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Wishing I had started doing taxes earlier :-(


mlktwins
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Anyone out there to commiserate with me :-)?!?!?  DH never gets his K-1 until late March, but I usually have Federal done except for the K-1 stuff.  I have done nothing!  And...I have to do 3 state taxes too.  I even have a very old accounting degree, but my tax class was my worst grade ever in college.  I'm stressing and this about sums it up  :scared:  :smash:  :willy_nilly:  :eek:  :banghead:  :angry: .

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We don't live in CA, but I have to do CA taxes. Those are the worst of the 3 state taxes. What a mess...

I efile for many years and we gave up and let turbotax get the data for w-2, stocks and whatever forms that can be imported. I keyed in our bank interests since that is the easy data entry. Turbotax Premier did my California state tax fast enough for us. We have mortgage interest, AMT, Medicare surtax, stocks (company stock options) and it is a pain.

 

We get the stocks form late every year so I do get the waiting for that just one form feeling.

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I efile for many years and we gave up and let turbotax get the data for w-2, stocks and whatever forms that can be imported. I keyed in our bank interests since that is the easy data entry. Turbotax Premier did my California state tax fast enough for us. We have mortgage interest, AMT, Medicare surtax, stocks (company stock options) and it is a pain.

 

We get the stocks form late every year so I do get the waiting for that just one form feeling.

I hear ya! I use TurboTax Premiere too, for Federal, VA, and CA (non-resident) taxes. NY are easy to do for non-residents so I file on paper. CA is still a pain to do. It took DH and I an ENTIRE weekend to do the short form on paper the 1st time. The next time we did TurboTax, which was easier.

 

It will get done and we are getting refunds, so it will be worth it!

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You can file for an Automatic Extension with the I.R.S., which will give you (I think) 60 additional days to file, but if you get an Extension you need to pay whatever you think you will owe, by April 15th. We live overseas, so we receive an Automatic Extension, without requesting it.  I haven't begun to do my U.S. tax return  yet.  After I have that filed, then I will begin on my Colombian return, which in contrast to a U.S. return, is a total mystery to me. It involves ones Estate, in addition to ones Income. I have an "expert" (not a word I apply to people often) Accountant prepare that return for me.  I used TaxACT for a number of years and was very happy with it, but when I went to do my  2015 return, last June,  they had raised their prices substantially.  I looked around and found FreeTaxUSA.com and filed my 2015 Federal return with them, free.  I plan to use FreeTaxUSA.com again this year. I need to file a Schedule C, which I think would cost a lot more with TurboTax or some of the other tax preparation services.

 

Since I read that you pay CA taxes, CA may exempt Public School Teachers from paying State Income Tax. There is a Bill for that in the legislature in Sacramento.  

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Me too! For the 10th year in a row I've resolved that we'll do some of this paperwork at least quarterly for 2017, when we make quarterly payments.

 

We have an accountant who files our taxes, but it's documenting the expenses for two sole proprietor businesses, one with a home office deduction, that kills me. 

 

Seriously, after we file 2016 I'm going to make dates with dh on the calendar to chip away at 2017 throughout the year!

 

Amy

 

 

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  • 3 weeks later...

Anyone still working on taxes?!?!?!?  I don't like this, but we will get refunds so I am plugging away.  I have NEVER, EVER, EVER procrastinated like this on taxes before.  Normally I'm getting them in the mail about now.

 

But....I am glad that I waited this time.  We found out Monday that DH's K-1 had an incorrect amount for one of the state taxes I have to file (not our home state).  If I had finished everything, I would have had to redo/amend all 3 state taxes because that amount ties into my home state taxes, which ties in to the other state taxes I need to do.  I would have cried....

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this won't help for this year - but in the fall the irs holds "how to do taxes" classes with intent you will volunteer some hours for low-income and elderly.

 

dh usually does them early - unless we owe taxes, then he waits to file.   ds is working for a cpa firm - so it is now "all hands on deck" and he's working saturdays too. - because a lot of people wait until last minute.  even ones that use cpa firms.

Edited by gardenmom5
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this won't help for this year - but in the fall the irs holds "how to do taxes" classes with intent you will volunteer some hours for low-income and elderly.

 

dh usually does them early - unless we owe taxes, then he waits to file.   ds is working for a cpa firm - so it is now "all hands on deck" and he's working saturdays too. - because a lot of people wait until last minute.  even ones that use cpa firms.

 

I have an accounting degree that I haven't used in 12 years -- LOL.  I HATE doing taxes -- that was not my specialty! 

 

DH's firm never gets us our K-1s until late March.

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We are doing our person taxes today. We did he quarterly business taxes a few weeks ago and these are easier, so we don't mind procrastinating.

