Author Topic: any accountants out there that i can ask a question?  (Read 490364 times)

Offline Menachem613

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jun 2012
  • Posts: 1120
  • Total likes: 61
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: NYC
Re: any accountants out there that i can ask a question?
« Reply #880 on: March 28, 2016, 06:58:31 AM »
can i take expense of lunches in school which is paid separately and is not tuition, for a first grader on 2441?


No.

Offline bermo

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Feb 2014
  • Posts: 1559
  • Total likes: 20
  • DansDeals.com Hat Tips 11
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #881 on: March 30, 2016, 07:37:22 PM »
i am filing taxes for someone for 2014/2015
i mailed in the 2014 forms two weeks ago
i am trying to E-file for 2015 but it got rejected because the AGI from 2014 isn't in the system (i also cant get a pin for the same reason)
should a wait two weeks to file
or is there anything i can do (like writing AGI 0)
thank you

Offline jackofall

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2012
  • Posts: 772
  • Total likes: 45
  • DansDeals.com Hat Tips 2
  • Gender: Male
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #882 on: March 31, 2016, 12:02:56 PM »
Can a shareholder in an S Corp have a negative equity balance?

TIA
If you focus on being a boss, you will never be a leader. Leaders lead people to growth and improvement.

Offline churnbabychurn

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2012
  • Posts: 7355
  • Total likes: 301
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
Re: any accountants out there that i can ask a question?
« Reply #883 on: March 31, 2016, 01:28:21 PM »
Can a shareholder in an S Corp have a negative equity balance?

TIA
If he takes out more then he has, yes.

Offline Dawie

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1611
  • Total likes: 491
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
Re: any accountants out there that i can ask a question?
« Reply #884 on: March 31, 2016, 02:14:00 PM »
If he takes out more then he has, yes.
Unlike stock basis, AAA may be reduced below zero, but only by losses, not by a distribution
while AAA can be driven negative by losses, a shareholder’s basis in the S corporation’s stock cannot be below zero

 Regs. Sec. 1.1368-2(a)(3)(ii). Note, AAA is reduced by the full amount of losses or deductions the S corporation incurred during the year, even if the losses or deductions are limited at the shareholder level because of the lack of basis under Sec. 1366, passive activity limitations under Sec. 469, or at-risk limitations under Sec. 465. - See more at: http://www.thetaxadviser.com/issues/2014/jan/nitti-jan2014.html#fn_21

Offline churnbabychurn

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2012
  • Posts: 7355
  • Total likes: 301
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
Re: any accountants out there that i can ask a question?
« Reply #885 on: March 31, 2016, 03:22:56 PM »
Unlike stock basis, AAA may be reduced below zero, but only by losses, not by a distribution
while AAA can be driven negative by losses, a shareholder’s basis in the S corporation’s stock cannot be below zero

 Regs. Sec. 1.1368-2(a)(3)(ii). Note, AAA is reduced by the full amount of losses or deductions the S corporation incurred during the year, even if the losses or deductions are limited at the shareholder level because of the lack of basis under Sec. 1366, passive activity limitations under Sec. 469, or at-risk limitations under Sec. 465. - See more at: http://www.thetaxadviser.com/issues/2014/jan/nitti-jan2014.html#fn_21
May not. What if he did?

Offline jackofall

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2012
  • Posts: 772
  • Total likes: 45
  • DansDeals.com Hat Tips 2
  • Gender: Male
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #886 on: March 31, 2016, 05:23:50 PM »
Unlike stock basis, AAA may be reduced below zero, but only by losses, not by a distribution
while AAA can be driven negative by losses, a shareholder’s basis in the S corporation’s stock cannot be below zero

 Regs. Sec. 1.1368-2(a)(3)(ii). Note, AAA is reduced by the full amount of losses or deductions the S corporation incurred during the year, even if the losses or deductions are limited at the shareholder level because of the lack of basis under Sec. 1366, passive activity limitations under Sec. 469, or at-risk limitations under Sec. 465. - See more at: http://www.thetaxadviser.com/issues/2014/jan/nitti-jan2014.html#fn_21
TYVM
Sorry for the ignorance but what is AAA?
Never mind I see now - accumulated adjustments account
If you focus on being a boss, you will never be a leader. Leaders lead people to growth and improvement.

Offline TimT

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 22077
  • Total likes: 7130
  • DansDeals.com Hat Tips 12
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #887 on: April 01, 2016, 09:42:57 AM »
I'm going to do a name change (first name) for a baby but I won't have the new documents before the filing deadline. If I put down the current name what will I need to send the IRS when filing next year that they shouldn't count it as 2 separate kids ?

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7961
  • Total likes: 1044
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: any accountants out there that i can ask a question?
« Reply #888 on: April 01, 2016, 05:41:50 PM »
I'm going to do a name change (first name) for a baby but I won't have the new documents before the filing deadline. If I put down the current name what will I need to send the IRS when filing next year that they shouldn't count it as 2 separate kids ?
I'm NOT an accountant, but I would assume the IRS only looks at the SS# on your tax form, and won't notice a name change at all.
My favorite cause: cssy.org

Offline TimT

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 22077
  • Total likes: 7130
  • DansDeals.com Hat Tips 12
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #889 on: April 01, 2016, 06:04:29 PM »
I'm NOT an accountant, but I would assume the IRS only looks at the SS# on your tax form, and won't notice a name change at all.
The new ss card (with the new name) would be the same number as the present card ?

