Tax Prep by Deb

Had a similar problem yesterday. Was adding a vehicle and wanted to do anportion as a section 179 said I couldnt because only MACRS ciuld and it had switched it to S/L. It seems to be tied into the listed propery tab. Everything was fine till I filled in the mileage section and answered the questions.

That was my take as well. He will remain on parents and will have to pay because of the taxable part of his scholarship. To bad it couldn' be used to offset the cost of living while going to school!

I have the Bursar's financial transcript and unfortunately it all pertains to 2017. He received it for spring/summer/fall/winter all dated 2017 and applied to academic year 2017. Going back to the original question though, does he take his own exemption or does it still go with the parents? Everything I read said not to count scholarship as support. So if that's the case he can't take his own exemption correct?

Hey everyone I need your input. I have a client who is 19 years old and is really smart. Because he is so smart he received all kinds of scholarships and grants last year. His education expense is $13471 but he received 36571. He comes from a family that makes less than 20,000 so as you can imagine gets EIC big time. My question is does this scholarship money get counted in towards him supporting himself over 50% or do I forget about this money and keep him on his parents return? Anyway to make some of this scholarship money go away?

Better to pay yourself than to pay back that much.

My experience with California is that they are very aggressive when it comes to money. That want as much as they can get so they can squander it on everything under the sun so that they can then ask for I mean demand more!

Turned out that the problem was not with the EIC but the child tax credit. Any how I just moved everything to Schedule C-EZ and problem solved.

OK, I have a question here. I have a client who received a 1099 Misc with code 7 non employee compensation. This was a settlement that was reached between my client and her former employer due to not being given lunch and breaks through out the day. Because she was not in business I went ahead and entered the 1099 Misc and had it go straight to the 1040 line 21 subject to se tax. When I do this however it does not show up as earned income for purpose of the earned income credit. If I take it and send it to schedule C it does. What is the correct way to handle this?

Be careful with DocuSign. I am currently in the middle of a real estate sale whereby my agent has sent me documents to sign, (Not thru DocuSign) and just yesterday I go an email from her stating she wanted to share a document with me, to open the document they wanted me to give my email account credentials, very similar to my last year problem with drop box. I will never again sign in using my email credentials. If it is legitimate you should not have to sign in with anything or if you have an account at least with that account credentials.

They need to go to a not for profit debt counselor. Or they can call their card companies direct and negotiate with them.

Sorry for the long title. Does anyone know if the new tax bill kept the deduction for self employed health insurance?

Mom and dad should get short gap exclusion but the kids won't, however the pnalty for the kids is less than if it was the parents (at least that' the way I remember it, haven't looked at it recently, my brain is a bit foggy.).

Tom, I tried logging on today and first of all it said my password was wrong, which it was not as I just reset it and know for a certainty it was right. So I had to reset my password again. The entire system is sooooooo slow in loading any page that I tried so much so to the point I gave up. I will be moving in a few weeks and was hoping to see how to update all my info before the move comes, but couldn't because of the slow nature. I think they are still working out kinks.

Is this part of the software or is it an add on? Considering Drake for next year and this would be a pkus.

Two lines on postcard: 1. How much did you Make? 2. Send it in!

Done!

I haven't tried bit locker yet, but I can tell you first hand Symantec Disc encryption would not allow the update in. Security patches were OK but I had two brand new machines that wouldn't upgrade to the newest version of Windows 10 and when I finally figured out that the only thing these two machines had in common was the encryption software, I researched it online and sure enough Windows must have access to the entire hard drive and something in Symantec keeps this from happening. They did have a script for the anniversary addition but when mine was trying to update to the creator edition I couldn't find anything. You can not believe the amount of money this journey has cost me in the last year!

Exactly. There is no way to stop it you can only temporarily postpone them.

Not so. I have Windows 10 Pro and all I can do is pause the update, and that is not indefinitely. If you can block updates please tell me how! Every time a major one comes I end up with something else broke. Also a note to any who may be running Symantec Disc Encryption software, Windows 10 will not be able to do any major update with the hard drive encrypted. I have had my hard drive encrypted using Symantec and I kid you not, on the last update to the creator edition it locked my computer down so tight it cost me $450.00 to get it usable again. Finally updated to the Creator version last week and now I have a printing issue as a result. Some programs, not all will not print unless I go and find a dll file and end it in the task master. It has been a royal pain and now another one is coming tomorrow? I haven't recovered from the last.

I received mine today. I do believe it is legit as it is not asking us to click on any link just reminding us that we need an active email but doesn't have to be a company email.

I had a client who got that letter last year. She did not have any 529 plan. By the time I got the letter she had one day to respond, so I had her call to get an extension so she could pull her records and the IRS Agent pulled up her account to and could see no reason for the letter and told her everything was fine. Never heard anything else since. So it's worth a try to call and ask?

If an employee has a loan or mortgage conditioned on having direct deposit it is between him and the bank not the employer. It is not a requirement that I am aware of that an employee can dictate to his employer his method of payment. If it sounds like I'm harsh I apologize but I have seen way to many examples where the employee starts small in his demand, oops I mean request, than demands, oops again, I mean request other things until finally the employee is calling all the shots. Direct deposit is not free to the employer. In the case of my client we use Quickbooks to process payroll and Intuitive request an additional $1.75 to process direct deposit. Now times that by 10 who get paid weekly and payroll processing has gotten far more expensive than printing a check. If I could deduct that from the employees check maybe so. But I call almost guarantee you that the employee would be livid even at the thought of having to pay for that convenience! At least in my clients situation!

Only ones seem to be those who owed. I have not heard from anyone with a refund.

Everyone of my clients who owed the penalty and paid it by the due date have received a bill. You have to call and have them move the payment over. A royal mess!

I'm with Jack on this one. Square is great! I have never had a problem and they are very generous with their hardware. I have several swipers including the one that is used for the chip cards. Money is usually in my account the next day. Never ever had an issue. Paypal on the otherhand, well I don't want to go into it right now, but if they were the only ones out there I would never use them. We did not part on good terms! I won in the end, but they lost in the long run!