Terry D EA

I like the hobby income idea. No I did not use the per-diem for meals and snacks and I do have to talk to my client regarding any expenses. some good suggestions though. I want to see what others suggest before I proceed. Thanks, Terry D.

Okay, looked again and NOW!!! I see what you are talking about. Yes we were talking about the same form. I did see the County drop down but did not scroll far enough down. Found it and thanks for all of your help. Terry D.

I tried one more thing. I overrode the school code field and put in 99999 and still asks for the same thing. Terry D.

Thanks but I already have that box checked and still it is asking for the school code and district name. I unchecked it and checked it and still the same. I will update and try again. Any other ideas are appreciated. Terry D.

I am pretty sure I know the answer but money received for baby sitting is considered Sch C income correct? Client baby sits for friends for a total of 2900.00. No 1099's no daycare, but client is honest enough to report the income. So, Sch C with self employment correct??? I am just hoping there is a loop hole as this person is 42 years old, single, no kids, struggling like crazy and this self-employment pushes her out of the EIC by 150.00 and causes a balance due. Again just grasping at straws here. Is there any chance this could be considered other income on form 1040 line 21? Terry D.

Sorry, but I have to agree with Jainen, I thought it was answered quite clearly. Terry D.

May not have anything to do with it but, do both PC's have the same version of the software? If they don't then one of them may not calculate the forms properly. Don't know if this helps but just a thought. Terry D.

I did one of these a few years ago and will take a look at the paper work. It may take me some time as this is in an archieved client file that is put away and not readily accessible. The Goodwill should have been the only thing on the installment plan. The equipment should be listed separately which you said you knew about. Calculating the reposession is probably where you are getting confused. Once the default took place, the FMV of the equipment needs to be determined to return the equipment to the original owner which would be his basis in the equipment which could result in a gain. He can then donate the equipment back to the company (I am assuming this is a corporation) which would be his basis and the corporation could begin depreciating the equipment using the FMV at the time of transfer as cost. Alot of legal stuff here and I hope your client is seeking legal advice as these things can become quite complicated. Company names may have to change, re-organization, new articles of Incorporation etc. The one I was involved in, I worked with the attorney for 3 to 4 months, new name, new books, and a whole lot of work. Terry D.

Have a client who worked part time in PA and NC is their state of residence. The PA e-file is asking for the school district name and code. How do you input this when the return is marked non-resident???? They don't live in any school district in PA. Any help is appreciated. Terry D.

Yes, you can deduct it as a 179 expense or just list it as supplies on teh Sch C. Terry D.

Your post is a little confusing. You state your client sold the business organized as a corporation. How did he sell the business and still keep the corporate structure? In order to respond with a good answer, more information is needed. Which business did he sell gas station or real estate? What type of corporation is this? C-Corp, S-Corp? Indeed, if an S-Corp is organized for rental real estate, then the 8825 form would be used. Sounds like there is alot more here to consider. Terry D.

"my client did not conduct any business in 2008 and may not resume that business. However, she had bought furniture in 2007 that she has not sold. This should have been inventory. How can you count this as COGS when they were not sold? The previous preparer included these purchases in "supplies." I am not 100% sure if the furniture would have been listed as inventory on the Sch C that the income/loss would be the same. If it would, I would't try to reclassify and amend. Convert the furniture back to personal use and the gain will offset some of the loss. Terry D.

Welcome back Wayne! I am glad you got everything up and running. Good to hear from you Terry D.

I have looked and looked and looked for an answer to this question and have not found anywhere the questions as to how or why the 2008 military service determines eligibilty. I have done it the way Chowdahead explained. Only thing I have cleared the mud out of the water on is the taxpayers MUST have valid SS# to get the credit. ITIN's don't get it.

The costs of rent, utilities, supplies, etc are operating expenses and are not considered organizational costs or startup costs so they would not be capitalized nor amortized. I would deduct them as expenses on Schedule C with no income. Terry D.

I know it is early in the season and I have plenty to do and the S-Corps are still coming in but I am not ready to burn the midnight oil yet. May each of you have a restful evening and a better day tomorrow. Blessings, Terry D.

Been okay so far with me as well. I do very few bank products and have not had any trouble with the few that I have done. The only time I called support was when the 2007 files were not able to opened after rolling over to 2008. Support identified the problem and fixed it quite quickly. A quirk they are not sure why it was happening. I agree Tom, that looking at other programs is always a good thing to do. I want to see the Drake direct entry as well. I must admit, I have been using ATX since 1998 and really don't want to go through any learning curves. I have looked at some and still come back each year. Terry D.

haven't heard of it yet here in my area of NC. It does make sense though. I don't like wasting time either. I usually review a return for free and if the consulation takes longer than a half an hour than I charge 65.00 per hour after that. Hopefully during the consulation, I gain a client. Terry D.

Well KC you are right this board has not been around for ten years. I guess I was thinking about the whole time I have been involved with ATX and all of the fine people on this board and the old ATX board. Looks like I made to advanced member, now onto the atxaholics. Might take me three or four years but I'll get there. The rest of you may be grand poobah by that time. Terry Drummond

I am feeling a little left out here. I see all of these people gaining new statuses on this board. shoot, I am still trying to become an advanced member. This is post 100 and I am wondering if that gets me there or not. Oh well, I guess I'll have to post like crazy to catch up. Been here 10 years and still only a member. Geez! Terry D.

Thanks, I thought it was a form customization task. No problem, I'll change mine to save some paper. Terry D.

Eli, I know it has been a while ago that you posted this, but if you still need help, give me a call! I hope tax season is going well for you. Terry D.

I had one that was announcing her marriage last year. I asked where her husband was and the response I got was he was at home and had already filed his taxes with another preparer and filed HOH. This is a young hispanic couple and I tried to prevent them from getting in trouble with the IRS. She said she would get her husband and bring in his return for me to amend. She did ask what would have happened if she wouldn't have told me she was married. So, I gave her the script. You would have lied to me, I would have processed the return, you would have received a large refund that you were not entitled to. You would have enjoyed this refund until the IRS catches your lies and tells you to pay back the money plus interest you weren't entitled to and will kick you out of the EIC program for 10 years for committing fraud. I haven't seen her since. I think we all can guess what she did. Terry D.

He He!!!! Bstaxes I thought the same thing. Maybe he meant mom was "pickled" The worst one that I had was a kid that ate my business cards!. At that time I couldn't afford a printer and made them myself on an inkjet printer and you know what that ink does when it gets wet. Told the parent that letting their child eat those might not be a good idea. They didn't seem to see a problem with it. Haven't seen them since and I didn't get sued so I guess I am in the clear. Terry D.

You know the IFS and their infinite wisdom. They probably want to make sure you got it or some guy couldn't get his finger off of the send button. Sticky stuff from crispy cream donuts cause me to stick to the keyboard once in a while too. Terry D.