Mr Nerdman: The top 5% pay approximately 63% of all federal individual income taxes. Liberal Client: Are you sure? Mr Nerdman: Did I stutter? Client: But that c... read more
New client, did not claim Other Dependent credit for their children in 2021 and did not file a W-7 for ITIN numbers. Kids had Social Security number since 2022.... read more
Client purchased a SPLIT HMH7 Gas system 17.0 SEER with a variable capacity inverter heat pump AND single stage multi speed ECM 80% gas furnace. I completed for... read more
A number of clients have received IRS notice CP30A. The penalty for failure to pay sufficient quarterly vouchers has been recalculated. Generally a small refund... read more
Solar investment tax credit under Section 48.Does a single-family residence (not new construction) rental property qualify for this tax credit?The credit is oft... read more
Trying to record sale of sched c biz. Have "sold" all the assets, but can't figure out how to record the goodwill. Have tried adding it as an asset and disposin... read more
A client and friend who's return is on extension sent me an email and she asked me if she is going to get her economic stimulus payment. I sent her back a text ... read more
Basically what it says above. Client's husband I guess had a brain fart and didn't realize being married in 2024 doesn't affect his return.I've never had this s... read more
Has anyone else noticed Form 8995-A picking up incorrect #s from a different K1 when amending a 2023 Form 1040? My client has 15-20 K1s and the software appears... read more