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01-11-2017, 12:04 PM
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#61
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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Quote:
Originally Posted by Danmar
No tax credits claimed( other than for divs) or any other weird stuff. Could do it in an hour if I had everything.
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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.
__________________
For the fun of it...Keith
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01-11-2017, 12:08 PM
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#62
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Moderator Emeritus
Join Date: May 2007
Posts: 12,894
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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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01-12-2017, 02:18 PM
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#63
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Thinks s/he gets paid by the post
Join Date: Mar 2007
Posts: 1,854
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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.
__________________
"Live every day as if it were your last, and one day you'll be right" - unknown
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01-12-2017, 06:28 PM
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#64
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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01-12-2017, 07:06 PM
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#65
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Kerrville,Tx
Posts: 3,361
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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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01-13-2017, 01:34 PM
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#66
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Thinks s/he gets paid by the post
Join Date: Mar 2007
Posts: 1,854
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Quote:
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.
__________________
"Live every day as if it were your last, and one day you'll be right" - unknown
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01-13-2017, 02:06 PM
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#67
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gone traveling
Join Date: Mar 2015
Location: Greenville
Posts: 653
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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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01-13-2017, 02:46 PM
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#68
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Thinks s/he gets paid by the post
Join Date: Mar 2009
Posts: 2,983
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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.
__________________
Took SS at 62 and hope I live long enough to regret the decision.
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01-14-2017, 09:15 AM
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#69
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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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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01-14-2017, 01:48 PM
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#70
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Michigan
Posts: 4,962
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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.
__________________
"The mountains are calling, and I must go." John Muir
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01-15-2017, 11:45 AM
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#71
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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Quote:
Originally Posted by foxfirev5
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.
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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.
__________________
For the fun of it...Keith
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01-15-2017, 12:14 PM
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#72
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Thinks s/he gets paid by the post
Join Date: Nov 2011
Posts: 3,877
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Quote:
Originally Posted by kcowan
When I took over DWs finances, her accountant, bookkeeper and tax accountant had all overlooked several key deductions.
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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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01-15-2017, 01:01 PM
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#73
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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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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01-15-2017, 01:21 PM
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#74
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Santa Paula
Posts: 4,070
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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.
__________________
Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
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01-15-2017, 05:04 PM
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#75
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,007
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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.
__________________
Retired since summer 1999.
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01-15-2017, 08:36 PM
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#76
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Moderator
Join Date: Oct 2010
Posts: 10,656
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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
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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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01-16-2017, 03:33 PM
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#77
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 2,605
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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
__________________
Only got A dimple, would have preferred 2!
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01-17-2017, 03:46 PM
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#78
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Posts: 1,595
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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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01-23-2017, 12:37 AM
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#79
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Moderator
Join Date: Oct 2010
Posts: 10,656
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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.
Quote:
Originally Posted by Gotadimple
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.
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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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01-23-2017, 01:20 PM
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#80
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Full time employment: Posting here.
Join Date: Sep 2012
Location: Albuquerque
Posts: 840
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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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