schirallicpa

Who gets married during tax season!

When you add it to the page 1 of the 1040, it goes to the wage line, not to line 21. Are you sure it's not hiding in wages when you mark the box?

The SWAG factor is probably my best bet. It's really the biggest "who knows" there ever was. Fortunately part of my tax problem went away while I "tinkered" with the return a little more. Thanks for the laugh today! I needed it!! And thanks for the other suggestions as well. I appreciate your input.

Client lost job at kodak but they paid for retraining classes thru his payroll. He has receipts for the classes, which include leasing a computer for the class. Now - these were classes for auditing, and hes an engineer. He relocated to my neck of the woods and has new job as engineer. He says he was required to take the retraining in order to be eligible for unemployment, although he never collected unemp. Am I spinning my wheels, or is there something I can do here? Thanks for the help!

Mine wasn't showing up on the asset tab either. But, shouldn't your depre be the same every year anyway: Straight line. You just need to find out when it started.

well.....okay.....I've seen this before......but how does anyone come up with these reserve figures? How can anyone tell you how many units (barrels) of oil will be produced? These are wells that have been around for years. They pump for so long each day. Some days you get more. Some days you get less. But everyday there's something. If it has pumped for 50 years this way, do we expect it to pump 50 more years this way? It might. It might not. This isn't high tech Exxon. yuk, yuk, yuk. Ok - I'm going to do some W-2 returns for a while.

Boy - nobody likes this question.......

Looks that way. I'm doing my first 1040A now. It's requiring that I put $1 as interest income in order to create e-file. So that means I have to have a payer. Who gets hit as payer. Let's all pick the same bank - oh say Citibank - and create an additional million dollar payout that they didn't report.

Client has scrappy little oil business that actually makes money these days. I take the standard 15% depletion deduction on Sch C. But....NYS says no % depletion, but you can take cost depletion. Now, in all my years of doing sch C's for these scrappy little oil producers around here, I have never considered cost depletion. I back out % depletion on NY, forget about adding back cost depletion because it has never been enough to worry about. (I have probably forgotten to back off % depletion on a good hand full of returns over the years, and NY has never noticed. ) But today, my client has an add back of % depletion of over 17K and it's creating a larger tax than anticipated. So I am looking at the possible cost depletion. He has many wells, purchased over many years, and poor record of cost. Yeah - I know - lost cause. Wondered if anyone else dealt with it. Thanks.

Hey you're AWESOME!

Trading vehicles. Old vehicle had standard mileage. Do I go back and figure what depreciation shoulda woulda coulda been to figure basis of new vehicle. Or just go with the invoice. Yes- similar assets. Nothing fancy here. Brains are a little mushy lately. Thanks for the help.

Howard will be sending his clients the flowers!

Don't you wish you were an attorney. Will you be collecting an additional 15% of the settlements for figuring the tax situation out?

Added bonus: this client paid $C$A$S$H$$$$$$$$$$$

In 20 years of tax prep, I have received only one other bouquet of flowers, 2 thank you cards, 1 Christmas card, and 2 meals. Oh - and a gift cert to the greasy spoon next door from my mother-in-law who felt guilty one year. How nice to feel appreciated!

Oh they have a beauty of a return anyway - they drew their IRA's to pay for a $70000(!!!) wedding and now have all that extra tax. She can't find last years return because they moved. Can't find moving expenses. Didn't know she had to change her last name with SS. Want to file separately because she owes NYS a ton of money (not that they are going to have refund anyway). Have house in NH (thankfully no filing in NH) that takes a loss. And I believe they won't get any benefit from that because filing separately and income is too high (because of IRA distribution!!) ..... I have to take a quick refresher on the 6198 and 8582. YUK!!!

Hold on - there's now more: He tells me today that the income is not Mass sourced, it is Italy sourced! And the address of Mass is only because that is where his partner resides. Hmmmm....

Thank you Catherine! Thats what I thought.

Client has been member of Mass LLC 1065 and gets K-1 for number of years, including the Mass K-1. K-1 has always shown some income. Has never filed a Mass return. Was previously a NH resident, now a NY resident. Any reason why I don't need to file a Mass return? Other than it will piss off the client to have to pay Mass tax, and may cause Mass to look back? Any help today would be greatly appreciated.... Thanks.

Client has LLC set up, and is also "self-employed" doing the same business. (It's a wonderful treat to sort thru their transactions to figure out if it's his or llcs......) Anyway - LLC gives him a 1099 for rent of equipment - that equipment being the schedule C equipment. (No - I did not set this up!) Of course they expect the 1099 rent income to be free of SE tax and reported on Sch E. I'm thinking this is still schedule C income to him.... If it can go on Sch E, how on earth do I allocate depreciation of the same equipment between E and C. Shouldn't Sch E rent only be "passive"? I don't think this money is passive. This is the business that he is in! In my mind, I'm relating this to other clients I have who get "royalty" income for crude oil production, when in fact, they are the producers and therefore it is SE income on schedule C. You always get the best clients late in the season! Any thoughts out there today?

Black stockings as well...

And then how many thousands can go back and amend for the stock they wrote off. Sure - makes sense to me.

Don't forget per diems. Usually the per diem beats actual. Use the GSA website: http://www.gsa.gov/Portal/gsa/ep/contentVi...tType=GSA_BASIC

I have an older couple that did not report Enron worthless stock in 02 or 03 when it went worthless. Can it be taken now? Don't tell me I have to go back and amend and carryforward and amend and carryforward and amend....... Any thoughts on this today?

Client purchased yacht in 2003. Took on loss on sale in 2007. Contends that it was purchased as an investment. Treated bank interest as 2nd home on schedule a in 03, 04, 05, and 06. Any thoughts on this today? Thanks.