Neck Deep in Taxes

[Pablo]

Don't ask. Liable to go off.

Every year I say I will hire someone to do it and then I cheap out. So I just need to vent.

I have all our costs of supplier materials totaled up. Huge. Last year partner forgot to give me some receipts, so this was a source of irritation. He was bslapping me for not know what the heck I'm doing.....turns out, he was the choker.

Back to it......

 

[PT1]

Get a CPA....I did in 1988 and never looked back....

 

[hate2work]

Originally Posted By: PT1
Get a CPA....I did in 1988 and never looked back....


Exactly.

Pabs, when you get tired of getting bslapped, spend the money.

 

[Mokanic]

Got a CPA and it still does not make it any better for me. Just one more giveaway program to folks to sorry to work is what we need...

 

[Papa Bear]

If you are knee deep in taxes you must be making money hand over fist.

 

[Cutehumor]

I've never had to pay taxes when I filed. My taxes are simple, I file myself, so I'm always eager to get that refund.

 

[Patman]

I'm not sure if it works the same in the US, but here in Canada when you owe the government tax money, all you need to do is keep feeding them a reasonable amount of money each month and they won't bug you (other than sending you one letter once a month telling you how much you owe). They charge you a small amount of interest, but it's better than having to fork over a huge amount of money all at once. Whenever I owe them money, I always manage to spread it out over the course of 8-10 months or so. Last year my wife owed $400 in taxes so I paid them $50 a month.

 

[crazyoildude]

Get a creative C.P.A. and start saving now...
Here is how you find a creative one..ask him or her what is 2+2 if he or she answers what do you want it to be you know you got a good one..

 

[Tempest]

It costs about $300 billion a year (2% of GDP) just in tax compliance so I'm not surprised you are having problems.

55,000+ pages to comply with as well.

 

[javacontour]

I feel your pain brother. Ours will be complex this year with the passing of oilBabe's dad, and her step-mom electing to send our half of his IRA without any consultation. (We had five years to take distribution and could have done a bit of planning...)

Don't know if it's a ROTH or regular, don't know if anything was withheld, etc. I'm hoping for ROTH, but planning for traditional.

So we parked a chunk of the cash to see what happens.

I anticipate the rest of her portion of the estate will be distributed this year via his trust, a whole 'nother can of worms.

So it's probably professional help this year for us after 20+ years of DIY.

 

[Pablo]

Done. K-1 sent.

Accounting can be interesting.

 

[Cutehumor]

DrewGT would have been your man for all your tax questions!

 

[Pablo]

If he was my neighbor, for sure. I'd feed him beer and let him ride the bikes, give him free junk and a check.

 

[Drew99GT]

I'm at work right now doing taxes after working 14 hours yesterday at my new job.

The IRS and the tax code can burn in [censored] as far as I'm concerned.

Thankfully I'm getting some BITOG time in on the side though!

 

[JustinH]

I fail to see how most people's tax situations are that complex.

I have a house, a rental property, student loans, repairs, depreciation, a job, a 401k, health expenses, interest income, etc.. etc..

My taxes came to 41 pages this year.

I used Turbotax home and business to walk me through the whole thing. About $80 per year total. A cpa wanted $250 to even look at it, maybe more depending on what I needed.

The first year, it is somewhat tricky to setup the depreciation tables, but not as hard as doing it manually. After that first year, you just import the information from the previous year, and it fills out the depreciation automatically.

This year my taxes took maybe 30 minutes.

 

[GROUCHO MARX]

P, do the bookkeeping then bring in an accountant to do the tax return.

It's awful early for a K-1. You're way ahead. I always file an extension so the return isn't due until September 15.

 

[Pablo]

Originally Posted By: GROUCHO MARX
P, do the bookkeeping then bring in an accountant to do the tax return.

It's awful early for a K-1. You're way ahead. I always file an extension so the return isn't due until September 15.


I'm retarded that way. Got to do it myself. Besides the partner wants his numbers ASAP. He's all nervous that way. Whaddayagonna do?

I don't a see Publication 536 for 2009 yet. Hmmmm. Too early.

 

[GROUCHO MARX]

Then the partner should be diligent about safekeeping his receipts.

I'll soon file my personal 2008 tax return.

I'm dangerous I tell you.

 

[tonycarguy]

I think taxes are a little easier now if you have capital gains. In the past, brokerages didn't keep track of your stock purchase transactions so you had to keep the paperwork for years. When you closed the position, you had to find the original trade confirmation in order to calculate the cost basis. It could take me 10 hours to do taxes, of which 8 was rounding up the paperwork.

 

[greenaccord02]

When I first saw the title of this thread, I thought it said "Neck Deep in Texas" which would have been interesting.

I can understand the Tax situation, though. Or, to put that more correctly, I can relate to your tax situation. My understanding of tax law is poor.