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Showing content with the highest reputation on 12/07/2022 in all areas

  1. None of my seven clients that I know received PPP funds experienced a hardship. All had increased sales 2020, increased again in 2021. They are not wealthy, and that means nothing to me; I am still aggravated when I think about it. One questioned me raising his monthly bookkeeping fee $25 recently, and a lot of words barely managed to stay in that thought bubble over my head.
    3 points
  2. I've got you all beat -- I have Package X from 1974 to the last time they issued it! I told somebody I expect to be buried with them, like Pharaoh....
    2 points
  3. I got the Foster Grant blue light computer glasses on sale. Reading magnification for those tiny numbers on W-2s at the bottom (1.25-1.5), computer distance in the middle, and distance at the top so I can see a client across my desk or look out my window. I don't have to take them off, can walk around in them, sometimes forget I have them on. Also have a lamp on my desk, as well as recessed lights in the ceiling, because good light helps, too. I have a pair on my desk, a pair in my briefcase for going to clients' sites, and a spare that are darker and show up well on Zoom, also. They were a real bargain on sale. Also, have an even cheaper Chinese pair on my bedside table for reading my Nook. By February, my eyes were burning. As soon as I put on the blue light multi-distance glasses, my eyes felt better. When I told my ophthalmologist, he said his own kids wear them. I did buy the three pairs I use for work from my business account as office supplies. Take good care of your eyes!
    2 points
  4. After years of hearing clients respond "what's the max?" when asked how much if anything they gave to charity, we expected almost everyone to claim $300 or $600. In our organizer, we didn't mention amounts but asked how much they gave in cash, debit, credit, or check to charities for which they had receipts. Surprisingly, the majority indicated zero. Many others entered amounts well below the cap. Those generous folks who gave more than those caps listed specific numbers like $2850 or whatever, so you know they weren't made up. No one said exactly $300 or $600. (My most generous client gave over $24k, working toward donating half his income, but he of course itemizes.) Anyone else experience this trend?
    2 points
  5. I will have blue-light-blocking, thank you. kathyc2, I can't do the two different lenses because I only use one eye at a time. Hey, remember that I am 80 and probably won't be changing prescriptions again. At least I might be able to read the MTG without a magnifying glass.
    2 points
  6. Can't wait for all those "How come I'm getting back less than last year" discussions!
    2 points
  7. This is disgusting, meanwhile some here worry about raising fees by $10 per return.
    2 points
  8. IRS NEWS WIRE 2022-213 "Some tax credits return to 2019 levels. This means that affected taxpayers will likely receive a significantly smaller refund compared with the previous tax year. Changes include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Child and Dependent Care Credit. Those who got $3,600 per dependent in 2021 for the CTC will, if eligible, get $2,000 for the 2022 tax year. For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now get $500 in 2022. The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021."
    1 point
  9. "Congress bailed out large, white shoe, professional firms with billions of taxpayer dollars during the pandemic. Yet, the vast majority of these firms had no demonstrated financial hardship.Our auditors at OpenTheBooks.com found an astonishing $1.4 billion in forgiven PPP loans that flowed to the largest and most successful law and accounting firms across America. In fact, 126 law firms in the Top 300 took $809 million in forgiven PPP loans and 236 accounting firms in the Top 300 received $635 million in forgiven PPP loans." The rich get richer
    1 point
  10. The 22 final K1/2/3 forms were posted overnight. No final instructions were posted yet.
    1 point
  11. Yes, nobody had exactly $300 or $600. I think it is a shame that they took this tiny perk away. People really liked it and it didn't amount to much. I have a client who has already informed me that he is donating his entire RMD to three charities. Of course it will give him a deduction that he doesn't need; but kudos to him because he doesn't need the money either and has no wife or children.
    1 point
  12. These glasses will live on my desk. He also prescribed progressive lenses in another pair for all around use. We shall see how it goes. Most of the time, I don't wear any or pick up a pair of cheaters. However, lately I have had issues with reading the documents to enter into the tax returns. I really have no qualms about deducting the expense. I am certainly not going to track time. It isn't that critical of a deal. Thanks for your comments. I already know that I will be sorry that I didn't have him put distance at the top because the bird feeders are right outside my office window. Also have wild turkeys and deer walking around the yard quite often.
    1 point
  13. My current progressive bifocals have a magnification of 15 % above normal. It really helps.
    1 point
  14. Get the blue-light-blocking computer glasses. Huge reduction in eye strain. Foster Grant has frequent sales if you don't need prescription (just reading, such as 1.50). Look for sale announcements on Facebook.
    1 point
  15. No above the line charitable deduction. Those who do not itemize cannot take the $600 above the line deduction for 2022.
    0 points
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