Author Topic: any accountants out there that i can ask a question?  (Read 255609 times)

Offline davidd75

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Offline Sam Finkelstein

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Re: any accountants out there that i can ask a question?
« Reply #2041 on: August 01, 2021, 10:09:36 AM »
Not an accounting question per se, but I'm sure someone here can answer.

A relative who used to do my and my family's returns retired. I am an accountant myself and recently passed the CPA exams but don't do taxes (though I did work a brief stint as a preparer in someone else's firm). Would it be very difficult for me to do these returns myself?
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Offline Cat18

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Re: any accountants out there that i can ask a question?
« Reply #2042 on: August 01, 2021, 10:03:26 PM »
Not an accounting question per se, but I'm sure someone here can answer.

A relative who used to do my and my family's returns retired. I am an accountant myself and recently passed the CPA exams but don't do taxes (though I did work a brief stint as a preparer in someone else's firm). Would it be very difficult for me to do these returns myself?

Canít speak for myself but plenty of ppl do their own taxes, especially if theyíre the simple variety.
Check out turbo tax and other software etc...

Offline besttime

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Re: any accountants out there that i can ask a question?
« Reply #2043 on: August 01, 2021, 10:31:16 PM »
I've heard a bit about the new enhanced dependent care credits for 2021 and was wondering if anyone could provide some insight on my situation.

So I know that if for example somebody uses their work FSA to pay for preschool that money is not eligible to be included for the dependent care credit.

My situation is that my wife is starting a new job in a preschool in September, and the school has given her the option of having tuition for our son (who goes to the school) taken out of her paycheck pre-tax - they said they do this using a "qualified tuition deduction". Would this be the same as the FSA issue above and therefore not eligible for the 50% dependent care credit? Or is this different somehow since it is not an FSA account and I would be able to double dip?

We live in Florida, so saving tax on the preschool would save us about 15-20% in taxes on the tuition. The new dependent care credit would be a 50% rebate basically.

Offline reed

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Re: any accountants out there that i can ask a question?
« Reply #2044 on: August 06, 2021, 01:03:32 AM »
Hi - Iíve been renting a home since 2016, was under contract to buy it since 2017, finally closed in 2020 and want to sell it in a couple of Months. It will be less than 2 years of ownership when I sell it but Iíve lived there for over 5 years. Anyway To get the personal residence exception to avoid paying capital gains tax?

Offline Fish Tank

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Re: any accountants out there that i can ask a question?
« Reply #2045 on: August 08, 2021, 09:25:42 PM »
Tax loss harvesting-
From what I understand, if I lose money in stocks etc, I can apply up to $3,000 of the principal loss against my personal income (as opposed to other investments, in which case it would be unlimited), and I can carry over the rest to future years.

If I lost $10,000 in 2020, but didn't claim the $3000 against my income on my 2020 return, can I start claiming it on my 2021 return? ($3000 on my 2021 return, $3000 on 2022, and $1000 in 2023)
Or the carryover only works if you started claiming in the year of the event?

Thank you !

Offline S209

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Re: any accountants out there that i can ask a question?
« Reply #2046 on: August 09, 2021, 03:26:18 AM »
Hi - Iíve been renting a home since 2016, was under contract to buy it since 2017, finally closed in 2020 and want to sell it in a couple of Months. It will be less than 2 years of ownership when I sell it but Iíve lived there for over 5 years. Anyway To get the personal residence exception to avoid paying capital gains tax?
You can move out, rent the house out for another year, and then sell it. The 2 years of ownership and use do not need to be simultaneous.

Also, itís sometimes possible to get a partial exclusion even if you donít qualify for the full exception.

https://www.thetaxadviser.com/issues/2008/aug/planningopportunitieswiththesec121partialexclusion.html
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Offline Smartypantz

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Re: any accountants out there that i can ask a question?
« Reply #2047 on: August 11, 2021, 09:39:58 PM »
Can anyone help me figure out if I should form my business as LLC or S Corp? I am a freelance bookkeeper