Jump to content

Menu

don't procrastinate on your taxes


SparklyUnicorn
 Share

Recommended Posts

We are still waiting for the tax form from Morgan Stanley for all the RSUs. Every year we wait for that form to be available but I rather wait than have them mess up and I have to file an amended return.

 

On the other hand, we are already getting back more money per pay check since last week due to the tax reform. So payroll has adjusted earlier than we expected.

  • Like 2
Link to comment
Share on other sites

I will be doing ours this Saturday.  I already know what we are getting back, but I have to actually fill out all the stupid detail stuff, and I need to look up the kids socials again lol.  I do not have them all memorized yet. 

Locating the kids' social security numbers is the hardest part of doing our taxes (and we're not even EZ filers!)  :lol: "They're in the safe. What's the code to the safe? They're on last year's taxes. I never printed that out..." Etc. 

  • Like 3
Link to comment
Share on other sites

My DH got his W-2’s yesterday. I figured out my piano lesson income last night and all our deduction stuff. I’m gathering all the paperwork tonight and bringing it to church to give to the friend who does our taxes for us. If he’s not there tonight it’ll be waiting for his wife when she brings their kids for piano on Friday. I’ve done it myself before but decided it was worth paying our friend and not having to deal with it myself.

  • Like 1
Link to comment
Share on other sites

My kids all cashed in JUST over $800 each in stocks that my dad bought them years ago so we're waiting for forms for that, I assume?  We don't invest (except 401k through work) so I have no idea but I'm assuming it's income and don't know what to expect.

Edited by 6packofun
Link to comment
Share on other sites

We are still getting documents in the mail.  It seems like it takes quite a while to get everything. My w2 isn't even here yet.  Should have been in today's mail, but since it didn't arrive, I'm guessing tomorrow.

Edited by Tap
Link to comment
Share on other sites

My kids all cashed in JUST over $800 each in stocks that my dad bought them years ago so we're waiting for forms for that, I assume?

That is the tax form I am waiting for. My husband already have federal tax withheld when stocks were vested and sold so we owe federal tax until that tax form comes in and bumps up the amount of federal tax already withheld. Your kids stocks gains should fall under long term capital gains tax.

  • Like 1
Link to comment
Share on other sites

I did mine, made a really stupid mistake and am now going to have to file an amended return. The IRS doesn’t know about my mistake and already accepted my return. Gah.

 

This is what I get for filing too hastily. I am an accountant and should know better. Heck, I DO know better.

Edited by LucyStoner
  • Like 2
Link to comment
Share on other sites

We are still waiting for ...all the RSUs. 

 

Rats of unusual size?    I don't think they exist. Oh wait, that would be RUSs.

 

(Sorry, couldn't help myself.  Every tax thread needs a little levity and what is better than a reference to The Princess Bride?)

Edited by Pegasus
  • Like 5
Link to comment
Share on other sites

I actually enjoy doing my taxes (not the paying part but I love playing with numbers and love the challenge of figuring things out each year)  That said my taxes are done but I can't send them in yet.  DH did some contracting work and while I know the amount, I don't actually have the form from the company yet and our state forms aren't finished so I can't file those yet anyways.  But otherwise they are done, reviewed, etc.  When my kids are older, I think I should go study to learn how to be a tax preparer.  I would have so much fun with that.

  • Like 3
Link to comment
Share on other sites

I actually enjoy doing my taxes (not the paying part but I love playing with numbers and love the challenge of figuring things out each year)  That said my taxes are done but I can't send them in yet.  DH did some contracting work and while I know the amount, I don't actually have the form from the company yet and our state forms aren't finished so I can't file those yet anyways.  But otherwise they are done, reviewed, etc.  When my kids are older, I think I should go study to learn how to be a tax preparer.  I would have so much fun with that.

 

I love doing ours, too.  Nice to find another kindred soul. 

  • Like 2
Link to comment
Share on other sites

I actually enjoy doing my taxes (not the paying part but I love playing with numbers and love the challenge of figuring things out each year) That said my taxes are done but I can't send them in yet. DH did some contracting work and while I know the amount, I don't actually have the form from the company yet and our state forms aren't finished so I can't file those yet anyways. But otherwise they are done, reviewed, etc. When my kids are older, I think I should go study to learn how to be a tax preparer. I would have so much fun with that.

