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Possi

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About Possi

  • Rank
    ATXaholics Anonymous

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  • State
    VA
  • Gender
    Female

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  1. Well, I sure learned a lot today. I never knew the tie breaker rule only applied if both tried to claim a child for EITC. Thanks, Rita! I take back what I said before!
  2. They live together. That's a game-changer. Tie-breaker rules apply. Higher income wins. https://www.eitc.irs.gov/eitc-central/about-eitc/basic-qualifications/tie-breaker-rules/tie-breaker-rules The parent with the highest adjusted gross income (AGI) if the child lived with each parent for the same amount of time during the tax years, and they do not file a joint return together; My own niece is appalled that she can't claim her own son for EITC.
  3. Thanks! I don't know why I'm never notified when I have a response or comment to something I posted, and I was not checking it like I should have. Now I can wrap this one up. They will be disappointed because I'm sure they think, like every other home business taxpayer, it would be expensed. I told them from the beginning that it would be depreciated. I just wasn't sure of the method. They'll never recover the expenses for both of these items. Oh well, that's life in the big city. Thanks again for all the responses.
  4. Well, the depreciation for the home, in the case of the child care business, should be 39 yrs, if I'm correct. I was thinking the components would follow the same schedule since they are permanent components of the home. I know for rental property the HVAC would be 27.5, not sure about the generator. I was actually hoping to be wrong, so that I could take a more aggressive approach.
  5. My client purchased a new "whole house generator" for $8500, and soon thereafter had to replace his HVAC for $7000.00. Must I depreciate both of these items over 39 years, as is the child-care home office depreciation schedule? Thanks! I can't find this specific answer anywhere!
  6. There might be some student loan interest or child support, or some other debt outstanding that the client hasn't disclosed to you. Call Richmond with the client. 804-367-8031 Use your best southern drawl. Works like candy.
  7. I was just thinking today, how nice it would be if I got copied on these notices. Sometimes the client gets with me right away, but many times, they bring it with the tax papers 10 months later. But, I'm not willing to get those forms for every client. Too many, too much.
  8. I found this, which I read as only landscaping for depreciation. You can tell if it was for landscaping or not: https://taxmap.irs.gov/taxmap/pubs/p946-002.htm Land(p6) Land You cannot depreciate the cost of land because land does not wear out, become obsolete, or get used up. The cost of land generally includes the cost of clearing, grading, planting, and landscaping. Although you cannot depreciate land, you can depreciate certain land preparation costs, such as landscaping costs, incurred in preparing land for business use. These costs must be so closely associated with other depreciable property that you can determine a life for them along with the life of the associated property. The leasehold would be 39 years, of course.
  9. Taxpayer advocates are for everyone. That is my recommendation as well.
  10. I use TaxWise and it is also down.
  11. Yes. If TP is permanently disabled.
  12. Possi

    virginia acks

    They are coming now. I got 12 of 15 before I vacated this morning. The others were sent later in the day on the 15th. I use TWise
  13. The new forms and reduced withholding absolutely slayed me. Having to sit with every client and go through the stress of their disappearing refunds OVER AND OVER AND OVER, with caring and compassion was emotional and exhausting. The new forms sunk my performance time in each return. And time is money. Overall, the business of taxes was awful, for me anyway. If this was my first year, it would be my last year. And, I'm generally an upbeat person. I am going to close my office tomorrow and not looking back until May 1st. The up side to all of this is that God already knew what was ahead of me, went before me, and didn't let my spirit down. My assistant does all the processing, opens all their mail, scans all the documents, and together we create some kind of "fun factor" in every day. It might just be lunch, but we work something in. I'm really very blessed to have her. That's part of the "God" thing. It's a good spirit here, just tired from it all. I'm truly grateful for this board. Truly. Grateful. You all have become real friends. Another "God" thing, I'm sure.
  14. I will hustle a little more today, but mostly all my ducks are in a row. More extensions than I want, but I took a page from Catherine's book and just straight up told the late ones. Tomorrow, I will renew my driver's license and Wednesday I will be lovin' on my grandson in DE for the rest of the week. I told my extensions I will see them when I'm sober, probably May 1st. I was only half kidding.... You guys and gals are truly the best~ Thanks for another season~ God Bless Y'all~
  15. The actual cost of the agreement is cheaper when you do the direct deposit. If they can pay in 90 days, do not do the installments. Instead, have the client call the IRS and work that out.
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