Tax prep woes ...
- Thread starter ripcord
- Start date
Kinda sorta.
I took about as much income last year, but we both were using the pre-medicare state market place insurance, which we pay for.
By no fault of mine, they underbilled us. Fine. But they never sent the form (I forget the number). Apparently IRS now screens for this. The rejection was QUICK. So the whole mess made my estimated tax payment before the close of 2023, off over $3K.
The good news is: There is no underpayment fine for this repayment of premium plus I started Medicare in 2023, wife will start this year, so that amount WILL be less. Yay!!!
Exactly what I have done for 20 years +. I can work 4-5 hrs extra in my side gig consulting to pay the prep fee and not have to put an ounce of thought into tax returns.
Had to file my dead sister in law’s taxes. I need a death certificate from Colorado for her state taxes, but I found they contract that request to an outside service. That service is 30 days behind processing requests, and when the request does get to Colorado Vital Records…they themselves are 30-60 days behind.
Even more aggravating, Pitkin county is holding her estate’s $38,000 of cash found in her rented room also needing a death certificate. Their county coroner identified her and declared her dead! There is as much red tape in death as life. Maybe more!
Even more aggravating, Pitkin county is holding her estate’s $38,000 of cash found in her rented room also needing a death certificate. Their county coroner identified her and declared her dead! There is as much red tape in death as life. Maybe more!
1 800 GOT BUXX
I used a CPA for the first time this year. Between switching jobs, moving to a different state, cashing out some 401k funds etc. I didn't want to screw things up. Worked out OK for me: $348 owed to the feds, $18 owed to the state of WI, $346 refund from the state of MN. Just about as close to net zero as one can get.
Change that X to a T and I gotchu all day.
I just filed an extension. Will get to it on rainy day, but if history repeats itself, probably not until Oct. 14th.
Philisophically, I trade 1 hour of labor to my employer for the market rate of that labor. There is no gain, its a like kind exchange - hence there should be no tax on it.
Think about it.
I had to file my parents last tax return (did so a couple weeks ago). Not having handled their taxes for them in the past (Dad was sharp up until two days before he passed, Mom had dementia and only made it a month longer than Dad) I had an Enrolled Agent handle it for me. Not cheap, but at least there should be no problems.
I've taken multiple accounting classes now and so understand the theory and rationale pretty well but as the owner of multiple small businesses that deal with depreciation expense and a multitude of other issues like 401K and backdoor Roth contributions etc, I have ZERO desire to do my own taxes. That's money well spent IMO.
Sorry for your loss.
Hermann
Site Donor 2023
All done! Started at noon, done at two. Worst problem was going over to TaxAct to get my AGI from last year. Turbo Tax was free for me this year. FED and STATE. They gave people who are on Credit Karma (now owned by TT) a freebie for both returns. I'm happy.
Update: Federal just accepted.
Update: Federal just accepted.
Also on a philosophical level, the government needs to be funded and that money has to come from somewhere, so we have taxes. What is taxed makes little difference. If you don't tax labor then you just have to tax something else more. CT has a "mill rate" for real estate taxes. On a local level, really wealthy towns have really low mill rates and impoverished cities have really high mill rates. The fact is 2.5% of a $5M home is $125K and 20% of $150K is only $30K. The budget is made and the mill rate is adjusted based on real estate values to fund the budget. My point is the money has to come from somewhere.
I have no desire to delve into how the money is (over)spent or any other tangent. I agree, we spend too much...
My federal was 82 pages including all the up coming estimated tax stuff upfront.
Hermann
Site Donor 2023
not judging but I like my simple life.
Multiple K1s and section 179s and 8606s and a bunch more I don't care to recall...too much for me.
Every year I do mine with H&R blocks tax software. Every year the government sends me a notice I did it wrong. Some years they pay me, some years I pay them. I really think they should just do it for me and let me know. Seriously.
A couple years ago they disallowed something or other? I reached out to H&R block's Audit help. It wasn't really an audit, but they looked at it, said they had no idea, and I should contest it.
It worked out to $200. I decided to just pay. No need to be on anyone's list.
A couple years ago they disallowed something or other? I reached out to H&R block's Audit help. It wasn't really an audit, but they looked at it, said they had no idea, and I should contest it.
It worked out to $200. I decided to just pay. No need to be on anyone's list.
Similar threads
