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Lion EA

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    TaxLadyCT
  • Website URL
    http://DollarsSense.com

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  • State
    CT
  • Gender
    Female
  • Interests
    EA

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  1. $3,000 net capital loss allowable per year. I have clients who won't live long enough to use all their capital losses!
  2. https://support.cch.com/kb/solution/e-file-rejection-x0000-005-the-xml-data-has-failed-schema-validation-in-a-return-using-atx-or-taxwise
  3. I agree with you. Assessments probably. HOA fees, no. I have a few clients in CO, but no one in a condo, so I haven't researched this issue. However, CO does follow the feds. Don't you love realtors who give tax advice?!
  4. I love real books. We felt it was one of our missions to keep small independent book stores alive during Covid, so we bought lots of books. Still do. Give books to grandkids for every occasion and any reason. (Another mission was to keep our favorite restaurants alive by doing take-out every Sunday; we're still doing that.) However, we both have Nooks, and hubby has the Nook app on his tablet also. Sometimes the Nook is lighter, plus it doesn't require an external booklight to read at night. And, I don't have to wear my reading glasses in bed, because I can adjust the font. (I've bent and broken a few reading glasses by laying in bed reading.) I just got a cover that has an elastic hand-hold-thing, because I usually drop my Nook on the floor when I fall asleep in bed. As well as preferring the Nook for reading in bed to unwind so I can fall asleep after working late (unless I'm reading a lightweight book that holds my booklight without flopping), I prefer it for travel to take lots and lots of books with me in one compact, lightweight package. Right now, I have one hard-cover book and my Nook on my nightstand; hubby has a tall stack of books and his Nook on his nightstand and his tablet in the living room.
  5. ...or, if she sold personal property at a profit. We report ALL worldwide income from ALL sources unless specifically exempted by law.
  6. Agree with jasdlm. Also, your client received the toys as gifts, so she didn't owe any tax upon receipt as gifts. But that's as far as their status as gifts goes. She didn't give them away. She sold them. It sounds like she sold most of them at a profit. Investments? Form 8949/Schedule D. Business selling toys for a profit motive? Schedule C. Facts & circumstances.
  7. Yep, some income to report. But, hey, she's getting a free college education, including R&B, for just her tax rate X about 8K. Pretty good deal. And, it set her up for a major shoe brand deal... IF she still qualifies as a dependent, she can take in an extra $4K income so her parents -- if they're at a higher tax bracket -- can take AOL. Or, if she's NOT any one else's dependent but still in a low tax bracket this year, she can maximize scholarship vs AOL. This all assumes her scholarship can be used for other than tuition & fees, but you say it can be used for board/housing. https://www.journalofaccountancy.com/issues/2019/mar/education-tax-credits.html https://www.cpapracticeadvisor.com/2017/08/15/four-tips-for-maximizing-your-clients-education-benefits/26651/
  8. If they haven't formed a state entity (SMLLC or MMLLC or whatever your state allows) and are H&W and are filing their first return for 2023, they can choose between a QJV and a PTS. (IF in a community property state, can choose QJV even with a state entity.)
  9. And, you may have some amendments to prepare.
  10. Can a GA resident file a Protective Refund Claim just in case she finds out later that she was pregnant?!
  11. A good primal scream out in the backyard works too.
  12. I do tax returns for a lot of states, but thank goodness I have NO and never had any and will NOT accept any Georgia clients.
  13. Someone told him about the 72(t) rule that can avoid the 10% early withdrawal penalty if the distributions are determined as a series of substantially equal periodic payments, and he heard it as "avoid tax" and never made it all the way to how the payments must be determined !! You can bang your head against the wall or give him a Rita hug, but he knows he will "avoid tax."
  14. He has CA sourced income and would file a CA NR return to report his income and withholding. CA wants their tax at their very high tax rates!
  15. I started with HRB years ago, so did a face-to-face interview; NO organizers. Because most of my clients followed me, they weren't trained to use organizers. Some new clients have brought in their organizers (from last year's preparer) over the years -- but lots of blank pages and missing government forms, so really weren't trained to use them, either! I give document/information lists to a few, and 1-2 ask for a list each year. My software helps me identify missing documents/information, because it's all continuing clients, almost never a new client. (No time for any more clients.) I'm totally virtual now (so many clients moved all over the country even before Covid, and others don't want to take the time to drive on these congested roads) so portal, telephone, email, even Zoom make picking up missing information easy. The most frequently missed item of CT clients is car tax, but it's a benefit in only some circumstances, and almost every CT town has paid property taxes online.
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