I'll bet I am not the only one who waits until the last couple weeks to do taxes. This year is no different. I have an accountant do my taxes. I can't deal with all the numbers. I get a little back from the state, and a grand total of one dollar, I owe to the Feds. I pay every quarter, looks like I got fairly close this time. Hope you have finished your taxes. Stan
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flying belgian
Well-known Member
I do all my own tax planning but take it to an accountant to finalize and put the numbers on the right lines. Miraculously I hit it real close this year with my estimates. Not as close as you but close enough for me.
Hobo,NC
Well-known Member
- Location
- Sanford, NC
It seams the less I work the more tax's I have to pay ? My income tax was completed 2/3 weeks ago they already cashed the check. I have already paid the first qt. and they have cased the check...
Dave H (MI)
Well-known Member
I can attest that you are definitely not the only one. I believe I did my last appointment of the year today but many more will come drop off. Usually right up until the afternoon of the due date.
Stephen Newell
Well-known Member
I'm so busy right now our accountant has already filed for an extension.
Destroked 450
Well-known Member
- Location
- Harned, Ky
We have to have ours filed by March 1st, took about a $30k hit on gross farm income last year so we broke even with state and got $100 back from fed.
Didn't like the income lose but did like not having to pay in $10-12k like we did last year.
I'm old school and do my taxes myself with paper forms.
IRS does not like folks doing their own tax forms and especially does not like such folks using paper forms.
My forms were properly completed weeks ago but will not be sent until Monday, 04/11, because, as expected, I will need to send small checks.
Of course, I will keep proper records, including such records from USPS.
Do not trust the IRS.
Dean
IRS does not like folks doing their own tax forms and especially does not like such folks using paper forms.
My forms were properly completed weeks ago but will not be sent until Monday, 04/11, because, as expected, I will need to send small checks.
Of course, I will keep proper records, including such records from USPS.
Do not trust the IRS.
Dean
I'm old school and do my taxes myself with paper forms.
IRS does not like folks doing their own tax forms and especially does not like such folks using paper forms.
My forms were properly completed weeks ago but will not be sent until Monday, 04/11, because, as expected, I will need to send small checks.
Of course, I will keep proper records, including such records from USPS.
Do not trust the IRS. Incompetence is routine.
Dean
IRS does not like folks doing their own tax forms and especially does not like such folks using paper forms.
My forms were properly completed weeks ago but will not be sent until Monday, 04/11, because, as expected, I will need to send small checks.
Of course, I will keep proper records, including such records from USPS.
Do not trust the IRS. Incompetence is routine.
Dean
Steve@Advance
Well-known Member
I have my CPA do mine, got too complicated with the rental property.
Sent it all to him around the 1st of March, filed a couple weeks ago, already got my $60 electronic refund!
I believe in getting it filed ASAP. The sooner it's filed, the less chance someone that made up a SS number that happens to match mine, files first and gets everything all fouled up!
Sent it all to him around the 1st of March, filed a couple weeks ago, already got my $60 electronic refund!
I believe in getting it filed ASAP. The sooner it's filed, the less chance someone that made up a SS number that happens to match mine, files first and gets everything all fouled up!
Huskergreen
Member
I am always working on taxes at the last minute. Couple of you mentioned filing an extension, what reason do you need to have and I assume there will be a fee involved. I just might have to use that this year, as I am going slow.
Thanks, Larry
Thanks, Larry
tractorguy2
Well-known Member
Mine have been done for a month. I have a CPA do mine. I made too much money last year and have to pay a $2 fine to Nebraska. I have never gotten a refund. I always had to pay in more at the end of the year.
casecollectorsc
Well-known Member
- Location
- E central SD.
I do all the paper work and our accountant puts it together...had to pay in 4 times what I paid last year. With the cost of inputs for the coming year, I don't think next year will be as good as this one for income.
MarkB_MI
Well-known Member
- Location
- Motown USA
Back when I had to do a partnership return, that had to be finished by the end of January so I could get the K-1s out to my partners. Then I'd take a break for a month and start back in March, usually finishing up in April. Five returns in all: Federal partnership, Colorado partnership, Federal individual, Colorado individual and Michigan individual. Things are much simpler now the Colorado LLC has been dissolved and my wife has retired from her self-employment. Takes a while to sort out all the rental property receipts, other than that it's simple. I start pulling everything together in early March and mail the returns out before April first.
Geo-TH,In
Well-known Member
Mark,
I just got my last K1 a few days ago. I think I had 16 K1.
