Jump to content
ATX Community


  • Content Count

  • Joined

  • Last visited

  • Days Won



  • Rank
    ATX Master

Contact Methods

  • AIM
  • Website URL
  • ICQ

Profile Information

  • State
  • Gender

Recent Profile Visitors

5,556 profile views
  1. I am so sorry to hear this. William helped me out many times when ATX was in Carabou. Thank you for letting us know.
  2. I receive one when I print out my comparison forms for every return. I have ATX Total Office. I can't look at them on my screen, but they print out on my returns with C's and E's. Now that I'm confessing, they will probably take them away. It's probably a glitch.
  3. I can tell you that my C, E and F comparison prints, but I can't look at them on screen. I have Total Tax Office. I am dropping to Max for next year, so I hope that I'm not sorry. I wish that I could afford Advantage.
  4. That's exactly what happened. Trading way too often and not getting the loans paid down. I managed to get the depreciation down with 179 so that he will have a little left for 2019, but it will really hit him when he stops driving if he keeps trading so often.
  5. I have a very ticked off client, but I don't see what I can do to fix this. He traded in a 3 yr tractor that he had purchased in 2016 with an AGI of $5,,899 -He received $110,000 trade in. He purchased a new one for $184K in Nov 2018. He has been trading every two to three years for eons. He does not get anything paid off. The only way that I can avoid him having to pay a ton of money for the recapture and capital gain is to use the 100% bonus depreciation. He is a Sch C. Section 179 will only take his profit down to 0 and he will still owe way more than he can pay. He says that none of his buddies had any income tax problems this year. Now he is worried, because he will have a good sized profit in 2019 without that additional depreciation. I told him that the 50% depreciation is gone for 2018. I have tried to explain for years that never showing a profit due to constantly trading was going to bite him eventually when he slowed down or retired. If anyone has any ideas, please let me know. Thanks! Retirement sooner than 70 is starting to look really good.
  6. Great picture! Congratulations to all!
  7. Which line are you looking at? I checked a couple of my clients and the numbers that comes across to my worksheet are coming from the Sch C, then I deduct the half self- employment tax and the health insurance. I'm just looking at the one that says activities, then those numbers go to the net qualified business income tab.
  8. Thanks so much! I'm not normally this dense. I did have them in yesterday and they don't really care what I do. They are elderly and this stuff makes them nuts, too. I just want to prepare the return correctly and not cheat them. It will not have any effect on this year, but it may on later years.
  9. It was too late to edit my question. I meant that QBD is determined at the partner level, which is why I did not think that it was deductible on the 1040 originally, because they are all just various investments with no common ownership among them. The partnerships had already determined that they had QBI and passed it on.
  10. It's me again! I'm sorry to be dense, but I have been researching and stewing about this for days Not all of the k1s were prepared by the same much larger firm ( which I always feel knows more than I do) and two of them are throwing me off. They say "the ability to take the above QBI deduction is dependent on your ability to probe the activity is a trade or business or aggregate the trade or business with another trade or business. Please consult your tax advisor." I thought that the determination of trade or business was determined at the entity level, which is why the QBI information is on the k1s. If the S Corp or 1040 has to prove that it's a trade or business, I don't think that they can do it. They are just investments and they should not have to aggregate, because their income is super low and it will only be a carryforward anyway. I will continue to read my CPE materials and see if I find something different that says that the taxpayer has to prove it. I just want to get these returns done, so that I can go on to the next ones. Thanks!
  11. Thank you. I guess that I am overthinking this. Maybe I am thinking too much about the safe harbor rule. They absolutely do nothing for any of these investments except invest. There are very few hours involved and they only own very minor percentages. All of the K1s say ask your tax preparer. I will keep reading until I can feel better about it. The penalties are huge if I screw it up. I have taken a lot of classes, but I still don't feel like I have great retention. I can hardly wait to see what awesome changes await us after the next election.
  12. I think that I know the answer, but I want to make sure that I'm not cheating my client. 1. Couple owns 100% of S Corp. 2. S corp owns partnership interests in many Real Estate LLCs and LPs, none are PTPS. The partnership interests are minor, with all being under 5% ownership. No REITS. 3. None of the LLCs are SSTBS, but they all have given numbers for QBI. One has numerous businesses. I do not prepare any of the LLC returns, just the 1120S and 1040! I don't think that the 1120S or couple are able to take QBI, because they don't qualify for the safe harbor, are not eligible to aggregate and none of the LLCS are PTPs or REITS. I've been reading and just want to make sure that I'm not missing any reason that they could take the deduction. They are retired and don't perform any duties, except a shareholder meeting. Any QBI would be carried forward, due to losses. Laws like this make me really wish that I could retire now, because it takes up too much time for a few clients that I really don't want to lose. Thanks!
  13. Very nice and professional. It should bring you added business.
  14. JohnH, my clients need their 2017 return filed as quickly as possible for FAFSA. They didn't bring in their 2017 info until late April and they have two headed to college now, so they are pretty desparate to get their transcript. I also have a state ACK that I can't pick up since 2017 efile is still down. I have several old returns that need to be filed for many reasons and I prefer efile since most of them have money coming back.
  • Create New...