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"Go to the ATX forum, idiot."

But we have always done it that way with Turbo-Tax. Depreciation, what is that?

Tom beat me to the RIGHT answer!

Put your house in a trust Buy an SUV Move to Canada Have another child

What's the standard deduction for Charity? ...for __________? TikTok But my co-worker's refund is bigger! I'm self-employed; how much will I owe? How big is my refund? Ltr CP2000

Definitely "SALY!" Definitely "it depends" We need a big "maybe" on there. When in doubt "extend". and "Sharpen the pencil" In this town lately we could also have "create an LLC"

Ask your hairdresser Tom Longview, TX

If we were going to commission a special, tax-accountant's version of the Magic 8-Ball, what should be the "answers" on the ball? It depends $500 Answer hazy; Congress is in session Suggestions for others? Let's have some fun with this; be outrageous!

It is an SNT with the standard Health, Education, Maintenance, and Support clauses from what I am told. The trust will be funded upon her death to preserve her disabled adult child's SSI benefits. Her other children will just inherit from the estate. I wanted to familiarize myself with more information on the SNT to see what expenses the trust can deduct, as well as if the trustee has to pass any income via a K-1 to the beneficiary and what that will do to his SSI reporting requirements. The client has been working with a lawyer to update the Trust documents that were created many years ago. Her other children will be the trustees. Wanted to educate myself on these types of reporting. Thanks

Is it an ABLE account or a SNT account? It can be confusing to interpret what the client is telling us. If it is a SNT, then all income is taxed to the trustee. Not a tax advantaged plan. Take a close look at what she is doing and see if it makes sense for what she is trying to accomplish. Tom Longview, TX

It must be. I have never heard of a Wisconsin Energy Tax Credit on taxes.

If it's any help (NOT), I saw it the same as Catherine.

Thanks for all the comments. Looks like the "plan" won't really work. This is not "acquisition debt." Dan, I did research the (voluminous) instructions to Sch E, line 12. Lots of cross-references to other situations. I'm happy you understand it. Thanks.

How much of a Roth contribution did he qualify for in 2024?

How much is reasonable? What do most people take?

SALY Facts & Circumstances Usual & Necessary There's a Form for that Acronym of the Day

FREE REFUNDS!

These balance due notice letters should probably be a separate discussion.

I have always taken advantage of the discount

Of course I can't find it now, but wasn't there an admission that the IRS computers are sending out erroneous balance due notices?

Google released an emergency update for Chrome to fix a severe vulnerability. If you don't have Chrome set to update automatically, or if you close it infrequently, you should check to make sure you are up to date with the latest version. "The update brings the Stable channel to versions 136.0.7103.113/.114 for Windows and Mac and 136.0.7103.113 for Linux." https://www.malwarebytes.com/blog/news/2025/05/update-your-chrome-to-fix-serious-actively-exploited-vulnerability?utm_source=iterable&utm_medium=email&utm_campaign=b2c_pro_oth_20250526_mayweeklynewsletter_paid_v4_1_174792831761&utm_content=Update_your_Chrome

My Windows Version of Chrome is now updated to Version 137.0.7151.56 (Official Build) (64-bit) so a new update was released today.

I wasn't commenting about your post, I was just making a general comment about the almost daily warnings that I see online.

Ok, well this one came to me in an email that I get directly from Malwarebytes. Whatever version, users should check to make sure the software is UTD.

. For Android, the latest version is 136.0.7103.126, released on May 23, 2025. On iOS/iPadOS, the latest version is 137.0.7151.34, released on May 21, 2025. Frankly, there are so many so-called emergency announcements it's hard to know what's an emergency or what's clickbait

Articles in both Bloomberg Tax and the Tax Foundation say the Bill closes use of the PTET deduction by SSTBs. It also restricts the use of the 199A deduction by SSTBs. As a result the AICPA is putting a major emphasis on getting the Senate to remove these changes! Are we having fun yet