3
votes
2answers
20 views
Schedule M-1 & M-3
Hello,
When does a corporation need to file schedule M-1 or M-2?
Thanks,
Saf
3
votes
2answers
18 views
Can I take a loss on my 401k?
I had a 401k and converted to a regular IRA.
I had it for 9 years and finally cashed it out 2009. It started with $5,000 and ended up with $2,400. I cashed it out at age of 64 s …
3
votes
2answers
19 views
Revoke 1120S election for 2009 …is it too late ?
Filed 2553 with 2008 return (Co started 10/1/2008) and reported small loss on 1040's. Now want to revoke Sub-S election for 2009 since paid large salaries plus K-1 income; tax is l …
1
vote
3answers
43 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
49 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 …
4
votes
8answers
177 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 …
2
votes
3answers
33 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 …
3
votes
11answers
89 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
23 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
29 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 …
1
vote
3answers
57 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
38 views
Can you deduct the interest on a line of credit?
Can you deduct the interest on a line of credit?
1
vote
2answers
39 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 …
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 …
