WITAXLADY

1 - at what point - does spouse become CA resident - took a job there and not been home in a year.

2 - From WI and directions read as both community property state - income gets split on CA - And the same on WI then? each state has a non-resident?

3  - Can she be a CA Nres? now how do I do that as they will see it is WI and CA and expect 50/50?

4 - able to use WI-OS, then?

Any help please to clarify this, please?

Thank you, Darlene

a LLC is a limited liability company = that gives you an entity with hopefully some protection - it's own EIN, rather than the personal soc sec, and must operate as a separate entity to not be as liable, just like a s corp.

Unless more than 1 member, it is filed as a Sch E,C,F on the taxes.

More than 1 member - unless H/W - if community property state - file as partnership or S corp.

Easier in WI to do a LLC and then elect S Corp status as they become profitable than form C and elect S

My way of seeing it..

D

After so many years of listening to my family say your clients will not care much if you die or end up in a wheelchair from too many late nights**(a.m.'s), I have decided next season - I am telling them in Dec I am only working 60 hours a week - 10-7 or so not the 80 now!!

I will only get the first couple hundred or so done and the rest will be extensions and they can decide what they want. Stay or look elsewhere.

When they call at night and weekends and I do answer sometimes - they say or "Are you working?" How else would I get the taxes completed?

Most of my simpler ones have left as I don't get them done fast enough and I guess I am not charging enough for the more complicated ones as I keep getting referrals and new ones!

Also have the issue like M - 3 have retired in 100miles.

Not looking forward to the phone calls this week, plus I find I do not do as good or quick work when tired!!

Imagine that!

** some will 

Darlene

is this clearer?

taxpayer did a 1031 exchange - - properly. 2 properties rental for 1 property. "Sold" thru an intermediary for $425,000, paid off loan of $70,000, other costs of sale, $360,000 in cash held.

Within 45 days purchased thru the 3rd party, a property for $285,000 and fix-up costs of $50,000.

Also, the properties sold had an adjusted basis after depreciation of $60,000. $240,000 - $180,000 From the $425,000, used $7,000 as cost of sale of all the appliances,furnishings, etc. So as I see it the $285,000 is what gets used for the like-kind? Can I add in the immediate $50,000 fix-up costs as it was paid out of intermediary dollars?

The difference between the $425,000 and purchase price of the new property is capital gains? Where do the expenses go for commission of sale of old property? And expenses on sale of new property. I did like-kind on Fixed Assets and 8824 - but not sure on answers and $$$ amounts I should be using - the tax seems way too high - about $50,000 

D

Lion - that is my life!!

And Abby Normal - so right!!! especially the way ATX has added even more steps to the extension!!!

Takes 2 weeks to just rollover and do extensions - started and still doing in between!!

And the issues I am getting!

I am further behind than ever and I wanted to be ahead this year!

Yikes!

I use Verifyle  - I think I have access thru NATP or NAEA..

I started using Mango - and they were to integrate the signing and Payment..

Still waiting to get it working.

D

still is to be reported - I wonder how many will come back? I had 1 already!!

As I could not find where either,,

Who would ever think on Elections!

Taxpayer received additional IRS refund for 2020 tax return 0- no explanation.

The only thing that is close to matching is taking out the Bricklayers pension code 3 as taxable.

Not a police officer.

I searched - says public officer and one that says new law but no explanation of new law..

Any ideas?

Thank  you, D

Basis of property relinquished? - Initial cost - $260,000

Accumulated depreciation? - depreciation - $190,000

Mortgage on old property? - $70,000

Selling expense? - $30,000

Mortgage on new property? -0-

Sold (exchanged) two properties for 425,000 - yes  and 285,000 for new replacement? plus $30,000 fix up to re-rent

does this help?

thx d

I like my brother HL-L2395 but it does not like non brother ink! Fast

The Brother HL-2280 takes generic but is slower..

ok - adjusted basis is the amount after depreciation -

2 properties sold for $425,000

expenses of $84,000 for paying off commissions, loan etc.

Owner intermediary received $361,000

New property was $285,000

Do I use the $361,000

or the $425,000? and therefore have taxable gain of $140,000?

Thx

everything is in order - I just am having a blank moment

1- what is adjusted basis? after depreciation? of old property

2 - price of new property - can I add in fix-up costs or are those to be improvements?

Thank  you

D

all rest falls properly but my head hurts and I hate taxes right now!!

Box 5 lists $4,000 (non-taxable or Roth contribution)

but box 1 and 2a as the same so the Gross and taxable are not different for the non taxable portion in box 5

Do I need to subtract the difference? Or assume the 1099-R is correct

and box 5 is already taken out of the gross box 1? just wondering..

D

Thank you! even MN says under $4,000 is not taxable!

D

wonderful! She is a doll!

I am stopping Sat for a couple of hours to head to Oshkosh - 2 hours away for my youngest granddaughters 1st bday!!

She barely walks from object to close object.. - I keep saying push her down!!

Taxes take away from my children and Grands!!

WI resident has W-2 from Neb for $265 and $4 withheld.

Neb form III takes $265 by % of gross total income of $80,000 and says his Neb total taxable income is $2,801 and his tax is $8

Does this sound correct? Did I miss a step?

thank you,

D

I would think so - Sch C

D

ya - that is what I decided - otherwise it would be like bigamy...

thank you for your input - playing devils advocate..

Best,

Darlene

so with a signed statement, I feel comfortable filing the man who got married in dec and did not live with new wife..

However, his former wife died   in 2021 - so he could also file mfj with her??

He does get back more money as 1 child

and not QW as not been a year she has been deceased.

So can he file MFJ with her deceased and he surviving spouse for 2021?

D

thinking of this already? buried!!

thank you - 1120S, just family, H/W, children

Good Answer  -  Upfront and needs to be done.. at least 1 year or 2 back..

need clarification please?

Can an employee still contribute to his Simple plan thru work for 2021? His own business, so he can easily change the W-2,  - can he contribute until April 15th?

O know the business can put in for the matching contribution - but he wants to u[p his personal and

my take is he can do this until Apr -

Is this correct for a Simple? thx

WI taxed out

today received first time ever - direct contributions  -

1 1099-R showed code D7

and the other showed 7 - how do I show the 7 one as non-taxable?

Attach the letters from the charity as a pdf?

Thx d

it is so simple!!

Sch F- wages - 2 f -  subtract off labor, I imagine it is similar on Sch C wages

no soc sec med adjustment as those were paid in full.. only wage adjustment

d