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Here we go again: Bubba: "Hey, bought a brand new pickup truck!! $100,000. All for business. I parked it outside so you can see it." Preparer (after glancing out the window and seeing two fishing rods sticking out the window). "That's great Bubba!! We'll see what we can do with your mileage log." Bubba: "Whaddya mean mileage log?? I want'chu to write off this whole thing." Preparer: "They won't let us do that. Only a limited amount of depreciation per year. Not only that, but if you take actual cost, you STILL need a mileage log." Bubba: "Only a limited amount of depreciation? I'll never get $100,000 depreciated out before the thing is ready for the junk yard. I don't need a mileage log either. It's 100% for business. I tole you that." Preparer: Mileage log?? Where do you drive? Bubba: "Everywhere in my business. Just got back from Myrtle Beach last week and my wife wants to see the Alamo in June." Preparer: "I'm sorry Bubba. I don't think I can help you." Bubba: "Well I'm sorry too. I can find someone to do what I want them to do. I'm gonna take my honkin' new truck to Slick Sam over in Yonder County and he'll fix me up." Ever happen to you??

Value of a company car is supposed to be calculated and added to the W2 if in a corporation. Sole prop is just prorated. I forget how partners are handled.

I think it depends on what the fees are for. "Concierge" fees which simply provide access (quicker appointments, a direct phone number, etc.), but where the medical care is billed separately in addition to the fee, are not considered to be for medical care and are not deductible. But "Direct primary care" generally means the fees include medical care, so they are likely deductible. The IRS has proposed regulations (REG-109755-19) which if finalized, would indicate when they are deductible, but I don't think they have been finalized.

Oh lord yes. It's one of the reasons I'm going 100% portal next year. I have asthma, so the smoke/scents are really bad for me. I copy them immediate, seal their originals in an envelope. Some are too strong even for that. People have no idea how much paper absorbs.

Years ago I met with some prospective clients who represented a merchant card services provider as independent contractors. They received a 30 % commission of their customers monthly merchant card fees. They were really good salespeople and were very profitable. They had paid a Million $ for a custom built bus style motor home and they really wanted to write it off as a business expense. They didn't like my answers and kept on shopping for the perfect tax preparer.

I'm in a rural area. I get farmers coming in with their dirty boots and the place smells like manure for days. I used to have a client that smoked a lot but reading this post, I don't think I have anyone that smokes now. Maybe they all vape now so I don't smell so it.

Ha. I hear the new truck thing often. Not the rest of the dialogue but they do think they can write the whole thing off.

Cigarette smoke and couldn't wait to get them out of my office. The firm I worked for early in my career had a seafood market, and the stench from its papers was nauseating. The owners knew it too because they and the kids would shower and change clothes after work. AIr out as best you can, keep the docs sealed up and in a separate area until ready to work on them, and get the work done sooner than later. Maybe you could put a box of baking soda or some odor absorber/neutralizer in a bag with the papers.

@Frog I like your dialogue. Sounds like the beginning of a short story. Perhaps, "Applachian Tax Cheat"

The state where the house is located will want their taxes, too!

Just combine the two items and use the Other code.

Have a client (on second vehicle now) who always buys the vehicle in the business and pays all expenses of the same every year through the business (vehicle is definitely not business use). I make a journal entry in the books every year moving the vehicle expense to owners draw. 14 years running. We never discuss it. Don't ask/don't tell. I'm not hiding it. The client does his own daily entries in QB.

I have one every year that smells incredibly strong ... like a jar of pickles. What the heck could that be? Definitely working from the scans on that deal, but my poor scanning staff!

I've had to dummy up a 1099INT before. One fallback on OID: there is a de minimis rule (Pub 1212) if the OID is less than 1/4 of 1% of the instrument. The pub gives an example of a $1,000 instrument with OID of $20--this is not reportable as it is less than the $25 threshold for a $1,000 instrument. There is also information in Pub 550.

My clients so far have been reasonable but a few - the few - seem to take offense when I ask about missing document X and list of Y expenses. And get annoyed when I have to remind them again after they inquire as to the return status. Just a few cranky folks can spoil the day. Then there are the super nice ones who express real gratitude - they are a gift.

One important distinction is that originally filed returns must be filed or postmarked by the due date, but amended returns must be RECEIVED by the due date. Efiling, thankfully eliminates this distinction.

And I busted my hindquarters all afternoon on Monday and got abso-bleeping-lutely nowhere. Might as well have gone to the movies. And I detest movie theaters! Anyone else so fed up with this season that there is just nothing left to give? Everything from all my clients is in more disarray than prior years - and by a lot, not a little. I have come so close in the last several days to telling a raft of clients just what I think of them at the moment that it's not funny. Maybe I ought to stop answering the phone for a few days.

Had one lady years ago who would bring her docs in one of those Dutch butter cookie tins. Everything smelled of cookies. Finally told her that if she was going to do that, to leave me a couple of cookies. The next year she brought an envelope, doggone it all.

Continue reading the instructions. There are two parts to 199A income which are computed separately (for carryforward purposes): Qualified Business Income (which excludes PTPs) Qualified REIT dividends and Qualified PTP Income/Loss

There should be an entry for Line 20, Z on the K-1. As Abby mentioned, scroll down past that to a separate "Section 199A Information" to make entries.

It's a miracle