Leaderboard

Exactly, and Gail is spot on. Setting up the asset with a 179 expense will return the same result as a normal expense. I, like Judy, practice by myself and I have to do it right regardless. 21 years and have not done it any other way. Through the course of time, I have made mistakes due to lack of understanding but have always corrected them. I agree with Pacun too, regardless of what the auditor or anyone else says, do it right. Thanks to all!

Thanks cbslee. I will prepare my letter as well. I agree with the statement about the new "post card" tax return being a political talking point. However, it has left the general public to believe that tax code has been re-written and simplified making the old form obsolete. As I see it, this is a redesign of the form and what makes up the content remains complex.

The nature of the income determines the tax treatment. Whether the client is in an ordinary business or is an investor should have been determined when he first began reporting. Limited Liability Companies are just legal entities. LLC does not automatically equate to the tax requirement of a Sch C. I have lots of rentals reported by LLCs on Sch E.

Trying to find some choice words for my letter. BTW, I love dinosaurs since I worked in a Sinclair gas station as a kid. Remember Dino?

Documentation is always a good thing, well, maybe not always...

I agree. A single member LLC can be considered a disregarded entity thus the Sch C. However, I don't understand the rationale either. Also, wondering about Judy's response as well. What is the nature of this business?

I have nothing to add other than I totally agree with Catherine. I used signature flow as well. Works perfect and the cost is based on the authentication protocol as she said. Well worth it.

NY did that a few years ago, so CT had to follow the next year.

Missouri turned a 2 page tax return into 5 pages. It's naturally progressive to turn a 2-3 page federal return into 5-8 smaller pages.

I don't like PDFs opening in my browser so I have PDFs set to open with my default PDF viewer (Foxit). Edsel, sometimes the fillable fields are not highlighted. It's often a preference in your PDF viewer software. Right click and choose 'Save link as' to save the PDF to your drive.

Thanks to all. Found a browser that worked. Edsel (Quality automobiles from 1957 to 1959).

I'd say that this is deductible IF the car was purchased by taxpayer in his or her name before the transfer of the gift. If it was purchased directly in the name of the recipient, then taxpayer can't deduct it since technically he/she wasn't the party liable and title was never in his or her name.

Next to your triceratops?

Credit the prepaid account and then do your period ending adjustment. It will only affect the current year - unless your client had reason to KNOW that he was overpaid before the audit took place , and then your expense for 2017 would be overstated because that should have been an estimate for the accrual basis tax payer.. But yes, you are overthinking it. Do it in the current period and move on.

A linguistics professor was lecturing his class on negative polarity, negative concord, & litotes, so he stated: "In English, a double negative results in a positive. In many other languages, a double negative simply emphasizes the negative intent. But there is no language known to man in which a double positive produces a negative." From the back of the room, a student mumbled "Yeah, right"

@JohnH's sig line, "In theory, practice and theory are identical. In practice, they are not," leads to this response: I want to live in theory - EVERYTHING works in theory!

And a good dose of common sense...

Maybe his father-in-law needs to explain how it's deductible since he brought it up. (Generally, father-in-law tax advice isn't quite as reliable as other types, such as hairstylist or mechanic tax guidance. )