1
vote
3answers
33 views
Off the books employment
I have already filed my taxes, however I baby-sat my god daughter from time to time throughout the year. I did not include that income when I filed.
Can her mother still put me …
2
votes
5answers
46 views
Cash Accounting: Which year to report final check?
I'm a consultant using cash accounting. One of my clients provided me a W-2 that includes payment for my December billings even though I didn't receive or deposit the funds until J …
1
vote
3answers
32 views
Is a lawsuit settlement paid by Taxpayer to defend the property where the taxpayer was running his business a deductible expense?
Taxpayer with his own funds bought a building 40 years ago that was titled in his father’s name. During that time until present, Taxpayer was operating a doctor’s office as a sole …
4
votes
7answers
137 views
How much do you charge for tax returns?
I am a CPA. Most of my business is write-up and QB consulting. This is my first year offering tax return prep. Most of the work will be current clients but I am hoping to pick u …
1
vote
3answers
22 views
Can I deduct the cost of replacing an existing failed well?
I have an LLC that rents a building to a business and a house to a family. The well was tested and found to be unfit for human consumption. I drilled a new one. can I claim an extr …
1
vote
1answer
16 views
Research and Development since 2008 but business not started yet. How to report loss?
I think I know the answer but keep thinking there is something I'm forgetting. I hope to soon have a client. He has been working on an idea, not patented yet - still in R & D …
1
vote
4answers
28 views
Rent reduction in CY made up higher rents in future
Tenant is unable to pay 100% of current year rents. Landlord (accrual basis taxpayer) agrees to lower rent for current year; signs a new lease with higher than market rental rates …
3
votes
10answers
71 views
What do you charge for additional copies of a tax return?
By law we provide a copy of the filed return to the client. Do they feed it to their dog?
What happens is everytime they need a copy for a refi or home purchase, etc they call an …
1
vote
3answers
51 views
Can a high school senior who is taking AP/college courses for college credit use the opportunity credit for tuition?
Is it possible to take the AOC for tuition when a High School senior is taking AP/college courses for college credit?
1
vote
3answers
37 views
Can you deduct the interest on a line of credit?
Can you deduct the interest on a line of credit?
1
vote
4answers
48 views
Concerning Dependent Status
Hello, I had a question on whether or not my father-in-law can claim me on his tax return. I am twenty-two and am currently married with two children and have a small self-employme …
1
vote
2answers
34 views
Can someone tells me how to reconcile IL 1065 Schedule B with IL K-1-P for each partner?
How to reconcile IL 1065, schedule B IL base income for each partner with IL K-1-P?
I thought if I add up all income/exp items on K-1-p, they should equal the IL base income for …
2
votes
4answers
130 views
American Opportunity Credit
I need help on whether i would qualify for the AOC credit...I technically graduated with my bachelors in 3 years and am now in graduate school so what would be my '4th year' to qua …
1
vote
2answers
43 views
Amending 1040 for step up depreciation
Recently Dad allowed me to see his tax returns. What I found was that the people preparing my parents returns did not give Dad step up depreciation on the rental property in the ye …
2
votes
2answers
34 views
NYS Tax transfers to deceased corp officer’s family?
Dad had a business and we all worked there at one time or another. I helped him with bookeeping and worked directly with NYS Tax Dept back in the late 80's to pay off a sales tax …
