Abby Normal

The real question is whether this is really a business or just a hobby. https://www.irs.gov/newsroom/earning-side-income-is-it-a-hobby-or-a-business

Yes.

QuickBooks sets a lot of things running that you don't need running like their online backup service (Data Protect), their QB Update service and QuickBooks itself (so it starts faster). I use either Services or Autoruns (from Microsoft) to disable these things. It might be ok to disable the QB company file monitor and the web monitor, but once you start QB those will be started as well and keep on running.

Subtraction for Public Safety Retirement Income New for 2022: An individual taxpayer may now claim both the standard Pension Exclusion and the Subtraction for Retired Correctional Officer, Law Enforcement Officer, or Fire, Rescue, or Emergency Services Personnel. Claim the subtraction using code letter “v” on Form 502SU. (See Instruction 13 in the Maryland resident tax booklet.) Note: When claiming the standard pension exclusion, do not include any amount subtracted for public safety retirement income. To qualify, you must be a retired correctional officer, law enforcement officer, or fire, rescue, or emergency services personnel of the United States, the State of Maryland, or a political subdivision of Maryland. Only subtract income that you included on your federal return as taxable income received as a pension, annuity, or endowment from an “employee retirement system” qualified under Section 401(a), 403, or 457(b) of the Internal Revenue Code. https://www.marylandtaxes.gov/individual/income/filing/pension-exclusion.php ATX should subtract the 15k from the total pension before calculating the regular pension exclusion.

If you're running ATX, your computer needs to be lean and mean, with as few background processes running as possible.

Kill ATX in task manager to save having to reboot. But you should reboot every day to clear memory.

I don't think that applies to passive loss carryovers. I stand my not amending.

I wouldn't amend anything that doesn't get a refund. I'd go back and redo each year properly, to determine the current passive loss carryover, then just do 2022 based on that. The IRS doesn't keep track of carryovers so they won't complain when one just shows up.

But still you added an unnecessary step.

But the point remains that if you file an amendment before the due date with extensions, it's superseding, and if after it's not. And there's not a damn thing you can do about that. But it does lend credence to extending all returns, even those that were completed on time.

Social Security payments dates vary with the day of the month you were born, and either get paid on the 2nd, 3rd or 4th Wednesday of the month. Social Security retirement, disability, and survivors benefits all are distributed on one of three Wednesdays each month for beneficiaries who began receiving benefits after May 1997. When a beneficiary will receive their payments depends on their birth date, as described below: If you were born between the 1st and the 10th, you will receive your Social Security payments on the second Wednesday of each month. If you were born between the 11th and the 20th, you will receive your Social Security payments on the third Wednesday of each month. If you were born between the 21st and the 31st, you will receive your Social Security payments on the fourth Wednesday of each month. Source: https://www.investopedia.com/social-security-payment-schedule-5213627

That still takes longer than just entering the totals. Plus it makes the the file size larger and the return longer.

I always thought, incinerator.

LAA might seem daunting at first, but it's fairly simple, actually.

I've never understood the point. My understanding is that if you amend before the due date, including extensions, then it is considered superseding. But either way, the final numbers are the same, so who cares.

Selecting Amend while in the original return, automatically creates a copy. If you make a copy then choose amend in the copy, I suspect you'll end up with 3 returns.

K1 capital gains go straight to the Sch D or 4797. No 8949 involved.

The individual did not receive the 1099, the partnership did. The 1040 just has a K1 that has to be entered. The Sch D instructions do say to attach detail, but I've never seen that requirement in the code, regs, or rulings. And, like everyone else here, I've only been entering totals for many years. Also, I believe no one at the IRS ever looks at attachments, even if the return is reviewed.

The rule is, if you don't know what it is, leave it be. But if you see Adobe update or QuickBooks update, go to services, stop them and also set them to manual start. This is reason #121 why it's good to restart your computer every day. Tasks that were trigger started or manually started will continue to run until a reboot.

It's always a good idea to have your computer running with as few other things in the background as possible. Programmers love to start crap you don't need running in the background. It's a constant struggle. This is the main reason I don't buy brand name computers. I still use the old StartupMonitor program to alert me anytime some software wants to add an automatically started program, but you can also go into Services and look at the update programs and other things you don't need or want running 24/7.

I learned last year that if you do a print preview and print from the preview, it fixes the problem with 1120S & 1065 basis worksheets not printing. I'd try that first, whenever you have a printing issue.

I prefer it all in one place, and I don't want to risk making a data entry error. Also, it's a lot more work to have a separate, non-integrated fixed assets system.

The 600/300 rule is just for not including the 1116. You still have to prepare the 1116 to do the calculations, then check a box to say you're just using the 1116 for the calculations.

ATX largely automates the 1116. If the taxes are on long-term capital gains, there are entries you need to make on a worksheet, but if it's just dividends, then ATX should get it right.

They weren't disposed of. He still owns them. Nothing until a final disposition happens. You can use the ATX disposition code, 'removed for personal use,' to get the 2022 depreciation correct, BUT that will remove the asset from the fixed assets system and you'll lose track of the assets and the accumulated depreciation. What I like to do is, use that code 'removed for personal use' and note the depreciation amount. Then clear out the disposition tab, override the current depreciation, and leave myself a note for next year to set the business use % to zero, by entering 0.001 in the business use percentage screen. I do this because I want to keep the assets in the tax software. It's way too easy to forget about that old depreciation many years down the road. If only ATX had a 'removed from service' date field so this could be more easily handled.