Pacun

It seems a straight forward installation. Each year we install the server portion on the first computer and are ready to expand to a network version. Some of us don't use the network version because we don't have the resources (in my case, I don't have a second computer). In some other cases, they don't have a fast enough network, the knowledge or need to run a network version of ATX. Keep that in mind. All you need to do in your case is to map a network drive to the existing server (your 2009 Tax year work computer) from your new computer and install from there. Both computers will use the same data and only one will be able to work on a client at a time. The book that came with the new 2010 software on page (lucky) 13 shows how to do it. I believe step 2 is missleading since you will not find the server icon without, first, mappinp a network drive to the "server". You should call tech support and ask them so maybe they correct their mistake for 2011.

There are few topics as complex, frustrating, and as misunderstood as taxes. T. Davies, professor of accounting at the University of South Dakota, explains the impact of tax reduction through a remarkably understandable analogy that is both entertaining and informative. "This is a very simple way to understand the tax laws," says Professor Davies. "Read on, as it does make you think!" Here's his analogy: "Let's put tax cuts in terms everyone can understand. Suppose that every day, ten men go out for dinner. The bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this: the first four men, the poorest, would pay nothing; the fifth would pay $1; the sixth would pay $3; the seventh would pay $7; the eighth pays $12; the ninth would pay $18; and the tenth man, the richest, would pay $59. "That's what they decided to do. The ten men ate dinner in the restaurant every day and seemed quite happy with the arrangement --- until one day, the owner threw them a curve (in tax language a tax cut). "'Since you are all such good customers,' he said, 'I am going to reduce the cost of your daily meal by $20. So now dinner for the ten only cost $80.00. "The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still eat for free. But what about the other six--the paying customers? How could they divvy up the $20 windfall so that everyone would get his 'fair share?' "The six men realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, Then the fifth man and the sixth man would end up being PAID to eat their meal. So the restaurant owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay: as before, the first four men paid nothing; now the fifth man also paid nothing; the sixth man now paid $2; the seventh paid $5; the eighth man paid $9; the ninth man paid $12; leaving the tenth man with a bill of $52 instead of his earlier $59. Each of the six was better off than before. And the first four continued to eat for free. "But once outside the restaurant, the men began to compare their savings. 'I only got a dollar out of the $20 reduction,' declared the sixth man, but he, pointing to the tenth. 'But he got $7!'. 'Yeah, that's right,' exclaimed the fifth man, 'I only saved a dollar too; it's unfair that he got seven times more than me!' '"That's true,' shouted the seventh man, 'why should he get $7 back when I got only $2? The wealthy get all the breaks!. 'Wait a minute,' yelled the first four men in unison, 'We didn't get anything at all. The system exploits the poor!' "The nine men surrounded the tenth and beat him up. The next night he didn't show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered, a little late what was very important. They were now Fifty-Two Dollars short of paying the bill. Imagine that! And that, boys and girls, journalists, and college instructors, is how the tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up at the table anymore. "Where would that leave the rest? Unfortunately, most taxing authorities anywhere cannot seem to grasp this rather straightforward logic."

Correct. But that will put the children (when they grow up) in the same situation of the father, filing taxes for a country they don't live in AND in the case of the children, a country they have never visited. ALSO, Having a US passport is a great thing when we visit allied countries but it could be a very dangerous thing elsewhere. Poster didn't say what country we are referring to, so a lot of speculations will be posted.

Your suggestion will create a lot of traffic to the IRS website since TurboTax users/preparers will prepare extra returns using Turbo Tax and then connect to IRS and use a pdf fillable form from IRS.gov and mail that one or simply use the free efiling from the IRS website.

The very FIRST thing you need to do is to look if the foreign country has a tax treaty with the US. It will also be helpful to have the tax return they filed with the foreign country and the last US return filed.

Very good question and I wish I had an answer. The way you are doing... it is correctly calculated by ATX since sch E uses the car less than 50% business. You don't have a problem on schedule C because you use it more than 50% for that activity. This sounds crazy but this might be the only way ATX will be able to handle it. Let's say your car cost $25,000 and you use it 50% for sch C and 40% for sch E. Let's say we run this car 25,000 miles in the year(10K miles for rental, 12,500 miles for sch C and 2,500 for personal) Just in case we have limitations, I would enter total cost of the car on asset input. I will also enter the total miles (90% business) and the section 179 and special allowance amounts. I would print this figures and have it for my records. (I would delete this asset or modify it and use it as the one for sch C below) In your case, I will input 2 cars: One costing $15K and the other costing $10K. The one costing $15K will be for your schedule C and personal and I will enter total miles 15K and this will be 90% business. The other car (costing $10K) will be 100% business for schedule E and I will enter 10K miles. (Remember that depreciation will be added to the real estate depreciation). I will have to divide all expenses (60% and 40%).

From the top of my head, I will answer ONLY the last question. By contributing to the SEP, she is under a retirement plan with "her employer". She doesn't qualify for deductible IRA, but I have noticed that ATX allows it by mistake. Since this taxpayer is not making that much money on her Sch C (and husband makes a bunch), she will be better off by contributing $6,000 to a regular IRA instead of $2,500 to a SEP.

