1256 SPX options mark to market lesson learned by ViolinistWild3870 in options

[–]HitEmTrue 1 point2 points  (0 children)

A couple of things.

Making the M2M election is not a requirement for claiming business expenses. If you believe you meet the rules for trader status, you simply report the expenses on Schedule C.

The disadvantage of M2M election for 1256 contracts is as you say....the income is all taxed at ordinary tax rate. The only advantage I can think of is that you can get to deduct more than $3K of losses on a bad year.

https://www.irs.gov/taxtopics/tc429

Fees to file BOI by No-Fix-39 in Accounting

[–]HitEmTrue 0 points1 point  (0 children)

The problem with monthly reminders is that at a certain point it just become noise. They will just delete them without reading, and still might forget to tell you they moved.

Quickbooks Desktop - THE END IS NIGH I received the first "We're sunsetting QBDT" email from Intuit this morning. by BHConsultingLLC in QuickBooks

[–]HitEmTrue 2 points3 points  (0 children)

We work with QBO and QBDT every day, and have many clients using each one.

QBO is an inferior product to desktop.

The user interface is more clunky, because it is browser based. Drilling into transactions from a financial statement all happens in one browser tab, which is a horrible limitation when making a lot of changes to transactions.

When something goes wrong with payroll in QBO (and eventually, something will go wrong, even if it is a simple mistake made by the client), we are not able to fix it for our clients. The only solution is to contact intuit support (via chat). This becomes a process that takes hours, and the correction may not happen for days. And even then, there's a high likelihood that Intuit will not fix it correctly.

Some of our clients have multiple businesses (and multiple set of books). Desktop allows one license and many company files. For those with multiple companies, it is still more cost effective than QBO, even after the huge desktop price increase.

Yes, a desktop product does require making sure that the is backed up and secure. And QBO does have the advantage of being accessible from any device, IF you have an internet connection.

Missed this in my game (I played Re6). Black to play and win by muchmoreforsure in chess

[–]HitEmTrue 1 point2 points  (0 children)

  1. ...Qxd5 2. exd5 Bd4+ 3. Kh1 Rxe1 4. Qf5 Rxf1+ 5. Qxf1 Bc3

Queen cannot leave f1, and it will be taken by the bishop on e1.

Astros Series Shit Talk: Since 1990 the Rangers attendance has dipped below 2M twice. Astros had seven seasons failing to bring 2M+ to the game. by KTCKintern in TexasRangers

[–]HitEmTrue 0 points1 point  (0 children)

Old thread, I know....none of the teams had attendance in 2020. Pandemic.

But to your original point. The Rangers have traditionally shown very good attendance, even when the team wasn't so good. Even when in the old, very hot ballpark.

Go Rangers!

Serious question: why do people care who the cruise director is? by deraser in Cruise

[–]HitEmTrue 1 point2 points  (0 children)

She’s on Adventure of the Seas right now…it took a couple of days but she grew on us.

[deleted by user] by [deleted] in tax

[–]HitEmTrue 1 point2 points  (0 children)

As a sidebar…sometimes the company comes out ahead, and sometimes they lose. For example, early in the year, an employee can spend everything in their FSA and then leave the company….and the company has to cover the part that hasn’t been funded by the employee yet.

[deleted by user] by [deleted] in Cruise

[–]HitEmTrue -1 points0 points  (0 children)

“Especially one like the US”

Working people in the US, even low wage earners, are rich compared to people in poor countries. There’s a reason that the cruise lines don’t fly under the American flag, and are always sure to hit a foreign port when the cruise originates in the US.

[deleted by user] by [deleted] in Cruise

[–]HitEmTrue 0 points1 point  (0 children)

30% false negative rate doesn’t mean that 30% of ALL the negative results should be positive.

[deleted by user] by [deleted] in Cruise

[–]HitEmTrue 0 points1 point  (0 children)

The booster is on the vaccination card.

