Daune/CA

LOL. I know!! She said, "Hmm. I guess I'll go ahead and bring it in now, cause in two weeks, you might still be behind."

Do you really think you might still be behind the first of April? Then how about May 1st, should be better then :)

It's been a few years since I had to do one of these - is there anything special that needs to be done? (For example - print the election and attach to an 8453) Or is the election simply checked and sent as part of the e-file - simple and straight forward.

Simple and straight forward! Simply check the election and send as part of the e-file. Just be certain the new c/b years will not benefit t/p first.

Could there not be a potential capital gain depending upon equity in house when purchased or married and equity at time of divorce? Yes it is a property settlement, but there may have been a gain in equity over the marriage time that was more than amt of payments to principal. Of course it would be equity divided by 2, which I gather the full equity at time of divorce is $62,000. Sale only for husband, purchase of equity by wife.

Why are we all doing laundry today? Two loads in the dryer here, one basket waiting to be hung out. In between washed my hair; answered phone, completed and checked two returns, interviewed a client, let the answering machine pick up a call.; (mine was a lady wanting to stop and pay me for her's and her son's returns) I sure called her right back. The neighbor lady made and sent over lunch. Told my husband to tell her she is a "wonderful" person. He embroidered it a little more and that is fine. Keep the meals coming.!!!! Fed the menfolk, back in here to read posts before next client arrives.....working tomorrow at my other job just to get away from here and see if the rest of the world is still sane.

Since when has the rest of the world been sane?

One thought, won't the mileage records that your construction clients get off your ceiling be concealed?

Oh, wait, I see that the ceiling will be "lowered." Sounds like a smart move, then.

Consider there will not be as much room for clients to grab those figures out of the air for their returns! :)

Actually, I have found the surest way to end that sort of comments is to look them straight in the face, pause briefly, and say in a very quite but serious voice, "Actually, I find that comment personally insulting. I study year-round to keep up with tax law so that I can do the best possible job for my clients, at considerable expense of time and money both." Then just wait. After a startled moment of embarrassment, the apology will pour out, in almost every case. If it does not, that will be the last return I do for that client. So far, the times I have used it, I've never had one not apologize. Or repeat anything like it ever again. And I only lost one client over doing that, in all my 37 years in business.

Oh, yeah, it also feels really good to do it !!!!!

I had a client years ago come in to have his sale of property handled, and then he proceeded to tell how it should be handled, which was wrong, but more favorable to him. Piece of property was business, investment and residential (all at once). I said I could not file it that way, and I pushed the papers back to him and said "If you want it prepared that way, you take it and prepare it, because I cannot." He picked up his papers and left with his wife, and they talked a short distance from our preparation center at the time. Eventually, he and his wife came back and asked if I would prepare it correctly. Which I did, and did her return for many years after he had passed away. Nothing more was ever said about how it should be done, and I got a good fee for it over the years. You have to stand firm when you are right or they will not trust you.

A lot for NYC and a little for small town. Seriously, GearUp used to have an excel spread sheet on their web site. It was based on the time the IRS figured it would take to do the form. Since, "we" are tax pros, we should be able to do it in a quarter of the time. You could plug in your hourly charge and it would calculate a charge or you could do a per form charge. The rates here in California vary greatly from north to south. My daughter can get her taxes done in Orange County $50 cheaper than LA County by the same chain. My fees here are lower than HRB, but higher 50 miles to the south?!

A time rating manual like the Auto Industry uses would take care of that problem. It is the Auto Industries Bible. You use the stated time allowance X your local hourly rate = Fee charged. If you use the time posted by IRS for completion of a form, it would probably be overcharging, but there must be a reasonable time available somewhere X your local hourly rate.

Just throwing it out there IMHO and knowing that it is not exactly that easy to determine.

You did not persue this client. Sent to you by a satisfied client-legally. You may want to disclose to new client that you have done work for per diem firm, and that you felt they needed to know this before you do any work for them. If they are still willing to have you do their work, then proceed legally. (Document client trail for your own records)

take the credit put in a CD and wait and pay back each year. Will come out ahead.....unless she would spend on something else and not save money.

This appears to be a good advice, since we can not tell what congress will do in the future. (At least she would receive the interest earned on it) But their history shows that more times than not they have amended to make retro or made it even better. Look at the "one time exclusion" that was on the books for many years, and now you can exclude many times over. Get a group of folks together to send emails or letters to their congress rep to eliminate the payback! Pressure makes them take action! A lot can happen in 15 years.