Got a call from my CPA yesterday. I'll need two pant loads of cash to pay a lifetime record of income taxes. I Hate to see what my quarterlies will be this year..
Going over Sunday to sign my taxes.
No way would I ever attempt to do my taxes.
Then May 10 is property tax time in Indiana..
TAXES<TAXES<TAXES<and more TAXES
Federal, State, Local and property Taxes. I Forgot, one more sales tax.
I just got my last K1 a few days ago. I think I had 16 K1.
Got a call from my CPA yesterday. I'll need two pant loads of cash to pay a lifetime record of income taxes. I Hate to see what my quarterlies will be this year..
Going over Sunday to sign my taxes.
No way would I ever attempt to do my taxes.
Then May 10 is property tax time in Indiana..
TAXES<TAXES<TAXES<and more TAXES
Federal, State, Local and property Taxes. I Forgot, one more sales tax.
MarkB_MI
Well-known Member
- Location
- Motown USA
> I just got my last K1 a few days ago. I think I had 16 K1.
Aren't those supposed to be in the mail by January 31? I would have been on the phone March 1st.
> Got a call from my CPA yesterday. I'll need two pant loads of cash to pay a lifetime record of income taxes. I Hate to see what my quarterlies will be this year.
I only had to write a check for half a pantload. Fidelity makes it difficult to figure out how much they withhold from my 401k distributions, so I didn't have enough withheld last year. Meanwhile, the rentals actually made money last year, and my wife started collecting SS. The first pass I made through my 1040 I thought I must have made a big mistake somewhere. Nope.
It only took Uncle Sugar a week to cash my check. I wonder if I'll get another letter from the IRS next January like I got this year saying they didn't receive my 1040, even though they deposited the check I mailed with it.
Aren't those supposed to be in the mail by January 31? I would have been on the phone March 1st.
> Got a call from my CPA yesterday. I'll need two pant loads of cash to pay a lifetime record of income taxes. I Hate to see what my quarterlies will be this year.
I only had to write a check for half a pantload. Fidelity makes it difficult to figure out how much they withhold from my 401k distributions, so I didn't have enough withheld last year. Meanwhile, the rentals actually made money last year, and my wife started collecting SS. The first pass I made through my 1040 I thought I must have made a big mistake somewhere. Nope.
It only took Uncle Sugar a week to cash my check. I wonder if I'll get another letter from the IRS next January like I got this year saying they didn't receive my 1040, even though they deposited the check I mailed with it.
Geo-TH,In
Well-known Member
Mark,
All my K1s are from ETFs I picked. Zero taxes withheld..
My broker is impressed with my stock picks. He wants me to send him stocks I have on my radar..He even added some of my stocks in his personal portfolio
I averaged 35% gains last year.
The year before that I had no clue what an ETF was..go figure..
All my K1s are from ETFs I picked. Zero taxes withheld..
My broker is impressed with my stock picks. He wants me to send him stocks I have on my radar..He even added some of my stocks in his personal portfolio
I averaged 35% gains last year.
The year before that I had no clue what an ETF was..go figure..
Zachary Hoyt
Well-known Member
I did mine early in February, and paid my estimated tax for the coming year in March. I'm self employed so I pay a pretty high percentage. I did my own taxes on paper for years but for the last 2 I have used an online tax program through IRS Free File since they lost my paper return 2 years ago. The online process is a little frustrating when it gets stuck, but it does the calculations automatically so that saves a little time.
MarkB_MI
Well-known Member
- Location
- Motown USA
> My broker is impressed with my stock picks. He wants me to send him stocks I have on my radar.
Glad to hear those ETFs are working out for you, George. I've never messed with them. Of course, last year you could have made money throwing darts at the wall; S&P 500 up about 27 percent.
Glad to hear those ETFs are working out for you, George. I've never messed with them. Of course, last year you could have made money throwing darts at the wall; S&P 500 up about 27 percent.
redforlife
Well-known Member
I usually procrastinate it until the last minute. This year, I didn't do so bad. Had an appointment on the first. Got a call last week that they were done. All I got to do now is pick them up some day this week. Done or not, I never send any money in until the dead line date. That money might as well sit in my bank account rather than thiers, until the 15.
Crazy Horse
Well-known Member
George .... I knew you might mention that % gain somehow once I saw the original post ..... that really is amazing. The S&P 500 people will be in contact with you for 2022 advice, you're doing much better than they are .... see the link below ....
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