OldJack

See Publication 535, Business Expenses.

These 11 States now have More People on Welfare than they do Employed!

AL, CA, HI, IL, KY, ME, MS, NM, NY, OH, SC

Last month, the Senate Budget Committee reports that in fiscal year 2011, between food stamps, housing support, child care, Medicaid and other benefits, the average U.S. household below the poverty line received $168.00 a day in government support. What’s the problem with that much support? Well, the median household income in America is just over $50,000, which averages out to $137.13 a day. To put it another way, being on welfare now pays the equivalent of $30.00 an hour for a 40-hour week, while the average job pays $20.00 an hour.

_{OK... time to end this discussion as no one is going to change anyone else's mind. Our country is split on most issues and things are apparently going to stay that way for a long time!}

_{Well it appears that most criminals are smarter than some liberals! They know how to get guns without any background checking.}

All gun and ammo sales MUST have a background check done. The only exception is for law enforcement.

Dream on!! It will NOT become law and even if it did it will be ignored.

Why should we have background checks when criminals already have guns?

The real problem is the "Undocumented Democrats".

Insurance coverage will be a question on the tax return, much like the auto on form 4562, "Do you have evidence to support the business/investment use claimed? Yes No If “Yes,” is the evidence written?" How many of you have been checking "No"?

Well.... the big deal is that once you file a 1099 the IRS computer will be looking for you to file 1099s every year.

Why?

Because no one is going to change their mind or learn anything further!

Its time this post is locked!

>>I just wonder why most police forces think gun control is good ????<<

When was the last time you heard of the police keeping someone from being shot by a criminal?? They will, of course, come with their gun and fill out the papers about you being dead!

>> Once everything checked out my client received the final payment in 2012.<<

It sounds like the total sale should have been reported as an installment sale in 2011. Maybe you need an amended return.

Tax form 1065 for LLC B unless B has elected corp status.

I don't see any reason to elect anything. The single member LLC entity is just ignored and reported with the other LLC entity which may be ignored depending upon its filing status.

Your comments are why you should have membership in the NRA. I joined this year!

I also agree with Jainen.

@FTM: As someone that was banned from The Tax Book website I can understand your feelings. However, after I was banned I never returned to the website as I did not need their website. It is time you forget about the other website and get on with this the best website.

@KC: You deserve to post anything you desire as long as it is not about me! You go girl! LOL

I would expense on the corp books and deduct as the unit is being used for business. Accommodations are for benefit of the employer corp and are common and necessary business expense.

Not really... she reports the gain and on the next line subtracts it off with comment citing Code Sec. 121. Exclusion of gain.

link in the original post.

Ha Ha Ha

No out that I am aware of.

Can we all agree that selling to friends and family and using the product herself is going to raise serious questions at an audit.

Well that is the most common customers of products like Mary Kay. It might be a problem if she was selling below cost or creating a loss with the related party transaction, otherwise I see no problem. As to selling to herself, that is treated as a withdrawal of inventory at cost, creating no profit or loss, and is irrelevant if this is not a corp entity. Therefore I would not agree and would remind an auditor that he would look foolish on appeal.

The money is in business (corp) clients and I have always tried to get out of the average 1040 tax business. It makes tax season shorter and much less hassle.