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Happy Birthday

I am using Drake this year but I have already e-filed several extentions, the client already said I am going to be late so in goes the extension

I do, my son went to get me chinese food and i am fixing a roast for tonight. If I remember to get it in the oven before 6:00

No the K-1 amounts including the guaranteed payments go on the Sch E and are subject to SE

I don't know but where are you located. I am looking for a RV to rent for the weekend of April 17th

I agree with Jainen, to be classified as disabled they would be collecting SSI and it can take several years to get that classification. A doctors note is not enough

Yes, you have to have a signture at least on the 8879 and keep the copy in your records for 3 years.

I know you have to file the CO one. Yes we follow federal depreciation rules.

You can go ahead and apply for the S-corp status. Don't panic over this. I have several clients who have partnerships that insist on having payroll for themselves so they don't have to worry about estimated payments. I have never had a problem with partners being on the payroll.

I run Vista and have not had any problems. I only have 2 monitors I am very jealous. My tech guy (hubby) says when I get a new computer next year I can have 3 with one being vertical.

Not on Federal. I don't know about NY some states have credits for tuition, I know we don't here in CO

I am certified in both QB and Microsoft accounting. They both have a free version that works very similar. I like the QB one better but the Microsoft one is not as restrictive on the free version.

I think what he misunderstood was that if you have an overall gain then the carryover can be used to the extent of the gain. So if you have a net gain of $5,000 and the carryover is $10,000 the gain is wiped out and you have an overall loss of $5,000 of which you can only take $3,000 that year against other income so the following year you will only have $2,000 carry over. You can't however not take the $3,000 against other income unless there is no other income.

I am sure I did not explain that very well.

There are days I don't want to claim my children either

Is the dependent a student that could be claimed as his child. Then there is no income limit

And mom gave the ID without finding out why. I would contact the school and have them change it to a donation to the 4H club

Does anyone know what section ie. 1245 ect is gas pumps and lease hold improvements. I can never remember which one is which. :mellow:

Actually we all have biased opinions that is what makes this board so great. Someone will take this client and not even question what they did. More than likely the boyfriends preparer will not have any problem with this. This boards bias is to be extreamly ethical which I really appricate.

How cool. I am now a member instead of a Newbie. I feel honored

When did they buy this. I agree that you need to further investigate this. A business run as a sole prop can not usually get a liquor lic. at least not in CO or WY.

How much did she buy the business for and did the liqour lic change to her name. What about employees and such.

I have a client that does this. Basically they are selling the A/R usually to a bank. It sounds like his brother-in-laws company is buying his A/R at a discount. This is not income to your client but it is an expense because the amount of the discount is interest paid for getting the money now instead of waiting for the invoice to be paid. You will need alot more information to track this. It usually takes me about4 hours a month to track this kind of activity and make sure all the interest rates and such are correct. But that is on a huge account with almost 1 million going through each month.

I use paycycle for live payroll because they keep historical information and I can do comparitive reports.

I also use QB for a few smaller payroll clients who I also do their books and that is usually what I have my clients use if they are doing in house payroll and I do the reports.

I use Drake's Client write up for ATF payroll because it is fast and easy but the reports are not as user friendly.

I did use Accountants world but switched this year because they purge all prior year information and it made doing workman's comp reports very time consuming.

Is your son the one who makes the wooden (and other luxury materials) pens? If so, did he ever make the flash drive covers he was thinking about at one time? They'd make a great client gift...

Yes he does make those but the flash drive covers just dont work right. I love them but they have special flash drives that don't hold as much information as the new ones on the market. He is now trying to design his own that you can put any flash drive into. His web site is http://www.knocks-r.us/crazypens.html

The reason I am wondering about disclosing is because they have had a loss every year on the RE business and they will have a loss on this new business also. So sense there is no IRS rules on this do I have to disclose what I am doing.

I do use CWU but I have some clients who use QB and I don't like the way the W-2's print from there and usually imported them into ATX to print them. I also had problems with some clients who I needed to do W-2c's for that ATX handled easily but Drake didn't

I moved to Drake. I like most things but there are things I miss such as zillion forms, especially the sales tax forms, I am looking at staying with Drake next year but getting zillion forms for sales tax and other stuff next year but I heard they took the payroll forms out of zillion forms so I will have to see.

Tell Lenny thank you, I take that as a big hug.