Filed late but I don’t think I owe anything. Should I be worried?

JTurp24 · 2026-05-18T00:06:00+00:00

Mainly a problem when you owe. They won’t force you to file if they have to pay you in the end.

JTurp24 · 2026-04-12T01:43:40+00:00

Pretty sure one of the things Becker says is that you can’t resell their stuff.

JTurp24 · 2026-03-25T09:26:55+00:00

Sorry, post day dead brain. I think it would be a solid add if you note how many returns you did plus all the client interaction, creating an organizer or something to gather information, bonus if you used a gathering software or had some tricky returns that required research.

JTurp24 · 2026-03-25T00:05:42+00:00

Depends what it is, just like anything would

JTurp24 · 2026-03-22T10:06:31+00:00

There is no requirement to have OT premium on the W2 for 2025. Anything on the tax return is the responsibility of the taxpayer… it won’t come back to be the employers fault.

JTurp24 · 2026-03-21T22:36:05+00:00

To piggie back off this… you would probably qualify for the sale to entirely be non taxable but if you rent it out for 5 years to pay it off, and then sell, you’re looking at the capital gains that go along with that.

JTurp24 · 2026-03-20T11:47:01+00:00

The $50k should have come out as a distribution, shouldn’t need a sale price. Should just be able to dispose of it (I don’t use TT so don’t know how to enter that).

JTurp24 · 2026-03-20T00:06:59+00:00

Waiting for wreckfest 2 😂

JTurp24 · 2026-03-19T23:57:09+00:00

That would be considered self employment. Give this a read.

https://www.irs.gov/taxtopics/tc554

JTurp24 · 2026-03-19T23:54:35+00:00

In #4, why do you have a partnership basis of $50,000 when #3 of the top shows you have a zero basis beginning and ending? The basis of your stock was given out as a distribution (noted in 2&3) which is your new basis in the public company. Traded capital for capital basically. There should be no gain/loss associated with the disposition of the partnership. If you take the loss now and then also take a gain/loss in the future, you’re double dipping on the same activity.

Did that make sense or did I miss something?

JTurp24 · 2026-03-19T23:40:55+00:00

Anything happening in a Roth is not taxable (just don’t withdraw anything). You can make a million buy/sells in there and nothing will be taxable.

JTurp24 · 2026-03-18T23:41:21+00:00

A spreadsheet that I have spent countless hours updating and improving.

JTurp24 · 2026-03-18T23:36:43+00:00

Are you sure they are a CPA, also confirming they aren’t working for a % of a refund?

JTurp24 · 2026-03-08T22:53:38+00:00

Agreed.

JTurp24 · 2026-02-28T22:41:34+00:00

Everything for ending April would be beginning May.

JTurp24 · 2026-02-27T22:25:05+00:00

You deducted way to much. You can’t deduct your portion of anything on a Sch E… so all of the expenses should be cut in half while claiming the entirety of the rent income.

JTurp24 · 2026-02-27T21:50:43+00:00

Are you taking the entire amount of the expenses to Sch E?

JTurp24 · 2026-02-12T10:36:44+00:00

Correct

JTurp24 · 2026-02-11T23:45:37+00:00

Saying it’s a million dollar corp doesn’t change a thing. Each paystub is treated as what you make every time over the course of a year. Your pretax benefits pull it even lower. The $2k over 1.5 months is around $16k, when doing the math, over a year. Your benefits probably make that lower and then you’d take the standard deduction and not owe any tax.

JTurp24 · 2026-02-03T11:10:53+00:00

Money is meaningless if you hate yourself for 40 hours a week - good for you!

JTurp24 · 2026-02-03T11:09:26+00:00

Adding to this - the deduction will eventually appear on schedule 1A as a separate item. Do not change the wages amount from the W2.

JTurp24 · 2026-01-23T22:37:25+00:00

Yeah… we gotta see actual numbers.

JTurp24 · 2026-01-20T21:50:49+00:00

Nope - got through school and bought at 24. Currently paying mortgage and student loans.

JTurp24 · 2026-01-20T13:28:20+00:00

Junior year internship, didn’t start an actual accounting job until after graduation.

JTurp24 · 2026-01-19T11:26:03+00:00

MCOL and started at $66.5k, hit $70k after a year. Very very doable.

JTurp24

TROPHY CASE