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3howards
03-29-2005, 11:16 AM
we heard from our accountant today and he had great news. it seems that our child credit last year was overlooked. so this year, we're getting $1,400 child credit from last year's filing. and that doesn't include the state return or this year's child credit. woohoo! in october of 2003 we partnered with a couple of guys with a new business. these guys ended up screwing us over, my husband, me and a friend of ours and bought us out of the company. we never actually saw any money from the business, which was 3 months in operation at the time. we then received our k1's stating that we had each earned nearly 7k which we ended up paying for in taxes in 2004. we each sold out for only 2k. well, after talking to the accountant today, he informed us that because we never actually saw any of that profit, it would be considered a business investment. so, because my husband and i were equal partners, we could claim a combined 10k loss. wooohooo! i have to say, i'm loving this guy.
Underclings (http://underclings.blogspot.com/)
Ulysses
03-29-2005, 11:38 AM
Congratulations. Just hope you're accountant doesn't charge the same as what you're recouperating, lol.
3howards
03-29-2005, 07:09 PM
nah, he's our friends' dad
Underclings (http://underclings.blogspot.com/)
morea
03-29-2005, 07:12 PM
wow, what great news!
We are one, our cause us one, and we must help each other if we are to succeed. ~ Frederick Douglass
benjo
03-29-2005, 07:51 PM
OMG I want to use him.
3howards
03-29-2005, 08:31 PM
it is great news because we are hoping to buy a house this year. benjo, the guy is really cool. he owns a few hr block places in michigan. he does taxes every year for our friend and his girlfriend (who was one of our partners in that business). he was familiar with that whole deal, so we thought we'd be better off to have him do our taxes this year. last year was also the first year in which i worked extensively from home so taxes were gonna be tricky. thank god for friends, especially those with accountants for dads ;)
Underclings (http://underclings.blogspot.com/)
Jeff92
03-30-2005, 12:33 AM
Gotta love anyone that finds money for you! Especially in that kind of quanities!!!!
Good luck in the house hunt!