I don't want to sound self serving but it's time to go to a paid preparer.
isn't google copyright? Anyways u must of selected something u should not have or visa versa as that shou ld not have a effect on ur eic. The answer to ur other question, u can have a negative number on self employment if ur expenses exceeded ur income.
the "paid prepare" doesn't know... The client is stuck with this prepare for various reasons and asked my advice. Besides, what's the advantage of a paid preparer?How about answering yes or no?
I don't imagine it's a very hard question, and is probably easily answered by tracking through the definitions in the statute and regs.
Turns out its not so simple...The many paid preparer's on DDF dont have enough incentive to spend the time tracking through it....
Turns out its not so simple...The many paid preparer's on DDF dont have a clear answer.... want to spend time researching the answer since they aren't being paid
Right, since its not such a unique situation, I expected that this would have came up in someones past experience. I guess not.
Well it is not theoretically unique, but practically, how many people have passive losses and are eligible for EITC?
If berel buys shmerels company (LLC) for 100k and agrees to pay the 100k down over two years. Would the 100k liability be on now berels company balance sheet or would it be considered berels personal liability?
Depends. If you do a LBO, it would be on the company. If he finances it with a personal note, it will be personal.