JonesTaxPro

Question for anyone who knows! I have a friend who's son is trying out for the next Summer Olympics and would like to raise money for expenses through fund raisers. Is this money taxable or is it considered gift money and therefore not taxable? Any ideas or thoughts on the matter would be appreciated!

Created and submitted two this morning!! Went through just fine! Yeah!

I am getting the same thing??? Spouse died on Thanksgiving. Can't believe there would be 2 on the same with SS putting the wrong date in. What else do you think???

I am trying to figure out where to put the MA income earned on a Non-Resident? Reading the instructions, but any help would be appreciated. Taxpayer has 7 states and this is the only "problem-child". Would like to get this return done soon so he can get his refund!! Thanks all. Sara

I have an AL non-res return and my client is getting a $9 refund, but when I go to the EF form, it says he isn't getting a refund. Am I missing something? He only worked there a couple of weeks. Any help would be appreciated. Sara

I have a client who installed some insulated Garage Doors in 2010. Would that qualify for the Energy Credit under the "any insulation material or system that is specifically and primarily designed to reduce heat loss or gain of a house when installed" The garage is attached to the house. Tentatively leaning towards does not qualify, but would like some feedback on it.

I am working on EA also. Passed the individual one the first time!! Busines one another story. Will take it again after tax season. Need more studying on Basis on corps, estates and trusts and IRA's. Not an easy test, plus driving 3 hrs one way to take the test. Good luck to everyone who is taking it.

Thank you for all the help. I hadn't been able to find anything specific, so I appreciate all the help.

I have a client who built a new Taco Bell this year. Normally 39 yr depreciation, no questions asked. However, there is a Middle Class Tax Relief Act that passed and it gives a provision to extend the accelerated depreciation of qualified restaurant buildings to 15 years. I have been searching the IRS website to try to find this beast and no luck. I am going with 39 years for depreciation. Any help would be appreciated.

Thank you!! I appreciate it. have a great weekend!

Hi Marie - I don't have an answer for you, but I do have a question for you. I am preparing a Wis return and my client worked in MO on a couple of jobs. Is there a MO Non resident form to file? Good luck on your question. Thanks Sara

I have a Wisconsin E-file ready to go. Any idea when the form will be ready to e-file through ATX? Have heard that other tax programs are up and running already. ie: TaxWise

I have printed off the 2005 test from the IRS. Is this a good start to study for the test? Has anyone worked with the Fast Forward program? $$ wise it is more in my budget, but how good is it? I have also taken the H&R block course (ok) and a course through our local tech school (much better). Any help would be much appreciated.

I am going to be attempting the EA exam this summer and would like some suggestions and opinions on which study guide would be the most beneficial both educational wise and financial wise. I have looked at Gleim Products and Fast Forward Products. Comments on either or both or other suggestions for study guides. Thanks Sara

I agree with Terry on the 2 separate set of QB for each company. I work full time as an acct for Taco Bell. He owns 4 stores and I do a P&L by Class to separate each store, but it is under 1 company. As for the balance sheet you have to have each store with their own set of accounts. It does work, and I export everything to a spread sheet every month to make it easier to read. He also owned a Quizno's which I set up another company under QB.

I have a client who calls in ahead to make sure I have the "beans", jelly beans that is:) Have to make special trip to store to pick some up.

This is going to be fun:) TP received settlements from Exxon-Valdez spill many years ago. Didn't receive 1099. How do I claim and do I have to claim. Tricky part - There are lawyer fees (deduct or not- assuming no) Also, had fed withholding taken out. Now comes the fun part. TP owes IRS from back taxes, so withholding was confiscated by the IRS. Do I need to claim the settlement as income as Fed WH was taken out and applied to back taxes already. Really could use some input on this one. Plus wife will claim injured spouse, so this doesn't affect her. Thanks.

A prayer for a solution that is best for Barbara. Our thoughts are with her and her family in this trying time for them. God's blessing to all.

KC - From your mouth to the voters pens:))

Take care of yourself. Family comes first before taxes anyday. Stay safe.

I agree with Catherine. We are a Republic. The majority has been silent for too long, letting certain minority groups decide what should be done. I applaud this veteran. He is part of the silent majority that are taking back our country and doing what is right. Bring pride and honor and dignity, instead of apologizing and hiding.

Thinking you are right (yet again ) So I will put $250 in line 10 as he received full year of SS and click yes to 11. That is what I thought, but just wanted to double check with the experts:)

Ok - first Schedule M with Social Security. Client says that he didn't receive the $250. Well, he doesn't remember receiving it. My question is on Sched M, Line 10, I would put 0 for the amount and click No on line 11. He did receive some pensions, but not government. This is sooo confusing. Am I reading this right? Please help. Sara

Someone to aspire to and model ourselves after B)

Yes, I agree that there is more to the story. Like I said I talked to her last night and clarified some of the story. I am letting TP do most of the leg work on this as this is her mess and I am trying to stay out of it. I just wanted some opinions on how to handle this and if I should tell TP to keep going or to just chalk it up to experience and forget about it. Thanks for all the input.