Margaret CPA in OH

Okay, materials, not supplies. Technically, yes, cogs but he doesn't keep inventory and at his level of business, I don't get all the niceties that one would hope. He had income of $4450 for a couple of odd jobs one of which was installing some windows. The total cost of the windows was not $1978. Frankly, I didn't ask him to segregate and itemize every expenditure as he lumps it all into supplies. And they would be cogs materials and supplies anyway. Are these not subject to the same criteria? It would be ideal to treat all clients exactly the same whether $445,000 in income or 1/100th that amount. I'm lucky to get what I get as it is. Real world, but I believe he is honest and the bottom line comes out the same. It has been my understanding anyway that materials and supplies are, well, materials and supplies. Guess not. Alas, retirement looms very large in my horizon and, like some others here, I will now go whimper. I tried to get rid of all business clients a few years ago. Time to shed them all, methinks.

Added automatically? Ummm, not in this case. I just checked again and, nope, no elections statement. Perhaps because there was no depreciation?

Well, I think I will just mail it and hope for the best throwing myself on the mercy of the agency. I'm sure not to be alone.

Rita, I love being called 'normal!' So an amended return before 4.15 will suffice - maybe. This is, of course, the only EITC client that I have, wouldn't you know. It's all legit (broken back, wife works in a bakery for $22,000 with 3 kids at home). I have all other i's dotted and t's crossed, my 8867 on file, back up records, but don't want any issues. Also, Ohio has now decided to crack down on identity theft so are sending out letters to, apparently, early filers to prove they are legit. My son got the letter as did another retired client. They both were filed about 10 days ago. Now I'm getting paranoid - will they be after me next?

I just efiled a client with $1978 in supplies (mostly windows on a remodeling job he did earning $4450). He's a disabled self employed contractor who shouldn't be working at all after breaking his back last year. Anyway, I have a signed policy for materials and supplies, held the return until I got it then promptly forgot to include the election. Suggestions? He may not work at all in 2015 but that shouldn't matter. I goofed!

Hmm, would there be any joint funds in that account? Were there ever? Would the husband have transferred some money from his account to cover his share?

There is another form in ATX, Home Office Exp. The second tab, Expense Input, has the fields to input actual expenses. If you click on any of the indirect fields on 8829, the Home Office Exp worksheet is an option if you don't already have it open.

A client has been unable to find an EIN for a seasonal business known in this area. Client just asked me if I could find it for pay! Do any of you have a favorite site? I can register for a free trial on a couple but thought a reference would be good.

Help! I'm falling out of these trees and I can't get up!

Doh! Good point Jack. So contributions may be possible but not deductible as charitable in any event.

I think travel expenses, mileage, lot fees, etc. would also be deductible if the primary purpose was this charitable effort. See Pub. 526. While lodging expenses, under certain circumstances, are deductible, taking part deduction for the RV may fall under the prohibition to taking a deduction a partial interst in a property. I wouldn't take it unless it was used solely and exclusively for charitable purposes which I doubt. I agree with Gail and Ron.

Randall, come join us http://www.queencityrunningclub.com/I'm listed on the About page under coaches. You need a break, right? Tonight we have Happy Hour in Covington after our splits workout.

Way to go, Bob! Columbus is a great course with great crowds. I ran as a coach a few years ago and might be there again this year. I will be running the Queen Bee Half the week before and the full Flying Pig next May. That would be my 8th and last (famous last words) full but hope to keep doing half courses. Are you training with a group or on your own? If on your own, do you have a schedule? Let me know if you would like one as I have several years from training groups. What is your goal? I have found that those runs during tax season are great stress relievers. As I work from home, I often would run during mid-day just to get out. Be careful on slippery routes. I fell 2 weeks ago on a 5 miler and ended up with a black eye from the black ice. Good luck even though luck has little to do with success. All the miles you put in will determine the outcome.

Fifth Third Bank is pretty big around here https://www.53.com/about/regions-we-serve/ I agree with the others - never use deposit ticket, only check with routing number.

Well, a bit more violent than my usual response but I do like it when a client 'offers' to pay additional money (and when did that ever happen?).

So glad for the happy ending!

The trust was mother's and created 9.6.2000 on her death, the first return was calendar year 2000. It seems it was open until elderly father died. Attorney who completed that return (I see now) passed through all losses to my client when they should have been split 3 ways, hence the amended return. I cannot amend his 2010 return but his self-prepared return took $3000 in losses so maybe it isn't so bad. I think maybe I can just correct the loss carryovers for the record. It will still take many years. And I think IRS wouldn't mind having less offset to taxable income. Thanks, Lynn.

Is client out of luck? He was beneficiary of mother's trust created at death. It had huge losses short and long term when holdings were liquidated. Preparer of that trust return neglected to mark 2010 as final. So it was carried on and on. Client self-prepared returns taking $3000 loss each year with no contact from IRS. I looked at this last year and advised that he go back to original preparer (I kind of suspect it might be himself) and amend 2010 as it was then within SOL for amendment. Last week he brings in K-1 with huge losses showing as final year deductions. But his 2010 return is past the 3 years SOL. Any hope at all for him? I'm leaning towards letting those dogs sleep on. But if 2010 was wrong, how to correct 2011, 2012 and 2013 still in statute? It grates when people smart in other ways try to save money in things they don't know.

Hunker down, my friend. I was there during the blizzard of '78 when the city closed down for days. I lived in the Back Bay. It was never so quiet before or after. But we didn't have gale force winds just small mountains of snow with drifts way taller than me. Do take care. My best friend lives in Quincy and I spoke with her last evening. So glad her son is marrying in September (possible visit alert!) and not now!

I did a search and found this http://www.uaoh.net/department/index.php?structureid=20 About half way down the right side is a Declaration of Exemption form although for 2013. Item 2 is for member of armed forces. An issue with many of these municipalities is that they don't want and can't afford to miss any possible tax income so are pretty rigorous with filing. I think that might do it while still filing an Ohio return as a legal Ohio resident. When some clients of mine moved to Australia, they ceased having a muni or school district filing requirement but, due to deferred income, still had to file a state return.

Well, partners don't receive salaries. See the operating agreement as to guaranteed payments, likely they don't have them. More likely these are just distributions from the capital accounts.

Thanks for a good start. I think, because all income is exempt (totally used for common upkeep) and all related expenses are exempt (totally used for common upkeep), they just never capitalized anything that was commonly owned as each owner owned a share. It's possible that those individual shares, being personally owned by individuals, were not considered depreciable as not for commercial purposes. More research needed! On to Pub. 588 and copies of association documents. And maybe pass on this one!

Anyone?

Ohio also has an annual Unclaimed Funds report that must be filed. There are rather precise steps to be taken when a paycheck is involved but, yes, if the funds were not deducted from the checking account but claimed on a return as an expense, the money must be turned over to the state. I've had to do that with clients who were not especially happy but had, of course, taken the deduction. Cake and eat it, too, syndrome, I think.

Client is condo assn. that files 1120-H. I inherited them, there isn't a balance sheet and the income is all exempt from condo owners and the expenditures are all for exempt purposes per the 90% test. So a capitalization policy when they don't have any depreciation? A supplies and repairs policy? Should I just whimper (thanks, Rita, for the perfect reaction)and send them on their merry way? It's always been so simple before.