RitaB
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Posts posted by RitaB
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What the what? I'm gone five minutes and y'all are doing menus. I was actually kidding in my first post, but I can see a cookout happening at my house after May. May is a graduation, a wedding, and a new grandbaby.
We can "play the corn holes", as my very unique neighbor says. Bull riding. You know, the usual stuff that happens in the back 40.
Let's get thru this little tax season and talk about it later.
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44 minutes ago, RitaB said:
The amounts on Form 2016 are the ones that will lower SE. If no unreimbursed EE expense, he'll pay SE on $55,105.
2106. I give up.
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30 minutes ago, RitaB said:
As far as income tax goes, he's limited to the least of the three amounts below.
"...he's limited to deducting the least of the three..."
Sorry, it feels like February 53rd.
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39 minutes ago, Edsel said:
Sorry, Illegitmas, not looking for the "official" IRS Pub, but interested in finding deductions to relieve this ridiculous SE liability
The amounts on Form 2016 are the ones that will lower SE. If no unreimbursed EE expense, he'll pay SE on $55,105.
As far as income tax goes, he's limited to the least of the three amounts below. The FRV of the furnished home plus actual utilities may be the show stopper, I think.
"How much can ministers who own their homes exclude as a housing allowance from income for federal income tax purposes?
Ministers who own their homes can exclude the lowest of the following three amounts from income for federal income tax purposes when their church employer properly designates a housing allowance for them:
- The housing allowance designated by their church; or
- Actual housing expenses (including mortgage payments, utilities, property taxes, insurance, furnishings, repairs and improvements); or
- The fair rental value of the home (furnished, including utilities).
Example: Reverend Smith owns his own home, and his church designated 40% ($16,000) of his $40,000 salary as an annual housing allowance in advance. His actual housing expenses for the year were $15,000. The fair rental value of his home (furnished,including utilities) was $17,000. Reverend Smith can exclude $15,000 from income because his actual housing expenses were lower than both the amount designated by the church and the fair rental value of his home."
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I'm working on one now, because the client just knows coverage was unaffordable. Unaffordable does not mean what they think it means. The clients think if the premium is more than 8.16% of income, it's unaffordable. But it's the "required contribution" that has to exceed 8.16%. These people fall right in there at 269% of poverty level, so they would have gotten insurance practically free. That's affordable.
Logically, it seems to me that this exemption would be as rare as hen's teeth. Logically, I get it. But these worksheets. Wow, these are the worst. Well, that iterative calculation for SEHI might beat them, there's that.
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1 minute ago, jklcpa said:
I can't speak for the official ATX board, but TTB is like some of those people are protective of their own little internet kingdom even when others give correct answers, or God forbid correct them when they are wrong.
It's ridiculous. And the correct answer can be post #3 and the same old ones will think of all the 0.03% possibilities and confuse every issue out the wazoo. There will be fifteen posts below the one helpful post where the fat heads argue with each other. I once suggested a "like" button so we could at least help people know what to research further. A fat head told me it wasn't a popularity contest. Uh...
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1 hour ago, Abby Normal said:
You should be able to right click and save photo to drive. I use Thunderbird and photos show inline but also as attachment.
I keep forgetting I'm not on the official board and I don't have to keep my sentences short. Sorry if I sound Russian!
Why is everybody so mean on the official board? And on TheTaxbook? OK, not everybody, but the hateful people post soooooo much...
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23 minutes ago, Lion EA said:
But, they email me that photo in the body...
Well, I first read that as "but, they email me that photo of the body..."
Yesterday was brutal, y'all. I did hug a couple people, but they were sweet little ladies and one brought apple butter. I swear.
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30 minutes ago, Abby Normal said:
Oh man. Don't abbreviate Lifetime Learning Credit as LLC. I had to read that sentence twice!
Hahahaha, see this is how stuff gets started. I see what you mean.
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5 hours ago, Edsel said:
Is it possible that on a joint return, one spouse can claim the AOTC and the other claim the Lifetime Learning Credit?
Absolutely.
