joanmcq

Thank you Kea and MontanaEA. While on the surface it looks like taxes on the rich went up, it is overly simplistic charts like these that easily allow the misuse of statistics. Delving down a little deeper than a quick overview is more difficult than just looking at the top and bottom percentages, but necessary to get a real analysis of the facts. What my quick overview said to me was that the rich are getting richer....the upper 1% is $36,608 higher than it was just the year before, while the income in the bottom 50% dropped.

Jeez, do you guys paint every year? I got an estimate to paint my house at $10,000. On a rental, I'd depreciate at 5 years. If I had to do it because the last tenant trashed the place, then I'd consider it a repair.

Can't Sec 179 any rental expenses to start. I've always depreciated a major paint job, not touch ups. And appliances are distinctly mentioned in IRS pub 527...there is no 'de minimus'. Kichen floor depends; did you replace the floorboards, or linoleum? Carpets are 5 year, so I would expect lino, etc to be the same.

ARRRGH, and I STILL haven't done my bookkeeping for the year....that's my own bookkeeping for my own biz....usually I like to start inputting known data as soon as I get the disc...

Can you please post the paragraphs?

Who knows when it'll start this year thanx once again to our elected representatives!

I don't use Iomega (I have a Maxtor external backup drive) and am getting the 'fatal system errors' also. My workaround is to only turn on the Maxtor software when I want to do a backup and then immediately restart the computer and not turn the software back on which completely negates the reason I bought the thing to begin with: automatic backups every night.

i've done that too, but its a pain because I try to come in early because I commute to Sunrise & Madison, and try to avoid the worst of the traffic. BTW, we are always looking for experienced tax pros in case you need some extra $$.

Problem is, I'm not at home when they are open, usually. Or when I think about doing it. Jeez, where did I put that letter with the customer service number on it???

I have not been able to log in. They don't recogise my email address! Now they send update emails to me all the time....And being on the west coast, and having a job, I tend to try to do these things on the weekend, when they are not open.

Well, my CPA goes on everything. I'd rather not be one of the cheapest, but I do work from home, so my overhead is low. But since I have a regular job too, people are happy I have weekend appointments!

I put my MSBA(Taxation) on my correspondence to clients at my job. I figure the prestige factor helps the company, and they aren't paying any more for my work as for the EAs or the CTECs. Also figure it may help to toot my horn when they are debating raises... In my home office, I have the degree on the wall, but don't put it on my business cards at this point.

Where does that go? I see lines for fundraising expenses, but no section on pg 1 for fundraising income.

I can't remember at this late date...is advertising revenue (to put ad in program) for a performing arts nonprofit considered to be contribution or 'other revenue' or program service....I know if its not a major source of revenue its not UBTI.

I got mine yesterday. Or maybe the day before, since I had that brain hiccup on checking the mail.

Congrats from here too!

Ok, Julie you are right down the street from me. I don't have mine. Wait, maybe I didn't check my mail yesterday. Hmmmm.

See, all they have to do is drop 'AMT' and market it as the 'fair tax'. I've seen a few proposals to disallow deductions for mortgage interest over a lower amount that currently allowed, and/or taxes paid (especially taxes paid). So, if its called AMT its bad, flat tax its good....

I think I read that some folks have received the 2006 archival disc. Nothing to me yet. Anyone know when they shipped? I'm not on the new board yet because they don't recognize my email address and I forgot to call yesterday.

Line 31. ATX has a worksheet/Form to input the info from the 593-B, and then it should flow to the proper line on the 541. You have to fill out the worksheet to efile, if you don't efile, you have to attach a copy of the form.

See, though, the H1-B visa is job specific. The fees were to transfer it from her employer in Sunnyvale (near San Jose) to a new employer in LA. Because she agreed to pay, I'm thinking non deductible even though the arrangement was illegal. But then I think that because it was a transfer, and not the initial H1-B maybe I've got a chance.

well, the client is saying, well, his wife and the employer 'came to an agreement' which if she wanted the job, she had to pay the attorney fees. And since she needed the job, he's like, 'what do you do?'. But since they are under audit, I'm wondering if the IRS will accept the deduction for the attorney fees as employee business expenses or if they are SOL.

If its rooms in the same home, only the areas for the exclusive use of the tenant are deductible, (following the OIH rules) and no losses are allowed. Areas used both by the tenant and the owner are considered personal use areas. So if he rents out two bedrooms and a bath for exclusive use by the tenant, but the living room and kitchen are shared, the LR and kitchen can't be used in the square footage calculations for deductible rental expenses. However, if there is a basement apartment or some such fully contained rental area (and no areas are shared), I would treat it as a duplex.

The employer is by law supposed to pay all H1-B attorney fees associated with the preparation and filing of the petition, unless the employee's wage rate less the expenses is still higher than the required wage rate. The employee may be required to pay translation and visa fees. I'm not sure if this case is different because the fees are for the transfer, and not for the initial filing for the visa.

Is he renting a room or rooms in his home, or does he live in a duplex? The rules are different between renting a portion of your personal residence and renting half of a duplex.