I usually charge $50 per extra state, to cover extra time and the PPR fees. But I'm in an urban area, so maybe you'd want to go less. I wouldn't tag on too much more for the extra W2s, going by your scale maybe another $10.

But the 2106, if he won't organize it himself, I'd go hourly - and my tax season hourly rate is close to double what I charge my accounting clients. I use this method for folks that have tons of stock trades too.

Once you decide, don't let talk you down! I've made that mistake a couple times, and I think they value us less afterwards.

I have always gone with an hourly fee, I just think it is fairer than by the form. Being in CA and I was in an urban area then, and I am an EA, my hourly fee was higher for new clients than for existing ones. Eventually, I had to raise both. Base your hourly fee on your area. And I agree wholeheartedly with GLJEANNE, do not allow them to talk you down, they lose confidence in you then.

I have told several over the years that is what I am worth, take it or leave it, and all stayed with me.

Daune/CA

Appears to be a yes, but reduced by 50%.

http://www.irs.gov/pub/irs-pdf/f5405.pdf

So even though she's the only owner it still is maxxed out at $4,000 for 2009 or $3,750 for 2008.

Thank you to all, those resources (especially the reference to FAQs) were very helpful.

Question?

Can a married woman that files MFS, because husband has taxes due for a period in which they were separated, claim the credit on a property that she is the only owner listed? Purchase was in 2008.

Can someone please respond to my question? Thank you!

An important new fact on this, folks. Per Notice 2009-12, IRB 2009-6 page 446, credit may be allocated between unmarried "owners" in any reasonable manner.

Question?

Can a married woman that files MFS, because husband has taxes due for a period in which they were separated, claim the credit on a property that she is the only owner listed? Purchase was in 2008.

Have the client take the exact specs to the dealer, and get a written statement of what the dealer would pay him for it, at the time he won it. Use that to add an 'adjustment to reflect FMV' to the line 21 entries, down on the blue lines to reduce the 1099 amount. In other words, show the full 1099 amount, then 'adjust' it down. The law only requires him to report the FMV of any prize.

Just a thought-would it not be the price that the dealer would sell it for on that date, and not what the dealer would pay him for it (wholesale price usually)?

And that's the reality. Even if you show people why it's not correct, often they simply don't care. They see about 2-weeks out and their buddies are getting refund checks. They don't look 2-years out at audits. Let someone else deal with those kinds of customers, you don't want them.

It appears to me that using mentioned preparer is a guarantee of being audited. I would wonder why so many have been audited and only 2 won, if so. If your clients desire to be audited, then by all means suggest they go to that preparer. Short term refund vs long term audit and pay back!

ATX should be doing the conversion for you. Call Customer Support.

Thank you!

Can you rollover from last year's TRX (Intellitax) to this year's ATX? I have just received the ATX program and can't get the rollover to take place, because it was not ATX last year.

If there is a way to accomplish this, it would be appreciated. I figured if it could be done, someone on this board would know.

Daune/CA

Yesterday I was at my local Wal-Mart buying a large bag of Purina dog chow for my loyal pet, Biscuit, the Wonder Dog, and was in the checkout line when the woman behind me asked if I had a dog.

What did she think I had, an elephant? So since I'm retired and have little to do, on impulse I told her that no, I didn't have a dog, I was starting the Purina Diet again. I added that I probably shouldn't, because I ended up in the hospital the last time, but that I'd lost 50 pounds before I awakened in an intensive care ward with tubes coming out of most of my orifices and IVs in both arms.

I told her that it was essentially a perfect diet and that the way it works is to load your pants pockets with Purina nuggets and simply eat one or two every time you feel hungry. The food is nutritionally complete so it works well and I was going to try it again. (At this point practically everyone in line was now enthralled with my story.) Horrified, she asked if I ended up in intensive care because the dog food poisoned me. I told her no, I stepped off a curb to sniff an Irish Setter's ass and a car hit us both.

I thought the guy behind her was going to have a heart attack he was laughing so hard. Wal-Mart won't let me shop there anymore.

Better watch what you ask retired people. They have all the time in the world to think of crazy things to say.

Thought you might get a laugh out of this.

Daune/CA

I'm Retired

I was tired yesterday, and I'm tired again today.

When I was younger, all I wanted was a nice BMW.

Now I don't care about the W.

I asked my wife if old men wear boxers or briefs?

