Tax Prep by Deb

KC there is a problem with some of us and that instruction. In my case when I navigated to the folder were the dotnetfx.exe folder was suppose to be, it wasn't there. David at ATX also tried it on his computer and likewise it wasn't on his either. He had me install it from the CD, it was actually quite easy and the whole process took well under 30 minutes from start to finish of call. I am very pleased with their support as of now! Deb!

That was what my problem was as well. Can you believe Margaret and I had exactly the same tech guy, David. He was outstanding and had the problem fixed within a very short period of time. Actually in our conversation I had told him that there was a KB document on the issue and that I had followed it's instruction but the file it told me to click on to did not exist on my computer. He was unaware at the time of the bulletin, but pulled it up as we were installing the Netframework program from the CD. He said that he likewise tried to follow the instructions but it didn't show up on his computer either. He was very appreciative of the input because he says now maybe that can get at the source of the problem and get a fix going. I have to say that so far this year the support is wonderful. I dreaded calling but when cred65 posted the wait time for customer support I decided to give it a try and was wonderfully suprised. I hope this continues! Deb!

Hopefully someone else has had this problem and knows what to do: After installing my program this is what happened: I tried to open the program and got this window: An update problem has caused incompatible file version to be installed and the program cannot continue until corrected. An update is available, click to update. I did that and downloaded the current update, restarted the program, even restarted my computer and received the same message. I uninstalled the program went on line, downloaded it from atx site, opened the program got the exact same message, clicked on update and it shows nothing available for update! Not looking good! Any suggestions? Deb!

I spoke to soon! I tried to open the program and got this window: An update problem has caused incompatible file version to be installed and the program cannot continue until corrected. An update is available, click to update. I did that and downloaded the current update, restarted the program, even restarted my computer and received the same message. I uninstalled the program went on line, downloaded it from atx site, opened the program got the exact same message, clicked on update and it shows nothing available for update! Not looking good!

Received mine yesterday, installed it today, so far so good! Deb!

Glad you found us! Deb!

Thanks, that's what I thought I had read, but I always respect others input! Deb!

I believe though, that to make that election the return had to be filed on time. This one was way past the due date. Am I right? Deb!

Thanks, I appreciate your response. Everything I have read indicates that I do, but it helps to have someone more experienced in these to re-inforce my thinking! Deb!

I did that and it appears that I have a NOL. I'm just asking for confirmation, as like I said in the one I did in the early 1990's the words, and example indicated a need for some positive income, for example wages, investment income, ect. I do not have that on this return. The only figures are negatives, so do I have a NOL? Deb!

Thanks Taxbilly for the health insurance deduction. I had a feeling that the program was figuring that wrong. Does any body else have any thought as to my NOL. Do I in fact have one? Deb!

Quickbooks has an accountants version and though I have not personally seen it in action, everything I read about it states that it was designed so that clients can send info corrections can be made and then put back into their program. Quickbooks (all versions that I know of) has a utility that allows you to make what is called an accountants backup. The theory is that they send this to you, you install their file make what corrections you can (you are limited as to what you can correct) and then back it up to send back to them and they in turn install the corrections. I do not know if you must have the same version but I believe that unless you get the accountants version the answer would be yes. Hopefully somone who has actually done this can answer you better, but yes you are right, Quickbooks is not really difficult, but just like all software, some parts work wonderful and other parts not so wonderful! Deb!

I have only had one other NOL situation which came up the first year that I did taxes back in 1992. It happened to be my parents, and when I called IRS for assistance I was informed that unless there was other income besides the loss such as wages, investment income ect... I propably did not have a NOL. In their case there was a big schedulc C loss but there was also Interest Income of about 3,400.00. So I did have a NOL and it was a nice suprise for them when we got the check for the refunds of the carried back years. Now I have a client who is showing on line 12 a loss of $6,555.00 as well as line 17 (rental property) loss of $20,731.00. He has no other source of positive income. This was a verrrrrrry bad year for him. The program is telling me that there is a possible NOL and when I do the worksheet it appears that there is, however going back to 1992 where there had to be a positive figure in the mix, I do not have anything on the return that is a positive. Also his itemized deductions, non business related on the schedule A is $20,298.00. He does have a deduction for self employed health insurance deduction for $1,836.00. The reason this comes into play is because he had two businesses last year, one made a profit of $10,424.00 whereas the new business ended up with a loss of $16,979.00 thus the line 12 loss $6,555.00 Therefore line 41 is showing a negative $49,420.00. Do I have a NOL? Has the rules changed? Any help will be appreciated. He is coming in tomarrow to pick up his return and I would love to explain to him that he will probably be getting a refund for some of his 2005 tax return as well as 2006 and carried forward until it is exhausted or 20 years. I am figuring the NOL to be $29,122.00 Can sombody please check me to make sure this is correct? Your help will be greatly appreciated! Deb!

