Lion EA

If you're old enough to remember the old TV show "Kate & Allie" about two single women with their own kids sharing a house, that could've been two households. maybe. I was taught at Block, if they share the master bedroom, it's ONE household. Do what Lynn said.

Even though parents earn enough to be in phaseout territory?! But doing the support worksheets is a good idea in any case to CYA.

In the situation where the parents do NOT claim him but could, doesn't the student get to claim education benefits, except NOT the refundable part? Too tired to look it up now, but check on it, John.

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There are NON-tax reasons for MFS. A divorce on the horizon is a big one.

Other scenarios where you should explore MFS: Student loan repayments, if they lower the payment more than the MFS higher tax. I had a lot during Covid where the lower income spouse taking all the kids could get more credits MFS.

To deduct, you have to be legally responsible AND actually pay. H's name is on the loan, and he paid. If they had paid from a joint account AND agreed, they could divide their payments in any reasonable method. That could give them flexibility if comparing MFS vs MFJ. Same for donations. I've seen MFS work when the incomes are very different. Either the high income can make use of the joint deductions plus his own to lower his tax liability, or the high income earner is high enough to have phase-outs but the low income earner can use enough of the joint deductions/own deductions to take her tax liability to zero or low. Or, only one has most of the medical deductions. Prior to/after TCJA, a salesman type with lots of Misc 2% deductions. I had a retired couple with a one-off gambling win that saved with MFS. You have to run the numbers. Look for joint deductions that can be divided up differently.

Always check MFJ vs MFS. Your software does all the heavy lifting if you entered all income and expenses as J or T or S. Don't forget to consider the cost of 2 returns.

https://www.cpg.org/redirects/tax-resources/ https://www.cpg.org/globalassets/documents/publications/tax-2024-federal-reporting-requirements-for-episcopal-churches.pdf Richard Hammar is an expert & author: https://www.churchlawandtax.com/ And Beverly Worth: https://lifeandleadership.com/book-summaries/worth-income-tax-guide-for-ministers/

Schedules C. Anyone with depreciation, new in 2023 depreciable property. Right?

Doesn't it change how much of the credit is refundable? Does it look like Congress will vote soon? You might want to wait a week.

Is the church part of a larger denomination? They would have a financial resource person to advise the church and you. Probably a manual.

I pay eFax annually to save a few bucks. Send/receive very few faxes. My all-in-one is not printing, so I need to replace it as it's my only copier (but not only printer and not only fax). It's connected to a second landline, so could return to that stand-alone fax when/if I get a new all-in-one. But that means changing my fax number on biz cards, with clients who do fax, etc. Not sure what directions I'll go.

https://www.irs.gov/businesses/small-businesses-self-employed/members-of-the-clergy https://www.irs.gov/pub/irs-pdf/p517.pdf https://www.irs.gov/taxtopics/tc417

eFax

https://www.irs.gov/publications/p590a#en_US_2022_publink1000230357 Wages, salaries, etc. Wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services are compensation. The IRS treats as compensation any amount properly shown in box 1 (Wages, tips, other compensation) of Form W-2, Wage and Tax Statement, provided that amount is reduced by any amount properly shown in box 11 (Nonqualified plans). A scholarship or fellowship is generally taxable compensation only if it is in box 1 of your Form W-2. However, for tax years beginning after 2019, certain non-tuition fellowship and stipend payments not reported to you on Form W-2 are treated as taxable compensation for IRA purposes. These amounts include taxable non-tuition fellowship and stipend payments made to aid you in the pursuit of graduate or postdoctoral study and included in your gross income under the rules discussed in chapter 1 of Pub. 970, Tax Benefits for Education.

PC but iPhone. The ones I hate the most are the ones that give you one giant corner but not the full page, maybe .jpeg. I tell clients to use one of the scan apps and upload to my portal. Each year I get another convert or two, but still have stragglers. At least with Scannable on my phone, if it's garbage on my screen, I can clean it up at this end. Unless it's one of those corner-only pictures!

I remarried, so my last name no longer matches my son's. I certainly have time to mail him a check. But, we just paid a balance due on his legal bill, so he's reluctant to have us do more. I'm waiting to hear if the unhappy couple dissolved their partnership in 2022 or if we have to wait for 2023 K-1s. If not, I think I have all of his info now and can file soon. I'll try direct deposit. If that generates an issue. I'll use DirectPay.

I try to get my clients to use Scannable, a free app that cleans up their scans, removes creases, changes that grainy gray background to white, straightens it out, etc. And, I try to get them to then email it to me instead of text, so I can save it in my computer to their file. Of course, first I tell them to upload to my portal, but as you say, if they can't do it quick and easy on their phone...

Grown son going through a divorce. He owes, not being able to claim his daughters, mortgage interest, property taxes, etc. I'll need to cover his income taxes this time. (Just sent him a new Form W-4 for 2024.) Can I put my bank info on his return for Direct Debit? Do I need to mail him a check so we can use his bank info for Direct Debit? Or, could I pay via DirectPay? Other suggestions?

Have any of you, or any of your staff, had a laptop stolen or lost out in the field or at the office?

Have a new client (and I'm behind) that I'm preparing his 2022 returns now. He and wife (maybe daughter) have IPPINs. Because I'll be e-filing these 2022 returns when e-file opens in 2024, I use the IPPINs that they just received, right? Even though they tell me the letter told them to use the new IPPINs for their 2023 tax returns? Use the new IPPINs for ALL returns we e-file during 2024? 2022 returns? 2023 returns? My first clients with IPPINs! Thank you.

Oh, darn, I just received a Form 1099-NEC with Boxes 6 & 7 for CA due to a small honorarium I received !! Now I get to add a CA return to CT and IL. I better remember to file a CA extension.

I added a Cyber insurance rider to my E&O policy via NAEA's group plan. Look at group plans from your professional organizations to save on premiums and for plans designed for our industry.

Hey, Catherine, I see you're teaching for John Sheeley's Tax Practice Pro now. You go, girl. https://taxpracticepro.com/featured