any accountants out there that i can ask a question?

[Bostener]

Turns out its not so simple...The many paid preparer's on DDF dont have a clear answer....

When you don't get an answer here on DDF it doesn't mean people "don't have a clear answer"

[Bostener]

Bostener did

Thank you

the insight didn't come from a paid preparer.

?

[churnbabychurn]

When you don't get an answer here on DDF it doesn't mean people "don't have a clear answer"

First of all, with all due respect, I am assuming you don't (or didn't) have the answer to the simple question that I posted. I am assuming this because you discussed it multiple times without providing a simple yes or no answer. I may be wrong, but I can't think of any other motive for you to withhold this information.
This does not in anyway disqualify you from being a paid preparer!

Second of all, you never mentioned anything about basis limitations or at risk limitations. Not sure what @Henche was crediting you with, but he quoted something about you referring me to a paid preparer. You can take credit for that. 
 

[henche]

First of all, with all due respect, I am assuming you don't (or didn't) have the answer to the simple question that I posted. I am assuming this because you discussed it multiple times without providing a simple yes or no answer. I may be wrong, but I can't think of any other motive for you to withhold this information.
This does not in anyway disqualify you from being a paid preparer!

Second of all, you never mentioned anything about basis limitations or at risk limitations. Not sure what @Henche was crediting you with, but he quoted something about you referring me to a paid preparer. You can take credit for that. 

You never mentioned that your losses were in excess of basis.  For that matter, you also didn't say whether the allocations were made in accordance with 704. Forget that, you never said whwether you are treated as a corporation because the interests are publicly traded, or if you checked the box closed, etc etc. Nobody asked any of those questions, because they aren't your paid preparer and aren't going over all your books.

[churnbabychurn]

You never mentioned that your losses were in excess of basis.  For that matter, you also didn't say whether the allocations were made in accordance with 704. Forget that, you never said whwether you are treated as a corporation because the interests are publicly traded, or if you checked the box closed, etc etc. Nobody asked any of those questions, because they aren't your paid preparer and aren't going over all your books.

+1
I have officially submitted the recommendation of my peers on DDF, that the client should retain a professional paid preparer.   
Thanks for all of your help!


(Problem is, that most of the work that I see done by local paid prepares is subpar at best. There are obviously exceptions.)

[EJB]

I will probably ask an accountant, but I am curious to hear your thoughts:

I itemized medical expenses for 2013 and hope I will not have to in 2014. I just got $700 from a doctor (in 2014) for copays that were reimbursed by a secondary insurance. I am guessing I have to reduce my 2013 expenses by this amount, but was wondering whether I could offset my 2014 expenses, which would save me $ since I don't anticipate itemizing anyway.

[churnbabychurn]

I will probably ask an accountant, but I am curious to hear your thoughts:

I itemized medical expenses for 2013 and hope I will not have to in 2014. I just got $700 from a doctor (in 2014) for copays that were reimbursed by a secondary insurance. I am guessing I have to reduce my 2013 expenses by this amount, but was wondering whether I could offset my 2014 expenses, which would save me $ since I don't anticipate itemizing anyway.

IIRC the $700 is taxable income in 2014. Tax benefit rule applies if you itemized it in 2013.

[henche]

I will probably ask an accountant, but I am curious to hear your thoughts:

I itemized medical expenses for 2013 and hope I will not have to in 2014. I just got $700 from a doctor (in 2014) for copays that were reimbursed by a secondary insurance. I am guessing I have to reduce my 2013 expenses by this amount, but was wondering whether I could offset my 2014 expenses, which would save me $ since I don't anticipate itemizing anyway.

tax benefit rule

[EJB]

IIRC the $700 is taxable income in 2014. Tax benefit rule applies if you itemized it in 2013.

Sounds right. Minor impact bc I was only able to itemize state

[Super Speed]

An LLC in NJ that did not make any money at all has to file?

BUMP

[churnbabychurn]

BUMP

a Nj llc needs to file an annual report $50 to remain in compliance.
Do it here: https://www1.state.nj.us/TYTR_COARS/JSP/page1.jsp

Might be a 125$ fee per member also.

Is your llc a partnership?

[Super Speed]

Is your llc a partnership?

Yes

[churnbabychurn]

Yes

If you dont have income or loss I dont think you have to file. Otherwise you have to file and there is a filing fee of like 150 per partner.

#My advice is worth what you paid for it.

[EJB]

What morons. I left an APT in NYC in 2011, and was JUTS forwarded a 2013 1099-INT for the interest on my security deposit. They apparently sent both the check (which I never received) and the 1099 to my previous address 1.5 years after I left.

[ashers]

Any accountants here that want to do my taxes this year?
Obviously for a fair pay....

[MarkS]

Any accountants here that want to do my taxes this year?
Obviously for a fair pay....

Good luck with that! At this point you're probably better off doing an extension which you can do for free on turbo tax (provided that you approximate and pay any tax liability).

[henche]

Any accountants here that want to do my taxes this year?
Obviously for a fair pay....

I would do a 1040EZ for 500 bucks. (on turbotax)

[churnbabychurn]

I would do a 1040EZ for 500 bucks. (on turbotax)

You usually bill @500 an hour?

[Ergel]

You usually bill @500 an hour?

His firm bills him at more than that

[henche]

You usually bill @500 an hour?

I don't think I'm allowed to moonlight, so I need to build in a risk premium.