Our bank started charging our club 3.00 per month service
charge on our bank account. Is this a deductible expense.
Also do I need to file a Kansas State Tax Return. I can't
seem to find out from anyone.
Joe Farrell on
It is a legit business expense, I don’t know about KS law. You may want to open a T D Ameritrade account, it has an integrated checking account at no additional charge.
Sent from my iPhone
> On Jan 26, 2019, at 12:24 PM, Karen Wilson via bivio.com <user*16610800001@bivio.com> wrote:
>
> Our bank started charging our club 3.00 per month service
> charge on our bank account. Is this a deductible expense.
> Also do I need to file a Kansas State Tax Return. I can't
> seem to find out from anyone.
Karen Wilson on
Thank you.
On Saturday, January 26, 2019, 2:27:21 PM CST, Joe Farrell via bivio.com <user*14102900001@bivio.com> wrote:
It is a legit business expense, I don't know about KS law. You may want to open a T D Ameritrade account, it has an integrated checking account at no additional charge.
Sent from my iPhone
> On Jan 26, 2019, at 12:24 PM, Karen Wilson via bivio.com <user*16610800001@bivio.com> wrote: > > Our bank started charging our club 3.00 per month service > charge on our bank account. Is this a deductible expense. > Also do I need to file a Kansas State Tax Return. I can't > seem to find out from anyone.
ira smilovitz on
Bank charges are recorded as expenses. Starting in 2018, these expenses are no longer deductible on your federal personal income tax return, but they may still be deductible on your state personal income tax return. The 2018 Schedule K-1s produced by the bivio tax software will include the relevant information in a supplemental statement as long as each expense is properly categorized in the accounting program.
The instructions for the KS K-120S return seem to limit the filing requirement to partnerships doing business in KS, deriving income or loss from real or personal property located in KS, or intangible property to the extent used in business in KS. This would exempt most investment clubs from having to file in KS. However, K.S.A. 79-3220(d) states:
"(d) Every partnership shall make a return for each taxable year, stating specifically such items as may be required by the forms and regulations of the secretary of revenue. The returns shall be signed by any one of the partners. "
This appears to require all partnerships to file. I would suggest consulting with competent local counsel to determine whether or not you have a state filing requirement.
Our bank started charging our club 3.00 per month service
charge on our bank account. Is this a deductible expense.
Also do I need to file a Kansas State Tax Return. I can't
seem to find out from anyone.
Sue McClay on
Following up on this. Will the bivio annual fee be deductible on the federal return in 2018? Postage?
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of ira smilovitz via bivio.com Sent: Sunday, January 27, 2019 11:55 AM To: club_cafe@bivio.com Subject: Re: [club_cafe] deductible expenses
Bank charges are recorded as expenses. Starting in 2018, these expenses are no longer deductible on your federal personal income tax return, but they may still be deductible on your state personal income tax return. The 2018 Schedule K-1s produced by the bivio tax software will include the relevant information in a supplemental statement as long as each expense is properly categorized in the accounting program.
The instructions for the KS K-120S return seem to limit the filing requirement to partnerships doing business in KS, deriving income or loss from real or personal property located in KS, or intangible property to the extent used in business in KS. This would exempt most investment clubs from having to file in KS. However, K.S.A. 79-3220(d) states:
"(d) Every partnership shall make a return for each taxable year, stating specifically such items as may be required by the forms and regulations of the secretary of revenue. The returns shall be signed by any one of the partners. "
This appears to require all partnerships to file. I would suggest consulting with competent local counsel to determine whether or not you have a state filing requirement.
Our bank started charging our club 3.00 per month service charge on our bank account. Is this a deductible expense. Also do I need to file a Kansas State Tax Return. I can't seem to find out from anyone.
Laurie Frederiksen on
No. Neither of those expenses will be deductible on your Federal return.
At the moment they should still be entered as deductible expenses in bivio as they do need to be tracked as portfolio expenses and adjust your members basis in the partnership.
We're working on changing the name of the type of entry to make it less confusing.
In reality, you probably weren't getting any benefit from the deductions in the past either since you could only deduct them on your personal taxes if the total you had in the category exceeded 2% of your Adjusted gross income.
Laurie Frederiksen Invest with your friends! www.bivio.com
Bank charges are recorded as expenses. Starting in 2018, these expenses are no longer deductible on your federal personal income tax return, but they may still be deductible on your state personal income tax return. The 2018 Schedule K-1s produced by the bivio tax software will include the relevant information in a supplemental statement as long as each expense is properly categorized in the accounting program.
The instructions for the KS K-120S return seem to limit the filing requirement to partnerships doing business in KS, deriving income or loss from real or personal property located in KS, or intangible property to the extent used in business in KS. This would exempt most investment clubs from having to file in KS. However, K.S.A. 79-3220(d) states:
"(d) Every partnership shall make a return for each taxable year, stating specifically such items as may be required by the forms and regulations of the secretary of revenue. The returns shall be signed by any one of the partners. "
This appears to require all partnerships to file. I would suggest consulting with competent local counsel to determine whether or not you have a state filing requirement.
Our bank started charging our club 3.00 per month service charge on our bank account. Is this a deductible expense. Also do I need to file a Kansas State Tax Return. I can't seem to find out from anyone.
Sue McClay on
Thanks much.
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Laurie Frederiksen Sent: Sunday, January 27, 2019 2:14 PM To: The Club Cafe <club_cafe@bivio.com> Subject: Re: [club_cafe] deductible expenses
No. Neither of those expenses will be deductible on your Federal return.
At the moment they should still be entered as deductible expenses in bivio as they do need to be tracked as portfolio expenses and adjust your members basis in the partnership.
We're working on changing the name of the type of entry to make it less confusing.
In reality, you probably weren't getting any benefit from the deductions in the past either since you could only deduct them on your personal taxes if the total you had in the category exceeded 2% of your Adjusted gross income.
Laurie Frederiksen Invest with your friends! www.bivio.com
Bank charges are recorded as expenses. Starting in 2018, these expenses are no longer deductible on your federal personal income tax return, but they may still be deductible on your state personal income tax return. The 2018 Schedule K-1s produced by the bivio tax software will include the relevant information in a supplemental statement as long as each expense is properly categorized in the accounting program.
The instructions for the KS K-120S return seem to limit the filing requirement to partnerships doing business in KS, deriving income or loss from real or personal property located in KS, or intangible property to the extent used in business in KS. This would exempt most investment clubs from having to file in KS. However, K.S.A. 79-3220(d) states:
"(d) Every partnership shall make a return for each taxable year, stating specifically such items as may be required by the forms and regulations of the secretary of revenue. The returns shall be signed by any one of the partners. "
This appears to require all partnerships to file. I would suggest consulting with competent local counsel to determine whether or not you have a state filing requirement.
Our bank started charging our club 3.00 per month service charge on our bank account. Is this a deductible expense. Also do I need to file a Kansas State Tax Return. I can't seem to find out from anyone.