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NECPA in NEBRASKA

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  • State
    NE
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    Female

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  1. I still have a ton of classes left for the year. I will be way over my needed hours, but I find that it takes multiple times to beat things into my head now that I turned 65. My body and apparently my brain immediately aged. I need cataract surgery before tax season.
  2. Mine was short $25k in expenses from the previous year and didn't think that would affect his taxes!
  3. 1040 not filed today, because client says that he did not make as much money as his Schedule C shows. I took every deduction that I thought was legal. The expenses for running for public office that I found were not a deduction against his business. He is looking for more deductions. He also says that I did not take the Covid credit that was available to everyone. It turns out to be 7202 for sick leave. I read them the directions and all of the things that made that credit possible. He said that the city was shut down, but that was in 2020., also not a reason for sick leave. He did not have any employees or children at home. Neither of them had Covid or the vaccine. They did not have to quarantine. I am willing to try to help, but I can't see anything that makes this credit available. If I am wrong, please let me know and I will gladly call and advise him on what else he can look for. Thanks!
  4. Congratulations, Joel! I hope that I am not far behind you. I began in 1979 while I was in college.
  5. I use Dennis's accounting program and it does a great job for trial balances, etc. I only use them for my tax return workpapers, since I got out of preparing financials for my clients years ago.
  6. We used that suggestion for a family member and it worked out very well for both parents and the child.
  7. I love our son's Outback. I am going to look at those. I really like the Rav4 Prime or Hybrid,too. My sister has a Forester, so I can't have one.
  8. The Maverick brings back terrible memories. My dad bought a repo and it was the worst. I'm glad that they are bringing it back as a good vehicle. I am looking for a smaller or midsize SUV. I want something safer and good for Colorado roads when we finally get moved there.
  9. We were going car shopping next week, but I will just look and not buy until I see what credits come out of this. I'm very excited that our son finally talked my husband into something newer with more safety features. He had two incidents last year that made him realize that they could have been avoided if a computer paid better attention than him.
  10. I have a married couple that began an S Corp on the advice of their now deceased, non-tax attorney many years ago. The only property that this S Corp holds is investments in Real Estate LLCS. It's all passive income, they are not active, just investors. It's been a pain for a long time, mainly because of the losses carryforwards and the basis computations. It just gets more difficult as they add more state K1s. I have never seen anyone else hold investments this way, but I have always worked for small companies and have been on my own for years. I was just wondering if this is a normal way to hold investments and maybe I need a more powerful tax program just for theirs. It is so time consuming and I spend a lot of time worrying that I am not preparing the corporate and individual returns correctly. The K1s from the LLC are turning into books now with all of the new regs on 1065s. I have gently tried to steer them to move to the much larger CPA firm that prepares the 1065s as their tax preparer, but they aren't willing yet. There won't be much choice for them soon when I retire. It just seems to me that it would be so much easier if they were held personally, but maybe the Corp is for some protection? TIA
  11. I have told her these things, she listens to other realtors that tell her they are making a killing with their rentals. After my responses to her today, she said that she is tired of paying so much in taxes. I replied that then she would have to make less money. It is an endless circle. She agreed that maybe some of the people that she was listening to weren't exactly truthful, had the additional earned income that they have, or have few expenses or debt.
  12. I don't know what more that I can do to help this client. I love her to death, but I'm not a real estate advisor and I'm not going to go take one of those seminars to tell me how much money that I can make by getting rental houses. Between her spouse and she they make from $180K-$250K in earned income. She is a realtor (Sch C) and they both make good money. They have three rental houses and think that they should have more deductions and make more money like other people tell them that they make. I can't pull expenses or income out of the air. LOL Much of the money that they have spent since buying them less than three years ago were for improvements, no they are really improvements. I try to expense anything that is legitimate expense. All three of the houses are mortgaged which probably doesn't help their cash flow. She has prepared a spreadsheet to qualify for real estate professional, but she wants to slow down. That will not help her when the expenses aren't deductible. I don't want her to feel like I'm not doing my job, but I don't know what more I can tell her to help them. She has already made 3 times as much gross income on her commissions in 2022 as all of 2021. That will probably slow down the last 6 months, but everyone loves her and she works hard, so she may still increase. I've mentioned way more money into retirement, but she does not want to tie it up. Does anyone have any ideas that would help since my crystal ball does not seem to be helpful? Thanks! Bonnie
  13. Judy, My thoughts and prayers are with you. It takes a toll to be a caregiver to one person, let alone multiple persons. My mother disliked her BDG treatments with a passion. I am looking forward to turning 65 this year so that I can get Medicare. It is pathetic to want to get older to have better health insurance. You need to try to find time for yourself. I know that I fell behind in working out during this tax season, from being overworked, exhausted and taking care of my husband. Between his heart, COPD and constant pain, I never feel like I should complain. I am so glad that I am not taking on more work. I am finally leaving tomorrow for a few days to see our son in Littleton. My husband has orders to do nothing but hang out. His daughters and neighbors are watching out for him. Hopefully, we can both drive out later this summer. I will be here all year if you are looking for someone to talk to. I felt like I didn't get much done this year with not extended due date, but then I compared the number of returns to last year and was thrilled to find that I had pumped out a lot more returns, even if so many were a pain.
  14. I received that, also, but thought that since I am already a This change only impacts new purchases and does not impact current subscription and renewal. Existing users will be able to continue their active subscription, and this change will not affect their ability to use the product or get support. I received that email and hope that I will still receive it, since I am already a Pro Advisor. I just need access to the different versions. I look forward to never doing payroll or dealing with QuickBooks again.
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