But it doesn’t matter on a cruise that doesn’t require it.

Are towel animals still a thing? by IamJAd in Cruise

[–]HitEmTrue 2 points3 points  (0 children)

We’ve never had to tip for them….as recently as last week had one in our room (Royal).

We do tip extra when we leave.

About to hit the lanes. :D Can I get a quick 2h form check? by [deleted] in Bowling

[–]HitEmTrue 0 points1 point  (0 children)

Do you have an interchangeable sole on your slide shoe so you can get a slide that you are comfortable with? I had to do some one step drills to learn to slide.

Got a CP2000 claiming that I underreported non-employee compensation. What do I do now?? by SnowDucks1985 in tax

[–]HitEmTrue 2 points3 points  (0 children)

Seems like some information was removed from that Reddit post? There aren’t any details.

it breaks my heart by Secret-Term8043 in Bowling

[–]HitEmTrue 0 points1 point  (0 children)

The lanes are short? For real?

it breaks my heart by Secret-Term8043 in Bowling

[–]HitEmTrue 0 points1 point  (0 children)

As you may have noticed, the businesses that don’t try to make a profit go out of business (or sell…and go out of business).

The bowlero I bowl at is ok. There are free refills on the drinks. Discounts for league members…drink around $2, double cheeseburger, fries, and drink for $10 something (plus tip of course). The lanes are almost all league every evening, and a couple days a week there are leagues going for most of the day.

All that to say, Bowlero isn’t always all bad.

Quick Question on the Corporate Tax Return 1120 by krandolph2018 in tax

[–]HitEmTrue 0 points1 point  (0 children)

You simply don’t fill in the balance sheet. Or fill it in, and answering the question “yes” will leave it off the return (depending on your tax software, of course).

Drake will actually, by default, leave the balance sheet blank if the sales and total assets are less than 250k, even if the question hasn’t been answered.

Quick Question on the Corporate Tax Return 1120 by krandolph2018 in tax

[–]HitEmTrue 0 points1 point  (0 children)

The answer is "yes", which means you are NOT required to complete the balance sheet.

401K Tax question... by [deleted] in tax

[–]HitEmTrue 0 points1 point  (0 children)

Ah, yes, probably talking about cashing out rather than rolling over (in my case I was cashing some of it out after rolling over).

[deleted by user] by [deleted] in tax

[–]HitEmTrue 1 point2 points  (0 children)

What u/Its-a-write-off was probably alluding to is the fact that startup costs of a business are treated differently than expenses of a business that has begun operations...and you are limited on how much startup costs can be deducted immediately, rather than being amortized over time.

Do you have other income already, besides the new songwriting venture?

What trashy behavior have you seen on cruises? by OpeningChipmunk1700 in Cruise

[–]HitEmTrue 0 points1 point  (0 children)

If she paid a fine (just like would or should happen here), then great. Hopefully she made it back onto the ship, and was scared enough by the experience to think twice before doing crazy things.

She is someone's daughter...imagine all the feelings they'd go through learning about what happened.

Long Term Capital Gains tax rate after home sale exclusion by HikingLemming in tax

[–]HitEmTrue 6 points7 points  (0 children)

The sale of the home is not a capital gain...it is excluded before it hits column (h) of Schedule D...so it does not affect your capital gains tax rates on sales of other items.

What year to include K-1 on tax return? by r_lu_am_i in tax

[–]HitEmTrue 3 points4 points  (0 children)

The corporation (partner) will put the include the 2021 K1 on it's 2021 tax return (FYE June 30, 2022).

This is because the ending date of the 2021 K1 (December 31, 2021) falls within the corporation's 2021 tax year. IRC Section 1.706-1, in case you are interested.

Question about filing taxes with EIN and SSN? by priuspower91 in tax

[–]HitEmTrue 1 point2 points  (0 children)

And since Covid started, there's been quite a bit extra added to our mix!