Posts by placidlynx92

Arthur Thomas5 said:I filled out every single field in this commercial lease application form, yet the Save button is completely unresponsive. Just wonderful. After wasting an absolute eternity grinding through this thing 🤦, I’m stuck. When I hit the validation check on all those various windows, does it flag anything? No. Not a single error message appears.

The Back and Top buttons next to the Save button work just fine. So, what am I missing here? What am I doing wrong? They churned out fifty pages of instructions, yet they can't even manage to make a system where you can actually save your data.

It’s pathetic. They build these half-baked, useless digital forms for data they probably already have sitting in some other database anyway.

And one more thing—what is the deal with the spaces that aren't even in use anymore? The system keeps listing them as active and unverified in my business premises list. Am I supposed to "close" them out and remove them? And if so, how the hell am I supposed to do that?

Thomas Diaz8 said:We recently took out a lease on some commercial space, and we ended up having to gut and renovate the bathroom because it was in pretty rough shape. I am trying to figure out the proper accounting treatment here. Can the costs for the renovation—things like the ceramic tiles, the fixtures, the adhesive, and all the other materials—be booked as current expenses, or would they have to be classified as intangible long-term assets?

Gerald James10 said:Hey there! So, I’m looking to get a formal verification of my professional credentials from the Bureau of Meteorology for the first time, and I’m feeling a little unsure about how it all works. I haven't actually registered with them before, nor have I ever submitted my diploma or any official certificates to their system, so I guess I'm wondering if they might already have my qualifications on file, or if I should probably just bring my physical certificates along with me to be safe? Thanks so much!

Brenda Chase3 said:That’s exactly how I handled it too. If you were to include those un-deposited receipts, the math wouldn't square with the total bank turnover at all. You have to report the deposited receipts specifically because, normally, we'd just book those as cash receipts, but the IRS needs to see exactly how much of that cash actually hit the bank account.

Jessica Gonzalez30 said:It’s there, but it only gives me the year rather than a specific date range, 🤔
so I can really only type in 2016.

Jessica Gonzalez30 said:I'm trying to file a tax return for a small business owner who just closed down their shop, but I've hit a snag.
The system keeps throwing this error at me:
•1.5000.2.0.2.25 - Only individual taxpayers are authorized to submit this specific IRS form.🤔

It’s a bit frustrating—everything else went through perfectly fine without any issues.

Timothy Morgan38 said:You're spot on...

What you're seeing there is the deposited cash receipt... because above it, the receipts show cash intake (daily register totals) and bank deposits (payments via ACH or credit card)...

So...

1. Let's say you have $50 revenue collected through your business checking account.
2. And let's say you also have $100,000 in cash registered at the till...

From that, you've deposited $32

The total bank turnover—which the IRS views as taxable income—is $82

But looking at the receipts, you only see $150,000 via wire and $100,000 in cash...

That specific field exists to report the value of the cash deposit made into the bank account (which was already accounted for in the cash receipts). This prevents double taxation, since the bank reports total deposits to the IRS, and the IRS doesn't distinguish between a cash deposit, a loan, or actual revenue...

As for the rest of the $1.75... it either needs to be sitting in the register, spent on something, or treated as unearned revenue, and that's that...

Personally, I think it's a solid system. I won't have to write endless explanations about exactly what was wired where; I just fill out the form, copy the entries from my loan and credit statements, and call it a day...

In the past, I had to write pages upon pages of explanations every single year...

Jessica Gonzalez30 said:If a small business gets shut down halfway through the year, but the owner actually started a regular W-2 job right after closing up shop—does that mean they still have to include those wages from non-self-employment when filing their tax forms 🤔
?

Arthur Lopez3 said:I run a small business here in the States—a sole proprietorship, income tax filer, and VAT registered—focused entirely on raising sheep for milk production. I don't sell the sheep themselves.
As of December 31, 2016, I valued my flock at fair market value. Using a 20% depreciation rate, I have an 80% undepreciated balance remaining.

Now, I need to know how to handle the books for December 31, 2017.

Is it possible for the fair market value to be higher or lower than the undepreciated amount from the previous year?