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Well, I am married to an accountant, so I don't deal with it at all!   :hurray:

 

But he just told me I may need to write some checks to the tune of a few THOUSAND dollars!

 

GRRRR!  

 

It is all because I went back to work this year and even though I claimed "0", not enough was taken out.

 

And thankfully, since I have job, I have the money in the bank.

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I'm working through the kids' today.  I was going to just coach them through the process step by step, but since we are so close to the deadline, I'm doing them myself and then will have them recopy everything I did, while I explain it all to them. (Yes, just doing theirs on paper.) Even with the short easy forms I find myself confused at times, or needing to look something up, particularly on the worksheet for dependents. [Add this seemingly* random amount, subtract this seemingly* random amount...] And then we have local taxes; one of my kids works in the next township over, so we have to deal with that too.  

 

My husband is working on the family taxes today.  I do some of the work - saving the documents all year, putting the information together for him so he just has to plug it in.  Still, there's always some question that comes up.  

 

*I said "seemingly" on purpose.  It just looks random to me though I imagine that there is some complicated formula that would make sense if I knew it or cared to look it up.  Not asking anyone to google it for me!  :-)

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I'm feeling a really strong desire to shampoo the entire house today or to do yardwork or to regrout the bathroom or. . .

I know right? I have some crocheting I should really be doing, Benny suddenly needs his baby blanket done. :p

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I started my U.S.  Federal return this week. 2 months early for me, because we are overseas and get an automatic 60 day extension. This is the 2nd year I am using FreeTaxUSA.com  and since I only file a Federal return, it is Free.  I'm probably ready to eFile now.  My return is simple, except for a Schedule C.   The following was in an email ("Welcome Back") FreeTaxUSA sent to me, 2 days ago. Possibly this will be of interest to you. "Multiple States - The software supports part-year and nonresident state returns."   Waiting for forms to arrive is a PITA.   After I file my U.S. return, then I can begin to gather the information for my Colombian return, which is a total nightmare and something I do not understand. It has not only to do with Income, but also with Estate / Net Worth (Property owned, etc.).  I have an Accountant, with tons of experience, prepare that. They file 18 pages...

Edited by Lanny
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I have an accounting degree that I haven't used in 12 years -- LOL.  I HATE doing taxes -- that was not my specialty! 

 

DH's firm never gets us our K-1s until late March.

 

dh (degree in accounting) has a business for which he has to do the taxes.  and he's associated with a non-profitable investor dependent start-up (we'll see if it does anything), a few investors demanded he do __ - and he warned them they'd owe taxes if they did it that way - then started screaming at him when they owed those taxes.  (uh, he warned you . . . and he refused to change anything until they showed him chapter and verse in the tax code that said it could be the way they wanted it. which, they couldn't.).  

kids are getting pretty independent at this.  plus, I have one working towards an accounting degree/cpa. he doesn't want to do taxes either- he wants to do managerial accounting. ('cause he had such a blast in his managerial accounting class.)

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I married an attorney.  He is outside mowing the lawn while I'm stuck inside doing taxes :laugh: !  I would rather mow the lawn...

 

My husband is mowing the lawn right now and then will get back to doing taxes!  

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I paid my UK taxes on December 30, made a mistake in the reference numbers, and I'm still fighting to get the money properly credited. Everyone I speak to agrees that it should all go through fine now, but somehow, week after week, it doesn't. I've asked for a refund on my penalty, and they all say that should be no problem, but I'm not holding my breath.

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I haven't done my own taxes yet, but I feel like I've walked thru a million returns in the last several weeks, since I am working seasonally for TurboTax doing customer support.  :-) I have all the documents ready, including last years AGI so I can efile.  Everyone seems to be waiting til the last minute since the last day for filing is the 18th.  

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I haven't done my own taxes yet, but I feel like I've walked thru a million returns in the last several weeks, since I am working seasonally for TurboTax doing customer support. :-) I have all the documents ready, including last years AGI so I can efile. Everyone seems to be waiting til the last minute since the last day for filing is the 18th.

Maybe I have talked to you recently!

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I'm feeling a really strong desire to shampoo the entire house today or to do yardwork or to regrout the bathroom or. . .

 

I would have done any of these things too :-)!!!!  I procrastinated some by doing dishes and laundry.  I wasn't going to go into the current se_ thread, but I did and spent time reading that -- LOL!!!!

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I paid my UK taxes on December 30, made a mistake in the reference numbers, and I'm still fighting to get the money properly credited. Everyone I speak to agrees that it should all go through fine now, but somehow, week after week, it doesn't. I've asked for a refund on my penalty, and they all say that should be no problem, but I'm not holding my breath.

 

Gosh, I hope you get your money back soon!!!