She said DEPENDS.

Food has replaced sex in my life...

Now I can't even get into my own pants!

That Snap, Crackle, Pop in the morning...

Ain't my freaking Rice Krispies.

I was always taught to respect my elders...

Now I don't have anyone to respect.

Looking forward to retirement?

Daune/CA

I am only 42 but still remembered 17. When I was growing up my grandma did not have indoor bathroom. We had to use a chamber pot and take it out in the mornings to the wooden outhouse. My grandmother when she was alive NEVER had a shower or bath in an indoor bath tub.

Yes, I remember it well. My parents did not have an inside bathroom until several years after I was married and had moved away. We rented rooms to a couple of teachers during the school year, and it was my job to empty those "chamber pots". There were no such things as "a shower", you positioned yourself in front of the kitchen sink and washed yourself all over the body. Besides it was cold, because the coal stove had not been going long enough to heat the room yet. Yes, "those were the days", but I don't think I care to return to them anytime soon.

Our telephone did not have a "dial", it was a crank on the side of the large phone hung on the wall (our phone ring was 3 long rings). We used those crank systems later to send a charge to people touching anything metal, or foolish enough to hold onto some wires while we cranked the crank. The radio was an "old Philco" that had to be grounded. Ours was grounded on the same metal stake that grounded our phone. (Even with it grounded, fire would shoot out of the phone during a thunder and lightning storm.) If the radio was on at the time the phone rang, you could hear the conversation of others on the party line over the radio. We got some "very interesting gossip on the raidio". Those were the days in Ohio. Yes, I am older than dirt!

Now in California, and with the weather they have been having in Ohio recently, I am glad to be in California, even if the legislature won't pass a budget.

Daune/CA

I see that the "Governator" is suggesting a wine tax that would make "2 Buck Chuck" not 2 bucks anymore. What's a guy gonna do :angry:

Williams, CA - I-5 & Hwy 20 Central Sacramento Valley

Home of Granzella's Restaurant (Stopping place for folks going north from Sacramento or points southern frm there)

Granzella's burned down in October, 2007 and was rebuilt and opened again in July, 2008

Cairo's Steakhouse Western & Italian cruisine - There are Western Brands branded into wood moldings throughout the restaurant and bar.

Sacramento Valley Museum A trip into the past, especially of this part of the Sacramento Valley

A genuine small agricultural community, yet is it a small city of abt 5,200 population in Colusa County (Rice, Almonds, Tomatoes) The tomato processing plant is one of the best in the U S of A.

Stop by for a visit on your next trip north on I-5, good food and good people!

Not bad for a dude raised in northeastern OH, near Lake Erie & Pymatuning Lake-where the ducks walk on the fishes backs (Quite a sight to see).

Daune/CA

In my area, a new tax office opened up that several folks had mentioned to me. As usual, I took the attitude that they won't bother me and I had no knowledge of who they were or even if they were qualified. Quite frankly, if HRB and JH never hurt my business, and only sent me clients, then I wasn't concerned. I just stepped out of my office for cheeseburger and found their card at a local restaurant that advertises all of the gifts they are giving away ( the largest one being a flat screen TV), 20% discount on prep fees, and the words "RAPID REFUNDS IN 24 HOURS"

As we all know, this is a misrepresentation of the IRS refund policy, procedures, etc; and is exactly the same thing many of the big guys have been sued for. I see this is hispanic run, right next to a very popular hispanic restaurant, and I have been wondering where my hispanic crowd of the last 10 years are. I wonder if I found them. What would any of you do with this?

Well, I had to edit this post, I now do not think any of my clients will be going to that office. I called to get my MFJ return with the NC state prepared, no itemizing, etc; and it will cost me $198.00. They have got to be kidding?????? My fee for that type of return is still only $79.95. Shame on me for not raising my prices this year.

Terry D.

Have you considered the possibility of contacting this company to advise them about the thin ice upon which they tread? Don't know how close preparers are in your area, but since they are a part of your community, you may run into them frm time to time during the year.

I will do my best to educate him....but will not put forth too much effort....I have only been charging him $25.00 for a 1040 EZ form each year...so no great loss

But it appears that BF is about to become a better earner, especially should he have to support "new baby". May turn into a better fee, or just a "bigger headache" :)

Gret idea, but got to get this darn EA first.... Thx tho!

You do not have to be an EA to provide a tax class program for civic and church groups. Your knowledge of the subject is all that is required.