I kind of like doing them too. We are also waiting on a form or two before we can file though.
  • Like 1
Link to comment
Share on other sites

That is the tax form I am waiting for. My husband already have federal tax withheld when stocks were vested and sold so we owe federal tax until that tax form comes in and bumps up the amount of federal tax already withheld. Your kids stocks gains should fall under long term capital gains tax.

 

Thank you!

Link to comment
Share on other sites

I actually enjoy doing my taxes (not the paying part but I love playing with numbers and love the challenge of figuring things out each year)  That said my taxes are done but I can't send them in yet.  DH did some contracting work and while I know the amount, I don't actually have the form from the company yet and our state forms aren't finished so I can't file those yet anyways.  But otherwise they are done, reviewed, etc.  When my kids are older, I think I should go study to learn how to be a tax preparer.  I would have so much fun with that.

 

My husband really enjoyed it. He isn't doing it this year because he finally got a full time job. But he misses getting to play with numbers and explain to people why their taxes came out the way they did.

Link to comment
Share on other sites

I actually enjoy doing my taxes (not the paying part but I love playing with numbers and love the challenge of figuring things out each year) That said my taxes are done but I can't send them in yet. DH did some contracting work and while I know the amount, I don't actually have the form from the company yet and our state forms aren't finished so I can't file those yet anyways. But otherwise they are done, reviewed, etc. When my kids are older, I think I should go study to learn how to be a tax preparer. I would have so much fun with that.

You can get free training via the IRS Volunteer income tax preparer program and volunteer to help modest means families and seniors get their taxes done. I love this because it means one less person getting hoodwinked into shady refund loans etc. Here rhe agencies to volunteer for are the AARP and United Way and they hire supervisors every year. It’s just a few hours a week.

  • Like 6
Link to comment
Share on other sites

I hate doing our taxes. I don’t know why I need to do them early.

 

 

Sent from my iPhone using Tapatalk

It can help to protect against fraud to file earlier rather than later. Even when we owe, I try to file early and then schedule payment from my checking account on April 15th.
  • Like 2
Link to comment
Share on other sites

Ours get done in October after the extension. I am married to an accountant.......

 

#TheCobblersChildrenHaveNoShoes

#NoTimeForFamily

#LastMinuteNotLate

Lol. Not married to an accountant, but same here.

 

For us, it's not as much fun or motivating to file when there's no return coming. Also, since DH is self employed, we have get all the bookkeeping square away first. Ugh.

 

Edited: We know how much to pay ourselves yearly in order to stay in a certain income bracket and what to do with the business equity to avoid the government taking up to a third of our earnings in taxes. So no surprises at least.

Edited by IfIOnly
  • Like 2
Link to comment
Share on other sites

Husband gets an automatic extension due to living overseas.  Good thing too - it's a complicated business as the UK and the US have different fiscal years.  Luckily the INS lost my Green Card application so I don't have to file US taxes.  I filed and paid my UK taxes just after Christmas.

Edited by Laura Corin
  • Like 3
Link to comment
Share on other sites

Husband gets an automatic extension due to living overseas.  Good thing too - it's a complicated business as the UK and the US have different fiscal years.  Luckily the INS lost my Green Card application so I don't have to file US taxes.  I filed and paid my UK taxes just after Christmas.

 

Laura I use FreeTaxUSA to efile my U.S. Federal Return, FREE.  For years, I had used TaxACT, and I paid for the inexpensive Premium service, but several years ago they substantially raised the price and then I found FreeTaxUSA.  You can file all of the Federal forms that can be efiled, free, with FreeTaxUSA.  That might work well for your DH for his U.S. Federal return and if he needs to also file a State return, then he will need to pay the fee for the State return. 

Link to comment
Share on other sites

Laura I use FreeTaxUSA to efile my U.S. Federal Return, FREE.  For years, I had used TaxACT, and I paid for the inexpensive Premium service, but several years ago they substantially raised the price and then I found FreeTaxUSA.  You can file all of the Federal forms that can be efiled, free, with FreeTaxUSA.  That might work well for your DH for his U.S. Federal return and if he needs to also file a State return, then he will need to pay the fee for the State return. 

