mcb39

How true; which only leads to more work due to a simple act of negligence. I would much rather be safe than sorry!

Yes, and my honest clients include it in their books as income.

But, could he still be able to deduct the interest and taxes from the C or would he have to deduct it from the E?

Not curious at all when you know the story. He was already renting the land. Seller (who is also a client of mine) wanted to sell. Buyer wanted to buy. Land is worth every bit of what he paid for it. This trucking operation is his only source of income and the income is healthy. He needs the deductions. Help me Here!

One of my trucker clients recently purchased 4 acres of land for $150,000 for the sole purpose of having a place to store his tractor and trailers. He has a contract with a local paper mill and commutes about 60 miles every day to pick up his tractor and then hauls all day for the mill. My dilemma is (since you cannot depreciate land) how do I deduct the expense of the land from the business income. He really needs the deduction. Is Amortization a possibility or is nothing possible? It is zoned commercial if that helps and this is the only use of the land. Please advise.

I am still doing exactly what the original poster does. I am the responsible party so I keep two sets of pages. One for when the return is dropped off. When it is finished, it gets crossed off. The second set of pages is for income because some clients pay up front. Archaic, I know, but if it's not broke, don't fix it.!!!

Too long, I guess. When we built on my office addition, we put a basement under it which makes a fine, safe storage room. However, I make external backups every single year so could always reprint the return if I had too. But, that doesn't cover the notes, forms attached, etc; so I am thinking of starting to burn more since we have an outside wood burner. On the other hand, there have been a few instances when we have had to dig way back. As you said, sometimes they leave and come back several years later. I just had one last year that hadn't been here for 9 years because I fired her. She came back asking nicely and so far all is well. I am going to say seven to 10 years because I have the room and I can just see so many of you throwing up your hands in horror. That's what happens when you started out with pencils, erasers and printed forms and a copy machine.

I have been with them from the beginning and really don't plan on ever leaving. Overall, I am very happy with the program and my sales rep is the sweetest ever.

Yes, you need to file. I had a client with a 1099 B with an even trade; no gain and no loss. They called him on it because they only had a record of the sale; no record of the basis. And, we had filed a return because of other issues but they billed him for tax on the total sales price of the stock exchange that my assistant failed to report.

De...I stand by my first reply. Mom gets a primary exclusion for her share. Children do NOT get a stepped up basis because they never owned the home until it was sold. In Wisconsin, this is a sad situation.

I don't see why not if they pass the residency tests and never used it as a rental.

DUH!!!!! Thanks for the offer, but I have plenty of my own. They just keep getting better and more complicated. I had a client come in last week who just now got his Partnership K1. How does that work? Then he tells me that he sold a piece of property in January with quite a profit. Have to figure out basis because land was originally part of a subdivision that belonged to the Partnership with the delinquent K1.

Yes, because it was her home. If it is in a Life Estate, childrens' basis is actual original cost of the home. This is the downside of outliving a Life Estate. Mom gets her primary home exclusion, but children do not get gift exclusion in a Life Estate situation. They do not technically own the home until the parent (s) pass. Remember that this is not an inheritance with stepped up basis for the children.

De......I have one exactly like this but don't have to deal with it until next year. Children have already received 1099 for their share of the sale price. This was a LE. NOT a gift. These are great when they work; not so much when owner outlives the LE. Mom will get stepped up basis for her share. Each child will have to build basis from time the house was purchased. My client is one of the children. I told him he has a year to look for and remember all of the additions and improvements that his parents made over the years. My client "gets" it and he is doing his homework. He will have a CG, but may be fine. I told him to save the money he got until we know how much tax he is going to own. Since he is retired, I don't expect it to be all that bad. Mom is going to live with daughter and daughter has cooked up a scheme to give money back to Mom and then charge her for taking care of her. NOT!!!!! Daughter is not my problem, but I told Brother, who is, that she cannot get out from under the 1099S that she already has. These are such fun. Good luck and happy to still be in touch with you..

Absolutely. After next week, two weeks off to ride on my Gator, plant flowers, just read and sleep on a dead end road in the middle of a forest. Still plenty of work to do,, but they can wait. If the IRS has a backlog of 16.4 million, as I read last week; I guess I can have a backlog of twenty or so. I ordered my renewal program yesterday. See you all next year.

