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Tax Time! How Do You Do Yours?


MrMark0673

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2 hours ago, jonebone said:

TaxSlayer.com , been using them for at least a decade plus.  Pretty straightforward taxes with some itemizing. 

I've kicked around the idea of giving them a try.

I didn't realize until a few years ago that they are from my hometown and actually founded/owned by a family a knew pretty well.

 

EDIT:  just double-checked and remembered why I never tried them out...  to generate K-1s and to do form 1041 they require Taxslayer Pro.

Well "Pro" is priced at $1500 for a license, because they are catering to actual CPAs who do it for a living, rather than the Turbo Tax product that will do a 1041 for about $150.

I'm sure it's a very nice piece of software with good support at that price, and probably competes with other pro-grade accounting software.  But unfortunately not for the individual with more-complex-than-typical taxes who just needs to do a couple of form 1041's and generate a couple of K-1s 😛

Edited by arch_8ngel
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On 1/27/2020 at 5:02 PM, Tulpa said:

Every year when we do a tax thread, this same Simpsons video is posted.

Every. Year.

Its like when your dad or grandpa tells you a story and youve heard it 100 times and he thinks its a new story. Estil is the "dad" story teller of this forum

Edited by Quest4Nes
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On 1/27/2020 at 9:30 PM, Link said:

Hmm... maybe I will try TurboTax. If it’s good enough for @arch_8ngel...

I’ve always used an accountant, because that’s what my father does. So I mostly used his people forever. I finally found a local accountant I expected I could trust, referred from a coworker. I used her for the last 2 years and I guess her work is fine, but her bedside manner is kind of terrible.

If you expected anything other than a wet blanket of a personality form a cpa then that’s where you went wrong. Some CPA’s are different but dealing with that crap year in and year out isn’t always fun.

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14 hours ago, Mae247 said:

If you expected anything other than a wet blanket of a personality form a cpa then that’s where you went wrong. Some CPA’s are different but dealing with that crap year in and year out isn’t always fun.

Wet blanket? Quite the opposite. She kind of seems like a crackhead. My coworker is impressed because she used to work for the IRS and supposedly knows loopholes. In my opinion she talks fast and aggressively which is not my style, and has her fingers in too many pies. (She has five different businesses/companies.)  If you email her, nothing happens unless you then call her to talk on the phone, otherwise it gets ignored. I talked to her a week after sending an email with files she asked for and she didn’t know about the email and couldn’t find it at first. I don’t expect anything personality-wise beyond effective communication. All I want is that, and maximize my return. 

Edited by Link
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On 1/28/2020 at 6:28 AM, jonebone said:

TaxSlayer.com , been using them for at least a decade plus.  Pretty straightforward taxes with some itemizing. 

I this and thought who uses the same shady online tax service for a decade +. Then I logged into TurboTax and it said " WELCOME BACK FOR YOUR 10TH STRAIGHT YEAR" 😐

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I just use tax slayer, but my taxes are not complicated.  I live abroad so I don't owe anything in income tax to the US.  However, this year is a little different because I bought and sold some stocks.  Very small dollar trade.  I think I actually lost money on it a bit.  I believe I bought like $300 in stocks and sold them for like $260 or something.  I hope I don't have to pay taxes on that.

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1 hour ago, Rooster said:

I just use tax slayer, but my taxes are not complicated.  I live abroad so I don't owe anything in income tax to the US.  However, this year is a little different because I bought and sold some stocks.  Very small dollar trade.  I think I actually lost money on it a bit.  I believe I bought like $300 in stocks and sold them for like $260 or something.  I hope I don't have to pay taxes on that.

You won't.  It's called capital gains tax. No gain, no tax.

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4 minutes ago, RH said:

You won't.  It's called capital gains tax. No gain, no tax.

To be honest, it was such a small transaction that I can't remember if I gained anything at all.  If I did gain, it wasn't more than 10-20 dollars.  I'd have to imagine the tax on that is probably negligible.  I'll file it regardless, though.

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For personal, I used TurboTax this year. Despite only profiting $3.05 this year from Bitcoin, I wanted to make sure that I filed it properly....I should have held though! I could have make a whopping $2 more!!!! Let’s chalk it up to learning experience 😉

On the business side of things I am using my accountant. I founded a new company last year and like most new businesses during their first year I lost money due to startup costs, investing well over $50k in equipment and machinery, and almost $15k in unrecoverable invoices.

Next year is going to (hopefully and seemingly) be very profitable, so I can use all the breaks I can get for the bill next year.

Edited by ThePhleo
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