MsTabbyKats

I know I can amend....but I want opinions about taking this as a 2013 deduction. He just told me he never claimed the credit because he was reimbursed. Now he's not reimbursed....and the 1098-Ts do show this much tuition!

New client...before now self prepared From 2009-2012 client went to school for Master's Employer paid...but was included in W-2 Client got 1098-T each year...but did nothing with them Client left job Client had to reimburse employer $38,000 in 2013. Yes...I know he can amend prior years for credits. Assuming that the education was not for entry level and that he already met the minimum requirements (meaning he could have taken the tuition on his A) can he deduct the $38K for 2013?

You have to check his treaty and how it's coded. Students on F-1s do the 1040-NR for five years...and the income may be exempt.

Also...cheap PITAs...usually refer their cheap PITA friends....which you don't want. Tell all 3 you're cutting back sometime in November...and won't be able to accommodate them any longer. Meanwhile...try to find someone who can...and give them a referral. I did this a few years ago...and it worked like a charm.

I usually do....but it depends on how it's coded...and if it's a 1040-NR...or 1040.

Oh...quadruple the fee...or even more. $150 is ridiculous...unless you're desperate and destitute. You don't need PITA clients.

If this is the case, I'd go with giving them the higher bill now...but showing them the discount...with a note that there won't be the same discount next year. Depending on the situation, it's not a good policy to burn bridges. Word of mouth in such a situation can be bad PR.

Just curious....but why triple? Trying to fire them...or just to much work for the price the pay?

I finally discussed this with my CPA...and instead of a bunch of links...she told me what to do. For the record....the buyer is doing us a favor by taking the lease off our hands...and what we are supposed to get is minimal. The business itself is not making any money. I can't even make my payroll to myself this month. There was no investment in either machinery or supplies. The machinery is very old (DH still uses one of those old AT&T black table phones).,,and all purchases were used immediately....no inventory....except the old junk that was sitting there and gathering dust. It's very basic.... Anyway...thanks so much for the advice.....

The occupation wasn't "pimp"....they were hosting events which required the presence of beautiful foreign women. The auditor believed it anyway.... They looked right out of a movie.....black guys in leopard pants with big gold chains...with beautiful Eastern European blondes on their arms....but they had EINs for their "entertainment promotions" endeavors! Oh...give me my foreign PhDs

The expenses were real. Each had income of about about $500K....the expenses even more....on a C. No tax due.... One was audited and only owed about $3000. I just didn't like doing a return for 3 men who I knew were pimping...and importing Eastern European women. Their official occupation was "Entertainment entrepreneurs". I didn't about the legitimacy of their deductions....I did care about me being a part of it.

But even if you raise the price you're still in "a situation". If you want to avoid the situation...you gotta let them go. I'm not getting into my "3 Pimps" story...but I got sick and tired of their "party expenses". And they were really good payers.

Time to say good-bye. Unless you're desperate for the money....you have to cut loose anyone you gives you a problem. Read my rants .......I have a list of these people.

When I give a quote, I always add that this assumes "no surprises".

To add....this is a locksmith shop right now. I was just told the buyer wants to gut and renovate...and turn it into a small convenience type hardware store. So, anything there now will probably end up in the trash....and what he is buying is "lease rights" and goodwill...not inventory or machinery.

I initially put $10,000 into that corp. when we closed it I took out the $10,000....and after the bills were paid, the rest of the bank account became our wages ....except for a few dollars just to keep the bank account open. Then I put $3000 into the new corps bank account. I generally paid us a specific amount every other month. However, right now there's not even enough in the account to pay us the regular amount. DH comes home very early half the time...he's had enough with working. I really just want to end things in the easiest way. Another reason I am not at this point telling my CPA/friend is that since nothing is for certain I don't want to make an announcement. As long as we can get the money without FICA tax....I'm good.

I'm going to pm you

This is how my business works..... 75 per cent of my clients are on line...I never see them and rarely speak to them. 24 per cent drop their stuff off at my husband's store...and I have telephone contact with them 1 per cent feel the must see me. My husband has a staircase leading to his store. This woman told me she can't do stairs. I said my husband would bring her things up and down. That wasn't good enough. If life goes as planned...and my husband sells his business...thanks to caller ID...I will tell her, when she calls, that I moved 3000 miles away...and she can either e-mail or fax me. Knowing that her technological skills stopped growing at the IBM Selectric...she can consider herself fired!

One of the people I had a huge problem with last year because she owed money (and really doesn't make much..or have much to spare)...had her withholding increased this year....and she got a decent refund. She couldn't thank me enough! That one made me feel good. :)

Thanks for the input...but what I'm charging her isn't an issue....although it should be a lot more. I kinda just want her to know that her results would be the same anywhere....but I'm giving her a bargain...and I feel insulted if she questions, to the degree she questions, my results. The only item on the A is $200 to charity. Everything else is state/local withholding. It's actually a very easy return....but she's perplexed about paying tax on her investment income...or doesn't want to understand it.

If 2 of the 7 were Fl and TX....there would only be 5 states! We have...NY, NJ, CA, CO, PA, IN and IL. I am expecting her to give me Turbo Tax results...and instead of owing $2000....she'll probably come up with a refund...and want detailed explanations. It's just not worth my time if she does this...may be time to cut her loose...or let her try someone else...who will get the exact same results because this return is so cut & dry.

In reality what we are selling is "the phone number"...."the lease"......."the Goodwill" in the neighborhood. The new owner will probably throw out all of my husband's old junk and machinery. This business is 45 years old...and for some weird reason my husband thought I could "do it all".....but it gave me chronic indigestion because I just didn't know what I was doing. So...about 5 years ago we reincorporated...and I gave the account to my friend/colleague to do. No new assets were bought. We closed that corporation a couple of months ago because we wanted to change the name and ownership. Anyway...my husband is 79....the business is barely making a profit (it's more of a hobby...to keep him busy)...and someone offered him a few dollars. So...the only thing the buyer is getting is establishing himself in a known location with a good lease.

What I charge isn't an issue ....it's way below "market price"...and more in line with her past fees. And, keep in mind I'm in the heart of NYC , where everything is twice the price anyway. I just want a ballpark figure so I can tell her what to expect elsewhere....when she tells me I'm incompetent (because she owes $2000) and she wants a second opinion.

It's all from one W-2. Some of the states have very minimal income....but I still have to do the worksheets for each one...and I have to do a tax credit for NYS for 6 states. The only kink is that she has about $4000 in interest from Mexico ...and paid Mexico about $1500. Her tax credit is less than $1000. Her dividend income of $5000 is one entry. I just want a ballpark range of prices because she isn't happy....and I expecting her to blah blah blah...at which point I will tell her that if she doesn't have confidence in my service she should try someone else. She's been with me for about 10 years.

Just curious...because I may have to include "normal prices" in an e-mail to a client She makes about $300,000. She has 7 states, including the home state of NY. One dividend entry, foreign interest and a foreign tax credit, and one contribution to charity. Actually...simple, except for the 7 states.