imjulier

I charge a flat hourly rate of $75/hour so I don't have to worry if I am under/over-charging. For small s-corps I charge $520 for payroll throughout the year. For the return, it generally works out to be about $400-600 which includes adjustments to QB and tax return prep. If no QB, its the same because then I have to go balance whatever they have provided.

I knew it shouldn't be that hard Wow, does this sound funny when I say it like that Thanks, Julie

Hey there- Few postings from me yet this year but hopefully now I will have time to get some taxes done and to answer some questions on this board....if I can contribute. I have an s-corp that opened an e-trade account. How does the sale of stock get reported in the s-corp return? I was looking for a seperate form but can't find one so maybe it doesn't exist? Thanks for any insight. Julie

I'm wondering who actually paid the interest...if it was really them and interest had to paid as a condition of the short sale, then definitely Sch A. If not paid by them, which I'm guessing it was not, then no schedule A. I assume this is why you have a question about it as well. Maybe need to get more info from the tax payer? Julie

Obviously, the total will be the same so I;m not sure why it matters. I would do sch c for husband showing his 1099 income and then an expense item saying it is reported on spouse's scedule C so husband sch c shows zero net income. For what its worth. Julie

$3,000 loss should flow throu to the 1040....until the loss is depleted.

Another thought, this sounds like CA income to me and should be apportioned that way on the CO retrun.

Joan- There is no difference in CO taxes vs. federal taxes on the cancellation of debt. CO almost always just flows from the 1040 with no adjustments but there are a few....this just isn't one of them. I haven't had this sitaution but I just double checked the CO dept of revenue website and browsed the instructions and didn't find anything on this which to me means no difference. Not sure why you think they wouldn't qualify....it was their primary residence, or am I missing something? Julie

For what its worth, I see these all the time and agree with Gail....no tax impact if held in an IRA.

Hi- Have client who sold rental property for which the losses have not been able to pass through to the 1040 because income exceeds $150K for several years. Losses have been accumulating on the 8582. Since the property is sold, isn't it correct to pass through all unallowed losses from previous years? If so, how do I acheive this in ATX? Thanks, Julie

Do you use ATX? If so, add the IRA/Roth worksheet and enter the contribution for a Roth. Then go to the Roth tab and see if its alllowed. If you follow it through, you'll actually have your answer. Hope this helps. Julie

Got it! Form 8941 which flows to form 3800 and then to the 1040. Oh brother!

Have K-1 passing through this credit to the SH (s-corp). How does this pass to the individual return? Form 3800 doesn't seem right and I can't find anywhere to pass it through. Thanks, Julie

Looking to report 1099-s for client that inheritied property when mother died in 2005. No appraisal in 2005 and its in small-town Ohio. We're figuring no g/l since 2005 becasue we don't really know. Nephew lived in house at time of mother's death and continued to live there for free until he purchased the property in 2010 resulting in the 1099-s. It wasn't really investment property because they weren't renting it and its not really a second home....how should I show this. Thanks in advance for any thoughts. Julie

Thanks for the thoughts....he would be active in the s-corp because it wouldn't take much and he'd do whatever was needed so I think the passive activity loss rules wouldn't apply. I'm still just chewin' on it. Julie

Hey there- I'm just looking for ideas on how to be able to claim the rental loss of someone with income greater than $150K (from form 8582) since the loss is usually suspended. Would putting this in an s-corp allow it to pass through? Other things I'm not thinking of? Thanks for your thoughts. Julie

Catherine- I have no doubnt that some won't like my response but here goes. If the employer does not track and report on the W-2 then no need to file in each particular state. For the employee to do so against what the w-2 says would be odd and the actual state that is on the w-2 could fight it. I've been a travelling auditor for years and I've never reported income outside my state because my employer does not track it nor report it. Also, there is no way that it could ever be proven that he worked there. Mostly, the states go after the ones they know about and that are easy to catch, like the pro athletes and major entertainers....never mind the small stuff and this is what this sounds like. OK, now how many don't like my response? Julie

I'd agree that they are not seasonal in the first 2 businesses. Truely read all the instructions and do the calculations since its based off of hours worked. I did this for one client and it took me about an hour and half to do the claculation and resulted in a $400 credit....still more than what I charged them for my time. Julie

Tom, my 2 cents. Premiums should have gone on a w-2 to the one who benefitted. Amount of premiums in box 2 with no withholdings and not subject to SS or MC. Its not too late to file a w-2 if you do it electronically....I think due by the end of March. Premiums are deducted on the 1120S and since they are now on a w-2 also deductible by the taxpayer on the front of the 1040 as SE health insurance. Note that all this makes it tax free ....this is how all S corp SH premiums should be handled and is technically correct. Technically not correct but perhaps easier is to not do w-2, deduct on 1120S, not deductible on 1040. Same end result of being tax free but you are getting there a different way. IRS doesn't approve of this way but its the same bottom line. Julie

Thanks everyone for the info....I'm glad its easy and not a big deal. Julie

Anyone know if we can file multiple e-files containing 1099s and 1096 for the same issuer? Client just came to me and said that their 1099 file they provided was incomplete. Issued 4 before and now need to issue another 5. Thanks, Julie

So, believe it or not this is my first self employed client this year (they are all still trying to gather their stuff). It looks like the Sch SE in ATX doesn't automatically include the health insurance deduction from line 29 of the 1040 and I have to over-ride. Really? I would think this would be automatic and ready by at least March. Anyone else in case I'm missing something? Thanks, Julie

I believe Alimony is not considered earned income for purposes of determining income limitations for social security purposes. This means the IRS won't come back and say the individual owes back the SS based on income. Does anyone else have a different understanding? Thanks, Julie

Passive losses can only offset passive gains. How many shareholders? If he is the only SH, maybe passive losses before weren't really passive....maybe he was just not working the business? If definitely passive, any way to bring someone else in to the business now who can be active, like a wife and the husband can be passive? Just thinking of ways to get around it. Julie

I've already e-filed several S corp returns and had them accepted.