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Old 01-11-2017, 01:04 PM   #61
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Originally Posted by Danmar View Post
No tax credits claimed( other than for divs) or any other weird stuff. Could do it in an hour if I had everything.
The two things that I spend too much time on are
1. Medical expenses because DW gets to claim for both of us.
2. T1135

The last two years may have been exceptions. I sure hope so. The tax software does everything else. And when we get to be able to download the T-forms from the government site, it will be a breeze.

Already there is no need to be at home in April. Even the revenuers accept receipts by email.
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Old 01-11-2017, 01:08 PM   #62
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At least I am not expecting any K-1s this year, so I should be able to file a little bit earlier than usual. But I will still probably wait until late March. I already started working on my return though.
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Old 01-12-2017, 03:18 PM   #63
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Like many, I don't get too involved until all paperwork is in...and we are still working so that will be early Feb. I am preparing some of the worksheets for our rental business, as we have 5 houses and have to separate all expenses into various categories...so I spend about 10 hours doing all that work in January.


Going to Hawaii in mid Feb, so hope to have things handed in to the CPA by then. Don't do my own...we have several complexities.
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Old 01-12-2017, 07:28 PM   #64
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Don't do my own...we have several complexities.
Then you should change your "moniker".
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Old 01-12-2017, 08:06 PM   #65
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Of course if you own stocks in a brokerage account it is mid feb till you get the 1099s for the account. So one can not start till then.(I do enter info from 1099s as they arrive and also scan the 1099s into a folder as well)
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Old 01-13-2017, 02:34 PM   #66
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Then you should change your "moniker".
Finance and taxes are two different things. My moniker came from my job at Megacorp, which I "retired" from 4 years ago. I did mergers and acquisitions financial analysis and due diligence for large projects. Very different than doing your taxes.
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Old 01-13-2017, 03:06 PM   #67
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Since still working, it's easy. I take mine and DW's last paystub, remove the pretax amounts from totals to get taxable, then take last years Sched A as guestimate for this year plus exemptions and see what I owe, compare to what I paid, and hope I did it right and State and Fed come out pretty damn close to $0!

If not, I take a "better look' at the Sched A items....
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Old 01-13-2017, 03:46 PM   #68
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Finance and taxes are two different things. My moniker came from my job at Megacorp, which I "retired" from 4 years ago. I did mergers and acquisitions financial analysis and due diligence for large projects. Very different than doing your taxes.
Really? Arithmetic is arithmetic in my book. Just kidding, however I feel if you have the capability it is very important to understand the moving parts of your tax situation. Personally I've never had to pay a preparer a dime since I've repeatedly shown them that my paper returns are more accurate than what they produce.
Just today I had to call a vendor regarding a 1099S for timber sales. Wrong info regarding two separate invoices. One was a sale of timber, the other was actually a reimbursement for land damage which partially offset other losses for reclamation. I doubt a CPA would have caught it. While this is not a normal business transaction for me I took a couple of hours and researched it. You really need to be a micro manager of your affairs.
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Old 01-14-2017, 10:15 AM   #69
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Finance and taxes are two different things. My moniker came from my job at Megacorp, which I "retired" from 4 years ago. I did mergers and acquisitions financial analysis and due diligence for large projects. Very different than doing your taxes.
Ok if you say so. I would still think a "finance" guy might want to do his own taxes, but whatever.
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Old 01-14-2017, 02:48 PM   #70
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My complete tax info is not usually available until mid to late Feb. I will file with the free Turbotax available through Fidelity.
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Old 01-15-2017, 12:45 PM   #71
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Originally Posted by foxfirev5 View Post
Really? Arithmetic is arithmetic in my book. Just kidding, however I feel if you have the capability it is very important to understand the moving parts of your tax situation. Personally I've never had to pay a preparer a dime since I've repeatedly shown them that my paper returns are more accurate than what they produce.
Ever since Turbotax (or whatever they called themselves then) came out in the 80s, I was into doing it. I said "What spreadsheets can possibly be more important than these?" It actually caused me to change some things for tax reasons. It took about 3 days then and about 1 day now. When I took over DWs finances, her accountant, bookkeeper and tax accountant had all overlooked several key deductions.

(Finance Dave should change his moniker to M&A Dave...) I agree that M&A has little to do with accounting and finance. It is skilled but a very different set.
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Old 01-15-2017, 01:14 PM   #72
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When I took over DWs finances, her accountant, bookkeeper and tax accountant had all overlooked several key deductions.
My experience was similar. It's not that the accountants were sloppy but more that things are inevitably lost in communication. The cost of tax prep software all but disappears when compared to the savings realized by optimizing finances after seeing how various forms of income are taxed.

Per another thread, taxes are a large, perhaps the largest, outflow of funds, consequently even a little time spent learning about them can generate significant effective returns.
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Old 01-15-2017, 02:01 PM   #73
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What I love about TT (or any other software I guess) is I don't have to do it all at once. As the info comes in (week by week and month by month) I can enter that info and put "TT' on the form so I know I entered it and wait for the next stuff to arrive.

No big piles of papers anymore -
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Old 01-15-2017, 02:21 PM   #74
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Not me

I spoke to my BIL, who used to work for the IRS. I had my year end statements, and asked if I should skip my last estimated payment. He said that in many cases the statements are wrong.
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Old 01-15-2017, 06:04 PM   #75
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I skip my last (Jan 15) estimated tax payment if I'm very sure that I've already paid 90% of the taxes owed for the current year, and I already paid 3 equal installments at the correct times based on the prior year taxes.
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Old 01-15-2017, 09:36 PM   #76
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I e-Filed on 1/5 (long story but expecting a big check) and it said it would take a few hours or up to 48 hours max to get a status back. I just checked today and saw:
Quote:
The IRS accepted your federal return on FRI JAN 13, 2017 04:32:32 PM
So not bad. Better than I thought.

Is says I can check my refund status at https://www.irs.gov/refunds, which I haven't done.
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Old 01-16-2017, 04:33 PM   #77
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Just starting to see 1099 from banks and from one pension I have. I still need to wait for the composite to come from the broker.

For those who live in Washington state, Fred Meyer stores have H&R Block Deluxe on sale for $24.99, a $10 discount to the regular price. Price is good for this week only.

-Rita
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Old 01-17-2017, 04:46 PM   #78
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I use HRB desktop software to produce the tax returns for a multi-state partnership, and then let a local HRB tax prep pro review the returns before filing. The total cost is much lower, the quality is higher, and the overall aggravation is much lower than having a pro do the tax return. The local pro keeps offering me a part-time job doing tax returns - no thanks. 😎
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Old 01-23-2017, 01:37 AM   #79
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I guess today is the first official day that the IRS will process returns. My e-file was accepted 10 days ago.

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For those who live in Washington state, Fred Meyer stores have H&R Block Deluxe on sale for $24.99, a $10 discount to the regular price. Price is good for this week only.
I got CD in the mail for H&R Block $34.95 for the "Homeowners/Investors" version. It has a one-time use coupon code "3N7T-WJQ" to get $10 off. But the same thing can be had for $20, downloaded from Amazon. And in that case, if you get a refund, you can get a 10% bump if you take it your refund as an Amazon gift card.
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Old 01-23-2017, 02:20 PM   #80
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I'm waiting on a couple of forms. But I started my taxes this weekend to get a better estimate of my AGI and figure out how much more I can contribute to my 2016 Roth IRA. My AGI is too high to make the full contribution.
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