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Just because 4-point font sizes EXIST does not mean you should USE them!

Thank you both for your comments. Much appreciated. HOH causes me headaches at time with divorced parents.

Dad needs an 8332 to claim the dependent. No longer the benefit of the "exemption," (what I mean is the exemption dollars as before) but the child tax credit rides with that "exemption" when he's holding the 8332. Mom still claims the dependent care benefits and EIC, if she qualifies.

Do the people who send out these tiny booklets really think they're of any use to anyone? I guess they're just trying to reduce their paper, toner and postage costs, but, seriously, I could probably read this in my 20s, but now? Ha!

Staples bother me but not as much as: 1. People who dont bother to open their mail. 2. Getting documents all crumpled up in a bag.

Depends. Appearances on: Milian - produces smiles, other income, line 21. Judy - the judge should get a 1099 for your emotional distress. Springer - no 1099 should be issued since your physical injury is not taxable.

from a tax point of view, partnership distributions don't have to be equal as with an S corp

A high school drop out can be 40 years old, quit his job, move with his parents, pass the GED, start his bachelors degree and parents can get AOC.

August 12th at the earliest.

I tell my clients that, the extension gives them till August 15. Guess when the tax info rolls in...?

I just told an entire family, including the kids with part-time jobs, that they're going on extension, because they're leaving for Barbados by 12 April. Anyone not available through 15 April, probably through 11:59 p.m., is going on extension! Probably because I'm jealous that they get to go on vacation while I work. But, to them, it's the new tax law and forms, the shortened tax season, blah, blah, blah. I did prepare the partnership return for the parents' biz on time. And, I'll get them their ES amounts this weekend, so they can pay those before they leave. But, really, don't tell me 30 March that you'll be out of the country over spring break! I used to tell them to watch for my emails and deal with it in their hotel's biz center, but now it's just extensions, no arguments.

Full dressed, I charge X, without shirt, I charge 2X and naked, I would charge XXX.

Schedule C. Or line 21 WITH SE.

But, you also have the ownership of capital percentage. Is that still 50%/50% or did one partner buy out the other's capital ownership? The profit percentage does not have to be the same as the capital percentage.

For tax purposes, if Mom meets the other requirements for HOH and the child lives with her more than half the year (counting nights), then she still is HOH even for the years she signs the dependency over to her ex. Dad cannot be HOH unless he has another child living with him. He can certainly be MFJ if he remarries. But, his filing status does not change Mom's filing status once they are divorced. Are you OK with which benefits Mom keeps as custodial (for IRS purposes) parent? And which benefits follow the dependency to Dad in years when Mom signs it over?

Just for the sake of partnership to be alive make other partner 0.01%. Don't you think it will revert to SMLLC if other partner's share goes to 0.00

But, please don't tell that to my grown kids!

Jack, I originally thought this too. But looking at it, there was nothing about the age 24. From Pub 970, he is a dependent of the parents (other relative), he is a qualified and eligible student.

Margaret: Usually, if proper treatment, the Restricted Stock in Box 14 is for Dividends paid to the employee on the restricted stock, and it is included in their W2 boxes 1, 3, and 5. It is just ordinary income. Rich

Facts and circumstances. Compensatory damages should not be taxed. Appearance fee is "other income" (formerly Line 21) as the person is not in the business of appearing on the People's Court for profit.

2-partner LLC is on a 1065 no matter WHAT percentage of profit and loss is agreed upon. That second partner has to have SOMETHING not at 0% or it's not a partnership. If there is only one, THEN you have an SMLLC which can go on Sch C.

Option 2 so you don't get a matching notice on the 1099-S. 8949 Code N-Nominee adjustment

You can take 100% bonus depreciation on the rental share of the appliances.

Thanks, Catherine. I may or may not do that as the owners live on the second floor and there are 2 of them to the one tenant. The man of the house works constantly on the yard and improvements so I would guess generates more laundry. The tenant spends 3-4 months in Europe and around the world giving talks and attending conferences. I think it isn't worth it myself. They are all friends from Germany so smaller things like this I think are not crucial. If/when they sell to another owner who may rent out both spaces, they may have different decisions.

Copied from the BNA Blog: Kentucky’s conformity date was moved to Dec. 31, 2018, from Dec. 31, 2017, under an omnibus tax-change bill (H.B. 354) signed March 26 by Gov. Matt Bevin (R). The state already conformed to the provisions of the federal tax code overhaul (Pub. L. 115-97). Maryland’s hourly minimum wage is to rise to $15 by 2025 for large employers and by 2026 for small employers from $10.10 after the legislature voted March 28 to override Gov. Larry Hogan’s (R) veto. The first hourly minimum wage increase is to occur Jan. 1, 2020, when the hourly minimum wage is to rise to $11 for all employers. New York’s electronic wage-reporting specifications were updated to reflect new requirements for 2019. Michigan’s hourly minimum wage rose to $9.45 and state paid medical leave requirements took effect March 29. All Puerto Rico employers are to electronically file unemployment tax and wage reports starting April 1, 2019. The requirement is to apply starting with tax and wage reports filed for the first quarter of 2019, due April 3

Yeah, partners can still have capital at 50/50 or whatever but gain/loss at 100/0 or anything, as Catherine said. Maybe not enough to pay a guaranteed payment or one easing out of biz. I have a partnership where one has been inactive for a few years and just now has early-onset dementia, so they will probably redo their usual 50/50 after healthy spouse's GP to keep taxpayer's newly won disability.

And, you can't really match them up by number of shares, with some shares held back to pay taxes, the splits/mergers/whatnot that happened over time. It's a nightmare matching the paperwork for when received to paperwork for when sold.

Any tax extenders bill would have to originate in the House, where is there is no apparent sign of movement. At this point, I hope all of the extenders vanish, never to be seen again.

We have over 60 from whom we have heard nothing. About half of these will call on April 14th with some variation on "I *really* thought I was going to get you my stuff on time *this* year but I guess not so please put me on extension" and the rest either surface in July-August (to ask about "second extension" again, forgetting that those no longer exist even though we keep telling them). We start preparing extensions next week, so that they're all ready to go in early, then we contact the ones we know/suspect won't contact us. The "regulars" we'll just put in - you could set your calendar by some of these folks!

I used to have a client that stapled a color coded scrap of paper to every form that she brought me labeling the form (W2, 1099, I don't know what this is...) I guess she thought she was helping me.

I've got my clients trained pretty well to not use staples. I have a sentence in bold in my organizer letter that asks them not to use staples. It's cut way down on the stapled documents we receive.

Always stand up when you remove staples. It's good for your posture, you get better leverage on the staple removal tool, and you achieve better wind-up when you throw the stack of papers away in frustration.

I have recently been heard to threaten a $10 fee for EVERY staple I have to remove. And yes, I have one of the good staple removers. I still have to stand/sit there and remove them!

If any of my clients saw me naked, they certainly wouldn't be bragging to anybody about it. More likely, they'd be searching for bleach to wash their eyes out.

Forget about age, look at income. YES to all your doubts. (Dependent, AOC on parents' return).

Box 14 is CAN be just information that's not needed this year. But, it's on your client to bring you documentation.