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Possi

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About Possi

  • Rank
    ATXaholics Anonymous

Profile Information

  • State
    VA
  • Gender
    Female

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3,413 profile views
  1. My client has taken actual expenses for a car she leased the last 5 years. No depreciation, just lease payments and other actual expenses. In 2019, she bought the car. Am I allowed to take mileage now that she owns the car? She is a sole proprietor. I have looked online but can't find an article on changing ownership.
  2. Throw some candy out the door, bake a turkey, wrap a gift and be done. Hallelujah. done.
  3. Awwwww man.... It's my sister's 74th birthday and I was really going to celebrate this year. I had the vodka ready for the slurpee. dang.
  4. This year was a Virginia State tax nightmare. Taxwise and the state did NOT play well with others. I spent a total of about 4 hours pointing out the errors with both entities, and even more time responding to letters from the state because of the software issues. I had glanced at the returns and pushed them through without actually READING every line, and boom! It was like an avalanche.
  5. I feel ya.... two hours we will never get back... we could have been sipping Starbucks laced with Bailey's while eyeballing airline pilots in the lobby... Oh, for second chances.
  6. Last year, @RitaB and I had a blast in Roanoke at the NATP forum. We didn't learn a whole lot, but MAN IT WAS FUN! We even got snowed in and watched the worst movie EVER in the universe. The Crown Salted Caramel was good though, so we got over the movie real fast. Oops, did I say too much? This year, I'll be taking online CE. I have a lot of free credits hanging from TTB.
  7. Really. That is true. I am an S-Corp. I don't have to have a reason for closing, and I imagine I could have laid myself off and collected as well. I do pay myself a regular wage on a W2.
  8. OHHHHHHH.... hmmmm. Good.
  9. I'd say she inherited half, or 75k. Purchased $15k.$ I say $90k. Let's see if I'm right.
  10. I employ my own self, I swore I would never fire me, and I have to pay VA Unemployment tax on myself, so I would say "yes." She is every bit an employee to you as I am to myself, as long as she is receiving a W2 from you. Their response to my absurd question about insuring myself was, "if you close your business, you can collect unemployment." It's not a lot of money, but filing is cumbersome. I make the bank do it for me. LOL I hate accounting, but I love taxes.
  11. Possi

    NT PC Backup

    I use Carbonite, too. Their price is really high now. I pay it because I pay for service and peace of mind. But I don't have to like it.
  12. Possi

    Tip Income

    I get tips all the time! "Get a haircut" "Lose some weight" "Exercise more" I write them off!
  13. Was that his only income with no other employer offering insurance through employment? If so, then yes. He is self employed and gets the deduction.
  14. Possi

    529 PLAN

    I always start with the actual account detail from the school. I check it to see how much was paid by the taxpayer, how much with student loans, and how much was free. Use this to either equal (or justify) or exceed the 1098T box 1. I have been called on the mat too many times NOT to have that documentation in my file. To justify the 1099Q distribution, you can add the other deductible education expenses (which are allowed for that particular distribution) so that none of the earnings become taxable. There are much smarter pros here that will chime in with many more details, but I just thought I'd get it started.
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