 

Husband uses Turbotax and finds it pretty good.  Each year he tries to pay for it, but they can't work out how to accept his overseas credit card, then they give it to him for free.  That's happened four years in a row.  It's good to know about your programme if he gets charged this year.

 

  • Like 1
Link to comment
Share on other sites

Laura I use FreeTaxUSA to efile my U.S. Federal Return, FREE.  For years, I had used TaxACT, and I paid for the inexpensive Premium service, but several years ago they substantially raised the price and then I found FreeTaxUSA.  You can file all of the Federal forms that can be efiled, free, with FreeTaxUSA.  That might work well for your DH for his U.S. Federal return and if he needs to also file a State return, then he will need to pay the fee for the State return. 

 

I used that.  Federal was free.  I found a coupon and was able to get state for $11.65.  That's about my limit for spending money on it.  I don't feel like I should have to pay money to file my taxes!  So usually I do them and mail them if that's the only free option.  It WAS worth the $11.65 though.

  • Like 1
Link to comment
Share on other sites

On the other hand, if your taxes are complicated and you need more time, it's not as big a deal as I thought to file a late return.  We've ended up doing that several times -- sometimes not filing until the end of the summer -- because of unusual circumstances.  A penalty was involved, but it was surprisingly low.

 

  • Like 2
Link to comment
Share on other sites

On the other hand, if your taxes are complicated and you need more time, it's not as big a deal as I thought to file a late return.  We've ended up doing that several times -- sometimes not filing until the end of the summer -- because of unusual circumstances.  A penalty was involved, but it was surprisingly low.

 

Only time I took my time was when I owed them a few bucks.  :laugh:

  • Like 1
Link to comment
Share on other sites

Husband uses Turbotax and finds it pretty good.  Each year he tries to pay for it, but they can't work out how to accept his overseas credit card, then they give it to him for free.  That's happened four years in a row.  It's good to know about your programme if he gets charged this year.

 

 

Very nice...  I hope his luck with that continues.  I would need to pay an arm and a leg for Turbo Tax, because I need to file a Schedule C. 

  • Like 1
Link to comment
Share on other sites

I used that.  Federal was free.  I found a coupon and was able to get state for $11.65.  That's about my limit for spending money on it.  I don't feel like I should have to pay money to file my taxes!  So usually I do them and mail them if that's the only free option.  It WAS worth the $11.65 though.

 

For years, living overseas,  I was frustrated that I could not eFile my U.S. tax returns. The ACA (American Citizens Abroad) and other groups lobbied for years and when the I.R.S. made that possible for us, it was amazing.   :hurray:   When I had to send them my paper return, via Snail Mail, I wondered if and when they would receive it. With eFile, I am positive they receive it.  This year, eFile will be more important for us because on October 1st DD will need to file the FAFSA form and that information can be pulled into the FAFSA, if one has eFiled.   

 

Yes, when I started using TaxACT, the first 2 or 3 years, I did the free return. Then, I began paying for Premium service, which was very nice. Possibly 8 to 12 dollars as the years went by. Then, 2 or 3 years ago when I went to TaxACT I discovered they were going to charge me about USD$30 for the return. I suspect another company had purchased TaxACT... That's when I searched and found FreeTaxUSA.  I used them for the past 2 or 3 Federal returns and will use them again this year.

 

Sending that information via the mail to the I.R.S. if it should get into the wrong hands, would be a critical issue, regarding personal data and eFiling more or less eliminates that risk. And, when you eFile, they do a quick scan, to see if there are any obvious errors, before the return is accepted.

Edited by Lanny
  • Like 1
Link to comment
Share on other sites

Ours are done and submitted. I'm just waiting on my dishwasher!!!!!!!

 

I ask my dh every single day why my dishwasher isn't installed yet. :lol:

Totally reminds me of the April Fool's story on NPR a few years ago about how in Phoenix, instead of mailing people tax return checks, they were instead sending them air conditioners.

  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...