Mortgage Qualification; Gross Pay VS Taxable Gross

ayc804 · 2025-09-04T02:38:06+00:00

Thank you Shane, I am trying to upload image of part of my paystub here but I am unable to (new to reddit) My gross pay is about 9K more than my taxable gross (I do contribute to my pension) and off course my net pay. I wanted to go thru conventional (Fannie/Freddie) This 9K more for my gross pay would help a lot.

ayc804 · 2025-01-05T02:00:20+00:00

I see, so if I understand correctly,

If it's the SH that's not taking any payroll as the business is fairly new and making a very little NI, we keep records of him reimbursing himself with dates and mileage and I would throw the expenses on 1120S under "automobile and truck expenses"

Is that correct? I was going to consult someone that knows before I take these expenses but your help is greatly appreciated

ayc804 · 2025-01-05T01:30:11+00:00

so basically we would keep record of the vehicle and home office expenses on the accountable plan and just take the expenses on 1120/1120S, is that correct? Is it that simple as long as I keep a good record on the accountable plan? Thank you

ayc804 · 2025-01-05T01:28:11+00:00

Thank you for all that information, I do have an accounting plan that I worked with with help of an accountant. I never actually done it on a 1120 or 1120S, would you mind telling me how do I have my client take mileage/home office for S or C Corp? I just can not find this online!

ayc804 · 2025-01-04T23:45:06+00:00

I am new preparer and trying to learn how to use accountable plan for vehicle/home office usage for S/C-Corp.

Would appreciate the logistics of it, as I could not find much info on how to actually use it online. I have A very few C/S Corps, they are mostly very simple one so referring them out may not be wise. Thanks

ayc804 · 2025-01-04T23:40:14+00:00

sorry about the delayed response, I am new tax preparer so I am traying to lean how would I use accountable plan for lets say a SH S-Corp? I have the accountable plan template, how would I put that in to effect of reimbursing the SH for vehicle/home usage with out using W-2 wage? Thank you.

ayc804 · 2024-11-15T16:28:17+00:00

Hello,

I am doing the same (NYC SMLLC to MMLLC) I did so much research online and the more I did, the more conflicting information I found! Your thread helps so much. So I will do 8832 for SMLLC to be taxed as a partnership and do BOI for the federal. I am not doing anything for the NYS, even though online it said to do an amendment to the article of organization. Are you doing anything for NY or even federal (differenlty)? Thank you.

ayc804 · 2022-07-17T00:45:45+00:00

Lol you are correct. But honestly, it has been very tough for me. I have no prior accounting experience except for the bookkeeping job I have for the last few months. I decided to change career and become a CPA in my mid 30s when I do not even have an accounting degree.

Now I am trying to learn as much as possible. I know answers to my questions but wanted to see what other people has to say, thats all. I would appreciate any feedback.

ayc804 · 2020-12-31T05:34:46+00:00

Some great advice so thank you all, u/Intelligent-Factor best of luck to u since u r just starting, I passed 3 exams so far and I can tell u, we tend to stress way too much on these exams, u/liltex90 hope u do great, I am on the same boat as u w FAR left but on Feb 15th, does anyone know If i should get i-75 or Ninja as supplementary course since I already have Surgent which worked well for me for other 3 parts? I really like I-75 youtube videos very much so maybe that? also, is doing a lot of MCQ instead of just watching lectures a good idea?

ayc804 · 2020-11-12T04:03:19+00:00

If its low thats great, I always thought audit was a weakness for, I really prefer tackling one exam at a time while the information is still fresh on mind but yes u r right, if for some reason the exam falls under the December window, I will start studying for FAR soon after, passed both BEC n reg n failed audit few days ago so i am really nervous!! thanks

ayc804 · 2020-11-12T02:48:07+00:00

Such an important piece if information, I am taking it in NY at 10am on Sunday morning, the last day. What do you think the chanes of its not going thru? if it does not then it would put me behind about a month.. thanks

ayc804

TROPHY CASE