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Message
Another CPA vs Turbotax (Foster Child)
Posted on 1/11/16 at 12:11 pm
Posted on 1/11/16 at 12:11 pm
My wife and i have been fostering a child since April of 2015. My taxes have always been pretty simple and i do it myself using Turbotax. I'm just wondering what I'll be getting into with taxes this time around where this child that we have taken into our house is concerned.
We intend to adopt the child this year. That'll be another issue for 2016 taxes.
We intend to adopt the child this year. That'll be another issue for 2016 taxes.
4
Posted on 1/11/16 at 12:22 pm to Tigers4Lyfe
I"m not a CPA but thinking about hiring one this year. Built a house, wife opened a business, I'm a partner in a different business. shite just getting too thick. As i understand it supposedly a CPA helps find deductions and helps you not screw up?
Posted on 1/11/16 at 12:24 pm to Tigers4Lyfe
Considering your taxes are probably your single largest yearly expense, paying a professional a few hundred to make sure they are done right seems like a good idea
Posted on 1/11/16 at 12:29 pm to Tigers4Lyfe
quote:
Tigers4Lyfe
A foster child is a qualifying child provided you have been given that it's an official foster situation (i.e. an agency, court, or government entity is involved) and you meet all the other definitions of a qualifying child.
The only other issue is that sometimes, the biological parent tries to claim the child, and the IRS sends out some letters trying to clear up the confusion.
Provided the software asks the right questions, I think you are fine.
I would strongly consider having at least an EA, if not a CPA, work with you on the 2016 return (and maybe 2017 if it takes that long) on the adoption credit. It can be a bit confusing figuring out what expenses qualify and when to claim them. The amount of the credit is so big that it's worth 500 or so to get it right.
Posted on 1/11/16 at 12:31 pm to BeerMoney
Building a house is not that big of an issue.
The first year of a business, and you owning a part of another business, yeah, you may want to get a professional to help you. On your wife's side, it's making sure she maximizes her legal deductions. For you, it's making sure you are classified properly (passive or not) and seeing if there are any other deductions you can take as a partner.
The first year of a business, and you owning a part of another business, yeah, you may want to get a professional to help you. On your wife's side, it's making sure she maximizes her legal deductions. For you, it's making sure you are classified properly (passive or not) and seeing if there are any other deductions you can take as a partner.
Posted on 1/11/16 at 1:10 pm to LSUFanHouston
quote:
LSUFanHouston
It is definitely a legit situation with a Louisiana government agency involved.
I didn't even think about the biological parents claiming although both have been in and out of jail. Definitely something there to look at and ask questions about.
Anyone have experience with these outfits that set up shop in Walmart during tax season or is it more wise to go to a cpa in situations such as this?
Posted on 1/11/16 at 1:13 pm to Tigers4Lyfe
quote:
Anyone have experience with these outfits that set up shop in Walmart during tax season or is it more wise to go to a cpa in situations such as this?
Somethings you can buy at wal mart..toiletries, water, canned goods; and somethings you should not buy at wal mart....tax advice
Posted on 1/11/16 at 1:24 pm to Tigers4Lyfe
Look into what constitutes a qualifying child and/or relative. Your foster child probably qualifies.
Also note you may be able to deduct certain Foster Care expenses as charitable donations.
Also note you may be able to deduct certain Foster Care expenses as charitable donations.
Posted on 1/11/16 at 1:35 pm to Tigers4Lyfe
quote:
Anyone have experience with these outfits that set up shop in Walmart during tax season or is it more wise to go to a cpa in situations such as this?
you'd probably be better off doing them yourself than one of those places
Posted on 1/11/16 at 3:24 pm to Tigerpaw123
quote:
Somethings you can buy at wal mart..toiletries, water, canned goods; and somethings you should not buy at wal mart....tax advice
It's not an actual Walmart product, and i think i recall seeing an H&R Block in there, but point well taken.
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