mcb39

OK, I did a search of the community and read all the comments from 2013 regarding the Square Credit Card Reader. NOW, are there any recent comments as to how well it works and how well any of you like it. I have the free reader coming; have no idea if I will ever use it; have downloaded the app and it appears fairly easy; but would like some input. I have a client who is going to use it and she will be counting on me for guidance and advice.

I know this sounds insane, but I download them both and pick and choose the pages that I want to print. Generally, I prefer the original organizer, but if my client has a business, rentals, etc, I choose those pertinent pages to print. I gave up sending organizers to all clients years ago. Am now to the point where I create and send an organizer to the clients who want and will use one; I print and keep the organizer for the ones who don't and won't and keep it for my own use. After all, the organizer is more for our benefit than for theirs. As I said before, some clients are adamant about having one. Others have their own methods of organizing their information; and some pay more because they don't do either.

Is his accounting cash or accrual?

Thanks Eric.....we all know that you do your very best for us. I am happy to know that it is not my computer that is acting up.......again!

After all these years; I pretty much know who will use the organizer and who won't. There are several clients who request it and take it with them to the warmer climates for the winter to work on. Others I print and keep in their folders for me to use (clients with Sch C businesses; Rentals, etc.) I enclose the engagement letter along with the organizer. Those who don't or won't use the organizer just get the engagement letter along with my personal yearly letter giving them a heads up on anything new to expect.

Wisconsin has an entirely different method of calculating capital gains. I don't even want to go there.

Sometimes we HAVE to have our toys. For me it is a form of self-gratification and thanks for all the work I do. On the other hand, I now have three laptops and and two desktops. My XP desktop is only for programs that don't convert to Win 7. My oldest Win 7 laptop is for leaving at the other house. No number pad, but the external works just fine. Have two identical workhorse 17" laptops; one for in house and one for back and forth. Of course, we all value different things in our equipment. My laptops do have dedicated video cards and have i5 with turbo boost. Win 7 Pro. My main working machine is an i5 desktop; which will be entering it's third tax season. Thankfully it was brand new for 2012 and handled most of the issues with little pain. And then there are the real toys: Tablets. I use that when I am (rarely) sitting on the couch and want to check e-mail or FB. Or, my husband says something like, "Is that guy still alive?" I have an almost immediate answer. My tablets also work through my phone line if I am traveling and wi-fi is not available. Wonderful for Gas Buddy and/or just browsing. We all lead different lifestyles and have different needs. Hopefully, we have lives outside of tax preparation. In my mind, it isn't so much what you have, but how you take care of it and whether it meets your processing needs. Does it have the features YOU want and does it make YOU happy? Last, but really first, backup, backup and backup!!!!

Well, my cosmetologist certainly isn't. She relies on me for every little thing. Some days drives me nuts, but she does a good job on my hair. (I pay her; she pays me; agreed on up front.)

I guess I may have whimpered too; just silently. I also have very low blood pressure, but not because I don't stress about certain things.....a lot.!

I don't get what the difference is. I have one H/W business that I have to prepare and charge for a 1065 and the business is so minimal it is not really worth it to them. Thankfully, it was already being done that way when they came to me; so they were used to paying for it. (much more than I charge); but it is a pain. The IRS gets the same amount of tax either way. I loved that "check the box" I am in a CPS.

This is exactly what I do.

As I said before, put it behind you. What if you made a major purchase of a really expensive coat? Six months later you find it on the clearance rack for 50% off. Getting angry will only raise your blood pressure. I purchased the program I wanted. I put it behind me. I made enough doing extensions to pay for it. I like money as much as the next person, but sometimes it's just better not to stress over it.

IMO If you want any particular program; negotiate the best deal you can; order it, pay for it and put it behind you.

To clarify that I am not entirely clueless, I have two external drives for each computer. I alternate complete backups frequently. The most recent backup goes in the safe. The other backup goes somewhere else off-site. At the same time, I export each return as I am working on it to a jump drive. The reason for the panic was because I was working on a new laptop that did not have all of the returns on it. However, after catching my breath, I realized that it did have the returns I was working on; on the hard drive. I exported those. When I got home, I exported all of the 2014 returns to the jump drive and I am now back to where I started. Incidentally, my last extended return left my office yesterday afternoon. I have one more to mail out and I am finished with 2014; for now. All returns have been filed and accepted. Some quarterly payroll and bookkeeping to do and I will be out from under pressure for a few weeks. Then, it starts all over again. Thank you all for your input.