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I just told dh that he owes me big time for me doing the taxes for the last 25 years.

 

 

Sent from my iPhone using Tapatalk

 

I hear you!!!  I've always done out taxes, but I talked to a few people last year and was :scared: when I heard how much they were paying to have their taxes done.  We deserve a huge paycheck :-)!!!

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I haven't done my own taxes yet, but I feel like I've walked thru a million returns in the last several weeks, since I am working seasonally for TurboTax doing customer support.  :-) I have all the documents ready, including last years AGI so I can efile.  Everyone seems to be waiting til the last minute since the last day for filing is the 18th.  

 

You may end up with some PM's asking for TT support in the next week -- LOL!!!

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I am a morning person, so I am going to start fresh tomorrow with a hot cup of coffee.  I should have Federal done in about 2 hours (if I apply myself).  I will have the 2 easier states done by tomorrow night.  CA is the difficult one and we end up getting most everything we paid back in refund.  Hours spent on CA taxes!!!  I think that is the main reason I have been procrastinating so much this year!

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I am a morning person, so I am going to start fresh tomorrow with a hot cup of coffee.  I should have Federal done in about 2 hours (if I apply myself).  I will have the 2 easier states done by tomorrow night.  CA is the difficult one and we end up getting most everything we paid back in refund.  Hours spent on CA taxes!!!  I think that is the main reason I have been procrastinating so much this year!

 

If you are in CA the legislature was looking at exempting Educators from needing to pay CA income tax. I don't know if that was signed into law, but if you are Educators, check that out.  

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If you are in CA the legislature was looking at exempting Educators from needing to pay CA income tax. I don't know if that was signed into law, but if you are Educators, check that out.  

 

Thanks so much Lanny!  We don't live in CA.  The firm my DH works for has a small office in CA, so even though the CA office/clients are not his office/clients, some of his income is derived from the CA office/clients.  So...we have to file a non-resident return.  We have to do the same in NY, but it is a simple, 4 page return for them.  CA is all kinds of NOT SIMPLE!!!

Edited by mlktwins
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I'm feeling the crunch.  For my business, I had two events last year that I did with other people and we still haven't reconciled the financials yet.  There were some missing records so we both put our heads in the sand about finalizing them.  Plus, I have several boxes to go through for a few missing documents.  And there are the loads of documents that I need to download, which means loads of online passwords I need to reset because I don't remember them ... or they expired or something.  I'll be loading up on chocolate chips and diet pepsie this week (even though I thought I had sworn off the stuff. )

 

I've always done our taxes.  I'd been doing my own since I was a teen.  Dh's dad always did his and he has never done taxes.  Since I have had a couple of businesses and I had to do the taxes for those, dh has put his head further in the sand.  I think I need to create a file for him if I ever become incapacitated.  He would not know where all our accounts are or how to pay bills or anything if it doesn't involve a paper check. 

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I was going to work with the kids on their taxes yesterday.  Then a friend had a medical issue and needed help getting somewhere.  I was out all afternoon, and taxes are still undone.

 

This is why I try to teach my kids not to procrastinate.   I also almost ran out of gas because the car was almost on empty and her appointment was a bit of a drive from home.  I made it, and got gas after I dropped her off, but it was a hassle and I find it stressful to drive on fumes.  

 

Why why why do I do this to myself?

 

 

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I've always done our taxes.  I'd been doing my own since I was a teen.  Dh's dad always did his and he has never done taxes.  Since I have had a couple of businesses and I had to do the taxes for those, dh has put his head further in the sand.  I think I need to create a file for him if I ever become incapacitated.  He would not know where all our accounts are or how to pay bills or anything if it doesn't involve a paper check. 

 

DH used to do all of his, but then he married me and decided since I have an accounting degree (I got my lowest grade of any class in tax accounting -- LOL), that I could take those over :glare: .  Since then, I don't think he has paid a bill or logged onto any of the banking sites, etc.  I do have a up to date spreadsheet with all our accounts, user names, and pw's on it, but it would be very interesting for him if something happened to me.  He also poo-poo's me when I tell him where I keep all the yet to be paid bills and check books in case I'm gone.  At least I tried :-)!

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Any updates from anyone in the trenches?  I managed to get Federal done and one state last night.  Hubby still needs to review for me (my second set of eyes).  I have a minimal amount of information to input into TT for my home state and that will be done.  I still have the dreaded CA to do.  I will look at those fresh in the morning.  I called spring break a week early and the boys are in heaven!

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I went to Turbotax a few years ago and never looked back. I did ours plus out-of-state college kids, and did it alongside my high schooler. I've been efiling as they get them reviewed. Still need to look ours over one more time and efile federal and mail the state return.  

 

That's all going to have to wait until after Easter company departs!

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