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I am trying to correct an error on a 1120S 2013 return. A

I am trying to correct an error on a 1120S 2013 return. A credit on form 4136 was claimed for gasoline fuel, which was sold by an ultimate vendor. I believe this is incorrect. How can I correct it and correctly file for the credit.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,900 satisfied customers
I'm generating Oregon Form WC. I'm selling a

I'm generating Oregon Form WC. I'm selling a property for $120,000 with no money down and carrying the loan at 9.4% interest. So the first year will be mostly interest payment and very little principle. I read at https://www.oregon.gov/DOR/forms/FormsPubs/form-or-18-wc-tpv-18_101-183_2015.pdf that " The authorized agent is only required to submit a tax payment on the first installment of an installment sale". Since this is a straight 30 year payment plan with $0 cash up front (i.e. first money I receive is 30 days after the sale), then what line item on Form WC reflects this? #1 Consideration? or maybe #3 Net Proceeds?

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

 
3,900 satisfied customers
Online reseller sales tax question. I sell on the Amazon

Online reseller sales tax question. I sell on the Amazon marketplace as a third-party seller. I pay sales tax on the purchases when I make the purchase to fulfill the order. Amazon might or might not collect sales tax from the buyer. I am considering applying for tax exempt status when I make the purchase from my supplier, but am totally confused on this issue. I don't actually make the sale. Amazon makes the sale, receives payment from the buyer, sends the order to me to fulfill, charges me a fee to see on their marketplace, and then sends me the balance. I don't collect sales tax from the buyer, because they are not my direct customer; they are Amazon's customer. I need some direction on this.

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

 
3,900 satisfied customers
In Canada, as an only owner of a corporation that does about

In Canada, as an only owner of a corporation that does about 600k in revenue, and paying myself 80k per year, what is the most tax effective way for me to withdraw 25k from the business for my own purposes?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
I'm the Tax Accountant client, and I'm trying to solidify my

I'm the Tax Accountant for my client, and I'm trying to solidify my understanding of a like kind exchange of similar assets (Truck for Truck), and the treatment for Tax Purposes (no cash involved), vs GAAP/Book Purposes:Background:For Tax Purposes :Old truck cost = 34k, old truck accum depr of 22k per tax (used MACRS and some Sec 179), giving a 12k book value. Trade in value = 23k, so for tax purposes I have an $11k gain I'd like to defer into the basis of the new Truck, so I don't recognize any gain for tax purposes. New truck has a selling price of 39k, so Tax Basis for depreciation on new truck = 28k (39k less 11k deferred gain)For Book Purposes:Old Truck accum depr is different on books of 13k (used straight line) I will book a journal entry to credit Old Vehicle for 34k, debit Old Veh Accum Depr for 13k, credit New Note Payable for 16k (39k less 23k trade), debit New Vehicle for 39k, then book a credit to Gain on Sale of Equipment for 2k (21k BV vs 23k Trade in). New vehicle has a Book Basis for Depr of 39k.If above is correct, and the new truck tax basis is 28k and the book basis is 39k, do I keep (2) depreciation worksheets with these different basis figures, so that I can give the client the book depreciation figures each year for his Quickbooks financials ?Note: I use Drake Tax Software, and they have a Tax Basis Asset Worksheet, with a cost of (28k) to track the Tax Depreciation, and they do have a Book Basis Asset Worksheet (curiously enough, using same 28k) to track the Book Depreciation, with the difference between the two worksheets, supporting the Tax vs Book Depreciation for Schedule M1. However, they don't seem to have a method to enter a different Book Basis/Cost Basis figure, since this is different (39k). It's the depreciation difference on 28k vs 39k that I actually want to flow and support Schedule M1.Am I missing something here ?? How do other Tax Accountants do this ? Do they use another software to track the Book Cost Basis (39k) so that they can give their clients a Book Depreciation figure ?? If so, if it's software outside of the tax software, how will the true difference, flow to Schedule M1 ?Sorry if this is convoluted. Please try to answer, below each question. Thank you

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

 
944 satisfied customers
It's back again. I have a query about dependents. If a

Hi Steve; it's Chris back again. I have a query about dependents. If a father pays no child support, and he is also the non-custodial parent, can he still claim the child as a dependent if stipulated by a divorce decree from 2005?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,362 satisfied customers
I'm an engineering consultant and own a small storage

I'm an engineering consultant and own a small storage business. I consult in another state from where my storage business is located. I travel home every weekend to manage my storage business. Can I deduct the air travel back home, to manage my storage business?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
Can unallowed passive losses be deducted in computing

Can unallowed passive losses be deducted in computing alternative minimum tax

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PDtax

Owner

Master's Degree

 
6,682 satisfied customers
I need to fill out a TPT-1 form and I am confused : I just

I need to fill out a TPT-1 form and I am confusedJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I just opened the business on May 15th and its a SPA. I got the TPT-1 form and I dont know if I have to include all my expenses that I had for opening the SPA or if I just put total sales and products soldJA: Is there anything else important you think the Accountant should know?Customer: noJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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rakhi.v

Financial / Legal Advisor

Bachelor's Degree

 
3,900 satisfied customers
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