Weekly Questions: Video 41-60

  • Video 41: QBI and more! (1/15/19)

    https://www.taxspeaker.com

    This videos questions...

    On a partnership return if you elect Section 179 it increase the flow thru QBI and when you take those numbers to the individual 1040 return the larger QBI deduction stays. If you had used bonus depreciation the QBI is less. Is this a corr...

  • Video 59: Retirement (6/10/19)

    Talking with TaxSpeaker: Video 59
    1. I love your articles about retirements. I just became 66 years old. I was debating with myself whether I should apply for SS benefit. I calculated the difference between my benefit now and of age 70 if I delay it and it was about $400 a month. This means if I...

  • Video 58 (6/3/19)

    Talking with TaxSpeaker: Video 58
    1. I have a client that has a very profitable S-Corp. He is not a specified service business. His taxable income is over $500K and over the QBID income threshold. He pays substantial wages from the S-Corp, so he is able to take the QBID on the full S-Corp profit...

  • Video 57 (5/21/19)

    https://taxspeaker.com/

    1. I have a client who is a household employee for her grandchildren. The children are under age 18 but are not disabled and the parents are married and well which means she meets the exception for wages not required to be taxed SS and Medicare. My client was paid in ex...

  • Video 56 (5/14/19)

    https://taxspeaker.com/
    Talking with TaxSpeaker: Video 56

    1. My annual software subscription is expiring next month. I was wondering if Bob still recommends Bit Defender and Bitlocker over Norton?
    2. I have an older client who build a house in 71, moved in 2006, and sold the house in 17. Ca...

  • Video 55: (4/30/19)

    https://taxspeaker.com/
    1. New Tax law change-"Employee has to refund a signing bonus because they left employment early." Is that still a deductible item?
    2. This is mainly to get support for a battle I am having with a major bank trust company which is trustee of deceased fathers’ assets. Tr...

  • Video 54: Security (4/23/2019)

    https://taxspeaker.com/
    1. I notice many websites now use https instead of http, why is that changing all of a sudden on websites I used to visit all the time?
    2. We store our office passwords in a password protected excel sheet, why should I pay for something like dashlane when my solution is ...

  • Video 53 (4/12/19)

    https://taxspeaker.com/
    Talking with TaxSpeaker: Video 53
    1. The taxpayer owned a rental. The tax payer transferred ownership of the rental to her children. The children assumed the mortgage on the rental property. My question is does this constitute a sale of property. The rental property ...

  • Video 52 (4/10/19)

  • Video 51: (4/3/19)

    Talking with TaxSpeaker: Video 51
    1. We understand that the TCJA limits taxes deducted on 1040 Schedule A to $10,000. But if we can’t deduct all of the property taxes paid on the house do those taxes add to basis in the house? If so, which applies first, Property taxes on primary residence, pro...

  • Video 60: HSA's (6/18/19)

    Talking with TaxSpeaker: Video 60 HSA’s
    1. A client has a current HSA with their employer but they also have an HAS from a former employer that still has a balance in it… Can they merge the two or have to treat the two separately?
    2. Are eligible expenses plan specific or do we have clear cut g...

  • Video 49: (3/21/19)

    Talking with TaxSpeaker: Video 49
    1. I have received a 2018 Schedule K-1 (Form 1065) related to Oil & Gas Partnership, where Line 1 has Ordinary Business Loss in the amount of $8,024 while Line 20, code Z (Section 199A Qualified Business Losses amount is $29,871. Is this possible? Do I need to ...

  • Video 48:(3/12/19)

    https://www.taxspeaker.com/

    1. I have a question regarding a conversion from an S corp to a LLC partnership. We have a client who wants to do this to take advantage of the new QBI rules; can they keep the same Federal I D number. Are there any forms that need to be filed? It appears that Form ...

  • Video 47:(3/7/19)

    https://www.taxspeaker.com/

    1. Any guidance for useful-life (depreciation) for resurfaced polished-concrete floors. In a hardware store, more than $100,000 cost.
    2. “A partnership providing consulting services has two SMLLC members. The owners of the SMLLCs provide consulting services to the...

  • Video 46: Miscellaneous (3/5/19)

    https://www.taxspeaker.com/

    1. Minister does not have an accountable plan with the church, the church contributes money to pension and does not include this in his 1099. Should those contributions be taxable? Also, the minister contributes money to pension plan. Can he take the amount he puts ...

  • Video 45: Little bit of EVERYTHING!!! (2/26/19)

    https://www.taxspeaker.com/
    Talking with TaxSpeaker Video 45
    1. Can you please clarify – do outdoor HVAC units now qualify for section 179 and bonus? Also, can we take 179 on commercial rental properties? I know we can take it now on residential rentals but wasn’t sure about commercial rentals....

  • Video 44: Miscellaneous (2/19/19)

    https://www.taxspeaker.com

    Talking with TaxSpeaker Video 44
    1. Please give me your opinion re a Sub S corp whose stock is 100% owned by the dad but has 3 sons working as w-2 employees. Who gets to take the health insurance deduction that the Co pays for the father and the sons. the med paymen...

  • Video 43: Tech and QBI (2/12/19)

    https://taxspeaker.com

    Talking with TaxSpeaker: Video 43
    1. What remote access software do you use to access clients computers?
    2. I heard Bob Jennings speack about Gruntworx at several seminars. I was curious how much time this has save your firm, and how this has worked out for you. My b...

  • Video 42: QBI with a little 1099-MIsc (1/29/19)

    taxspeaker.com

    Talking with TaxSpeaker: Video 42
    1. A shareholder in a Sub S receives automobile expense reimbursements in a non-accountable arrangement reported on a 1099-Rent.Does that income qualify for QBI? Conversely, that shareholder has expenses related to the acquisition of his stock...

  • Video 50: (3/26/19)

    Talking with TaxSpeaker: Video 50
    1. We are having a debate in our office. If a rental property clearly meets all the qualifications for the Rental Safe Harbor are they required to make the election? If it is required, it will reduce other qualified business income. The rental property is abou...