Offline broketeacher

  • Dansdeals Silver Elite
  • **
  • Join Date: Jul 2011
  • Posts: 67
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New York
Re: any accountants out there that i can ask a question?
« Reply #890 on: April 01, 2016, 06:27:21 PM »
Hi Accountants,

I own a small business and sometimes have to travel for meetings  I know I can use airline costs as a legitimate tax write off when I fly for work, but there are times when flights are so expensive, that it's a pity not to use points.

My accountant said I could use my personal points to fly (for work) and reimburse myself from the business.  My question is how much to pay myself back - would it be the current selling price of the ticket?  I could screenshot it for records.  Or would it be the value of the points?  If so, how would I calculate that?

Thank you.

Offline ckmk47

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Aug 2012
  • Posts: 7961
  • Total likes: 1044
  • DansDeals.com Hat Tips 3
  • Gender: Female
    • View Profile
  • Location: brooklyn
Re: any accountants out there that i can ask a question?
« Reply #891 on: April 02, 2016, 09:27:32 PM »
The new ss card (with the new name) would be the same number as the present card ?
With a name change to get married its the same.  If an adult with a work history changed his name, wouldn't the # be the same so his contribution history follows him?
My favorite cause: cssy.org

Offline TimT

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 22077
  • Total likes: 7130
  • DansDeals.com Hat Tips 12
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #892 on: April 02, 2016, 09:40:11 PM »
With a name change to get married its the same.  If an adult with a work history changed his name, wouldn't the # be the same so his contribution history follows him?
Ok, thanks.

Offline ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 15618
  • Total likes: 7710
  • DansDeals.com Hat Tips 19
    • View Profile
  • Location: 770
  • Programs: בשורת הגאולה. From Exile to Redemption. GIYF. AAdvantage Executive Platinum®
Re: any accountants out there that i can ask a question?
« Reply #893 on: April 02, 2016, 10:04:42 PM »
I'm going to do a name change (first name) for a baby but I won't have the new documents before the filing deadline. If I put down the current name what will I need to send the IRS when filing next year that they shouldn't count it as 2 separate kids ?
What exactly is your concern about the IRS "counting them as 2 separate kids"?

I am assuming that you are not filing a separate tax return for the child's earnings. So if all it is you are "concerned" about is naming the child as a dependent, I would think it is a total non issue. There is no law that says you must list your children on your return. Most people will do it for tax reasons, but depending on income and number of children, adding another child as a dependent will not make any difference. Your dependents can change from one year to the next, and they don't even need to be your own children.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline TimT

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 22077
  • Total likes: 7130
  • DansDeals.com Hat Tips 12
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #894 on: April 02, 2016, 10:32:44 PM »
What exactly is your concern about the IRS "counting them as 2 separate kids"?

I am assuming that you are not filing a separate tax return for the child's earnings. So if all it is you are "concerned" about is naming the child as a dependent, I would think it is a total non issue. There is no law that says you must list your children on your return. Most people will do it for tax reasons, but depending on income and number of children, adding another child as a dependent will not make any difference. Your dependents can change from one year to the next, and they don't even need to be your own children.
Was just wondering if I would run into any issues next year.

Offline yelped

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Mar 2015
  • Posts: 10464
  • Total likes: 3823
  • DansDeals.com Hat Tips 43
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #895 on: April 02, 2016, 10:42:32 PM »
The new ss card (with the new name) would be the same number as the present card ?
Same SS#. They will verify the name change with the Social Security Department before sending back your return. From personal experience. Stated processing on the Where's My Return website for a couple of weeks,  and when I called the guy said that there's nothing wrong with my return, just that there was a name change in the past year and they were waiting for a response from the SS Department. I got the return 2 days later.

Offline TimT

  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • ********
  • Join Date: Dec 2013
  • Posts: 22077
  • Total likes: 7130
  • DansDeals.com Hat Tips 12
    • View Profile
Re: any accountants out there that i can ask a question?
« Reply #896 on: April 02, 2016, 10:51:01 PM »
Same SS#. They will verify the name change with the Social Security Department before sending back your return. From personal experience. Stated processing on the Where's My Return website for a couple of weeks,  and when I called the guy said that there's nothing wrong with my return, just that there was a name change in the past year and they were waiting for a response from the SS Department. I got the return 2 days later.
Good to know, thanks.

Offline churnbabychurn

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2012
  • Posts: 7355
  • Total likes: 301
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
Re: any accountants out there that i can ask a question?
« Reply #897 on: April 03, 2016, 06:06:13 PM »
Couldn't file free with turbo cuz of a pathetic little 1099 misc.

Any free programs even for "complex returns" including 1099misc?

Offline Dawie

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1611
  • Total likes: 491
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: KBLM
Re: any accountants out there that i can ask a question?
« Reply #898 on: April 03, 2016, 06:16:44 PM »
Couldn't file free with turbo cuz of a pathetic little 1099 misc.

Any free programs even for "complex returns" including 1099misc?
https://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free

Offline churnbabychurn

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2012
  • Posts: 7355
  • Total likes: 301
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
Re: any accountants out there that i can ask a question?
« Reply #899 on: April 03, 2016, 06:25:19 PM »
https://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free
I'm above that I think. That's 31k agi max. Cmiiw.

When using regular turbo tax, it seemed free, until it forced me to purchase "delux" for $54 when I mentioned 1099misc.

Is there a way around this?