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Happy birthday in advance!

These comments are all very enlightening and I can relate to most of them on some level as part of my practice. I'm always looking to improve efficiency, and I see that all of you have your niche in that area making it easier on yourself and pleasing clients. I think Abby's 3 monitor setup is something out of Biosphere 2 which makes it professionally suitable for tax preparation with ease. I do use two monitors which makes it easy when clients send documents that I can easily open and yes, sometimes difficult when they don't set it up properly. But my most frequent method is the one hand typing (my non dominant hand) and being able to hold a pencil or marker in my dominant hand while turning pages. I never thought of this until now but maybe it will help to keep dementia at bay.

I am in the running for youngest on the board. I have not turned 60 yet (but I am knocking on the door - like days). Tom Longview, TX

One of mine that retired said, "You better quit when the cows can run faster than you can."

Let's just say that we all do the same job with different methods. For instance, behold the desk of Elsi who is 101 and doing three returns a day. Her desk is an orderly mess. I don't even see a computer, so am assuming that she is still using a typewriter and carbon paper. Re: Judy's post regarding the age of tax preparers.

Jim, you're still a decade younger than me, so enjoy it while you can!

Those look sweet. I think I have monitor envy.

I think there is a trend here with outsourcing to India. Back when I bought the Gleim EA study course, Gleim setup discussion groups which was and wasn't helpful. At the time I had at least 20 years tax prep experience and passed everything the first time. My point is there were a number of folks from india and other countries in the group. Some admitted to never preparing a tax return but taking classes to be an EA. I guess because you have EA at the end of your name doesn't mean you know squat. Kinda scares me.

Happy Birthday, @BulldogTom!

I felt the same way, until you had to go and make me feel OLD again! (68 is coming fast )

Whippersnapper.

Reading that all of a sudden I feel like a youngster at 66.

Reminds me of the old tale of the farmer who won $1M in the lottery. Asked what he was going to do now, his reply was "Keep farming until it's all gone." God bless them all, because without them we would not eat.

At least you are confused at a Higher Level, and about More Important Items!

Seriously old school. I noticed that I was always holding the paper documents up and typing with one hand, so scanning the documents to read on screen was a no brainer for me. Also, no longer needed a magnifying glass or good lighting.

Geez, and I thought I was the bees knees with my single new curved 32 inch monitor. I just can't keep up with the youth of today!

Nice! Are we ready for liftoff?

"Caution! You cannot exclude income you receive after the end of the year following the year in which you did the work to earn it." https://www.irs.gov/individuals/international-taxpayers/figuring-the-foreign-earned-income-exclusion

And you get work that is worth about $5/hr, for the most part.

Getting the son's W-2s and he will be claiming himself this year. Got the bursar's records and $8500 of student loan funds were applied to spring semester so we should be good to get some education credit on son's return. Thanks for everyone's replies..very much appreciated

Texas AM has some seminars, but none right now. I think I will be attending when they schedule again this Summer/Fall. Tom Longview, TX

University of Illinois Tax School has a farmers' tax seminar each year and might sell the text separately to you. Texas might have similar learning opportunities. State Universities often have "Extensions" that provide education and services to farmers and farm tax preparers (and to anyone really, so if any landowner needs help with what's wrong with their grass/soil or what plants would grow in their area or what's going on with their well water or...).

Just upgraded from three 24 inch monitors to three 32 inch curved monitors. Measured horizontally, it's just shy of 7 feet of screen space, because screens are measured horizontally. My eyes are so happy! (Excuse the mess!)

1. Tell them to check prior year returns, and count how many years the credit was claimed. You're not mommy or daddy, you owe them nothing. Especially how to circumvent paying you for a service while still getting service answers! 2. You can't force them to pay, nor withhold their documents - you can only withhold your work. I'd demand payment in full before I spend five minutes talking to them, unless they have a good reason for going dark. Like, away on vacation, illness in family, or similar. 2a. This year for the first time I'm demanding pre-payment at last year's rate plus 5% from all clients, with adjustments for new complications or easier returns at completion. Spent way too long chasing just a handful of people last year (one lady stalled for seven months). At my billing rate it meant I did some of those returns for free (billable time lost chasing). Figured I'd have tons of pushback, and there has been none whatsoever. New clients must pay in full before they get any e-file signature form put in front of them. Cash, check, credit card, PayPal, I don't care - as long I I don't have to chase them later.

For No. 1, I would have sent him a copy of the instructions for form 8863. If that doesn't help, there is HTB's online helpline. For the next time you have a No. 2 - get an upfront retainer and then have them pay as each return is finished. If I can reasonably estimate what all three returns would cost, I offer a package deal with a 10% discount for prepayment.

