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fairfarmhand

Taxes...sigh

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That was us yesterday.  It sucks.  We have both individual and quarterly business due so it’s been several days of paperwork purgatory 😫

 

Reward yourself with some tea and fresh air when it’s done!

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I’ve been helping my teens file their taxes. Should be easy peasy!  Except it’s been nearly two decades since I’ve actually done taxes instead of paying someone else to do it. I think we’ve made it though federal. State and local still to go!

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Ours were a pain this year. We moved to another state but dh is still working in our previous state. TurboTax could not figure it out, so we had to not use them for the first time in years. But we got them done and I'm just hoping we did it right. It seemed liked it shouldn't have been that difficult but it was

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I’m still waiting for all the tax forms to be available from California (state tax refund form 1099-G), Morgan Stanley (stocks 1099-B), the banks (taxable interests 1099-INT) before I can complete filing.  On the bright side, I think I don’t need to do itemized deductions again as the standard deduction is higher. 

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I did federal in a couple of hours the other day.  Ours are pretty straight forward.  Only one W2, taxable interest is super small, standard deductions, etc.  I used free file fillable forms and it was accepted within a few hours.  (after I corrected my issue of forgetting to check the "married filing jointly" button. lol)

State taxes are another story.  Last year was the first year I had to file taxes for Ohio and we were only Ohio residents for part of the tax year.  I claimed a deduction when I should have been claiming a credit.  Well, they knew enough to correct the return to remove the deduction, but didn't know enough to claim the correct credit 🙄  So right now, the Ohio tax people think I owe like $500 or $600, when in reality, they owe me some $300+.  I faxed paperwork in, then called last week to check on it since I hadn't heard anything, and then need more papers.  So tomorrow when I am out running errands I will be faxing that stuff.  I don't want to file the state taxes for this year until the screw up from the last year is taken care of, otherwise I am afraid they will take THIS year's refund, then I will have to fax in MORE stuff to get all our money back.  

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My feelings for filing are the same as for filling out FAFSAs. I moaned and groaned for a few days, slowly got all the paperwork in front of me, got a stomach ache thinking about it, and then when I finally sat down and did it it was pretty painless and quick. 

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DH and I are still waiting for forms, but DS24 and I will get his done tomorrow. I'm hoping I can get ours ready to go to the accountant by the weekend...

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It is a lovely day here....SUN in West Michigan for the second day in a row.  We had more sun yesterday than in the past 25 days combined.   And I am in the house with mild influenza or the crud.  I want to be out walking but since I can hardly get across the house without a huge coughing fit I don't think I am up to a long walk 😞

 

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My husband is an Accountant and he has access to very expensive fancy programs through work, so I don't touch it.  

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Things are messy here since my divorce was finalized in August. I am having an accountant do it. I've used an accountant for our taxes for a long time. He was a huge help with going through the financial agreement for the divorce.

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9 hours ago, fairfarmhand said:

Its a gorgeous day and I'm going to be doing tax paperwork this afternoon.

 

Sigh.

That's all.

 

You inspired me to start mine today.  So thank you.  🙂

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11 hours ago, Carrie12345 said:

I’ve been helping my teens file their taxes. Should be easy peasy!  Except it’s been nearly two decades since I’ve actually done taxes instead of paying someone else to do it. I think we’ve made it though federal. State and local still to go!

Which state has local taxes? I've never heard of that before!

3 sets of taxes. What a pain! I'm so glad my state doesn't have a state income tax!

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5 hours ago, wilrunner said:

Which state has local taxes? I've never heard of that before!

3 sets of taxes. What a pain! I'm so glad my state doesn't have a state income tax!

PA.
It’s not all that terrible financially, since our state is only about 3% and our local is 1%, but yeah, that extra step is a pain. Especially since one dd’s withholdings weren’t done right and she’s going to owe about $20 @@.  

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7 hours ago, wilrunner said:

Which state has local taxes? I've never heard of that before!

3 sets of taxes. What a pain! I'm so glad my state doesn't have a state income tax!

Lots of places have a local income tax.

In Indiana, there is the state income tax and then most counties also have a county income tax.  BUT, the state tax department handles the tax filing for the county tax, so when you file the state taxes, there is also a county tax form that goes in as part of the state return.

In Ohio, there are city income taxes and yeah, that is a separate form.  It was fairly simple last year.  The only "complication" we had was that DH worked in one city with one income tax, but we live in a different one and his workplace was only taking city taxes out for the city the company is in and the tax rates are different so we ended up owing money.  I think some school districts also have a school district tax, but I dunno much about that.

 

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Yes, I hear you. I've got to do some of that this afternoon. I have to have a professional involved for legal reasons, but getting everything together is a pain. 

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We do taxes year 'round, with the ranch and the conservation easement. Still waiting on the state lady to file the whatever about our tax credits. Some we'll use and some we'll sell. The good news is that the state lady was so slow that the sale price has gone up! It was like that on the appraisal. When it takes 3 and a half loooong years to get the paperwork done, the appraisal went up by $400,000! I think I'm convinced it's all Monopoly money anyway. 

Edited by Margaret in CO

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I don't even want to think about taxes!😭😭

I will be doing our 4 - Fed, our state, and 2 other states.  DH's K-1 isn't completed (EVER) until late March.  They aren't difficult anymore - just a bit time consuming!

And...I have to get my dad's done and it's going to be a pain in the butt!  I did his last year for the first time and that was ok once I figured out what he had been doing over the years.  This year's has his capital gain from the sale of his home.  I am knee-deep in boxes of papers trying to find documentation to bring the basis down.  And...I need to find someone to do them this year for him.  I'm not feeling like I want to be responsible for that.

Anyway, I will probably cry everyday for the next couple of months.  Then, when they are all off my plate, I am getting a weekend away by myself with a lovely massage.  That is getting me through!!!

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