ILLMAS

Getting more details, will post when available, thanks everyone.

That is what I was thinking, however the Nanny already issued a 1099.

Gift card to a restaurant is another option or movie tickets too.

"TP worked for the "baby sitter" in exchange for "free" baby sitting?" Nanny owed TP some moola and paid it back by baby sitting.

TP recieved a 1099 (line 7) from the baby sitter for free baby sitting, is this considered SE income or other income? Also can the TP offset it for childcare expense?

S corporation election was probably denied, request a copy of 1120s acceptance letter or call the IRS.

Sometimes I feel if I wasn't in this tax business I would be so naive too, nah maybe not.

Who has the cliff notes?

The only thing I dislike about this when people say "my baby daddy", I don't know but sounds terrible.

I agree, thanks.

I am going to take a wild guess that Sean did actually get paid, and somehow Shawn was advised to issue a donation letter to Sean to offset the 1099 amount minus "donation amount" = zero profit. Or that's what they were thinking they can do. Actually I never got hit with the ruler, just spanked and shaken violently lol

I am afraid Sean is going to get hit with SE tax, itemize the "donation amount" and Shawn would have to increase his income by the donated amount.

7

For this scenario, a 1099 was issued.

And don't worry, I was still part of the breed when nuns would spank kids. Let's say Sean (1040) guy and his friend Shawn (1120) both know the beer making industry. Sean donated his time to Shawns' beer making business, both agreed on a nominal amount and Shawn wrote a thank you for the donation letter exactly how non-profit write it. Now Sean comes to you with this letter, how would you prepare his tax return? This is just a hypothetical question. Thanks

You asked for it!!!!

Coño

Thanks, but this kind of stinks for the person that did have health insurance, let's say this person made $40K and wife makes another $40K and the penalty is based on $80K less $20K = $59K and penalty is $597. So the husband is getting penalized for approx. $20K of his hard earned income.

Husband had health insurance for the whole year, wife didn't, to calculate the penalty, do I include wife's household income only or also include the husband? For some reason, I thought ATX picked up the appropriate income and we only had to include dependents income apart from the parents. Thanks MAS

Wow, have the same question too. '?do=embed' frameborder='0' data-embedContent>>

Are any of the meals business related? For example, bringing in doughnuts, coffee etc.... for the clients that cut the check? We always have bankers send us goodies to our office.

Sorry to hear of your loss. Marco

Sometimes folks use vehicles for personal use, looks like the TP used it about 40% for personal use.

Thanks I just wanted to make sure.