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Tax Prep by Deb

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  1. I agree! At first I didn't know if I was going to use it, but when I tested it out on a couple, it was perfect. I have never had to file so many extentions in my 30+ years doing taxes as I did this year. I was very happy to see the bult extentions and that it worked flawlessly.
  2. I switched and have had no issues that couldn't be resolved with a quick phone call. I did the practice returns when I first tried it and by the time tax season started for the most part I was up and running at about the same speed as ATX. It just gets a little getting use to, but overall I am very pleased.
  3. Anyone get a renewal offer yet?
  4. I have a client who took out an SBA Loan to purchase a business/property. The Settlement paperwork is showing they were charged an SBA Guarantee Fee of 37,075. My research shows this not to be deductible, but how do I enter this in Quickbooks so that I don't mess anything up?
  5. I called the account administrator and he pulled up everything on my brother's account and my beneficiary account and according to him I have ten years to take it out. So I am still not sure what to do. I really don't need the money, would rather wait till I have a slower income year to pull it, but at the same time I do not want to have to pay penalties on not taking it.
  6. But when do I have to start taking them?
  7. I have a question, the more I read the more confused I get. My brother passed away in 2020 and named me as his beneficiary on his 401K. He was 60 years old when he passed away and I am two years younger than he is. When do I have to start withdrawing from the 401K? Do I have an RMD now? If so I am in trouble because I haven't touched it. Any thoughts would be appreciated.
  8. I have a new client who paid the taxes she owed last year before the filing deadline, but for some reason did not submit the tax return via turbo tax. She asked me to prepare and submit the return, and my question is how do I show that the taxes have already been paid? I do not believe she paid them thru an extention, I believe she went online and paid them thru IRS Web Pay. My concern is if I show it paid as an extention payment they will not be able to find it, and same if I show it as an estimate payment. Right now I am leaning on leaving it as owed and hope their computer catches and applies the payment correctly. Any thoughts or other suggestions? Thanks!
  9. The full release of Drake tax software for 2023 is now available. Let the fun begin!
  10. That is the same conclusion I am coming up with, I've tried researching, but I'm getting no where! I value your opinion. Thanks so much for responding!
  11. I have an S-corp that has distributions in excess of shareholder's basis. I understand that it is considered captial gains, and so far so goo. The wrinkle is the corporation is located in California but the shareholder's reside in Oklahoma. Drake is adjusting it out of California and I am just concerned that this is not correct. Any help would be greatly appreciated.
  12. Does Medlin import into Quickbooks or do you have to manually enter it? I'm in the same boat. The cost is outrageous and nothing has really changed with the program except that they are wanting everyone to go online which in turn would cost each of my clients more than what I am currently charging. Seriously thinking about an annual software surchage for each client that will help me with my costs and overall help them with their costs if I have to move them to online.
  13. Just need someone to check me on this. My client recently paid off her home that had a Reverse Mortgage on it. It has accumulated over the past 12 years approximately 144000.00 in interest. Am I right in assuming that none of this interest is deductible because it is considered home equity? It looks like it cannot be grandfathered in because it was not used to buy or improve her home. Hopefully someone with more experience on Reverse Mortgages can chime in. Thank You in advance!
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