Found this at irs.gov, so maybe I've just not noticed a "superceding" box on ATX. And I learned to spell superseding. Thanks, again! "Additionally, a new, electronic checkbox has been added for Forms 1040/1040-SR, 1040-NR and 1040-SS/1040-PR to indicate that a superseding return is being filed electronically. A superseded return is one that is filed after the originally filed return but submitted before the due date, including extensions."

Yes, the superseded return is similar to an 1040x but it replaces the original instead of changing it. The reason the parent's return was rejected is obviously because a return was already filed using that SSN. That's why I said to replace that kid's return by making it belong to the parents since the dad's SSN was used to file it. The IRS system actually thinks that is the dad's income on that return. Superseding that return with all of the parent info will correct that record filed under dad's SSN and will change the filing status from single to MFJ and whatever dependency was claimed, because if the kid should have checked that box for being claimed as a dependent, the IRS system thinks the dad is being claimed by someone.

It's actually a daughter, same last name as dad (and mom). I have both returns, parents' has been rejected, can't e-file parents, now, of course. Regarding superceeded. (Not an option for parents, as parents' return has not been filed yet.) That's just a 1040-X filed before the due date, correct? ATX has ability to e-file 1040-X, and dassit, as they say. Thanks, Ladies. At least both returns have small refunds, daughter will get hers, and I will offer parents a loan of refund amount until they receive refund in six to 48 months. They're sweet and won't accept it, but it's still embarrassing.

It's a shame this stuff happens and probably has happened to all of us at least once. I agree and my businesses do pay me monthly as well and tax return clients pay when the return is picked up. Any resolution work, if I take any, requires a retainer upfront.

Update - Client #2 has contacted me and set up an appointment for next Saturday to pay and finalize. We'll see if it actually happens.

It was checked so if there was a sufficient payment applied to 2024 that exceeded the $7000 of scholarship we should be OK for 2024 and the son has no taxable scholarship to report in 2024, right? Art

The partnership files 3468 with its return and the solar credit information including basis is reported in part VI, section B of that form. It may also need to file form 3800. Please see the instructions for form 3468. Specifically, see the heading "Specific Instructions" and the right under that are the detailed instructions for S Corps, Partnerships, Estates, Trusts that lists the lines to fill out and required information to give to the partners. You are correct that ultimately this information is on the K-1 in box 20, code E with a statement attached that gives each partner the information needed for them to each complete their own 3468s on their individual returns.

Wrap your arms around a list of depreciable assets. Farm equipment is expensive and depreciable. Also breeding cattle are depreciable if they were paid for. A bull is nearly always paid for because a calf raised to be a bull will have cross-breeding problems and can sire out very sickly calves. Farmers have some advantages with respect to treatment as a "hobby" that other businesses don't have. To begin with, IRS will be deliriously delighted when farmland is ultimately sold. as the gains can easily eclipse the total of all previous losses. Also a landowner must do something productive on his land or else it will grow up in ruins and barns will dilapidate. (Timer would be an exception). And there is also the profit motive. A "farm" with 8 acres and one cow is a hobby. Make sure all income is reported. Payments of $7000 for feed and only $1500 in calves sold is a warning sign, unless the calves are being held over the winter for sale in the spring. This practice is not very common since it is horribly uneconomic to keep livestock in winter months. I do around 25 farms in Tennessee every year. Most of them do have losses that i feel are legitimate, and some have profit. Some of them have small losses and occasional profits. Many of them move from losses to profits when their expensive equipment becomes depreciated.

That depends on if they are held for market or breeding. Raised livestock do not have any basis whether held for breeding or market. LIvestock purchased for breeding are depreciated. Livestock purchased for resale are inventory. Sales of raised breeding stock go on part one of 4797 and are capital gains. Sale of purchased breeding stock go on part three of 4797 and subject to depr recap. Those two statements lead to the possibility of a hobby versus business. Proceed with caution!

These are the monitors I got on sale for 139.99. https://www.lg.com/us/monitors/lg-32mr50cs-b-fhd-monitor

I have three senior couples that I do that for, and I've done their work for almost 40 years now and consider them friends too.

My favorite is when the download the PDF of their brokerage 1099 and instead of sending me the PDF they print it out NOT ROTATED to landscape, so it's tiny. That's just stupid.

Or, they only send you the odd numbered pages!

I could never do that. I ask too many questions. Also, I am with Lee. One monitor and paper copy. You know what they say about an old dog. I have no room on my desk for another monitor. I will jump ship before I even try to catch up to some of you.

So you prepare most of your tax returns while your clients are sitting there and following along? I don't think I could do that

Your mess isn't as bad or any worse than my mess and I only have one monitor.

you can get a bookkeeper in India for $5/hr

There is a growing shortage of Accountants and Tax Preparers. Ten of thousands of accounting/bookkeeping jobs are being outsourced to countries like The Philipines, India and South Africa.