Possi

Thank you, Judy. I appreciate that.

Here's a new one for me. Client's wife died on Feb 2, 2020. Yes, two weeks ago. He just called with this question: Does he still have until April 15 to contribute to her traditional IRA for 2019?

I have never seen that. Maybe it means "inherited" and it's long term.

Is it a military W2? If so, it is common for box 1 to be less than 3 and 5. Box 1, I agree, is the figure to carry to VA 760.

Curious to get this response. I have a couple of clients in DE and I'm not real familiar with all the nuances.

You crack me up. Mine itemize because of charitable contributions! Woop woop! Some still tithe! Thank you for clearing that up for me. I do have a letter with a potential sale amount.

*whew*

And that, my friends, is what we call "job security."

My client donated a vehicle in 2019. There is a pending sale of the vehicle for $1800.00 right now, 2020. I believe we can either take the $500 donation for 2019 OR WAIT and take the sales price in 2020 when the 1098C is given. Am I right?

True!!

This is just me.... but that, for me, has been a high audit area. I must have the 1098T AND the full Bursar's report (a detail from the student's account) in order to take the education credit. We'll see if anyone else chimes in, but it might be just us today. I did go to church this morning... just sayin', y'all.

This is new, so thanks for pointing it out! Taxes You Paid. For Virginia purposes, your deduction is generally not subject to the $10,000 federal limitation for taxable year 2019 and thereafter. However, if you are claiming a deduction for general sales taxes instead of income taxes, fill in the oval and enter on Line 5a the smaller of the state and local sales taxes paid by you during the taxable year or $10,000 (or $5,000 if married filing separately). • Total Itemized Deductions.

Really? If the expenses are treated the same as cash, why would you need this? I thought their personal receipts documented as charitable are sufficient.

I wish....

Just one more thing... if the scholarship is GI Bill money, the excess is not taxable. I'm in a high-military location, so I always ask. https://www.irs.gov/individuals/tax-exclusion-for-veterans-education-benefits

I'll let you know, but it is my understanding that 2019 was not the first year as an S corp. Thanks for all the input on this ... so far... ghost tax return. I'll update as soon as I can. It should be pretty simple to file a final 1120S. I'll let y'all know. Thanks again!

I don't think she is. I think she does regular office work but paid on a 1099. I think. I'll know more and post more when I get the actual paperwork.

She is going to bring last 2 years today or tomorrow for me to see. I'll let you know more then.

Thanks for that. I found this information. Still not sure if I can help dissolve it for 2019, so I'll probably do the 1120S. https://www.bizfilings.com/toolkit/research-topics/running-your-business/how-to-end-your-business-business-dissolution3

Can that be done for 2019 tax year?

I have a new client whose prior tax pro incorporated the spouse as an S Corp. There really was no reason for this but to bump up his fee, as far as I can tell. About $10k of income, no payroll. No quarterly payroll reports, no quarterly payments. My question is this, are we able to UN-incorporate her for 2019? I don't do 1120S returns, but my own. If I can't un-do this simply, I'll do the 1120S. I just don't WANT to.

Yes, but is the taxpayer's driver's license info required this year for federal filing? I don't think it is a requirement in order to file the federal return. Correct?

I think I fired my last PITAs in 2019. I'm happy with the ones I have now. But to answer your question, I give them at least 2 or 3 seasons to redeem themselves before I cut them off. If it's for non-payment or failing to wrap things up, I do that pretty quick. If someone doesn't pay me, I stop working for them and count it as a loss... and remember it.

I didn't lose too many, and I fired all the ones I didn't want. They paid me a lot of money, those PITAs, but it just wasn't enough to keep them. My business will probably disappear in a few years when I'm ready to retire because I do a lot of simple returns. They weren't so simple before last year, but they are now. So, prices went down, average per return went down, volume is still high, many more extensions, and I'm a happier individual. The tax law changes certainly hurt my business. While they helped most clients, they hurt my business. Reductions in withholding caused horrible results in my office. In short, I'll keep my full time assistant employed for the season, I live small, so life is good. And hey, isn't it time for another gathering?

Thinking of you and your sister. What a heavy load you are carrying right now. It brings it all in perspective. Family, people first. Not sure about your printer. I have HP LASERJET PRO M402n. Last year was my first year with the printer. This year is my first year with Windows 10. I hear a steady blipping back and forth on the computer when I walk away for a few minutes and it goes to sleep. After chasing down the culprit and trying to fix it, I finally turned the sound off and it's all good now. That's the extent of my computer knowledge.