D Eckerman

Thank y ou KC,

Excellant advice and what I was looking for - especially the court - appointed etc... I agree on the atty also but small town and someone is helping her but I'll see what I can do.

Thx again.

Darlene

Hi, A newly married couple - Dec 2006, moved to IL in March 2007, to run a crop dusting service. His LLC as a sole proprieter is established in WI. He did not change anything there but set up a bank account in IL.

How does the surviving spouse access this account and close out the business?

WI is community property but IL is not....

Help please, her attorney in WI doesn't even know what to do - plus after our experience with our son and probate,, I want to try and minimize her atty fees, etc. The estate is worth less than $200,000 - business equipment are the only assets.

Thank you for responding - And thank you fro being here over the summer - It has been crazy and now I'm finally back to taxes,

D

I prepared the 1040 and the 1041.

Client filed the Estate informal account on $36,000 from a CD and Savings account.

Then they found the $24,000 of Series E bonds with $100,000 of interest.

Now do they have to Re-file and pay more for the probate filing fee? Is there an amended return for this? (this is the favor for a friend thing)

(however, I do have my son's paperework from my attorney to follow! )

Thank you D

my 2 were same office but different auditors

Every single receipt to back up the Sch C! All in order, all added up.

COMPLETE mileage log - when, where, why, reason, time, date, etc!

Income for one as it was low and a loss... therefore is negating expenses

other - income was good but still a loss due to sec 179 - wife had high income and took a second look at the site and queried all the equipment use.

Both ignored pretty much everything and expect it to go to appeals

WI does not require an employer to pay for jury duty - per prior postings...

Not taxable was an incorrect way of putting it - sorry

D

THAT'S SORT OF HOW i SAW IT...

wonder how the CPA rationalizes it..

thank you!

I searched WI DWD and WI is not a taxable state - just says if employer pays, add to their wages and jury duty is not taxable...

resturant cook has been called to jury duty. Owner says they told her she must pay her the hourly wage for the time she is missing... Is that correct?

Where would I look? Thx

why under current law is it hard to discharge consumer debt?

Atty says... can keep your house and rental and vehicle, just get rid of credit cards...

2nd job - she has 2, they are split up now, he has 2 - gambling and a good paying job...

so is the atty lying? what organization has proven to be reliable to help people decide?

Thx

client can't make house payments due to ARM @ 11%

credit cards high and paying mostly interest only

Atty advised bankruptcy on credit cards as only option

is that the way to go?

any ideas, comments

do you have Quickbooks for your clients? We converted everything in billing from Medlin to QB this year..

No, only mail

Business says local car dealer supplies a car for detective work and his CPA firm takes a full deduction of the value.

After the car is recognized - 1 - 4 months, they switch it out. He gets it back to sell....

Wants to know why I am not doing that for him?

Could it be the reduction in cost vs sale - altho' I am sure he is able to sell the car for more than he paid for it even after being used...

any ideas?

Hi Marilyn,

Stae goes back forever om sales tax and on WI, I just got a notice for amounts due from 1997, 1998.1999

How generous!

plus the number of legit WI EIC's being questioned is too many!

I'm staying with with ATX for now...

excellant!

tax advocate told me last week if the IRS asks for 1999 or earlier to give her a call... 2000 and forward were open yet as they still needed to be filed

D

In these csituations, his/her school financial aid office should be able to help - that has been our experience W visit in person seems to work best.Good Luck

as I review prior year's Sch SE and The Ministers Guide for 2006 Income Tax - iam getting more confused!

Taxpayer teaches at a Lutheran college and receives a regular W-2. However, he also receives a housing allowance of 16,200.

He has self-employment income of 18,000 with expenses of 18,500 and office in the home of 350 ( as the utilities etc are carried forward as not enough income to deduct)

Is the SE as simple as Sch C plus the housing allowance for SE tax?

Or can he deduct his expenses for the house against it before he pays se tax? When he was a W-2 minister, I allocated etc... but now it is a little different scenario.

Someone please help clarify this for me.

Thank you D

Possibly an LLC might help - a single member treated on just sch E's would not as that would show the same as his return now. Don't they ask assets vs liabilities? My rental people all have loans against and therefore there isn't any asset against the FAFSA. However, if he has equity maybe he should leverage that for school costs and pay rather than the government supporting his child...

if it is inblue - it will let you thru if you've everything correct with the transaction. if red - use $1?

HSA = I think I finally figured them out this year - I know last yeat people got credits!

First Marilyn, like you said... - what is their deductible But it only comes into play IF they put more into their HSA than their employer OR after tax dollars. Many places here, people are adding but it is pre-tax and then it is supposed to show up in box 12 as code W.

The federal credit is only for their taxable dollars put in up to their deductible!

IF they get a credit, on WI I, then you have 0 for fed wages and say 2800 for the additional or difference between box 1 and 16 on the W-2.

Then is they received a credit on the federal pg 1, I usually show -1200 for federal and it adds it to WI.

The out-of-state I was talking about was the credit to WI tax if a taxpayer paid tax to another state and it was eligible to deduct against the WI tax due. The WI 1 book says see the OS owrksheet - of which I cannot find and on ATX, you cannot bunny hop to a worksheet either, you must override the line.

client says... and you know they always know!

That on "Money Matters" , they do not have to pay tax on the bonds as they were inherited. AND she says they do not have to pay tax on the interest from the bonds.

Now I found they can take a 454 election and treat it as the deceased' income on his 1040... but it is still taxed.

Am I wrong? (It would be the 7th time this season - ha ha )

TOO good of questions Bill!

How did you do WI out of state?

thx D

yes he has income but it is not taxable income - just return of money he already spent. The income would be taxable as only the amount of what he paid or was given a tax benefit - such as depreciation if used for business. If not business, it is personal and personal losses are just lost.

Hello all,

I have procrastinated long enough on this...

Uncle passed away, no 1040 due as very little taxable income -set up asd revocable trust.

Looked like very little in estate.. except 23.000 of bonds surfaced with 107,000 in interest!

When I put this into the 1041 - it shows about 36,000 in tax due.

Is this correct?

Thx D

ps = please reply asap as they want to know how much money they get to spend.

pss - there is a will and an executor