It's tax season, time to pay the piper

[RH | 4,906]

Lest year was, tax-wise, an odd transition period.  I had pretty decent full time job with a company and team I loved, but sales were way down more than they expected.  As the last hire on the team, they let me go and they even told my manager in a separate meeting, as his boss was telling me that I was being laid off.  It was a bummer, but I ended up connecting with another company I'd worked for and in October I started working as a 1099.

Anyway, I went from being Full Time to Self Employed, which for the unaware means I had to start paying estimated taxes.  I should have looked up the rules to refresh myself, but I didn't and just ended up sending the government and EXTRA payment.

So, I ended up getting a serious refund.  We're that household that tries to guess our income as best we can and pay taxes as close to the expected amount we should owe so that we always get a small refund or have to pay just a little.  But this year, due to a "tax error" in our favor, we got back basically a quarter of our actual taxes.

[xelement5x | 66]

On 4/15/2024 at 7:38 PM, Link said:

American tax system sucks. 

Yeah taxes are never fun to deal with, mine seem to get more complex every year as well but I've gotten better at it.  If you think you're going use TurboTax next year Costco normally sells home and business (which sounds like what you need) for about $100 and they give you a $10 credit for state filing.  I've been using it for years.  

 

[Link | 2,714]

8 hours ago, xelement5x said:

If you think you're going use TurboTax next year Costco normally sells home and business (which sounds like what you need) for about $100 and they give you a $10 credit for state filing.  I've been using it for years.  

Hmm. I was gonna give the CashApp thing another try, but if that doesn't go, I'll look at this. You buy the program for that cost, and it has all the forms easy to find and fill out? Then does it e-file and ACH transfer? For free or an additional price? 

[wongojack | 215]

10 minutes ago, Link said:

Hmm. I was gonna give the CashApp thing another try, but if that doesn't go, I'll look at this. You buy the program for that cost, and it has all the forms easy to find and fill out? Then does it e-file and ACH transfer? For free or an additional price? 

FWIW - we just use the online version of Turbo Tax.  I don't really know what the benefit of owning the client app is because the online version saves all your previous returns and files automatically for you.  You do have to pay something to file depending on how complicated your return is, but I can't see a big benefit in actually owning the client.

[Link | 2,714]

5 hours ago, wongojack said:

You do have to pay something to file depending on how complicated your return is, but I can't see a big benefit in actually owning the client.

I see. I was hoping the client was a flat fee, which would apparently be a benefit for me. If xelement5x pays $100 and I paid $340 for TurboTax online (over $400 H&R block, probably because I went to their office and used their accountant) AND I owed a lot -

that would be a significant difference. If it's like I was imagining. Not that I can see why it would be to Intuit's advantage.

btw, you guys know these mf'n companies lobby congress to keep the tax code complicated? 

[wongojack | 215]

9 hours ago, Link said:

I see. I was hoping the client was a flat fee, which would apparently be a benefit for me. If xelement5x pays $100 and I paid $340 for TurboTax online (over $400 H&R block, probably because I went to their office and used their accountant) AND I owed a lot -

that would be a significant difference. If it's like I was imagining. Not that I can see why it would be to Intuit's advantage.

btw, you guys know these mf'n companies lobby congress to keep the tax code complicated? 

Yeah, maybe the $100 covers your filing?  I don't know.  That would be cheaper for sure.  Perhaps @xelement5x can tell us if a filing fee is still required when using the client app.

Edited April 18 by wongojack

[xelement5x | 66]

54 minutes ago, wongojack said:

Yeah, maybe the $100s covers your filing?  I don't know.  That would be cheaper for sure.  Perhaps @xelement5x can tell us if a filing fee is still required when using the client app.

So when I paid for the TurboTax software I get the physical CD (lol how fitting for this forum, maybe I can sending it to WATA for CIB grading later), then install it in my PC.  I does a whole walkthrough of how and what to fill out with the application, then saves your return as a specific file that's read by the software.  Also if you used it previously when you start up you can point it to last years return and it'll import all your basic info about your family and businesses from last year.

Filing for the Federal side is free, I had to pay $25 to file with my state, but buying it from Costco in the physical form they give you a $10 "credit" of sorts so I really only paid $15 to file my state taxes.  Actually just got my state refund the other day, now to spend it again at Costco

[Euripides | 10]

29 minutes ago, xelement5x said:

So when I paid for the TurboTax software I get the physical CD (lol how fitting for this forum, maybe I can sending it to WATA for CIB grading later), then install it in my PC.  I does a whole walkthrough of how and what to fill out with the application, then saves your return as a specific file that's read by the software.  Also if you used it previously when you start up you can point it to last years return and it'll import all your basic info about your family and businesses from last year.

Filing for the Federal side is free, I had to pay $25 to file with my state, but buying it from Costco in the physical form they give you a $10 "credit" of sorts so I really only paid $15 to file my state taxes.  Actually just got my state refund the other day, now to spend it again at Costco

 

Costco eh?

Euripides contemplates if there are Turbodiscs stockpiled at SamS's. For mere days past, a woman of the Hr'block pledged a punctual fulfillment of tax obligations. Yet swiftly, the day arrives and tardiness is professed, followed by yet another, laden with the specially-gifted pronouncement of a debt exceeding $10,000, and an additional $600 for the mishandling of affairs. Euripides, in his resolve, elucidates the error, only to be met with the tempestuous raising of the woman's voice, vibrating with entitled semblance of authority.