Rabbit trail entry: There was a preparer on FaceBook who thought you could use LLC only once in your lifetime.
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8 minutes ago, Abby Normal said:
That would be the highlight of my year!
Ours too! It's not so much the words on the letters but the navigating the whole thing when you edit them. It's like a space ship up in there.
And y'all know my mother is Dolly Parton and my dad is a Moon Pie, right?
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1 hour ago, Yardley CPA said:
Rita...what does this mean exactly #%*& Letters” ???
Nice. It means nice. Or good. Yeah, either of those.
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Abby I want to sign up for your “Editing These #%*& Letters” CPE class in May. You can teach the class in my office and I’ll take everybody to Dollywood the next day.
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26 minutes ago, BulldogTom said:
And 1 middle finger is the ex-hubby?
Tom
Modesto, CAThat is allowed, yes. There are a lot of options on that one.
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Here’s the basics on waving in my town, y’all:
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7 minutes ago, Medlin Software said:
The "other" Catch-22. Change = profit...
True, plus I looked up "untenable" and feel like my IQ went up.
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16 minutes ago, Jack from Ohio said:
I charge a premium price to be the nursemaid for those clients. Why isn't the guidance counselor trained and experienced in that area? It is so simple now, hence the reason for my premium price. I currently have 10 repeating clients for the past 5 years.
Send them to me!!
People like this are not willing to pay either you or me. It was just a quick question yanno.
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34 minutes ago, Jack from Ohio said:
Answer: Pay me!
Better answer: Hello? Hello? I'm sorry we have a bad connec...
I don't need money enough to fool with that. It's like landing a plane with directions via walkie talkie. In Swahili. That guidance counselor is about as never mind.
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Thank God this went to Voicemail: Hey, Rita, this is (cheerful high school guidance counselor) helping a student (who you don't know) fill out his FAFSA...
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6 hours ago, gfizer said:
I have now discovered that if you don't click on okay when the box comes up and says the program has encountered an unexpected error and needs to close and instead click the red x in the top right corner that the program will not close and you can continue to work.
I refused to click ok when that message came up a few times last season. It was my way of refusing to cooperate: "No, I paid good money for you to work, I'm not ok with this. Shut up."
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16 minutes ago, Jack from Ohio said:
You know how to attract those "special" kinds of tax clients!!
I really do. That's what happens when you go to church. The devil sends them. But the draft appears to be ended. See, it all works out.
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I know nobody is busy, but since Form 1040 is still in draft, here's one:
Church acquaintance needs 2016 return done and actually says:
1) For some reason, I couldn't get Turbo Tax to work.
2) It should be really simple.
3) The bank needs it for our refinance.
4) It's only illegal if you don't file, right? Not if you file and don't pay. That's ok, right?
5) It should be really simple.
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On 1/22/2018 at 8:06 AM, Yardley CPA said:
Has anyone received any type of IRS inquiry (Form 886-H-EIC or something else) asking them to substantiate a clients EIC filing? I only have a handful of EIC clients and have they're returns have never been questioned. How often does the IRS seek clarification/proof for EIC?
There was a pro on FB (yeah, I know) that had an visit from IRS, and she didn't have the necessary documentation for the returns IRS chose to check at her office and got nailed pretty good, over $20,000 in penalties, if I recall. Of course, she was diligent, just in her mind, not on paper. /s
IRS says they pick preparers and audit at least 25 returns based upon them preparing [a relatively large number] of returns with a "high chance of error."
(Regarding "high chance of error," most DIY returns I've seen fit that bill.)
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I got so annoyed on Facebook at a tax pro who thought a SS card and birth certificate proved something worthwhile. Uh. Yeah. A child was born back there somewhere and was issued a SSN. The end. I started to point that out but she got four likes before I could type it so I just banged my head on my desk and came back here.
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ATX client letters
in General Chat
Posted
Well, alrighty then. June 23rd. My house. Visiting hours (not like funeral home) begin at 2:00. Cookout for supper. Message me for directions, my email address, all that stuff. Absolutely no hurry on the RSVPing. I'm excited!