Take a vacation. It was just an offer. You don't have to renew before Dec 31. Relax and try it after the 16th; or wait until November to start trying. I've never had a problem getting on to the site.

You used to be able to just click a box on the top of the screen and it would do the division; assuming that it was equal. That has been gone for a long time. You can either give them each a schedule C and split the expenses or enter both 1099 Misc as they are reported. They "should" combine on the C. The only problem I foresee is the issue of two different SS.

Did you know that many of the newest computers are shipping without CD drives at all? Yes, buy a USB CD drive or more jump drives; spend more money. I have so many thumb drives now with different things on them, I am losing track. This past weekend I was wiping a SD card for a hunter and accidentally wiped the thumb drive that had all of my 2014 tax returns on it. Luckily, I was able to come home and export them off of the desktop. Talk about being in panic mode. I have never done anything that stupid before and didn't know it until I went to look for a file. Well, maybe once or twice. Just finished showing my son how to use the backup program to back up his system to an external HD.

Scenario: OK, say for instance that you decide this year not to use ATX any longer. What do you do if you purchase a new computer and no longer have access to the ATX site for downloading? What do you do if you have to prepare prior year returns for a client and cannot access the ATX site for downloads to the disk you made? I Always want a CD installation disk for any software that I install. This year I passed on Medlin, but only because I have faith that Dennis will take care of me if I get in trouble. It's the same as reading a book on a tablet. I WANT the paper in my hand. Just my little quirk, but am sure that there are others who will agree.

That may be fine for you, Jack, but all of us don't have powerful internet that makes downloading easy; myself included. No, there will not be an archive CD this year. I have already established that. However, I always want the beginning disk for installation on a new computer, etc. My internet service is "needy" to say the very least.; and I have no other options that I can afford.

Is that your cheese board?

So we can learn it all over again?

But, your clients have equity. Naveen never mentioned what type of business her client was in.

Actually, I have not seen the buy/sell agreement. My client is on vacation this week; as am I. I am quite sure that Mr. Medlin is correct in regards to the list of clients. They actually had a notice on the door for several weeks that the previous owner was leaving and where she was going. This is not a big time salon. It is a small, friendly, we all work together at certain things place. However, the location is excellent and I believe that they have quite a few walk-ins. She didn't pay all that much for the business. $10,000; so the retention of the name and the equipment is pretty much it. The seller is relocating about 30 miles away so it would be reasonable to believe that some of her clients will opt for the location rather than the stylist. All girls in the salon do not provide the same services. One is strictly manicures; pedicures. Another has a massage table. My girl is strictly a hair stylist. I didn't see her actual Sch C changing much except for the rental income and that was the basis of my OP. I am not even sure that they all pay the same amount of rent. Thanks so much for all the input. You all opened up issues that I had never even thought about. I will get that purchase agreement when we both get back. She is pretty adamant that I keep copies of everything pertaining to her business; which is an LLC disregarded entity. I sincerely hope this is her last change because we have had to first establish her business when she moved from a salon where she was an employee; an then had to change everything when she moved to this salon. Now, again, all documents needed to be changed. She always was "name at business name.; twice. She now is just Business Name.

Thanks guys and gals.......you are clarifying this for me. She did purchase all of the chairs, sinks, dryers, tables, furniture and fixtures as well as the name and the clientele. The previous owner walked away with the money and will proceed to render services out of her home. I totally blanked out the depreciation aspect. Where do we place the value on this used equipment, including the chair that my client will continue to use? She called me elatedly this morning with the news that she has rented out another chair. It would be nice if she owned the building because it is in an excellent location, but the lessor is right next door and she doesn't have to worry about snow plowing, etc. Thanks again so much for all of your help. This is the place to go!!!!!!!

Thanks KC. She does provide the towels and the washer/dryer. I believe that whoever has extra time does the laundry. So, you are saying include it in her SE; as (other income)? She will get to deduct the rent she will be paying for the entire building. Am I correct in that we amortize the purchase amount she paid for the business?. Then she gets to deduct the interest on the loan. Am trying to get this straight in my head. She is probably the MOST honest client that I have. Reports every penny, including tips. Only takes mileage when she is shopping for supplies. Her services are not subject to Sales Tax in Wi; only the product she sells. She is anal about writing everything down. She also pays her estimates religiously. She runs everything past me and is a nuisance at times, but she does an awesome job on my hair. Incidentally, I pay her for her services and she pays me for mine. We are in total agreement on that.