Jack from Ohio

If a person is a dependent of another, and is covered by the insurance plan of the other, marking the box is in error. First hand experience 2 weeks ago. This affects many college students.

I use Square for collecting, and QB for billing.

Schedule C, or C-EZ. The IRS will be looking for that amount on one of those two forms. Otherwise, client will get a CP2000. I have personal experience in this exact same scenario. Use C-EZ and business code 999999.

I want to get a picture of Rita on her backhoe...

No firsthand experience with this scenario. Client wants to do a conservation easement and take a charitable deduction for the value reduction of the land. Here is the information he gave me: "I'm only getting paid 75% of the value of my property as it relates to a conservation easement. So, it''s roughly $100,500 at closing." "I'm required to pay $5,000 towards the grant group. I think that's considered a charitable contribution. And there's roughly $40,000 that they are not paying me that is to be considered a charitable contribution also. That would be the 25% that they don't pay me." My question is: How is this reported on the tax return? Are there capital gains associated with the sale of the easements? Can this easement be part of the land parcel where his home is located? Is this simply reported as a charitable gift? What kind of documentation is needed? As you can tell, I truly have no experience with this situation, so any help, advice, or direction will be greatly appreciated. He is planning to do this in 2018. Income for 2017 was $75K.

Agree with DANRVAN.

Thank you for the help. I understand the hybrid method. Next question: When I mark the farm as cash method, the ability to input inventory goes away. How/where do you input the inventory under the cash method?

If you are going to set up the estimates as direct drat, you must input all the information at the time you file the return. Otherwise, you must mark the estimates to be paid by check, and the program will go past them. I never set up estimates for direct draft. Clients ALL forget, then there are overdrafts, "How can I stop the draft? There is not enough money in the account..." So, I create the vouchers with no dollar figure, write my recommendations on the vouchers in pencil, and give them to the client.

Mark the estimated payment to be made by check, and your problem will go away.

If the child is her dependent child, (not dependent relative) she can qualify mom for EIC and HOH, even if she is not claiming her as dependent.

DITTO!

I will be there!! There may be a group of us from Ohio. We will see!!

I never trusted the export/import of tax information from QB. The function is not complete and fraught with errors.

Yes. Use the previous amended return as the original return on the second amend.

Tell your client to clean up his act! That will eventually stop the audits. Be sure to increase your fees for representing him SUBSTANTIALLY this time, and again the next time.

Ditto!! There is not a PERFECT weekend, so follow Richcpman's advice so we can plan!!

What would be the qualifications?

If the sister amends, (not likely she knows the proper procedure) then the client gets that letter from the IRS, it will be the problem of the sister and the client. Not likely the sister will sign the return, so again, the fraudulent people have no worries about being caught, and us honest people have to jump through the hoops like we are the criminals.

Mark the box that says you are making the estimated payments by check. It will allow you to e-file.

JB, wanna carpool to the party after tax season? We are close enough to do that.

You must fill out the ATX bank info. Whether the bank rejects the deposit, based on the names, is up to each individual bank.

File according to the IRS regulations, or don't file at all. Your neck is on the line too. Not worth it!!

It is the trap that the New England states use to keep people from moving away. Double taxation is correct. Tax it going in and tax it coming out, no matter where you live. Nowhere to take credit for the taxes paid previously.

I want to see Rita B's back 40....