By the way, last year it was a John Deere Gator to help my weary legs around our 40 acres of Forest Land. This year it was a new refrigerator and a reset and shine for my 62 year old wedding rings. Life is good.

This comes the closest to me. In central Wisconsin, partially rural; pretty low income. I don't have a base charge unless it would be $95. I am the odd girl out as my price is based totally on the person, situation, ability to pay, etc. We grew up poor, have always been low income, but we have done well and live the life we want to live. We have managed our money, Karma paid us several times and we feel rich and fortunate. My business has paid its own way and built a cushion. My husband's business has built equity and paid its own way. Therefore, my pricing is not to make a fortune, but to provide a quality service for rich and poor alike. I like money as much as the next person and I treat myself to something every tax season, but I am running out of wants at my advanced age. I don't compete with anyone. My small business filed a total of 253 Federal tax returns this year. Anything from simple Homestead claims to High end Partnerships, and everything in between. Lots of LLCs, many Rentals and many, many state returns. I don't charge for kids in school; because I want to keep them with their parents and I don't charge for Active Military. So,, I charge by the situation and pull a number out of my head. Now that I have an assistant trainee; I bring her into the pricing decision as, hopefully, she will carry on where I leave off. Happiness to all of you!

I have never forgiven Intuit for what they did to Parsons Technology. Thankfully, I found Saber and away we went.

I started this as a business in 1992 with Parsons Technology. I always kept a part time job until seven or eight years ago when I realized that I needed help with my own business. Added an addition to the house for a home office and away we went. Little by little, my business has entirely paid for itself, including the office addition. I have passed the 250 client mark and two years ago looked for and found an assistant. She is so totally with the program. I am teaching her as well as paying her and she is helping me in so many ways. Ultimately, everything that goes on here is on me because I have the credentials. Hopefully she will take over when I am ready to quit, but that time hasn't come yet. Once I get over this slump and finish my extensions, I will start preparing for next year. Our services are so sorely needed. Qualified preparers with integrity and the desire to serve are becoming more scarce every year. We are dedicated to our clients and they know how important they are to us.

I am just feeling totally zapped. Of course, all of those extensions are sitting here and I have no desire to do them, but knot that I HAVE to. I would rather get them over now than be filing in October, but some have not even come in yet. I so looked forward to some time alone in the woods, but Wisconsin is having a really sketchy Spring. Weather is terrible and unpredictable. Really, all I want to do is read and sleep. I have 20 years on you, Judy, but still have no intention of quitting this crazy way of life. I just need to gather my thoughts and ambitions together and get them finished. to all of you.

I am thinking it over as well. I have had the same sales rep for years and she is a sweetie, but I guess I will wait for her call and then decide.

Pretty much the same here. Am working on Easter Sunday just because I have a client who is terrified of the IRS. Born and raised in Poland. Also, he is a Priest. Bless his heart. I know he is praying for me today.

Believe me, that is not the situation here. I have more than enough to keep myself and my family comfortable. I like money as much as the next person, I just say that money is not the most important thing in my business. I am training a young lady to follow in my footsteps. We did see the lady who was crying on the phone and she also cried in my office. She had a legitimate reason as she recently lost her significant other to Covid and his family is affecting her life negatively. She is gainfully employed and only wants to change preparers because she doesn't trust the one that she and his family used in prior years. We are going to help her. I have been in this business for 30 plus years and it has built itself from pencil and paper to an office addition with four active and updated computers; several printers and plenty of supplies. I preach "having a cushion" and practice what I preach. We haven't used your software in several years, but are looking at it again because of inquiries. I am not taking on more than my assistant is comfortable with going forward. My business has always been, and always will be about the Client first. Thank you for your input. I totally agree.

It appears that we all feel pretty much the same. I told my husband that I just cannot get motivated today and I am also so far behind with the bookkeeping for his business too. My entire family will be on extension, as well as several others. I still don't think we will make it. I will have help tomorrow and one more helper on Tuesday; but there is only so much that they can do. More new clients coming in this week. I actually had a lady crying on the phone because nobody would take her. I will. I am all about service, before money.

My dude owed $57,000 to Federal alone. He had nothing withheld. $315,000 in conventional IRAs into Roths. How long will he have to hold those Roths to gain back what he lost? Anyone????