Amended Tax Return 2 Questions
mxyplux
6 years ago
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maifleur01
6 years agosushipup1
6 years agoRelated Discussions
Tax Rebate Question
Comments (9)Supposedly, the first batch went out already (if you have filed your tax return and did the automatic deposit for your return--if they mailed your check, then they'll mail this one at a later date). I think the first batch was SS #s ending 00 to 25 (or something like that), the second batch (I'm hoping today) is 26-75, and the last batch on May 9 which will be 76 to 99 (I'm not sure of the exact #s, but it's something like that). Not many numbers in the first batch, so, like Rick said, you may not know anybody in the first batch (who did automatic deposit). Who knows if I have my info correct, but that was how I understood the story that I read. Alison...See MoreAnother question about tax preparation
Comments (13)We pay about $1,800, but that is for federal and two states. We pay extra for DH's office return and more for my family farm return (but they also do some year end bookkeeping type stuff for the farm -- bringing the GL up to date, etc. and preparing the W-2 for our one employee, my brother). And we often have other matters to discuss with our CPA thought the year. As far as revocable living trusts are concerned, Snidley is right on. It is pretty simple. My mom put all her assets in such a trust, and the only problem was that since we did it mid year, she got two 1099s from the same sources - on for the interest or dividends paid un the first part of the year in her name and another for the income after the stick or account was transferred. However both were reported on he SSN and it was easy to handle. The next year the 1099s were issued in the name of the trust. All RLT income is reported on her individual return. The RLT's primary (really only) benefit is that it avoids probate (but will not escape estate tax liability-that will depend on the total of her assets at the time of her death, less deductions to her unified credit (for gifts over tie annual exclusion) She also has a separate irrevocable trust from my Dad's estate that must file a tax return as a separate entity. It is more complicated, but even then the tax goes into her personal return. This one avoids probate and the estate taxes were paid when dad died so it will pass to us outright....See MoreIncome Tax Returns-A pain in the ....
Comments (5)Mine have been a headache this year. DD made a mistake on hers (she claimed herself and shouldn't have), so we've had to do 2 amended returns and now have to mail in DH's and mine (you can't efile when there's been an amended return). I had questions for the state ones, but the first day I called there was a 45 minute wait.. the second time I had a 25 minute wait.. kept checking updates on the time left.. then I got hung up on. I went ahead and sent the forms in - if there is a mistake they can send them back....See MoreTax write off questions, accountants?
Comments (1)Do a web search using the words hobby farm loss rule. For you to be able to deduct certain expenses you must be operating your farm as a business with the intent to earn an income. Is the fence functional or decorative? According to an extension service article I found online by Tom McConnell at West Virginia University " The IRS suggests a nine-point test that a taxpayer must consider when making that determination or defending his or her business practices and the worthiness of his deductions. This list has evolved in a "common law" fashion, meaning its origin is a simplification of the intent of many court decisions. You should take into account all of the following points to help prove that you are farming for profit. 1. You operate your farm in a businesslike manner. (As manager, do you have a business plan, have you set goals, do you keep records?) 2. The time and effort you spend on farming indicate that you intend to make a profit. (Do you spend sufficient time and energy on attaining that goal?) You depend on income from farming for livelihood. (Here, full-time farmers have an advantage, but the income issue relates more to the farmer's need for deductions than his or her dependence on farm income. Farmers having off-farm jobs to supplement their income depend on their farm income, too.) Your losses are due to circumstances beyond your control or are normal in the start-up phase of farming. You change your methods of operation. (You could begin to winter calves rather than sell them in the fall or finish cattle to slaughter weights; the income could be delayed several months.) 6. You and your advisers have the knowledge to carry on the farming activity as a successful business. (Attending continuing education classes can offset perceived weaknesses in this area.) You made a profit in similar activities in the past. 8. You made a profit farming in other years and can document how much you made. You can expect to make a future profit from appreciation of the assets used in the farming activity." Ask your tax advisor. Some may be more willing to stretch the rules, but it's best to play it straight....See Moremxyplux
6 years agolast modified: 6 years agomaifleur01
6 years agoElmer J Fudd
6 years agomaifleur01
6 years agomojomom
6 years agolast modified: 6 years agoElmer J Fudd
6 years agolast modified: 6 years agomaifleur01
6 years agoElmer J Fudd
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6 years agomxyplux
6 years agoElmer J Fudd
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6 years agorandy41_1
6 years agoElmer J Fudd
6 years agolast modified: 6 years agomxyplux
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5 years agoMartin George
2 years agolast modified: 2 years ago
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