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Re: We've always done our own taxes.
Old 04-13-2005, 06:51 PM   #21
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Re: We've always done our own taxes.

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Well, I am stuck with the K-1s. *Still debating whether to do our own taxes next year.
Hi Martha. I just finished my taxes. I have several K-1s, and Turbo-Tax gets better at this every year. I am satisfied. Not crazy about paying the tax, but satisfied that it is reasonably accurate.

Because of capital gains, I paid more tax this year than ever before.

BTW, Fidelity records download seamlessly into T-Tax. ALthough I use MS Money, I don't use it directly in record keeping other than expenses and balances. I use Fidelity, with backup by Excel. I find Excel perfect for its complete malleability. Especially helpful with partnerships, royalties, etc, where basis must be kept accurately and where it is affected each year by several inputs.

Mikey


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Re: More tax tips
Old 04-14-2005, 05:59 AM   #22
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Re: More tax tips

It is the 14th. Have to go out of town for a hearing today and still have not heard from the accountant.

Based upon all of your helpful comments, I think I will buy Turbo tax and imput my 2005 returns and see if I want to do them myself next year.
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Re: More tax tips
Old 04-14-2005, 09:26 AM   #23
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Re: More tax tips

Ahh, Quicken and Turbo Tax - I really liked my old DOS 6.2 version of Quicken....then went paper based for a few years while in Europe...then came back and tried to use the new Quicken - have finally got it figured out - as for downloading form institutions - forget it. I know too much how computers can screw things up and I'll just use the paper statements I get every month to manually enter it is - gives me time to really review it anyhow. I really don't like how Quicken has complicated transaction entries - I feel as though I'm filling out a survey everytime.

Taxes - for Schedule D, I set up an excel spreadsheet and listed all of my transactions over the last four years (this was painful this year) - but now I have a nice template and can just use that to determine what my capital gains (losses) really are.

Taxes, I usually do them by hand---I like to know what my government is up to - pretty scary sometimes reading just the directions, especially for the CA Part year resident form - sheesh - you need a degree in mathematical gymnastics to figure out what game they are playing to include/exclude what is/isn't taxed. I try not to have a perpetual grumpy mood this time of year.....but didn't succeed this year.

Bridget
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Re: More tax tips
Old 04-14-2005, 10:19 AM   #24
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Re: More tax tips

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It is the 14th. *Have to go out of town for a hearing today and still have not heard from the accountant.
That means they don't charge you for filing the extension, right?

I hate being held hostage like that.
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Re: More tax tips
Old 04-14-2005, 10:25 AM   #25
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Re: More tax tips

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But if you have the right banks and financial institutions, you're severely anal retentive and love nothing more than to type in your credit card statements for hours on end, and love pie charts of how much you spent on canned vs dry pet food over 1, 3 and 5 year periods, I cant recommend it any more strongly.
Hey, I resemble that remark!

After three years of ER, it suddenly dawned on me that there was no reason to print & spouse-review the monthly budget. So this year we're going quarterly. Without pie charts...
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Re: More tax tips
Old 04-14-2005, 11:18 AM   #26
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Re: More tax tips

Five bucks says you print out a pie chart at some point. Ten says you at least look at one.
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Re: More tax tips
Old 04-14-2005, 12:30 PM   #27
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Re: More tax tips

I have a good tax Tip, really for the pre-retired folk here. Invest in a vehicle that gives you tax credits.

I invested in low income housing for about 15 - 20 years, (cannot remember exactly) Total investment over that period was about $20k. Total tax credits (Which I had trouble using when I was a high wage earner) were about $25k (I am Doing all this number stuff from memory). I sold the investment in 2003 for $11k took the loss of 9k (over 3 years) Plus I still have over $17k in unused tax credits. So far for the last 2 years of my ER, we have paid NO TAXES at all because our income is very low now. ($39k last year) Thanks only to our evergreen tax credits. PS Turbo Tax does all the math for us.

SWR
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Re: More tax tips
Old 04-14-2005, 02:19 PM   #28
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Re: More tax tips

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I invested in low income housing for about 15 - 20 years, (cannot remember exactly) Total investment over that period was about $20k. Total tax credits (Which I had trouble using when I was a high wage earner) were about $25k (I am Doing all this number stuff from memory). I sold the investment in 2003 for $11k took the loss of 9k (over 3 years) Plus I still have over $17k in unused tax credits. So far for the last 2 years of my ER, we have paid NO TAXES at all because our income is very low now. ($39k last year) Thanks only to our evergreen tax credits. PS Turbo Tax does all the math for us.SWR
This sounds like a tax-shelter salesman's wet dream.

You must have had to borrow a lot of money to get all these credits on a $20,000 cash investment? Did you get sold this, or does your brother-in-law or a close friend package them? If you didn't have to take on a lot of debt to get this, IMO you got the deal of the century.

Congratulations in any case.

Mikey
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Re: More tax tips
Old 04-14-2005, 02:42 PM   #29
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Re: More tax tips

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This sounds like a tax-shelter salesman's wet dream.

You must have had to borrow a lot of money to get all these credits on a $20,000 cash investment? Did you get sold this, or does your brother-in-law or a close friend package them? If you didn't have to take on a lot of debt to get this, IMO you got the deal of the century.

Congratulations in any case.

Mikey

No debt, I paid cash, (Actually I paid for them with bonus checks as I got them, I really did not notice the payments)

SWR
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Re: More tax tips
Old 04-14-2005, 05:10 PM   #30
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Re: More tax tips

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No debt, I paid cash, (Actually I paid for them with bonus checks as I got them, I really did not notice the payments)SWR
SWR- thanks for your reply.

If I am understanding you correctly, the government handed you money in the form of tax credits, in an amount greater than what you were required to put up. And you didn't take on any debt exposure (even at the partnership level) to bring this about.

I would like to go into business selling these deals- could you message me with some details?

Thanks, Mikey
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Re: More tax tips
Old 04-15-2005, 06:29 AM   #31
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Re: More tax tips

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That means they don't charge you for filing the extension, right?

I hate being held hostage like that.

Now it is the 15th and I haven't heard anything. I left a message. This is not fun.
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Re: More tax tips
Old 04-15-2005, 07:11 AM   #32
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Re: More tax tips

Martha

No it is not fun.

Memory says I got nailed once back in my working days(off tdy). The late penalties suck and my accountant at the time - graciously did NOT volunteer to help pay them.

As I recall - changed accountants - small consolation.
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