Taxes

[DeltAlum]

Doing your own taxes when you're younger is actually pretty simple.

When you get to the point that you're itemizing deductions, you might want to try TurboTax or one of the other computer tax preparation systems. They lead you through step by step and are fairly accurate.

Now, at the point where Mrs. DeltAlum has a home based business, I do some freelance work outside my job, we own rental property (that oldest daugher lived in while in college), some investments and our youngest going to college next year -- no chance I'm going to come close to those tax forms. It's bad enough just gathering the materials to take to the accountant.

[ADPiSweety]

I did my taxes this year, it was easy! After I paid back the 96 dollars I owed them it was pretty simple from there. So I go into the bank yesterday and the teller told me that I had a deposit and I said what? cuz i knew i didn't get paid till monday and he said your tax return. I was practically jumping up and down at the bank hehe.

[SigkapAlumWSU]

I've done my own for the past 4 years, and I don't really have any trouble, but then again, I don't have a whole lot of itemized stuff. I'm so mad at the gov't this year. I went from being independant to dependant status again (went back to school) and all the $$ I was looking forward to getting back as an indep. went buh-bye because I am now a dependant again. Apparently I must not need any $$ that I earned because my parents are expected to "provide" for me... yeah right!

[SoCalGirl]

Originally posted by AOIIBrandi
It's easy as long as you don't start adding in Capital Gains on the sale of stock options and such....We pretty much just pay someone now so that if something is wrong the IRS goes to them instead

Sorry to break it to you; but the IRS comes after YOU and maybe the accoutant. When you sign the forms they say basically that you know everything is correct and true under penalty of law.

I've always done my taxes under my dad's supervision. And all he ever does is double check the math and insists that I write neatly. We've always come up w/ the same totals, so that's good.
One year I ended up having to pay a little to state and fed. (Less than $50 each. But I was pissed.) I recalculated over and over! Turned out both forms had some errors and I got the money back plus interest. This year I did my taxes the very night that I got my W2. I got the statement from the bank the same day. So I felt like God was telling me to get them done. I ended up with $99 back from state and $1001 from fed. I was stoked. This was the first year that my parents couldn't claim me. That's why I got so much. My dad on the other hand pays an extra $1000 a month over what would normally be taken back and only got $4000 back. It was funny watching him bitch about his pay raises. He got pushed into higher tax bracket.

[angelic1]

ok so its that time of the year... typically since graduating college I have done my taxes with turbotax each year. However this year I have started a new job where I work as a consultant. So I don't know if I should get someone else to do my taxes.

Basically this year I expense a lot of items for work then get reimbursed, I have been putting money into stocks, and have rolled over a 401K to an IRA and I am not sure how this will affect things.

I am figuring I should get someone else to do my taxes... how do you go about picking someone? Any info on companies such as H&R Block, what do I need to provide them with?

Basically I am clueless on this, and its kind of me figuring this out on my own.

[AlphaFrog]

My tax was done by Jan 28th. Refund should be here any day now.

I used taxengine.com, and it was free.

[GeekyPenguin]

I run a tax program for low income people and I usually TurboTax or TaxCut my own taxes - both of those programs really walk you right through everything.

[KSigkid]

My wife and I found someone through a friend at work, he's done our taxes the past three years and has been really good/really affordable. Other than that, I have a cousin who is a CPA who might do them this year.

I was going to try doing it myself, but with working in two seperate states, buying a house, and other stuff, it's just easier to send it to someone.

[blueangel]

Originally Posted by DeltAlum

Doing your own taxes when you're younger is actually pretty simple.

When you get to the point that you're itemizing deductions, you might want to try TurboTax or one of the other computer tax preparation systems. They lead you through step by step and are fairly accurate.

Now, at the point where Mrs. DeltAlum has a home based business, I do some freelance work outside my job, we own rental property (that oldest daugher lived in while in college), some investments and our youngest going to college next year -- no chance I'm going to come close to those tax forms. It's bad enough just gathering the materials to take to the accountant.

I feel your pain. I have an LLC business in addition to my regular job, some real estate investment properties, and other investments. I'm at the point where I'm now paying my taxes quarterly.

Count your blessings that you only have to pay taxes once a year! I go through this every three months.

[Munchkin03]

Originally Posted by AlphaFrog

My tax was done by Jan 28th. Refund should be here any day now.

I used taxengine.com, and it was free.

It's only free if your AGI is below a certain amount.

I have to pay this year--when I changed jobs, I moved up an entire tax bracket. Fun. Luckily it's not much.

[Cardinal026]

I've always had my dad do them for me, and since I've been working in restaurants since I was 15 I typically get a very small return, and often owe money to the state.

But last year when I filed, the shady bar I worked in had altered everything that I declared I made in tips on top of not paying any Medicare (Medicaid?) which I guess is normally withheld on paychecks, so my dad has been helping me meet with a CPA to sort it all out. They're saying that I owe about $4000 and now that I don't work there, I don't have anything to prove that I always declared what I made, and didn't realize they'd changed my tips to the minimum - and my dad never knew what I made so he just went off the forms. Its a mess right now - I'm glad I have a "real" job and don't have to worry about cash income/declaring tips. Yuck. I'm hoping this year will be a lot smoother process!

[summer_gphib]

I co-own a tax prep office.... so I've done my taxes and about 500 other people's. *LOL*

Um, just a note, be careful when you use turbo tax and tax cut. They can be useful programs, but they don't "auto-find" all the deductions. I've had people do their returns on those programs, and bring them in, and I've been able to get them more money. <<Usually it has to do with the child tax credit, and additional child tax credit.>>

For simple returns they are ok. Also, when looking for a tax professional, make sure they will give you a price upfront. There are a lot of people who throw in hidden fees....

[JonInKC]

I just went to irs.gov. From there, you enter in your filing status, income, etc. and they'll let you know if you qualify for free or reduced filing and give you a number of sites. I went with H & R block and just paid 9.99 each for the two state returns I had to file. I can live with that.

[alum]

I am aholdout and do the family taxes by hand. I file a federal joint for GEN Alum and myself. I also file federals for our 2 children. Additonally, our D and I have to file with the state in which we live. My D will be doing her federal and state when she comes home for Spring Break in a week. She doesn't know that however....if I told her, she may have opted for a more pleasant venue.

What I find to be a big PITN is that we need to COMPLETE the forms early (within the next 2 weeks) even for merit-based scholarships. There are students who don't qualify for financial aid through FAFSA and CSS Profile. These students still have to go through the rigamarole of applying through these 2 agencies for merit-based $$$.

[EE-BO]

Originally Posted by blueangel

I feel your pain. I have an LLC business

Mine started last year, but we are not yet fully operational- so no taxes and quarterly withholding to do until June. Plus now I get to start itemizing which stinks. Before I just took all the standard deductions.

I am a CPA, but have already hired a CPA to do all the LLC stuff. I don't know tax and I don't do tax.

Right now I am focusing my energy on making sure I hold back a lot of income so I can make those quarterly payments on time...