taxguy057

thx gail! i kinda figured that much, but had to make sure so thats why I call on the pros such as yourself! :)

Hey quick question to all...

Im confused on which per diem rate to take for the M&IE expense for my client. He and his wife drive for same trucking company. When reading the tax guide it states $59 for transportation workers, but then the transition rules state you cant use the special rate until Jan 2010 if you use M&IE rates during the first nine months of calander year blah,blah.... Can somebody help me make sense of this before I throw my laptop and tax guide out the window!!!!

Thanks!

TG

Thx to all for ur input... I pretty much knew the answer already but it did seem worth sending it out to the professionals.... Thx!!

Thx Pacun....

Same client in my last post about education credit father died last year. My client is from India and that is where his father unfortunately was killed in a car accident. My client had to fly to India twice to make arrangements for burial. He paid for those expenses as well as some medical expenses the father had as a result of the accident. Can the son get any relief taxwise due to this large out of pocket expense of traveling abroad to handle his father's affairs??

Again thx for any input...

TG

I got a client who's 15 year old daughter is going to private school along with a private tutor. He pays 750.00/mo for school and 240.00/mo for the tutor. Is there any tax benefits for this expense. I know from what I have read only post secondary qualifies for education credits.I was wondering if anything in the new educational credits passed included a situation like this...

Thanks for any help on this..

TG

If the car is the only business asset you can use the vehicle info section of the 2106. If you have other equipment, such as computers, printers, tools, etc, then you would be using the 4562 anyway, in which case you should use it for the car too.

Same thing on the Sch C.

She just has the car... so Whew! I've been doing it right so far with the 2106. Thx!! ^_^

Got a client who travels alot for the company she works for in her own personal car she purchased just for that purpose. Her company does not remburse for the vehicle expenses. I've been filing Form 2106. Just notice that top of form stated somthing about "if wanting to use 4562 don't use 2106 but asset entry form to transfer because it wont from 2106." My question is do I need to do this? I'm sure my client uses this car for more than just work so should i go that deep into depreciation or just leave that animal alone?? :dunno:

There was an equation that I got off another blog like this one and the person that post it was an ex-irs agent. He said when doing reviews of people's returns to determine whom can claim a dependent when multiple incomes are in one household... (Add up all the incomes of the household and divide it by how many people in the house. whomevers income beats the number you get from dividing the most claims the dependents...) Have use this several times and it does help. Oh yeah as long as other tests for the right to claim are met....

Yeah good ole IRS always wants you to make the impossible-possible! lol! thx for the help!

I am NC preparer also and i'm just amazed that you managed to get somebody from NCDOR to even answer the phone... let alone get advice! lol!

Yeah I live in NC and we have gotten hit two weekends in a row! Not very good for biz as I pick up and drop off alot of clients info, but managed not to wreck on the slippery roads yet! Cross Fingers!!! :spaz:

Since we're on this topic, which actually this help me with making sure one of my clients qualify for the credit...which they do based off of your previous analysis. My question to the forum now is: Do I have to mail the entire return in this year since filing the 5405? I believe i read that some where last month. and if thats the case, all i need from the TP is the HUD-1 correct? Any and all help on this will be greatly appreciated... :)

That was a good one.... give us MORE!! LOL!

THX everyone! I pretty much figured the same! You know be happy you gat the house free and clear! I had to ask being with all the new changes in the housing arena. Again thx a whole banana bunch! ;)

Got a client that owed 1% of his granny's house. When she died, he received the other 99% ownership. I read the pub. on Gifts and Estates and it basically says he will not have to pay any taxes for the exchange, but he wants to know does he get any other benefits from getting the house. I don't know of any others... :scratch_head:

I am having to reset my client letter after each return. I am using the wizard, am I missing something else? Never had this problem in past years. Thank you from Sue in IL.

What r u having to reset? The options or the entire letter keeps changing on you? :scratch_head:

There is no practicality in it. And, there is no easy way to do it. Have only done it occasionally as a paid favor for friend; less than one a year. Which takes us back to the original question; where is the sense in the statement from the IRS website?

Looking at it glass full, no exam!! well at least not for 3yrs. There was another statement on the site that said they have 3 years to implement the registration and issuing of PTIN's and that testing would not take place til all of this was taken care of in the alloted time frame.

At least you are not affraid to ask and I appreciate that because that gives us a chance to relearn and to remember every detail when we are talking to our customers. I bet you that there are many preparers reading this post with low level questions but they don't ask because they don't want to expose their level of knowledge. This is what I tell them... the most experienced person on this forum was at your the level at some point in the pass and they learned a lot because they asked questions.

I use to be like that.. not ask questions, but now since I have grown a little i feel more apt to challenge so topics with my interpretations and gather what I can from the discussion that follows. I truly appreciate you and cat, jb, taxbilly, of course jainen and everyone else for at least not making me feel like a nobody in here and responding to my threads. I hope i do bring some wit and intellect to the forum and for ones like "chuck" who said I should have known... I do now because of this forum. That is its purpose and thats why we're all here. :D

We do not find any practicality in submitting other preparer's or even self-prepared returns. Is there a way to do so as an ERO, using ATX, without having to totally load (virtually prepare) the return? If the customer's objective is to save money by preparing the return themselves, we simply cannot offer them that savings. Having to enter all the tp info into the program equals preparing the return and we will have to charge accordingly.

Elfling

You have basically put into to words better than I could put it when I started this discussion... We basically are preparing the returns already either way you look at it! :read:

Would think you would have known about the $2400.

So deep into FTHBC and new dependent rules it was just next in line....

I have had other preparers bring their returns to me to efile. However, I con't see how you would get to be an ERO if you weren't going to prepare returns also.

my point exactly! :dunno:

An immigration attorney has a local radio program and for the last 10 years, people have been calling asking if they will qualify for the Immigration reform, he replies, "let's wait for the recommendation to become law and the we will comment about it". I think the same answer could apply here if I understand the concern properly.

Great analogy... I got cha! :)

Believe you would only sign the 8879 and not page 2 of the 1040.

I guess b/c I prepare returns and efile them I just never did just an efile. I'm wondering since we are already registered as ERO's we just have to take the test? Anybody else take on this? :scratch_head:

Every state can decide how THE STATE will tax it's citizens. There is no requirement that they either tax something the Feds tax, or exempt something just because the Feds do. So some states don't tax ANY INCOME, some tax only investment income, and some simply tax whatever the Feds tax, just for simplicity. That's what makes state taxes so much fun!

Hummmm? Let me pack my bags.... Now which states don't tax at all?? :spaz: