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Everything posted by Abby Normal
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I have many Sch C's with 39 year buildings.
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Employees in MD had no problem getting unemployment but self-employed are still waiting for the state to figure it out. The simple solution would just be direct payments to individuals from the feds monthly until things get back to normal.
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deductible expenses of car which is not owned by business
Abby Normal replied to cl2019's topic in General Chat
I usually just keep the car in the personal name and have the business pay the owner mileage, assuming it's not a sole prop. Any excess car expenses, including lease payments, are distributions/draws. -
It's too bad that not enough tax pros used the eservices POA feature, so the IRS eliminated it. Would be really handy right now. I really, really miss EAR, too.
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Wait, I'm confused. The files were transferred from the old drive to the new one, but you can't find them? And, don't you back up your computers in any way, shape or form? ATX data files are in the hidden system folder called ProgramData. Older years are under CCH and newer years are under Wolters Kluwer. ATX automatically backs up each return when you close it. I sometimes close large returns part way thru just to create a backup of work in progress. Backups are also in ProgramData and less you manually moved them elsewhere.
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...and both were from wealthier retired clients, whose income stream is secure, wanting to know why they didn't get the full 1,200 per filer. And both called twice. One wanted to know if he had to share it with his spouse, and the other wanted to me check the calculation to make sure it was right. I told him we wouldn't know if it was right until we filed his 2020 tax returns. <sigh>
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I always have to efile, wait for the EFC to reject it, then recreate the efile.
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I skipped watching that video because I don't want to have to buy a new monitor.
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ATX Planner - Can you Export it to Excel?
Abby Normal replied to Yardley CPA's topic in General Chat
You can print it to PDF and use a converter to convert to Excel. You might want to try different PDF printers if the conversion to excel is less than ideal.- 1 reply
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If you choose to have an overpayment of tax credited to your estimated tax, you can’t have any of that amount refunded to you until you file your tax return for the following year. You also can’t use that overpayment in any other way. https://www.irs.gov/publications/p505#en_US_2019_publink1000194714
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Could have bonus depreciation of 50k on equipment bought with loans. Seemed like a good idea at the time.
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I think social distancing was my family's motto.
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Here's my first draft of an organizer question. Feedback appreciated. Using ETax847's suggestion of all caps. DID MAKE MAKE ONE OF THOSE $%&*# QCD DISTRIBUTIONS FROM YOUR IRA?! IF YOU DID, AND YOU DON'T TELL ME ALL THE DETAILS, YOU'RE FIRED! DO YOU HEAR ME?! I SAID FIRED!!! AND DON'T YOU DARE INCLUDE THE DONATION IN YOUR TOTAL DONATIONS OR I WILL HUNT YOU DOWN.
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With fewer people itemizing, we're going to be seeing a lot more of these.
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The letter from the charities isn't going to indicate that it was a QCD. The client I'm working on now had letters from the IRA trustee for each donation she made as a QCD, and the client was kind enough to give all of those to me, but if the IRS form had a box on it for POTENTIAL QCD, then we'd at least know to take care of it. The, of course, the client lists all of the donations including the ones that were made with QCDs, so you have to back them out. They should have put a line on Sch A charitable showing a subtraction in the amount of the QCD. This isn't rocket surgery!
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Why, in the interest of sanity (mine), did they not add a box to 1099Rs for the QCD amount!?!? If the client doesn't tell you, you have zero way of knowing! Guess I need to add a question to the organizer.
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Since beginning inventory is already on the Sch C, wouldn't you need an other income amount on the Sch C to zero out the ending inventory since you're putting that cost on the 4797? Otherwise you've deducted the same inventory twice.
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foreign tax credit on tax paid for k-1 distributions?
Abby Normal replied to cl2019's topic in General Chat
The K1 input forms have fields for entering the foreign income info, if you need to do the 1116. If not, it should flow straight to the 1040. -
I'm choosing 3 estimated payments in ATX so the 7/15 is doubled up. And if the 2nd qtr payment date is wrong, just manually edit it.
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I've read it too, and I believe the above parts are not excluded for the self-employed. The part you quoted just tells you how to calculate the wage, and it doesn't say that the other components do not apply.
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https://theweek.com/speedreads-amp/908081/federal-program-promised-small-businesses-2-million-loans-now-maxing-15000 Several applicants reportedly said SBA representatives told them funding for the program was running out. Deb Wood-Schade, a chiropractic wellness business owner, told the Times she had been approved for a nearly $25,000 loan, but was given documents on Wednesday telling her the loan had been cut to less than a third of that amount.
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Not just income. Deductions, nondeductible items and distributions all reduce basis. Just as contributions of capital, other income and notaxable income increase basis. And it MUST be done year by year, because at the end of any year, if losses, deductions and/or distributions decrease basis to zero, and excess losses and deductions are carried forward, and any distributions in excess of basis are long-term capital gains (after the stock is held for at least 1 year).
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Corporations are just shareholders and as tax professionals (if we want to call ourselves professionals), we should do everything we can to track basis both on the corporate return and any individual returns we do. Shrugging and saying it's not my job is a dereliction of responsibility, in my opinion, because we all know shareholder have zero clue how to track their basis or even what that means. Losing track of basis creates a lot of problems. The IRS made a huge mistake by not having a basis form as part of the K1 from the 1120S and as part of the 1040 Sch E page 2.
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We're still waiting for the portal to enter bank info if you've already filed and didn't provide bank info or changed banks since filing.
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