kcjenkins

I agree. It helps us when we are reading an answer involving any state-related issue, to know where the poster is.

One more to add, that I had overlooked. Since Jan. 1, 2009 corporations have been able to file a Form 4466 to recover their estimates of 2008 overpaid taxes. They can do this now, even though they may not file their tax returns until September 2009. In light of the current economic downturn.

And you should be able to find the rules by going to the state website. Try the Sec of STate website.

Well, given the level of Identity Theft, not having to give out your SSN just makes good sense, it seems to me.

I have no idea why they thought it should be in box 3. But the IRS will never complain about it being included in SE taxable income. And this year the box 3 has a line right below the Amount line that lets you tell it where to send the income. Just select the Sch C and it will go there just like it would if it where in box 7. And the expenses related to that income should be on the same Sch C.

Yes, I'd leave it in, since the assets are still in use. The 4562 will not actually be included in what the IRS looks at, since there is no new asset this year. They don't actually look at the 4562 even when assets are still being depreciated, as long as there are no new assets. But you need them in the file as long as they have not been sold or scrapped or abandoned, for feeding to the 4797 if sold.

* ADOPTION TAX CREDIT increases to $12,150 for adoption of an eligible child. * SECTION 179 maximum deduction decreases to $133,000. Phase-out threshold is $530,000. (It is generally expected that a stimulus law in early 2009 will increase these amounts to the 2008 levels of $250,000 and $800,000.) * STANDARD MILEAGE RATE for business driving effective January 1, 2009, is 55¢ a mile. Rate for medical and moving mileage is 24¢ a mile. Rate for charitable driving remains at 14¢ a mile. * ESTATE TAX top rate remains at 45%, but the exemption amount increases to $3.5 million. The ANNUAL GIFT TAX EXCLUSION increases to $13,000. * 401(k) maximum salary deferral increases to $16,500 ($22,000 for 50 and older). * SIMPLE maximum salary deferral increases to $11,500 ($14,000 for 50 and older). * IRA contribution limit remains at $5,000 ($6,000 for 50 and older). * KIDDIE TAX threshold increases to $1,900 and applies up to age 19 (up to age 24 for full-time students). * NANNY TAX threshold increases to $1,700. * TRANSPORTATION FRINGE BENEFIT limit increases to $120 for vehicle/transit passes and to $230 for qualified parking. * SOCIAL SECURITY taxable wage limit increases to $106,800. Retirees under full retirement age can earn up to $14,160 without losing benefits. * HOPE CREDIT maximum remains at $1,800. * HSA CONTRIBUTION limit increases to $3,000 for individuals and to $5,950 for families. An additional $1,000 may be contributed by those 55 or older. Thanks to the late passage in 2008 of AMT patch legislation, the AMT exemption amounts for 2008 are $69,950 for joint filers, $34,975 for couples filing separately, and $46,200 for single taxpayers and heads of household.

OK, you convinced me. I had not given a thought to the idea of Q-subs etc. That does make sense when I think of those. Thanks, Jainen.

The 4562 can now be efiled.

Nice theory, but I don't buy it, since the IRS can always go after any 'responsible party' and all officers of corporations are de facto 'responsible parties' unless they can prove that they had no control at all over company funds. So unless this owner is not even on the bank account, he's going to be liable as a 'responsible party', whether it's a Sole Prop or an LLC. Plus, as a disregarded entity, it's not treated for tax purposes as a corp, but as a Sch C business. But if it's treated as a corp for payroll tax purposes, then we're back to the owner being the 'responsible party', right?

Several days before Halloween, Tom, Dick and Harry were sitting in a bar enjoying a few quiet drinks, when they decided to get in on the Christmas raffle. Since the raffle was for charity, they bought five tickets each. When the raffle was drawn a few days later, they each won a prize. Tom won the first prize - a year's supply of gourmet spaghetti sauce. Dick was the winner of the second prize - a six month supply of extra-long gourmet spaghetti. And Harry won the sixth prize - a toilet brush. The next time they met at the bar, Harry asked the others how they were enjoying their prizes. "Great," said Tom. "I love spaghetti." "Me too," replied Dick. "And how's the toilet brush, Harry?" "Not so good," Harry groaned, "I reckon I'll go back to toilet paper."

With good reason, since the coupon is only a tool the bank is to use to get the info input correctly for the IRS. Since the form is not sent on anywhere, as long as it has the info needed, there is no logical reason for the bank to refuse to take a copy. Some banks just don't want to fool with them, because they don't get paid by the IRS for processing the payments, so use any excuse to reject them. But faced with a bank telling me 'no', I'd raise a bit of a polite fuss, because most banks want their customers to see them as helpful and courteous, and having s customer in the lobby complaining politely but loudly is not good for that image that they want. Funny how in such cases, often a higher level officer will step up and take the deposit.

Well, Pedro did not say what kind of self-employment, which could be a big factor. Was she babysitting, which seems like the most likely form of SE income for a teenage mother of two? I think, tho, that most of us are picking up vibes from his post that he has some serious doubts about her facts, and that is what the nay-sayers are reacting to. So my advice would be, "Trust your own instincts, and if it smells to you, give it a pass. If it just makes you a bit nervous, ask more questions until you either feel comfortable, or decide that your first reaction was the right one." There are some people who advise their friends on 'how to get some free money from the IRS', and some young people are easily led into tax fraud by them. Don't be a part of that path, be a source of guidance to them about what is legal and what is not. If they are honest but misled, you will prevent them from getting into trouble. If they are willfully cheating, they will at least get no help from you.

Oh Joy! Thanks for the heads up, I'm sure that we'll all have at least one client the this stupid new rule will apply to. And, of course, they probably won't know about it and won't come in until after they've filed their first quarter. I wonder what in the world problem caused them to make this change?

Actually, this year, so far, the support seems to be greatly improved over last year, in terms of knowledge of the program.

And I'd just add that posts like this, about efiling, should be in the 'E-File' section, not here. That is for your benefit, not mine. If you will post your efile-related posts there, they will get answered just as fast, or even faster, because that is where we'll be looking for them. Post tax questions here, but if it's totally efile-related, which ACKs certainly are, please put them there.

:bday: :spaz:

Yes, you do.

In that case the answer is yes, through e-services.

I thought the 'breaking in to get my W-2' ad was bad, but the 'refund money suit' ad just turned my stomach.

Some banks are bullies. I'd look into changing banks, myself.

I'm not sure I understand the question? Do you want to print the ES vouchers? Those are generally one of the later forms to be made available, because we won't need to file one until April 15, after all. You could, if you just feel you have to, print a 2008 voucher, and edit the year to read 2009.

No, if the LLC is disregarded, you don't need to change the EIN you used as a sole proprietor. http://www.irs.gov/businesses/small/articl...d=98011,00.html

Every stockholder in the class must be treated the same.

No, actually, in those days of paper filing and doing taxes by hand with only a ten-key, and carbon paper for the copies, computing the credit was easy, but including it and all the extra pages would have meant higher costs to me, and in those days, I was still teaching accounting, and doing taxes on the side, and my profit margin was almost nil. So I probably would have, if it had saved him $10, but for just $2 for him, I was not willing to do the form. Heck, I only charged him $10 for the return in the first place, Atticus. My fees did not get high until I grew my business, and was making a living from it.