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TomCopeland 09:10 AM 01-02-2020
Originally Posted by Jo123ABC:
My tax guy doesn't use t/s% and it's driving me crazy because I don't know whether to calculate it myself or leave the numbers whole and let him do his thing. My mom works for him and told me he enters it into a program that calculates things for him. My problem (or one of them at least) with this is I do 100% claim on some items but not others. Like paper towels get 100% because I keep separate receipts but cleaning supplies like laundry soap is t/s. I indictate that in my spreadsheet but it sounds like he disregards my indications and just enters it in. My mother told me he does nothing with t/s and she looks at me like I'm a stubborn idiot every time I bring it up.
Your time-space% appears on IRS Form 8829, line 7. You do need to know if he is applying your time-space% on items that are shared and is deducting 100% on items used exclusively for your business. It's his responsibility to tell you how he calculated each line on your tax return. If he won't tell you how he calculated each line, you should assume it's wrong and find another tax preparer. Seriously.
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