Do you know why H&R Block are advertising 1040EZ for $40? BC its freakin EASY to prepare.....My point was there is a reason you pay for a CPA instead of the HR Block and Jackson Hewlitt chop shops.....Sorry if i was a jerk, just speaking the truth.
I know it's easy http://bbs.clutchfans.net/showpost.php?p=5072421&postcount=6 and it's o.k. but your truth makes you sound a bit pompous.
Funny how you mention the GOVERNMENT.....There are advantages of having a business. how do you feel when the government increases your taxes this yr, next yr, and so forth. Short term gains from 35%-39.6% amn long term gains from 15%-20%. Do you feel ripped off when your hard earn paycut is going to financial institutions as TARP fund lending them at 0% and then they turn around and charge the US population 15%-29.99% APR. I also own a sport bar where I charge a 700% profit margin on the liquor i sell. Am i ripping my customers off? Is every bar you going to ripping their customers off? The CPA firm i use were open by ex directors and ex senior managers of Big 4 Accounting firm and for those of you that do not know what Big 4 are....its the biggest 4 global public accounting firms that exist. And they have ALOT of client that conduct small businesses of less then $10M.....So should I switch based on your suggestion or should i just trust my experts
Yes you are right, IRS rarely audit small businesses....they have bigger fish to fry....I was an auditor back in the days until i found greener pastures. The firm I use were open by ex sr mgrs and ex directors from Big 4. Since you are a CPA, I assume you have spent sometime in public and under the level of expertise that are giving me advice. I fully understand the liability. Thanks.
Except that he wrote "1/2 of the total amount of cost of food". That implies that he is deducting 1/2 of his groceries.
Its well documented how I feel about the gov. wasting our dollars and the continuous criminal behavior used to suck money from its citizens. The problem lies in that you act like you feel these are honest deductions, thus encouraging others to get creative on their deductions. I don't need a CPA to do that. I could do better than dog security, hire me. Just be honest. You know an audit is very unlikely and you (really) stretch your deductions. I understand that as a small business owner, you're on the hook for a much higher percent of taxes than employees. I don't encourage it, but I completely understand. I hope that you never do get audited. But lets not brag about who has the best accountants.
I would imagine thats not the case, but you never know. He's saying 1/2 because you can deduct 50% of Meals/Entertainment for business outside of special circumstances, but that isn't for groceries. When groceries are deductible, they are 100%.
This is coming from the same guy who deducts his dog expenses as a security expense, so nothing would surprise me.
Based on previous threads, agslai is a single mom who may have an Amway business, be working in the mortgage industry and/or has a tax business. I do find it interesting that someone who is in the "tax business" doesn't do their own taxes.
My point was hiring an experience CPA is probably better then preparing your taxes yourself or HR Block bc there is a certain expertise even on the individual return. Of course, when you have a business involve, you have more incentives. As far as the government, I left audit to become a trader, and US got hell to pay with the crap they are doing.....inflation is going to sky. Your US$ is pretty much worthless compare to euros and china currency. Pretty ridculous. funny how our president called out the supreme court last wk....did he forget that he needs them on his side? Devaluing the US$ to pay back the deficits.....whack....should move to china....10% growth per yr for the next 10 yrs projected compare to US 2%. Beeping joke...
Just 1 kid and we're NOT married. We're just trying to figure out where the bigger benefit would be if I or her claimed the child. I looked at the tables but really didn't understand them.
And was looking to leave their greener pastures for Bartending a mere 2 months ago. http://bbs.clutchfans.net/showthread.php?t=178955
Never mind to this. So what if she made more than allowed and no longer qualifies for the EIC but I am under the threshold? What way does she benefit in claiming the child?
Here is how I understand EIC. By default the custodial parent can claim the child on their taxes as well as the EIC. If the custodial parent makes too much to qualify, then they can give "permission" for the other parent to claim the child as a dependent and also take the EIC, as long as the other parent qualifies under IRS regulations. I know you aren't in an adversarial role with your significant other, but you should be able to apply for EIC as long as you meet the IRS qualifications.
