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My wife is
Where did you find Excel-themed jewelry? My girlfriend is an accountant and that sounds perfect for her birthday coming up!
I found it on Etsy! There are several artists who make spreadsheet-inspired necklaces and earrings. Some use the actual Excel icon, while others create pendants that look like spreadsheet formulas or functions. Search for "excel jewelry" or "spreadsheet jewelry" and you'll find plenty of options. There's also a shop that makes custom formula bracelets where you can put in your own Excel formula (my wife loves VLOOKUP so I got her that one). They're surprisingly elegant looking while still being a perfect inside joke for spreadsheet lovers.
Forget the mugs and t-shirts - those are overdone. My accountant friend absolutely lost it when I got him a custom bobblehead that looked like him sitting at a desk surrounded by tiny tax forms and a calculator. Cost about $75 and was 100% worth it. There are several companies online that make custom bobbleheads from photos. Just saying, nothing beats a personalized gift that shows you put some thought into it.
Omg that's actually brilliant! Did it really look like your friend? I'm worried it might come out looking creepy rather than funny.
Just FYI - if you're filing with interest from a tax refund, make sure you're using the right software option. Some free tax filing software doesn't handle 1099-INT correctly, especially for interest from the IRS. I used TurboTax last year and had to upgrade to the "Deluxe" version just to enter my refund interest properly. H&R Block online handled it in their free version though. Might save you some money depending on which service you're using.
Does anyone know if FreeTaxUSA can handle 1099-INT from IRS refunds? That's what I'm planning to use this year, but now I'm worried it might not work for this situation.
Yes, FreeTaxUSA can definitely handle 1099-INT forms from IRS refunds in their free version. I switched to them last year after getting frustrated with TurboTax's upselling. FreeTaxUSA includes all these forms in their standard free package - you only pay for state filing. They have a section specifically for interest income where you can enter all the 1099-INT information including the payer's TIN/Federal ID Number.
Wait, I'm confused about something else on this form. Why would the IRS be sending a 1099-INT in the first place? I got a refund last year but didn't get any 1099-INT from them.
Just FYI - even if you missed the window to amend your 2018-2019 returns, current homeowners should keep an eye on this deduction. Congress has extended it several times in the past, and there's always a possibility they'll reinstate it again for future tax years. I make a habit of checking every January to see what deductions have been extended. The mortgage insurance premium deduction can be worth hundreds of dollars if you itemize.
Do you know any good resources to keep track of these changing tax provisions? I always seem to find out about extensions after I've already filed.
I usually check the IRS website directly in January before tax season starts. They publish updates on extended provisions. The other resource I've found helpful is following the IRS newsroom (https://www.irs.gov/newsroom) which announces major tax law changes. Tax software usually updates quickly too, but if you file early in the season, sometimes they haven't incorporated the latest extensions that Congress passes at the last minute. That's why I generally wait until at least mid-February to file if I think I might benefit from typically extended provisions like the mortgage insurance premium deduction.
Anyone know if PMI on a refinanced mortgage qualifies for this deduction? I refinanced in 2018 and had to keep paying PMI even though I only pulled out a small amount of extra cash.
Yes, PMI on a refinanced mortgage would qualify for the deduction in 2018-2019, as long as the loan was primarily for home acquisition debt (buying, building, or substantially improving your home). If you took out some cash but it was minor compared to the refinance amount, the PMI should still be deductible. The key factor is that the insurance contract needed to be issued after 2006 and the loan had to be for your primary or second home, not an investment property.
One thing to watch out for - make sure your state extension gets filed too! I filed my federal extension one year but completely forgot that my state needed a separate extension form. Ended up with a state penalty even though my federal was fine.
Omg thank you for mentioning this! I totally would have forgotten about the state part. Do you know if most CPAs automatically handle both the federal and state extensions when you ask them to file an extension?
Most CPAs will handle both federal and state extensions automatically if they know which state(s) you need to file in. It's part of their standard process, but it never hurts to specifically ask to make sure they're filing all necessary extensions. Always good to explicitly confirm they're handling both, especially if you have multi-state filing requirements or if you've recently moved. Different states have different rules about extensions too - some automatically grant the same extension as federal while others require their own form.
Just a quick tip - even though you're expecting a refund, if your calculations are off and you end up owing, you'll be charged interest from the April deadline, not from the extended October deadline. When I filed an extension in 2023, I estimated wrong and ended up owing $600... got hit with like $30 in interest because I waited until September to file!
Dmitry Sokolov
One thing nobody has mentioned yet - have you considered taking a reasonable salary from the partnership? This would create W2 wages that could help with QBI limitations if your income increases in the future. I'm a partner in a similar consulting business and we restructured last year to ensure each partner receives both a W2 salary and K-1 distributions. It reduced our QBI slightly in the short term but gives us more flexibility as our incomes increase above the thresholds. Just make sure the salary is "reasonable" for your services or you could face scrutiny from the IRS. We based ours on industry standards for our positions.
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GalaxyGlider
ā¢That's really interesting - I hadn't considered that approach. Do partnerships typically have the ability to issue W2s to partners? I thought partners were generally treated as self-employed rather than employees.
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Dmitry Sokolov
ā¢Regular partnerships can't issue W2s to partners - you're right that partners are treated as self-employed. What we did was elect to be taxed as an S-corporation while maintaining our partnership agreement internally. An S-corp can pay wages to shareholders who work in the business. This creates the W2 wages needed for QBI calculations at higher income levels. There are some additional compliance requirements and costs with this approach, but for us, the tax benefits made it worthwhile once our incomes crossed the threshold amounts.
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Ava Martinez
I made a costly mistake with this exact situation last year - my income was $175k, no wages or UBIA in the partnership, and my accountant incorrectly told me I couldn't take the QBI deduction. After reading these comments, I went back and checked the rules, and everyone here is correct. Below the threshold, you CAN take the full 20% deduction regardless of W2 wages or UBIA. I'm now filing an amended return to claim approximately $35,000 in QBI deductions across 2022 and 2023. That's a lot of money to leave on the table! Make sure your new accountant understands these rules correctly.
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Miguel Ramos
ā¢Do you know how far back you can amend returns for this? I think I might have missed out in previous years too!
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