Posted by Debbie_NJ on 1/13/08 6:56am
Msg #230397

Tax Question

Last year (and previous year) I used the number 541199. However, this year, TaxCut is indicating that this number is not a valid number. I read on the boards where the IRS changed the numbers for Tax Year 2007. Here's my question: Apparently we can't use 541199 anymore. I read somewhere that we could use "541100" which is "Legal Services". I saw 531390 under Real Estate "other activities related to real estate". Seems to me 531390 would be the best choice. Anyone out there know the answer to this question? Thanks for your help.

Debbie

Reply by SReis on 1/13/08 9:38am
Msg #230401

Not sure but kudos to you for beg the tax process so early! n/m

Reply by Deborah Weikel on 1/13/08 9:50am
Msg #230402

Re: Not sure but kudos to you for beg the tax process so ear

I'm getting a refund this year and I'd like to get it soon. That's why I started my taxes so early! LOL From what I can gather, the IRS has changed the codes that we use (professional codes) so we need to find a new one to use. I hope someone out there can help me.

Debbie

Reply by Burton Georgia Loan Closers.com on 1/13/08 10:25am
Msg #230403

Different Codes Equals Different Audit Issues/Opportunities

Certain codes are more likely to suffer an audit than other codes. For example, lawyers are more likely to receive an audit than those with a different code.

I have multiple businesses, so it is nice to be able to justify expenses in different businesses. What might not be a justified business expense for one type of business may be for another.

Stay in touch....

Burton F.

Reply by PA_Notary_II on 1/13/08 10:25am
Msg #230404

Google NAICS 541120

Reply by Debbie_NJ on 1/13/08 10:47am
Msg #230405

I googled NAICS 541120 like you suggested. However, that site indicates it's from the year 2002. Apparently the IRS just updated the list THIS YEAR (2007) which is why TaxCut won't let me use the same number I have been using for several years (541199). Any other ideas? I don't know how/where I can find the NEW codes for 2007. I checked the IRS site and didn't find anything.

Thanks anyway.
Debbie

Reply by PA_Notary_II on 1/13/08 11:55am
Msg #230410

Re: Tax Question...here are the '07 codes for download...

www.census.gov/epcd/naics07/index.html

Reply by Susan Fischer on 1/13/08 1:25pm
Msg #230415

Either 531390 or 561499...

Other activities related to Real Estate? or
All other businsess support services?

Things we do (non-notarial):

Print docs
Receive docs
Evaluate packets for completeness (do I have the HUD?)
Fax/scan back for QC
Mail
Supervise signings
Travel
Meet deadlines
Schedule appointments (often)
Report completions
Refer questioners to other parties
Describe documents
Follow directions
More...?

I can't see anything in the 'legal services' basket.

All related to Real Estate, so I see 531390 working, but I'm thinking 541120, 'All other business support services' after looking at the list of activiites as pretty inclusive as well.

Reply by Susan Fischer on 1/13/08 1:27pm
Msg #230416

Oops, meant '561499' in last sentence. n/m

Reply by LisaWI on 1/13/08 2:32pm
Msg #230425

Re: Debbie, I used Tax Cut Last Year.........

and this year. For some unknown reason they dont have the code we need for this in their database. I used the Unclassified Code which is 99999 for both tax years. Legal doesnt seem to fit and neither did Other Real Estate in my opinion. You might decide otherwise, but that is what I did and havent had a problem.

Reply by Susan Fischer on 1/13/08 3:06pm
Msg #230430

Why not Business Support Services? n/m

Reply by Deborah Weikel on 1/13/08 5:23pm
Msg #230434

Thanks for all your help. I guess there's not just one answer to this question. Not sure what I'm going to do now.

Debbie

Reply by PAW on 1/13/08 8:31pm
Msg #230442

The 2007 NAICS code for Notaries Public is still 541199

http://www.census.gov/eos/www/naics/htmls/5/541199.htm

(See also Msg #184238)

Reply by Susan Fischer on 1/13/08 10:37pm
Msg #230452

Mia Culpa. <thump on forehead>

Me: "Read the definitions, Susan."

"No chocolate for a week, plus, you have to do two things on your list before Tuesday. Plus write two letters to the Editor."

And To the Community,

Please accept my apology for a really dumb post.

Susie

Reply by Sylvia_FL on 1/14/08 1:03pm
Msg #230508

Re: Mia Culpa. <thump on forehead>

""No chocolate for a week"

Wouldn't that be violating the 8th Amendment to the Constitution which bans cruel and inhuman punishment?

Reply by Susan Fischer on 1/14/08 1:14pm
Msg #230510

True, but now it's TWO weeks for misspelling MEA... n/m

Reply by Sylvia_FL on 1/14/08 6:39pm
Msg #230569

Re: True, but now it's TWO weeks for misspelling MEA...

Think we should appeal your sentence to the US Supreme Court

Reply by Susan Fischer on 1/14/08 9:15pm
Msg #230597

I'd lose. Two words: Mea and Culpa. I did it. I was

stupid. I didn't do my due diligence, and I deserve a reminder. Plus penance.

Thanks, Sylvia, but in two weeks...a double triple hot fudge jubilee. My treat.

Reply by Sylvia_FL on 1/15/08 5:45am
Msg #230625

Re: I'd lose. Two words: Mea and Culpa. I did it. I was

"a double triple hot fudge jubilee"

Hmmm wonder how many Weight Watchers points that has! AW the heck with the points, I'll take it

Reply by Debbie_NJ on 1/17/08 8:07am
Msg #231029

Well, for some odd reason, TaxCut will not let me use that number! I'm really getting annoyed with TaxCut. I always used Turbo Tax but they got so expensive I decided to try TaxCut. May have been a mistake!

Thanks for your help.
Debbie

Reply by Deborah Weikel on 1/15/08 4:16am
Msg #230623

Thanks for all the help. I used TaxCut for the first time this year and I entered 541199 as my code. It indicates that's a mistake of some kind. Not sure what to do about it. (I used TurboTax in previous years and used 541199 and didn't have any problems.) Any ideas?

Thanks for your help!
Debbie