mcb39

KC.....I never knew about that form until today. Thanks for the info. I am not trying to increase my client base at this time, but I am sure than many others on this board are. How many other "goodies" are out there that some of us are missing? Never too old to learn something new.

Good for you, Sam. We love happy people on this board.; especially if we helped to get them there.

Plus, don't forget the standard allowed daily meal allowance of ($52)?? per day for OTR Truckers. I know this is not included in mileage, but it is another BIG deduction along with Fuel, Repairs, etc. Mileage would never even come close to the expenses that most of these Owner/Operators have; even if it was allowed.

I will never forget 9/11 or where I was and what I was doing. That was the day that I quit smoking because I still had choices and those people did not. Since that day, I have NOT smoked 52083 cigarettes and have saved $7,813 at the prices at that time. I am sure that those of us who were adults on that tragic day will NEVER forget.

Have a wonderful Birthday and a great trip. Forget about the taxes. I just got back today from a two week hiatus and feel SO refreshed if a but overwhelmed by the mail and 16 messages that I had to answer. ENJOY!!!!!!!!!

Thanks to all....it's a big off-road racing week here in Northern Wisconsin. Which means that our house is full of family and we are going through a lot of food. But, that is a GOOD thing. Whatever you are doing, enjoy this final Summer Holiday!

I'm with you, KC.....I like Nelco about as much as I like Intuit. (NOT) I do like the prices and service at Tenenz, however.

I use the "All Purpose" cover on Page 18. I make a cover sheet which has my information printed on the page so that it shows in the cut out window. I put a label for the client on the front of the cover right below the double line (labels are so easy to print through ATX). I then put a double sided "Year" sticker on the staple edge. Never have a problem with staples no matter how thick the return is. I staple their W2's, 1099's, etc to the inside of the back cover. So many of my clients consider it to be very professional looking and have had so many pleased comments that I would not consider changing. It doesn't cost that much and I can take pride in the copy of my work that I present to them. (To clarify, my cover sheet is only created once and saved to a disk. Then when I am running short, I can quickly print 30 or so more quickly. This also allows me to edit quickly if I should need to. I generally print my cover sheet on 25# paper and the rest of the return on 20#. I know that a lot of you consider this overkill, but I just cringe when someone comes in with their copy from HRB and I think how much more they paid for what they got. Thanks to whoever brought this up as it is time to order for the coming year to get the early order and online discounts.

If I read you right, why not just let LLC B accept the equipment as payment for the bill. Then B should sell the equipment to LLC A. The check should not be made out to cash. It should be recorded as a sale so that B records the money as income. B can then pay for the supplies and record the expense. LLC A will own the equipment and can depreciate it as a proper purchase. I think you are making it more difficult than it has to be. I do understand that you don't want to report the income twice and, of course, you shouldn't. The first transaction isn't really a purchase as it is an exchange. As long as you don't record the income twice, there should not be an issue.

John, you get the prize. That is the exactly correct answer. Don't know what the prize is, though! I have never had any problems with any of their products and they are willing to send you free samples if there is something you want to see before you purchase.

I have used Tenenz for years. If I start running low during the season, order online and delivery is really fast, plus discount. Good Luck. I Cannot remember what the company used to be called, but am sure someone here will refresh us.

I renewed early on and did not get charged a fee for using my Credit Card. However, we have been going to a few public estate auctions this summer and they are now charging a 3% "convenience charge" for using a credit card to pay. This was not the case in prior years. Also, remember how we used to have to pay a membership fee every year just to HAVE a credit card. I am not aware of that ever being the case now. :unsure:

I don't believe that Fl has State Income tax. Even so, Margaret, keep it simple if it is as small a business as you indicate. I understand wherein lies your dilemma (The matter of not paying back SS). You can split the income and expenses as you see fit. It doesn't have to be 50/50, though that is sometimes easier when doing the calculations. Make the split as honest as you can. If he truly does half of the work, etc. I have never had the IRS question one of these, but WI is Community Property so that might make a difference. I am sure that you have carefully read the cite posted by Montana EA. The answers are all there. Follow your original instinct. You were on the right track all along. IMO

Making him an employee involves withholding, Unemployment, Workmans Comp, etc. She would be better off to make him a partner and file a 1065 (Not that I recomment that route). Margaret is thinking correctly IMO....split the income.

In a Community Property State, it is a "given". In other states, if he truly does a lot of the work, it is not a problem. It is just a nuisance for us as the software no longer allows us to just "check the box" to split the income and expenses. You have to do it manually. I had a few of these for 2008 and don't expect it to change for 2009. Good Luck!

Sara, I don't understand how you figure that a week in Canada is going to qualify you for non-taxable income. Matt won't be working in Canada. I hope that you really are aware of what you are doing and what the results might be.

A very Happy Birthday, Wayne!

I wouldn't touch it. I am having enough problems with a legitimate FTHB Credit for an honest taxpayer. I think that if you agree to prepare their 2008 return, you jeoporadize your honesty because you KNOW that they have filed false returns in the past even though you did not prepare them.

:bday: Joan! It is always so good to see some of the names from the original board. Have a wonderful day!

I didn't check it because I am on vacation. However, I was impressed when they delivered the correction so promptly.

I have childless couples ask that question every year. :rolleyes:

They just called me to pitch their product and I read them your post.

Amen!!!!!!! and :bday:

The same client that I had checked in May because he took the credit for 2007 has now received a 4549 Income Tax Examination Change, demanding that he pay the money back before August 31. He sold property in 2007; which was vacant property. He had intended to build on it, but his brother wanted it and because he was getting married, he sold the vacant land and bought a house. We faxed them pages and pages of proof in May. Today, I called him to set up an appt to make the call from my office so that the Examiner would talk to me and we could fax whatever else would satisfy them that he DID qualify. Guess what! Today he gets a letter of apology stating that they neglected to examine the paperwork we had presented in May and were very sorry for the inconvenience, but he should not take any action until he hears from them again. We are still going to call them next Tuesday just to check on the status. BUT, how can they be so careless, inconsiderate and downright negligent? This isn't even the free credit, this is the one that has to be paid back and there is absolutely no doubt that he qualifies. Any of you who have done any of these, be prepared for possible chaos. Have a call right now on my machine asking when I can amend a return for a girl who just purchased a house this month and has moved in. I don't even want to call her back. She is getting married in Sept and I imagine she thinks that she will get the magic $8000 in a few weeks and I will have to tell her that amendments are not filed electronically. I would rather not even get involved, but she is a relative. Happy taxing to all! :dunno:

Was it not only two separate laws, but also two separate administrations that passed those laws? I'm sure you will correct me if I am wrong on this. I, personally, don't think that it will ever go retroactive. It reminds me of all of the parents who were paying high tuition for their college kids and getting no credit for it. They moaned and groaned when the tuition credits came into play. Nobody ever said it was fair, but the law is the law is the law.