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About windmill

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  1. windmill

    1099 Transmitted to EFC

    My 1099s accepted yesterday, but cannot print out ack notice. Program tells unexpected error and need to close. I have closed and have opened with no change.
  2. windmill

    Business Sold

  3. windmill

    Business Sold

    Since I did not want to work another season, the purchase price was 20% of 2018 estimated gross plus a referral fee of $100 for each of my 1040 clients who transferred to buyer plus another 15% of the billings for the bookkeeping clients for 2019. He is happy and so am I. I will do the 2018 tax returns for the business clients and he will pick up the bookkeeping for 2019. I office at home so equipment or supplies were considered. Basically, sold client listing. We will meet at the first of each month to settle up.
  4. windmill

    Business Sold

    The contract to sell my business was signed today. The buyer takes over on January 1st. I finish the bookkeeping and tax returns dealing with 2018. Did someone say "PARTY".
  5. windmill

    NT It has been real!!!

    I, too, are in contract talks about selling my practice. Last year, the buyer was going to write the proposal, but never got there. This year when I emailed him, he was still interested and this time I am writing the agreement. So far we have agreed on the main issues and now it is time to have it written. I am keeping some clients(relatives) and some non-profits.
  6. windmill

    Past Tax Return

    Client called today. The last tax return that I efiled for the client is 2007. Is it best to start with 2017 and go back, or start with 2008. What is the statute of limitation for this type of case. Never had this many years to prepare.
  7. windmill

    Where is the 941?

    I use the one in ATX and efile the Form thru ATX.
  8. windmill


    TP called. TP lost $5,000 to a scam. How did you do that? Well, I send $5,000 to them and thought I was getting a truck. I didn't. TP says his father-in-law says it is deductible. How so? No answer. I think he is out of luck. I can't find anything that would make it deductible. What say you?
  9. windmill

    New York Taxes

  10. windmill

    New York Taxes

    My son lives and earns wages in NY, but also had wages from Ohio. How can I deduct these OH wages from being taxed in NY? I cannot find the allocation page in the NY forms which would allow for these wages not to be taxed in NY.
  11. windmill

    Selling Business

    Had a second meeting with potential buyer. He is looking for a store front on a main street here in town. We haven't got to the purchase price yet, but he did indicate 1 to 1.5 of gross revenue for the year would be a reasonable purchase price in his mind. Of course, I would work in the new store front the next tax season. We agreed that we would split 50-50 whichever fees that I would take in on a per return basis. No hourly wages. Just based on production. We talked about 20 percent down. I think I'll do a credit check as I am carrying the note. Comments?
  12. windmill

    Selling Business

    Since I started this thread, I want to give an update. The first potential buyer called and said he didn't think it was fit after reviewing some of financials. However, he did mention a friend of his who might be interested. This second potential buyer and I had a two hour meeting getting to know each other. The one take away was we agreed that January 1 would be a good takeover date. Of course, many other details will be worked out over the next months. We have another meeting scheduled for July. Looks promising.
  13. windmill

    Selling Business

    Lubbock, Texas
  14. windmill

    Selling Business

    First appointment called and said he didn't think it was a good fit based on the information I told him.. First appointment cancelled. I think he thought it would be too much. Made second appointment for next week.
  15. windmill

    Selling Business

    I am starting the process to sell my business. Asking for some tips. I have contacted one person who also works out of their home, but use to have an office front. Any advice of how a transition should/could happen. Don't need to write a book about this, but one or two tips and/or cautions. Thanks