"He always began by mentioning its quiet operation, and how the only sound you heard was the cooling fan. As he powered the analyzer up, the fan didn't start. Not missing a beat, he said to the customer "Looks like we have one of the new 'Solid-State Fans' in this one", as he just casually proceeded to demonstrate the analyzer.

I think you will need to close the first LLC and open a new one. Amend any taxes on the old LLC and start fresh and correctly on the new LLC.

How about line 21-other income each year since she is not getting a lump-sum distribution.

Give us some numbers and we might be able to understand better. For example, Keogh contributions were $30K but it grew to $40K and those $40K were rolled over to an IRA. Non-deductible IRA contributions totaled $20K. Currently there are $75K in the rollover IRA. Just by looking at the numbers, any one would say that the percentage is 66.67 for Keogh and 33.33 for non-deductible IRA. If that percentage is a very conservative number before the IRS, you might want to go with it. (I believe amount rolled over from Keogh is important, not the amount contributed). How about this: Imagine that the Keogh rollover occurred in 1990 and that the non deductible contributions were $5K each year for the last 4 years. Do you think you should make calculations every year since your non-deductible contributions didn't make any money and the percentage will change? I think we need amounts and years to make a good calculation.

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No, based on what Don said previously. All preparers (no EAs or CPAs) MUST register with NY. Registration is free if you prepare under 10 returns or $100 if more than 10. According to LION you can efile if you are register to efile with the IRS. How about states that require separate efiling registration? I know NJ requires separate efiling registration. Any other states that require separate registration for prepering returns and for efiling?

I know that New York requires a preparer who files any return to register. Registration is free for 10 or less returns and $100 is charged if over 10. That is true for paper returns. I think I read somewhere that if you efile with NY, there is another e-file registration. Is that the case?

Did you receive the CD along with the blue book? I only received the blue book and I wonder if the CD was lost.

If the beneficiary of one of the IRAs is her nephew, Terry D, do not take out the money from that IRA! Use the global amount from all IRAs and take it from the other IRAs. Agree?

I received ONLY the blue ATX User Guide for Tax Year 2010 on a destroyed envelope. Should I have received the software on the same shipment?

7. Jane bought an old mountain cabin as a second home and began to remodel it. Immediately after she had removed the old appliances and cleaned the cabin, a fire destroyed it. The cost of the cabin was $100,000 (including $10,000 for the land). The fair market value (FMV) of the property before the fire was $120,000 ($105,000 for the building and $15,000 for the land). After the fire, the FMV was $15,000 (value of the land). Jane collected $85,000 from her insurance company. Her casualty loss (before applying the $500 and 10% limits) is: a. $-0- b. $20,000 c. $5,000 d. $15,000 1. Sam uses his personal vehicle to make business deliveries. He submits the number of miles he drives to his employer and is reimbursed an amount per mile which exceeds the federal rate. Sam’s actual expenses are more than the federal rate. His employer includes the amount up to the federal rate in box 12 of Form W-2 where it is not taxable to Sam. The excess allowance is included in box 1 of the Form W-2 as wages. How should Sam report or claim this mileage? a. file Form 2106 to deduct the excess expenses b. repay the excess to his employer c. he cannot claim any of the expenses since his employer reimbursed him for all expenses d. if he files Form 2106, he need not reduce his mileage expense by his reimbursed amount Can someone answer these questions?

10% penalty is waived if used for qualified post secondary education for Tax Payer, Spouse or dependents.

Go Windows 7 professional, 64Bit AND just close you eyes. Where you are going, you don't need eyes. That combination is the best ever.

File a 1041 using the amount on 1099 as the income portion and then distribute to the beneficiaries the amount they received.

The IRS doesn't care what number they use at work as long as Tax Payers correctly report their income. Everybody knows that.. and that's the reason why we have ITINs. All people with ITINs don't have work authorization in the US. I don't understand your explanation or question about amending the return. I believe a lot of people don't understand either and that's why you dind't get any responses to your post. Please give us more details about the amended return.

If he wants some LLC protection, he needs to register a new one.

We are here.

That's what I try a lot of times. it helps to keep the subject alive. I agree, Jainen is right. So, If a client says: I have ran my car 2,412 business miles becuase my employer sent me to a different/far away location for 2 months. After I agree that those miles were not commuting miles and TP didn't get reimbursed by his employer, I should asked: When was that? Let's say that TP says January 1st, to March 1st 2009. I should asked: How much did you pay for the car? Let's say that taxpayer says $10,000. My next question will be: How much was the FMV of the car on January 1st 2009? If the tax payer says: $800. My next question will be, how many miles did you run your car in 2009? If the tax payer says 24,120 miles, I will say: The itemized deduction benefit will be $80 and you car will be fully depreciated (10% business usage). Correct? What will happen when my client goes to you next year and he ran 2,000 business miles on this car and he ran the car 20,000 miles (same 10% business usage)? How will the IRS or you know that I fully depreciated this car? Will that change if the car was only ran 4,000 the whole year (2010)?