Still doing your taxes? Take a break and read this...

[happy2bretired]

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

[calmloki]

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.

[NinjaPigeon]

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.

[Moemg]

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.

[theloneranger]

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.

[audreyh1]

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

[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.

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.

[Nords]

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...

[BUM]

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%

[deserat]

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