Thanks, I will contact him and have him fax over the info in the morning. So the goodwill then is entered on the asset worksheet, then I would choose amoritization, then start up cost? Deb!

I am working on a return for one of my clients. He purchased an existing business, a sandwich shop for $41,043.50. There was no building involved, it was just the established business in a rented building. He did state that some of this included the equipment but most of it was just for the established location. How do I show this cost? The business is a schedule C business. Most of my business returns I prepare are for people already established or who start their own business from scratch. So I'm not exactly sure were this figure goes on the schedule C or if it even goes. Any imput would be greatly appreciated! Deb!

I got 12 right, but I am way under 60 years old, but I happen to love my parents era, the music, the commercials, especially I love M & M's! Deb!

For me so far so good. I tried going to the site yesterday but was not able to. I tried this morning and came right on without having to re-log so I think everything worked fine for me so far! Again thanks for doing this for us and for having the fore-thought to do it now instead of during the tax season! Deb!

Thanks for making this available to all of us. Whatever needs to be done to keep it up and running is greatly appreciated, and I too will be hitting the donate button in the next couple of weeks! Deb!

Thanks for your thoughts! I literally have to take it a day at a time. My dad and mom had been married for 50 years, so as you can imagine she is having a rough time, so I'm not able to work as much as I should, but right now her emotional support is the most important thing I can do. My hopes is that this tax season I can involve her as much as possible. We share a home together so hopefully I can keep her busy in my office. My dad and I had built up about 200 clients, and although I was able to handle everything on my own last year, due to the fact he was in the hospital and recovering for most of the tax season, it's very difficult to give the kind of quality care that I have built my business on. I would consider dropping some clients, however now I am the sole provider with the exception of the small social security she receives. So only time will tell. Deb!

Are you genuinely happy or is your smile your attempt to keep a positive attitude? I felt that IntelliTax price was too good to be true, watched the board for some of the reviews and was almost ready to move myself, but do to circumstances decided to stay one more year with ATX renewed to get my discount and lock in my price and now I'm glad I did. TaxWise might be an OK program but I really did not want the added stress of having to learn a new program. As it turned out my world was turned upside down last month with my dad passing away unexpectedly and besides being my dad, best friend, he was also my greatest guy Friday. He literally ran my office for me during tax season. So I really do not want to have to learn anything new this year. I'm hoping for an extremely easy year! Haha Haha! Deb!

As already stated it is no longer required to get approval from California. If you are accepted with IRS you are accepted with them. I also was able to e-file to Oregon and New Mexico also without having to appply. So it looks like for the most part that IRS e-file registration is pretty much all that is needed. Deb!

That's why this forum is so great. Usually by the time I post a question I have exhausted all avenues, but it seems like I know more and post and then find the answer. I have been helped many times, so it brings me great honor to pass on some useful info! Deb!

Thanks for the info! I was hoping that someone would use their service and then report back. So far so good for me. My computer is 5 years old and still functioning as when I first got it. But I know it's days are numbered. Deb!

Thanks KC. I was actually able to find the answer to my question right after posting. I was cautious because of the EIC, but found a publication on IRS' web site that addressed our exact situation. I will be using the social security number and my clients seem to qualify for all the credits because of the social security number. Thanks again for responding. For those who would like to see the info I will try and link it for you! http://www.irs.gov/pub/irs-pdf/p596.pdf I was specifically referring to rule 2. It states that if you do not have a social security number, but now qualify for one, you have two options, file and extension, file and then ammend when number arrives. We extended the return. So it seems like all is a go! Deb.

I have a question that hopefully someone can point me in the right direction. I have a client who for 2006 I filed as Head of Household. He got married to the mother of his children in 2007 and they have been in the process of getting her a social security number (she does have an ITIN). We filed an extension on his return and now just this week they recieved her social security number. Which number do I use on the return? The social security # or the ITIN#? Abviously it will make a difference because of the earned income credit as well as stimulas ect..... I would be very appreciative if any replies could direct me to some source documentation. This couple could diffently use the credit, however I do not want to do anything that might disqualify them for future years. Your thoughts are always appreciated! Deb!