kcjenkins

:bday:

:bday: You had good timing on your birthdate!

The bankruptcy would normally be proof of insolvancy. But do the worksheet in the Pub if in any doubt, and keep it in your file.

If these are removable partitions, that they can and do take with them when they move, they are not 'leasehold improvements, IMHO, but 'Furniture or Fixtures', and would be depreciated as 7 year office furnishings.

Sounds like you need to send him to Betty Sue and Jerome.

A SALY button would save time on a lot of C's and A's, especially, now wouldn't it? I'm sick of hearing, when I ask about an item, "Oh, it was the same as last year, just use that number." GRRRrrrrrrrrrrrrr [That is when I make them give me all the expenses IN WRITING, if they have not already done so. ]

OR YOU COULD USE YOUR PTIN.

Yes, you need to file it, not just to keep up with last years carryover, but to add this years loss. After all, without filing the D, the IRS knows about the sale price, but not the basis. YOU establish the loss by filing the D. Without filing it, there is no loss in the IRS file to carry over. In fact, they would see it as a profit since they see the sale without any offsetting basis.

Oh, I'm not arguing with that, Joel. I too started with DOS, in fact, I started with a used 'demo' DEC Rainbow, and no manuals, just some programs that were thrown in with it. Had to teach myself DOS. Was good experience, and started my love for the darn machines. I agree that Windows is full of crap. But the public loves that stuff. I resisted Windows tax software until they simply stopped offering it. DOS version was much faster. But of course, back then everything was printed, no efile, no INTERNET research, etc. My point was just that knowing how it works, I've learned to do a few things that do help, like rebooting. Also, I keep my email open rather than close it and reopen all the time. Mostly tho, I just live with it. One of the big differences that we have to recognize, tho, is how many things we use the computer for now, that did not exist 'back in the day.' When we just used it as a multifunction accounting and printing machine, it was faster because it was not doing all the other things they are doing now, like INTERNET connections, links to weather.com and no telling how many other useful things. They keep up with our faxes, our mail, our appointments, our phone books, etc, all while also doing tax returns that are a LOT more complex today than back in the 60s and 70s.

You know you do not really WANT it to be that low, or you would simply stop taking them. Face it, moving so far from the old hometown, it's just more comfortable to build up the base. In a year or two you will cut back, right now you are too pleased to get those referrals. It is natural reaction to being in a new place. No matter how well planned and executed, moving is a scary thing in our business. I once had to move across the street and down half a block, and lost some good clients who "could not find me". Got back all the ones I wanted to take back, but it took a couple of years. The new clients I picked up, tho, made it much easier to take.

You mean you did not give a 'Birthday' donation last week, Joel? [The board was two years old last Sat. ] Shame on you! :lol:

Actually, Joel, it''s not really the programmers fault. Not really. See, we all want the computer to do things fast, and we hop around a lot, because we use the computer for a lot of different things. So, to make it faster to reload a program, for example, when you open your email, then close it, it leaves a little 'tag' running, to make it faster to open it back up. This is because the general public wants it to open fast. Problem is, as we open and close files, returns, for example, and email, and research programs, etc, almost all of them leave these tags behind, and after a while, those things intended to make our use easier and faster actually start slowing us down because there are so many open. Rebooting closes them all, and gives us back the memory we had tied up in those little place-marks. I've gotten in the habit or closing and rebooting most times when I take a bathroom break or lunch break, etc. It really does help the speed.

If you got to Line C, you should have skipped Part I so you would not be answering Line 9. Hope that makes it clearer to you.

Yes, and Yes. You efile the extension by adding the 4868 to the return, then clicking on it and going to the efile tab and filling it out. Then you click on 'create' and the middle choice will be the extension. Check only that one, and it will create it for efile. You transmit them just like any other efile. Later you come back and finish the return and efile it. One other thing. When you efile the extension, and later go back to complete the return, it will pop up a message that says you can't change the return because it has been efiled. Ignore that, it's only the extension that you can not change. Just check the box for 'change anyway', and don't worry about it. The first time I saw that it spooked me, before I figured it out.

That is the big advantage of usintg the 'printed signature' option in Preferences. Then, even your drafts have your name printed on them, which is acceptable for the IRS.

Actually, you are wrong about that, the payee changing is going to change the name on the C or C-EZ that you used, and that will change the name on the SE. So you attach the new forms, and explain on the page 2 of the 1040X. And perhaps include the 'old' C and SE with zeros clearly marked in red 'CORRECTED', as well.

Yes, and I imagine they are pretty stressed too. Dealing with all of us stressed-out folks has to be hard. I know I am a lot more short-tempered than normal, just due to lack of sleep and having to deal with the worst of the clients now. It's always the worst ones that wait until the last minute, then are in a real hurry, isn't it?

Try the efile help desk.

Just had a call from a former client, at least I thought she was, because she never came in last year. She asked for an extension, and then told me she would be bringing in both years, she has not filed her 07 yet.

They are basically defined beside each code. The worksheet is basically self-explanatory. Just fill in the number of days, and the worksheet calculates the percentages automatically.

The major difference, other than the names of the pre-listed expenses, is that farm equipment has different depreciation rules. But it sounds to me like a logical choice to use, since raising livestock for sale is clearly in the 'farming' category. Why would you have a problem with that?

The IRS will accept your PRINTED signature, so of course they will also accept your faxed signature.

http://backwardsland.com/taxlover.htm

Thanks, Kerry. Next year, all dark chocolate, please! :lol:

Marilyn, most insurance agents are self-employed. And if they do not make a killing on those policies, that means the price of the policy is more reasonable. So it depends on whether you are a buyer or a seller as to how you see it. I tend to beware of the policies that the agents love! They love the ones that make THEM the most money, after all. If the policy is pre-tax, paid by the employer, the benefits will be taxable when paid. If after-tax, paid by the employee, then tax-free when paid. So it's possible to be either, and both ways have pros and cons.