Just Finished Prepping My Taxes

my-rifle · Mar 24, 2012

I started this morning at 9:30AM, and I took an hour break for dinner, but other than that I've been poring over receipts, credit card statements, bank account statements, IRA statements, checkbook registers, and spreadsheets all day long and most of the night. Tomorrow we meet with the accountant, and I have my fingers crossed. When you do estimated taxes you always hold your breath when you go to the tax accountant. Who knows whether we're going to wind up owing or being owed? Probably the latter, but you never know.

Wish me luck guys.

Xenon · Mar 24, 2012

I'm on the other side of the table. Just as bad for us this time of year. I hate telling people they owe MORE money

Mr.Squatch · Mar 24, 2012

I punched the numbers from my w2 into turbo tax and was finished in 30 minutes, and had a two deposits in my acct 6 days later. No debt, no kids, no wife. Life is simple

Side note, I paid more in taxes and this year than I made two years ago. wth?

g

my-rifle · Mar 24, 2012

Mr.Squatch said:
I punched the numbers from my w2 into turbo tax and was finished in 30 minutes, and had a two deposits in my acct 6 days later. No debt, no kids, no wife. Life is simple Side note, I paid more in taxes and this year than I made two years ago. wth? g

I'm guessing you're in a substantially higher tax bracket this year. That's a good thing not a bad one.

No, we have thousands of receipts and transactions all of which have to be manually entered, categorized, and tallied. All the notes from last year's tax preparation have to be located, comprehended, and followed to ensure we get every bit we're entitled to. Also we have two companies and a rental house that needed to be sorted out. Even with all that I'm sure we're going to find things we missed later on.

slowhandlukem · Mar 24, 2012

TURBO TAX was stupid ezzzzzzzzzzzz....I have a few homes and other claims.I assumed I would need an idiot tax guy again this year
like HR c**ks.I decided to see how far I could gt with teh claims and things..Receipts don't work anymore on rental homes.Thas ol
school as far as taxes go.I saved over 1000 receipts year before.Tax person told me..throw them in trash...

SO I proceeded down the tax avenue at turbo..Claimed this,,did that ,,punched all w2s...out of state claims and so forth..Took about
an hour and 15 minutes.But was so simple.I didn't get a headache half way through lol..

Received email next morning..Received and no issues..Received a email next day,check on the way..
I also filed state on turbo,,also received,,check on way..I will be efiling from now on..

ANd it is not free lol..You have to pay,depending on what you want.I payed teh extras for extras
because of how much I claimed and filed on...

TURBO TAX Rules !!!!!!!!!!!!!!!!!

Yrdawg · Mar 24, 2012

We've used Turbo since it started...no worries

Mr.Squatch · Mar 24, 2012

my-rifle said:
I'm guessing you're in a substantially higher tax bracket this year. That's a good thing not a bad one.

No, we have thousands of receipts and transactions all of which have to be manually entered, categorized, and tallied. All the notes from last year's tax preparation have to be located, comprehended, and followed to ensure we get every bit we're entitled to. Also we have two companies and a rental house that needed to be sorted out. Even with all that I'm sure we're going to find things we missed later on.

yes, it is a good thing money wise. Dunno if I wouldn't still trade it to be home :/ Sucks about all the work you have to do to make a living in the "land of the free." I noticed you used the term "what we are entitled to" which I'm assuming means "as much of our money as they'll let us keep." hrmph.

g

Russo · Mar 24, 2012

CPA has my personal and i've gotta iron some things out with Quickbooks on my business end... i should still get back with all the donations and payroll taxes i paid

Nomad.2nd · Mar 25, 2012

my-rifle said:
I'm guessing you're in a substantially higher tax bracket this year. That's a good thing not a bad one.

No, we have thousands of receipts and transactions all of which have to be manually entered, categorized, and tallied. All the notes from last year's tax preparation have to be located, comprehended, and followed to ensure we get every bit we're entitled to. Also we have two companies and a rental house that needed to be sorted out. Even with all that I'm sure we're going to find things we missed later on.

I use company debit cards for my LLC's.
Let the bank be my accountant.

That makes it easy for my CPA.
(I'm sure she and I going out to dinner last night didn't hurt!)

Emperor · Mar 25, 2012

If I thought 9,999 of you would join me, I would wipe my ass with my tax return and send it with no money!

jimdana1942 · Mar 25, 2012

There are more Solyndras ou there that BHO wants to give money to so please pay your taxes right away.

my-rifle · Mar 25, 2012

Nomad said:
I use company debit cards for my LLC's.
Let the bank be my accountant.

That makes it easy for my CPA.
(I'm sure she and I going out to dinner last night didn't hurt!)

The IRS doesn't let you do that anymore. Each receipt has to be accompanied by what it was used for. You can't just say, "I spent $2190 on meals and entertainment." anymore. Likewise with the company cars. You can't just say you drove 11,000 miles. You need a legible log of how the car was used. Also this year the IRS is demanding that if you pay someone do do work for you (if you're using a schedule C) like a lawn guy, and you pay him more than $600 during the course of the year you have to send him and the IRS a 1099.

If your CPA is telling you you can just claim lump amounts as deductions she's leading you down a sticky path, my friend.

Nomad.2nd · Mar 25, 2012

my-rifle said:
The IRS doesn't let you do that anymore. Each receipt has to be accompanied by what it was used for. You can't just say, "I spent $2190 on meals and entertainment." anymore. Likewise with the company cars. You can't just say you drove 11,000 miles. You need a legible log of how the car was used. Also this year the IRS is demanding that if you pay someone do do work for you (if you're using a schedule C) like a lawn guy, and you pay him more than $600 during the course of the year you have to send him and the IRS a 1099.

If your CPA is telling you you can just claim lump amounts as deductions she's leading you down a sticky path, my friend.

Nope, she said they WANT you to do that.(there's some wiggle room)

So I write it on the recept, throw it in this months folder (last night we discussed retirement planning) and use the bank statement

If I get audited, I bring them the folder. (tis my understanding... If not... She will be going through folders!)

It's good to be able to pay your CPA in dinners, shooting, motorcycle rides, and back rubs!!!

Russo · Mar 25, 2012

if you bought a Flex Fuel vehicle in 2010 or 2011 the state is giving $3,000 back.. the code is 71F

my-rifle · Mar 25, 2012

Nomad said:
Nope, she said they WANT you to do that.(there's some wiggle room)

So I write it on the recept, throw it in this months folder (last night we discussed retirement planning) and use the bank statement

If I get audited, I bring them the folder. (tis my understanding... If not... She will be going through folders!)

It's good to be able to pay your CPA in dinners, shooting, motorcycle rides, and back rubs!!!

I wouldn't count on that "WANT you to do that" thing. When was the last time you encountered an enforcement agency that said, "It's OK we just wanted you to do that."

I'm guessing yours is a new LLC and you don't have many employees. Some of us have been around this track a few times and would rather not lock horns with the IRS.

PPBart · Mar 26, 2012

slowhandlukem said:
...Receipts don't work anymore on rental homes.Thas ol
school as far as taxes go.I saved over 1000 receipts year before.Tax person told me..throw them in trash...

Don't know what "tax person" told you to trash receipts, but unless you can document expenses in some other way you better hope the IRS doesn't come calling in the next three years.

Just Finished Prepping My Taxes

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