state.

Here's some guidance from the IRS: https://www.irs.gov/uac/new-electronic-signature-guidance-for-the-irs-efile-signature-authorization

A person a I know bought the Sanford Ink building on Washintong & 25th Ave.

I remember the the first two digits of 7 digit phone numbers have words like Ludlow. I imagine when it went from 5 numbers to 7, this helped some remember the longer number? But we always had 7 digits numbers (Ft. Lauderdale, FL). It wasn't that long ago when we went to 10 digit dialing for local numbers. I called it 17 digit dialing because I often called the 7 digit number, got the error message then dialed the 10 digit number. I don't often dial numbers these days. Never on cell, and on the office phones I can call back any number on the caller ID.

Ryan, be careful here with calculating a loss. Were you the preparer back in 2008 to know that the depreciable basis placed in service was the original cost after breaking out the land, or could it be that the FMV at the time of conversion to rental was less than original cost? I'm asking because that 2008 time period was when the housing market had significant declines in value, and there might be other reasons for that smaller amount being used for depreciation. When that happens and the property is subsequently sold, if that sale results in a loss using the full basis, you can't use the part of the loss attributable to the decline in value during the period it was used as a personal residence prior to conversion to rental status because a loss on a personal residence is never deductible. This is an excellent and slightly older article from The Tax Advisor that you might want to review before finalizing that return, and even though it is an older article, the rules haven't changed. Pay particular attention to the caution at around the 4th or 5th paragraph, and the detailed discussion of calculating the gain or loss on these converted properties. It also contains the reg. references to the pertinent sections that apply to this type of situation. http://www.thetaxadviser.com/issues/2008/jul/convertingaresidencetorentalproperty.html

It's because contributions to the traditional IRAs aren't disallowed due to income limitations, they merely become nondeductible contributions and create basis in the IRA. With the Roth IRA, there are specific income limitations that will not allow the direct contribution to the Roth, so to get the money into the Roth it is this 2-step process.

If you request a wage and income transcript it includes the details of the information returns, and that should give you the employers' names. You son will then have the list of employers he worked for and can contact each of them for a copy of his W-2s.

I never had to do any of that, either. But I *do* remember dialing calls in my town and only needing five digits (then, in another, even smaller, town, only FOUR digits - almost the last town in the state to get touch-tone dialing). And that was in the 80's and early 90's! (19, not 18, just in case you were wondering)

I believe I have found the answer here: http://solargaines.com/how-to-depreciate-your-commercial-solar-investment-with-macrs/

You're either older than me or you lived in the boonies, because I never had to do any of that. But I saw them do it on Green Acres and The Andy Griffith show!

Needed to share this because in an empty office no one can hear me scream. Longtime SE Speech Pathologist client who every year tries to pull something. This year she has listed "Trainings," with about 20 $150 charges for classes. So the suspicious deductive mind I have (I watch reruns of Murder She Wrote and Columbo), I asked to see a statement. It's from an art school. Asking how this applied to speech pathology she says she has to draw words. What? You draw words? Sorry. Then she gets mad and says who am to decide, what's the big deal, then continues to give me a hard time. Last year it was vitamins, the year before I think it was her Dunkin Donuts coffee habit. I didn't tell her she was just running up her bill with me. Maybe I should take a class in painting by numbers and claim it as CPEs. Borrowing from the Moody Blues...."But we decide which is right, And, which is an illusion." I hope you're all having a nice day.

I have a client that repairs boats and motors. He tried to deduct expenses for a trip to Gatlinburg, TN as a business expenses. He said he left business cards at some of the businesses there. I guess some people would travel 300 miles to have their boat repaired. I remember some restaurants there had business cards displayed at the cashier's counter but didn't notice the locations of the business. It may be that each card represented someone that claimed business expense for their trip to Gatlinburg. I didn't think to leave my card there. Oh well, maybe next time.

Gail, you have it correct and Fidelity is wrong. It should have been coded to 4, taxable to the beneficiary with no penalty. And the beneficiary cannot roll it into his own account because he can't co-mingle the inherited funds with his own. The inherited funds have to be withdrawn over within 5 years or set up to be taken over the life expectancy of the beneficiary. Only a spouse can roll the funds into their own account. Fix it on the 5329 and don't lose sleep over it. Tom Newark, CA

Numbers are our business, right?

I deposit via my iPhone. Take credit cards via QB. And, remember when picking up the dial phone (the only one in our house on the centrally located phone table that held the phone book and a chair, because you couldn't move away more than the generous six-foot cord) meant having to listen to see if someone else was already on our party line. Or, when a double-click was how you accessed the operator from my grandmother's phone to have her connect you to the person you wanted to call.

I just have to share the system my client has developed to ensure that I know exactly what I'm getting into. If only all my clients were this savvy.

You are correct. Dependent is gone. Age and income. If there are any education credits, the student can claim them.

Yes, because the child no longer meets the age test. Has to be under 24 by the end of the year. So my take on it is age disqualified him as a qualifying child and therefore he or she could not have earned more than his or her exemption credit to qualify which is 4000 and some change (can't remember this years limit off the top of my head).