Leaderboard

https://www.irs.gov/businesses/small-businesses-self-employed/webinars-for-tax-practitioners?fbclid=IwY2xjawHwx5dleHRuA2FlbQIxMQABHRYafiHrVwoU25gT4eHQebxGALuGm4E7MMStjxkLJ26yZn0mQ0dXdJ9QdA_aem_q6_rxKXJs6oXEA3Ac-OEog

That's how I got my start too! My dad owned his own auto shop and I did the books and later the taxes. I've even done a few oil changes.

I think we have a little fraternity going here. I owned an auto parts and repair shop for 24 years. I was put out of business by two chain stores each a block away. This was about 6 years before I go involved with taxes.

Wow, well we really have a lot in common. I worked as a master auto tech for years in dealerships. Always got paid on the flat rate system. Drove my wife nuts when it came time to pay the bills each month. Never got to the service manager position but was shop foreman which I really didn't care for. Also taught auto tech at high schools and community colleges for 23 years.

And they are offering 3 more hours the following week for a total of 5 hours

In Alabama, and abandoned spouse can file for a divorce. Client should see a family law attorney.

Yep, I know all about comebacks and warranty work. Husband is a now-retired mechanic, worked commission for most and then flat rate, and then worked as service manager too. On my end I've done the accounting and tax work for more than a few repair shops, quite a few gas stations, a couple of parts stores too, and a car dealer.

If the space is used exclusively for business then there is no problem (assuming this is outside of the rented apartment). You need to use it on a regular basis (rather than occasional or incidental) and also prove it was your principal place of business. The IRS has never set forth any criteria for "regular" use. In the case of Green, it was established that he met the regular use requirement by using his home office about 2 hours an evening, five nights a week. However, he was denied a deduction because he failed to prove it was his principal place of business per sec 280(A)(c)(1)(A). The IRS and case law have allowed OIH deductions for both a main home and 2nd home. In Moller taxpayers had an office in both their summer and winter homes; and established both were used on a regular basis; in their case over 40 hours per week regardless of which residence they were at for the season. So it boils down to facts and circumstances.

It is best practice to write down the "secret code" (and save it in a secure place) even if use use the QR code to set up the authenticator. You will need the code if you lose your phone or it breaks, and you need to set it up on a new phone.

Actually it wasn't until the TRA of 97 that the tax code started to change frequently. Prior to that the big major change was 86.

There is a time and place for Roths in a financial plan. There is a time and a place to do conversions (very low income years). Conversions are not the solution to all financial and tax plans. Tom Longview, TX

Right on!!! I get at least one every year. They get a free dinner to go to a seminar and get talked into converting and never hear or understand the repercussions. It makes me so angry. On the other hand, I have the clients who call and ask how much they can withdraw without owing any tax. Those are the ones that heard what I said to them at some point. I never really have liked Roth IRAs and probably never will. Like you, my clientele is primarily middle America or lower. I only have a handful of fairly wealthy clients and they are trained to ask for advice before they make a move.

I hear you. If you are in the 10-12% bracket and you think you will be in the 28% bracket in a couple years, it makes sense. I don't see it happening for my retired clients either. Tom Longview, TX