Author Topic: any accountants out there that i can ask a question?  (Read 53355 times)

Online churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #90 on: March 12, 2014, 12:31:42 AM »
I don't want to sound self serving but it's time to go to a paid preparer.
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?:)

Online churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #91 on: March 12, 2014, 12:34:35 AM »
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 EIC worksheet (from IRS.GOV)  has a section where you input passive losses. This would imply that passive losses do affect the EIC credit.

Offline yitzf

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Re: any accountants out there that i can ask a question?
« Reply #92 on: March 12, 2014, 01:14:48 AM »
If you wan't to roll the dice, you can have the IRS figure out the EIC amount for you.

Online henche

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Re: any accountants out there that i can ask a question?
« Reply #93 on: March 12, 2014, 09:28:54 AM »
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?:)

Well, if you hire a guy to prepare your return, he ought to be able to figure this out. 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.


Online churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #94 on: March 12, 2014, 09:38:29 AM »
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 a clear answer....


Online henche

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Re: any accountants out there that i can ask a question?
« Reply #95 on: March 12, 2014, 09:40:19 AM »
Turns out its not so simple...The many paid preparer's on DDF dont have enough incentive to spend the time tracking through it....

Alternatively.

Offline MarkS

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Re: any accountants out there that i can ask a question?
« Reply #96 on: March 12, 2014, 09:40:49 AM »
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

FTFY :)

Online churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #97 on: March 12, 2014, 09:41:51 AM »
Alternatively.
Right, since its not such a unique situation, I expected that this would have came up in someones past experience. I guess not.  :-\

Online henche

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Re: any accountants out there that i can ask a question?
« Reply #98 on: March 12, 2014, 10:04:20 AM »
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?

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #99 on: March 12, 2014, 05:22:09 PM »
Well it is not theoretically unique, but practically, how many people have passive losses and are eligible for EITC?

A lot.

Online churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #100 on: March 12, 2014, 07:30:54 PM »
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?

Offline JunkYardUnz

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Re: any accountants out there that i can ask a question?
« Reply #101 on: March 12, 2014, 07:34:03 PM »
Personal

Online churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #102 on: March 12, 2014, 07:35:34 PM »
Personal
thought so.
What if the agreement is that shmerel will get 50% of profits for two years, still personal?

Online henche

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Re: any accountants out there that i can ask a question?
« Reply #103 on: March 12, 2014, 08:57:39 PM »
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.

Online churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #104 on: March 12, 2014, 09:38:06 PM »
Depends. If you do a LBO, it would be on the company. If he finances it with a personal note, it will be personal.
sounds good ty