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Category: GENERAL QUESTIONS
370 Articles
Orange arrow Employers Providing Vehicles for Employees

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  Employers providing vehicles to their employees satisfy the employer's substantiation requirements under section 274(d) by maintaining a written policy statement that: Prohibits personal use including commuting or Prohibits personal use except for commuting. An employee does not need to keep...
Orange arrow When does E-file open?

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  Most taxpayers qualify for efile even if they did not file a return last year. The IRS will accept transmissions for e-file starting January 30. Therefore, filing earlier than IRS e-file opens will not result in faster refunds. The state returns cannot be processed until the IRS opens since even a...
Orange arrow What is a qualifying dependent relationship for EIC and/or Child Tax Credit?

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  In general, to be a taxpayer's qualifying child, a person must satisfy four tests: Relationship- the taxpayer's child or stepchild (whether by blood or adoption), foster child, sibling or stepsibling, or a descendant of one of these. (Note: There are new rules to determine who is a foster child ...
Orange arrow Schedule E - Supplemental Income and Loss

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  Use Schedule E (Form 1040) to report income or loss from rental real estate (including personal property leased with real estate), royalty income and expense, income or loss from estates or trusts, farm rental income and expenses based on crops or livestock produced by the tenant, income or loss fr...
Orange arrow Income Averaging for Farmers and Fisherman

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  Use Schedule J (Form 1040) to elect to figure your 2014 income tax by averaging, over the previous 3 years (base years), all or part of your 2014 taxable income from your trade or business of farming or fishing. This election may give you a lower tax if your 2014 income from farming or fishing is h...
Orange arrow How do I access a clients prior year return?

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  WEB Software To access a prior year return filed in the prior year software: From the Setup Tab, select Login to Prior Year Site This will allow you the option to choose which year's software you would like to access. Once in the prior year software, choose the Client Manager Tab and select M...
Orange arrow Credit for employer Social Security and Medicare taxes paid on certain employee tips

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  How do I file a credit for employer Social Security and Medicare taxes paid on certain employee tips, Form 8846? Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips Certain food and beverage establishments (see Who Should File below) use Form 8846 to claim a cr...
Orange arrow Schedule C Expenses - Meals and Entertainment

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    Line 24b Enter your total deductible business meal and entertainment expenses. This includes expenses for meals while trav-eling away from home for business and for meals that are business-related enter-tainment. Deductible expenses. Business meal expenses are deductible only if they are (a) d...
Orange arrow Form 8829 - Expenses for Business Use of Your Home

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  Use Form 8829 to figure the allowable expenses for business use of your home on Schedule C (Form 1040) and any carryover to 2015 of amounts not deductible in 2014. You must meet specific requirements to deduct expenses for the business use of your home. Even if you meet these requirements, your de...
Orange arrow Form 8829 Direct Expenses

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    Enter as direct or indirect expenses only expenses for the business use of your home (that is, expenses allowable only because your home is used for business). If you did not operate a business for the entire year, you can deduct only the expenses paid or incurred for the portion of the year you...
Orange arrow Form 8829 - Indirect Expenses

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  Indirect expenses are for keeping up and running your entire home. They benefit both the business and personal parts of your home. Generally, enter 100% of your indirect expenses on the appropriate line in column (b). Exception. If the business percentage of an indirect expense is different from t...
Orange arrow Form 8829-Daycare Facilities

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  Special Computation for Certain Daycare Facilities If the part of your home used as a daycare facility includes areas used exclusively for business as well as other areas used only partly for business, you cannot figure your business percentage using Part I. Instead, follow these three steps: Fig...
Orange arrow Farm Expense Property Details

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      Do not deduct the following. Personal or living expenses (such as taxes, insurance, or repairs on your home) that do not produce farm income. Expenses of raising anything you or your family used. The value of animals you raised that died. Inventory losses. Personal losses. If you we...
Orange arrow Property Type

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  Property Type includes: • Tangible Property such as buildings, machinery, vehicles, furniture, and equipment; and • Intangible Property such as patents, copyrights, computer software, and goodwill. Section 179 Property Sections 179 property is property that you acquire by purchase for...
Orange arrow Classification of Property under ADS - Form 4562

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  Use the following rules to determine the classification of the property under ADS. Under ADS, the depreciation deduction for most property is based on the property's class life. See section 168(g)(3) for special rules for determining the class life for certain property. See Pub. 946 for infor...

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