Discussion:1st time - Revenue ='s Expense
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Discussion Forum Index --> General Chat --> 1st time - Revenue ='s Expense
| 16 February 2011 | |
| I was reviewing a client's tax return and I always start with the 2 year comparison to do a quick analysis. Well, short story long, the Schedule C had a small loss last year and this year it was exactly 0.
The client is a small restaurant, open only on Fridays and Saturday and there is no home office deduction to bring it to zero. His books showed almost a $10,000 gain before we get them, then depreciation and wages per our records and half of his meal deduction brought it to exactly nada. Just thought it was neat. | |
Wkstaxprep (talk|edits) said: | 16 February 2011 |
| so this may buy him an extra year for hooby loss considerations :) | |
Wkstaxprep (talk|edits) said: | 16 February 2011 |
| *hobby | |
| 16 February 2011 | |
| LOL. It's a real restaurant. Been in business for 20 plus years. He's an old timer winding down. No worries about hobby loss. | |
| 20 February 2011 | |
| Nice. I had a return two years ago that generated zero refund or tax due from a wage earner with no charitable deductions. It's the only one the partners at my firm had ever seen. Kind of cool when it happens. | |
| 20 February 2011 | |
| I would advise this particular client to start putting down some money on the lottery. Play it every day. To come out at zero is significant, and shows that he is in tune with the universe. You have to jump on this right away because it can fade fast. | |
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