Can anyone offer some guidance on this?

bubamara1205;62661929 said:

Henry Edwards33 said:Don't let jealousy get the better of you☕

🙂

That's how it works🙂

From what I saw last year, I ran into the exact same thing. Everything went through without anyone from the IRS breathing down my neck. Mathematically speaking, it’s all sound—it doesn't really matter if you take 12 months at 12.5% or 6 months at 25%. It adds up to the same amount in the end, so there isn't much to lose sleep over. ☕

Brenda Chase3 said:So, I’m looking at a situation involving a sole proprietor who essentially operates as their own corporation. Throughout the year, they were paying themselves distributions from those profits. Every cent of tax and surcharge was paid upfront at the moment of distribution, and everything was properly documented via the standard payroll reporting forms. Now, here is where I am getting stuck: when it comes time to file the annual tax return, am I actually required to report that capital gain income? The issue is that once I input it under section 4.4.1, it spikes the total annual taxable income. This, in turn, triggers an additional layer of tax and surcharges in the calculation. To me, this feels like a mathematical error because the taxes on that specific income have already been settled in full. Perhaps there is another field or a specific box in the filing where I need to indicate that these taxes were already withheld? I am feeling a bit lost here. Any guidance would be greatly appreciated.

Olivia Cruz86 said:So, I’m staring at this CDC form and my brain is basically melting—regarding the tax and surtax payments—should I be listing the stuff actually paid during 2016, or am I talking about those advance payments made for 2016 (you know, the ones wrapped up by January 31st, 2017) that specifically cover the December 2016 period?

thanks

Henry Edwards33 said:Message on the tax reform portal😉

"Fixing bugs in the DI forms

We’re currently working on resolving the errors popping up when submitting DI forms. We expect to push an updated version of the tax reform application to production tomorrow, February 21, 2017, which should include these bug fixes."

graniterider10 said:placidlynx92, thanks for the reply. I’ll give that a shot.

I’ve got another question, though. Regarding the DI form—whether I try uploading the file directly from my software or manually typing everything into the e-filing portal, I keep getting this error: DATA ERRORS IN FORM—this version of the form can no longer be submitted. It says I need to use the 2016 version.

But how on earth am I supposed to find that 2016 version?????

graniterider10 said:Can someone please tell me if I handled this tax liability transfer correctly? In my IBM software, when I enter the amount, it records both the base and the sales tax as negative values.
So, I entered $6,387.50 as the total including tax under code 6, then put $6,387.50 under code 7 for domestic transfers. Then, under code 20, the program automatically generated -$3,100 for the base and -$775.00 for the tax under code 22. Does that sound right to you guys?

Peter Young5 said:Which specific health insurance contributions are meant to be included when I'm calculating the deduction on my tax return? Are we talking about the standard monthly premiums for small business owners?

Do I need to report every single bit of income—savings interest, dividends, rental income—on the main tax form? And does all of that need to be reflected in the KPI, or just the primary return?

Regarding the PPI, in sections 2.1 through 2.6, am I supposed to list every single deposit that isn't subject to taxation? For instance, if there isn't a $167 formal letter attached to section 2.1, would a $3333 personal loan fall under section 2.4?

Thanks 🙂

Keith Martinez5 said:Tip Opis
Information alert: Your depreciation amount needs to match the purchase value multiplied by the depreciation rate, divided by 100—just following the standard guidelines under Section 35.2, item 8 of the Internal Revenue Code. Check line 5.
Also, just a heads-up that the closing balances from columns 4 and 9 should be carried over as the opening balances in columns 4 and 5 of next year's fixed asset schedule.
So, this message popped up while I was trying to file my tax forms. I went ahead and submitted everything anyway—just pushed through! To all the seasoned accountants out there—what’s your take on this? Is it actually okay to leave it as is, or am I asking for trouble?

Keith Martinez5;62477643 said:I just got a notice from HOK stating that the fee amount since January 1st, 2017, is $25. Up until now, I've been paying the chamber fee as a flat quarterly rate of $52? [=QUOTE]
😉

Carol Price4 said:The mandatory chamber dues for the small business organization system come out to 2% of the standard personal deduction from income—that’s all per the Internal Revenue Code.

Since the standard deduction jumped to $1.25 instead of staying at $0.87, it means the monthly chamber fee is now $25/mo rather than the old $17/mo, 🙂