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Tax Prep by Deb

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Everything posted by Tax Prep by Deb

  1. Call Drake. They have a Document manager that works very well, also ability to e-sign. Both are add-ons to their software. I use the document manager all the time and have even gotten some of my older clients to use it. I have never used the e-sign as it seems a bit expensive to me.
  2. They have Drake Accounting that includes they payroll forms. It works ok but not as easy as ATX. I make it work for me. Better than paper filing any day.
  3. You will use their Conversion Tool. It's pretty simple, biggest problem will be with your depreciation. You will need to check it carefully. My problem wasn't with the figures but if you have both Schedule C and Schedule E you will have to link them, also if you have more than one Schedule C or more than one Rental Property, you will have to assign numbers. But like mentioned, there are several of us using it and will be more than happy to assist, Drake also has great customer support!
  4. Your take on the solar is correct. Most solar sellers are misrepresenting the refund and using it to make their offer sound better. Depending on your clients income they may get 100% of the credit used the first year, but in my client's cases it has been spread out over two. Each time, the client is told and the contract written stating that the refund will go to principle, lowering the finance costs. Not a big fan!
  5. That is correct if there is no adjustments needed. I had some washed sales on the one I was working on. It is reported on the 8949 but you do not put in any dates, enter all the rest of the info and under adjustment #1 select m. I did attach a copy of the statements. The more I work with Drake the more I like it. You just have to keep looking and eventually you can find how to do it.
  6. Sorry! Wrong info. Somewhere in Drake (could be accounting) you have a choice to make if ss # or FEIN #
  7. I believe there is an arrow that opens to give you the chouc3.
  8. Never Mind! I finally found how to do it on Drakes Website.
  9. Is there a way in Drake that I can enter the total Short-Term Transactions for stock's sold or do I have to enter each transaction?
  10. I have four of these as of now. Two needed more info and we provided it early March, one I know what the problem is but have not received a notice to respond to and the fourth we have no clue what the problem is.
  11. Agree! I do like using It for the same purpose, but it isn't that friendly for anything else. Love the tax software though!
  12. I have a client who has received a W2 for in home health support service (box 1 shows 0) that is excluded as gross wages due to notice 2014-7. It was my understanding however that the amount she was paid could be used as income for purpose of Earned Income Credit. Anyone know how to enter this in Drake? (Box 3 and 5 show the amount she was paid)
  13. California was the first to shut down. We've hade a shelter in place order for several days now.
  14. I have a client who received a W2 for third party sick pay. Not a problem, I know how to handle that. But the client was recently awarded Social Security Disability and because they have retro back to 2018 the third party sick pay insurance company wanted to be re-imbursed for which the client wrote them a check. The W2 is reflecting the total paid to her but not reducing it by the amount she paid back. Any suggestions on how I should handle this? It would seem to me at the least they should have deducted it from what they paid her, or sent a corrected W2. Is there some magical way I
  15. Exactly what I thought. We had this discussion last year but either he didn't understand or thought it would not matter. You can tell he is only half hearted about officially leaving CA
  16. I have a client who works out of state. He worked 258 days in Texas but his family remained here in California. He did not change his address on anything, his car is registered in CA, his driver's license is in CA, as far as I can determine he lives here in California. Naturally he would like to exclude his income from taxation in California, but I am not seeing anyway around including all income to California. I know he could put in a claim for taxes paid to another state however it is Texas and not state taxes. Am I missing something?
  17. Ok, so this year I got rid of my 17" laptop and went to a 15". The Personal Client Manager font is so much smaller. I have tried increasing the font thru Windows (10) but to no avail. Is there a setting in Drake that I can change to make that screen bigger? I can hardly even see the boxes to check which forms I want to print. I can't believe it would be that much smaller even though I stepped down a size.
  18. Thanks, at least I can print with line references!
  19. Mine does not have any information at all regarding California. It is completely missing. That is where I would have expected to see it and have looked but the only message or note I have concerns the EIC question I missed.
  20. What is the print view screen? Where can I see the list?
  21. Does this just for the printed copy? I already transmitted a return and it was accepted.
  22. I have been noticing that when I go to print my California forms, the form is printing with a watermark saying do not file client copy only and there are no lines on it just the figures. Anybody else having this problem?
  23. I spent some time using their practice returns so by the time the season got cooking I was up speed. It is different but I do not regret switching at all.
  24. Everything I have read is they can keep their current W4 however they want to make any changes they have to use the new one.
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