In traversing the expanse of the city, seizing the documents from her peasant grasp, he dispels her from his service, her incompetence and impertinence laid bare. Whether seasonal aide or not, one adorned with the parchment accolades of two decades service hung on coffin wall ought to possess the acumen to decipher the English script and navigate the mundanities of existence like so much breathing.

Such a glaring oversight warrants response, yet upon its receipt, the woman's gaze falters, fixating upon the ground in silent acknowledgment. Before his departure, Euripides, with a magnanimous gesture, bestows upon her a vessel of water eliminated in momentary wait, accompanied by a rebuke tinged with the pivot of heel inside such footed gap, did loose a resounding expulsion of ass-quaking manliness reminiscent of oak and sausages, a fragrance surely lingering for further enjoyment upon their very walls for hours hence, did depart the scene.

He ponders the recourse of TurboTax, its swiftness of execution, and ease of employment. Thus, he queries, seeking technological expediency, whilst bidding adieu with a salutation of goodwill. Cheers to you!

[wongojack | 215]

3 hours ago, Euripides said:

 

Costco eh?

Euripides contemplates if there are Turbodiscs stockpiled at SamS's. For mere days past, a woman of the Hr'block pledged a punctual fulfillment of tax obligations. Yet swiftly, the day arrives and tardiness is professed, followed by yet another, laden with the specially-gifted pronouncement of a debt exceeding $10,000, and an additional $600 for the mishandling of affairs. Euripides, in his resolve, elucidates the error, only to be met with the tempestuous raising of the woman's voice, vibrating with entitled semblance of authority.

In traversing the expanse of the city, seizing the documents from her peasant grasp, he dispels her from his service, her incompetence and impertinence laid bare. Whether seasonal aide or not, one adorned with the parchment accolades of two decades service hung on coffin wall ought to possess the acumen to decipher the English script and navigate the mundanities of existence like so much breathing.

Such a glaring oversight warrants response, yet upon its receipt, the woman's gaze falters, fixating upon the ground in silent acknowledgment. Before his departure, Euripides, with a magnanimous gesture, bestows upon her a vessel of water eliminated in momentary wait, accompanied by a rebuke tinged with the pivot of heel inside such footed gap, did loose a resounding expulsion of ass-quaking manliness reminiscent of oak and sausages, a fragrance surely lingering for further enjoyment upon their very walls for hours hence, did depart the scene.

He ponders the recourse of TurboTax, its swiftness of execution, and ease of employment. Thus, he queries, seeking technological expediency, whilst bidding adieu with a salutation of goodwill. Cheers to you!

AI-ripides, is that you?

[RH | 4,906]

3 hours ago, Euripides said:

 

Costco eh?

Euripides contemplates if there are Turbodiscs stockpiled at SamS's. For mere days past, a woman of the Hr'block pledged a punctual fulfillment of tax obligations. Yet swiftly, the day arrives and tardiness is professed, followed by yet another, laden with the specially-gifted pronouncement of a debt exceeding $10,000, and an additional $600 for the mishandling of affairs. Euripides, in his resolve, elucidates the error, only to be met with the tempestuous raising of the woman's voice, vibrating with entitled semblance of authority.

In traversing the expanse of the city, seizing the documents from her peasant grasp, he dispels her from his service, her incompetence and impertinence laid bare. Whether seasonal aide or not, one adorned with the parchment accolades of two decades service hung on coffin wall ought to possess the acumen to decipher the English script and navigate the mundanities of existence like so much breathing.

Such a glaring oversight warrants response, yet upon its receipt, the woman's gaze falters, fixating upon the ground in silent acknowledgment. Before his departure, Euripides, with a magnanimous gesture, bestows upon her a vessel of water eliminated in momentary wait, accompanied by a rebuke tinged with the pivot of heel inside such footed gap, did loose a resounding expulsion of ass-quaking manliness reminiscent of oak and sausages, a fragrance surely lingering for further enjoyment upon their very walls for hours hence, did depart the scene.

He ponders the recourse of TurboTax, its swiftness of execution, and ease of employment. Thus, he queries, seeking technological expediency, whilst bidding adieu with a salutation of goodwill. Cheers to you!

Dude, can we get you in on the next game of Werewolf?

[Link | 2,714]

9 hours ago, xelement5x said:

I does a whole walkthrough of how and what to fill out with the application, then saves your return as a specific file that's read by the software.  Also if you used it previously when you start up you can point it to last years return and it'll import all your basic info about your family and businesses from last year.

Filing for the Federal side is free, I had to pay $25 to file with my state, but buying it from Costco in the physical form they give you a $10 "credit" of sorts so I really only paid $15 to file my state taxes.  Actually just got my state refund the other day, now to spend it again at Costco

Sounds great.

At that price does it deal with deductions or income streams besides just W-2 wages/salary? Do you need to know about deductions or does it tell you? I might spend $5-10K on a construction contract for my multi-unit home, would it find credits for something like that? Green energy installs? 

[xelement5x | 66]

15 hours ago, Link said:

Sounds great.

At that price does it deal with deductions or income streams besides just W-2 wages/salary? Do you need to know about deductions or does it tell you? I might spend $5-10K on a construction contract for my multi-unit home, would it find credits for something like that? Green energy installs? 

My own taxes are "relatively" simple.  Mainly W2s, various 1099s, investments, schedule C, and deductions around kids.  I don't know how good it is about finding credits, especially on a local/state level, but as I went through it basically asks you a ton of questions about your year and if it pertains to you if you want.  

 

And btw, I agree it is ridiculous how complex they make this in general when they are clearly lobbied by interests to keep it too obtuse for general people.