Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Still doing your taxes? Take a break and read this...
Old 04-16-2007, 12:22 PM   #21
Thinks s/he gets paid by the post
happy2bretired's Avatar
 
Join Date: Mar 2007
Location: Nebraska
Posts: 1,340
Re: Still doing your taxes? Take a break and read this...

I just returned from my accountant. This hurts...$27K fed and $10K state.
__________________

__________________
happy2bretired is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Still doing your taxes? Take a break and read this...
Old 04-16-2007, 01:31 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,459
Re: Still doing your taxes? Take a break and read this...

We have a tax person who owns a lot of rental property do our taxes. Every year we review them, nearly always find glitches even if we aren't tax pros. This year it was an extra $9200 business income for the gal. Hmm. Seems that the amount on her line for interest income got entered as business income as well. Catching and having that corrected saved us about 10% of our tax liability. Looking forward to selling off a bunch of the rentals and being able to use tax software and roll our own taxes and make our own mistakes.
__________________

__________________
calmloki is offline   Reply With Quote
Re: Still doing your taxes? Take a break and read this...
Old 04-16-2007, 03:20 PM   #23
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 329
Re: Still doing your taxes? Take a break and read this...

I'm in the minority here, I think, since I do my taxes in February. I'm also fine with getting a refund. I'm not as strong of a budgeter as some of you, so if I didn't get a $2400 refund, I'd only end up saving an extra $2k. So I figure by letting the government make $75 off of me, I make an extra $400. Win-win.
__________________
NinjaPigeon is offline   Reply With Quote
Re: Still doing your taxes? Take a break and read this...
Old 04-16-2007, 03:33 PM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,035
Re: Still doing your taxes? Take a break and read this...

Did my taxes early March. I used tax act .Thanks guys .It was easy ! Plus I figure the IRS may take kindly to me as I am a IRS widow.
__________________
Moemg is offline   Reply With Quote
Re: Still doing your taxes? Take a break and read this...
Old 04-16-2007, 05:02 PM   #25
Recycles dryer sheets
 
Join Date: Dec 2006
Posts: 154
Re: Still doing your taxes? Take a break and read this...

Quote:
Originally Posted by happy2bretired
I just returned from my accountant. This hurts...$27K fed and $10K state.
Still having that problem myself. The founder (now deceased) of the CPA firm that I use asked me years ago whether I wanted to make less money so I could pay less taxes.
The answer then and now was no, not until retirement.
__________________
theloneranger is offline   Reply With Quote
Re: Still doing your taxes? Take a break and read this...
Old 04-16-2007, 06:37 PM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,493
Re: Still doing your taxes? Take a break and read this...

I can never do my taxes in Feb, as I always seem to get a corrected 1099-DIV in March! I've learned the hard way to wait until early April to file.

And since I always owe money there is little impetus to file early.

Audrey
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is online now   Reply With Quote
Re: Still doing your taxes? Take a break and read this...
Old 04-16-2007, 07:51 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
Re: Still doing your taxes? Take a break and read this...

I got a notice in the mail saying that one of Hawaii technology investment won't be certified for several weeks, so for the first time in decade, I"ll be filing an extension.

I have a pretty good handle on my Feds and my state taxes will be 0, so it isn't huge deal. But still it is a pain.
__________________
clifp is offline   Reply With Quote
Re: Still doing your taxes? Take a break and read this...
Old 04-16-2007, 07:54 PM   #28
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Re: Still doing your taxes? Take a break and read this...

Quote:
Originally Posted by clifp
I got a notice in the mail saying that one of Hawaii technology investment won't be certified for several weeks, so for the first time in decade, I"ll be filing an extension.
If it hasn't been certified for 2006 then isn't it effectively being certified retroactively? It seems odd that a company would stick its neck out this far, or else they're scrambling like mad to catch up...
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: Still doing your taxes? Take a break and read this...
Old 04-17-2007, 11:46 AM   #29
Thinks s/he gets paid by the post
BUM's Avatar
 
Join Date: Feb 2004
Location: Mid Hudson Valley
Posts: 1,778
Re: Still doing your taxes? Take a break and read this...




Turbo Tax and I finished taxes a couple of weeks ago. It gets easier each year as the corporation withers. Those who want to break away from your CPA can consider this. Buy a copy of 2006 or even 2005 Turbo Tax. Force fit your prior returns into the program then enjoy the automatic data migration forward next year. Its not all that simple, but you get the idea.

On my personal... my tax rate was <1%
__________________
In a panamax down by the river.
BUM is offline   Reply With Quote
Re: Still doing your taxes? Take a break and read this...
Old 04-17-2007, 02:43 PM   #30
Thinks s/he gets paid by the post
 
Join Date: Jul 2004
Posts: 1,072
Re: Still doing your taxes? Take a break and read this...

Used Tax act (thanks to this board!) - Owed federal, state owes me, delta $1k - bad things, had to undo some Roth contributions - ugghhh - don't know if a penalty or not - income has been jumping around wildly due to Reserves income - hovering over the mark of can/can't contribute to Roth - scared of AMT.....HATE TAX TIME!!! It's done, though........Deserat
__________________

__________________
Deserat aka Bridget
“We sleep soundly in our beds because rough men stand ready in the night to visit violence on those who would do us harm.” - George Orwell/Winston Churchill
deserat is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Shielding income from taxes. modhatter FIRE and Money 26 04-04-2007 10:46 AM

 

 
All times are GMT -6. The time now is 09:20 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.