Who's done their taxes yet?
#16
BE Forum Addict
Joined: Apr 2011
Location: The Shire
Posts: 1,117
Re: Who's done their taxes yet?
http://www.fms.treas.gov/intn.html#rates
It's not good news. Usually, the IRS unofficial rate is lower (hopefully, much lower).
On a different subject:
What's a W-2?
What's a 1099?
As normal, I'll wait until end of May/first of June again this year to file.
#17
BE Forum Addict
Joined: Apr 2011
Location: Ohio
Posts: 1,834
Re: Who's done their taxes yet?
Tax things I probably need to include are earned income, a small amount of US bank account interest, about $50 in US index tracker dividends, buying a house, paying property taxes, and paying mortgage interest. These are all straightforward through TT, I imagine? I'll need to file FBAR too but not 8938, but all the overseas cash is in non-interest bearing accounts (and for next year it'll be below the $10k threshold, phew).
The only complicated bit we might have is hubby sold some stock options he's held for some years; I know the trader sent us a 'keep this for tax purposes' bit of paper, and that about 1/3 of it was retained by payroll for tax reasons, so hopefully it's just a case of copying Number X into Box Y, etc. Can TT do stock options, anyone know, and is it fairly easy?
#18
Re: Who's done their taxes yet?
Because essentially, we can copy last years with this years figures and it's just as much effort pencilling things in as it is to type....plus the missus likes to try do it during a lunch break at work...
#19
Forum Regular
Joined: Oct 2011
Location: San Diego, CA
Posts: 157
Re: Who's done their taxes yet?
The only complicated bit we might have is hubby sold some stock options he's held for some years; I know the trader sent us a 'keep this for tax purposes' bit of paper, and that about 1/3 of it was retained by payroll for tax reasons, so hopefully it's just a case of copying Number X into Box Y, etc. Can TT do stock options, anyone know, and is it fairly easy?
Can you tell my tax return is a bit complicated?
#20
Re: Who's done their taxes yet?
As long as it's legitimate and you don't owe interest it's always better to owe them, because you get to hold onto the money for longer and can invest it.
#22
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Joined: Mar 2010
Location: Oakland County, Michigan
Posts: 846
Re: Who's done their taxes yet?
How do you check your quarterly calculations?
#23
Re: Who's done their taxes yet?
I usually just fill out a tax form two or three times a year with my predicted values. Typically close enough.
One of the benefits of having always filled them out by hand for the last 20 years is that I understand the system and rarely get caught out.
One of the benefits of having always filled them out by hand for the last 20 years is that I understand the system and rarely get caught out.
#24
Account Closed
Joined: Jan 2006
Posts: 0
Re: Who's done their taxes yet?
I've got til June as I live outside the country, and employers in Canada have until sometime in February to send out the required paperwork, so haven't even gotten all my tax stuff yet.
The stupid forms confuse me though when trying to do it with foreign income, etc.
The stupid forms confuse me though when trying to do it with foreign income, etc.
#26
Re: Who's done their taxes yet?
http://www.irs.gov/Individuals/Inter...f-Time-to-File
#27
Re: Who's done their taxes yet?
I don't normally file till mid/late march, mainly because I am waiting on info. It doesn't worry me filing later than a lot of people seem to, as we normally get either a tiny refund, or more owe, owe a little. This year, I'm a bit off the ball as we sold some rental property and I'm not quite sure how the claw-back of the previously claimed depreciation is going to hit us.
2 years ago was the only time we had to file for an extension, and that was largely because I was very late getting it to the accountant, and so we hit his desk in the middle of all the other last minute filers. That turned out to be the only year we got a pretty substantial refund, so not happy about the delay!
2 years ago was the only time we had to file for an extension, and that was largely because I was very late getting it to the accountant, and so we hit his desk in the middle of all the other last minute filers. That turned out to be the only year we got a pretty substantial refund, so not happy about the delay!
#28
Forum Regular
Joined: Aug 2013
Location: Florida
Posts: 64
Re: Who's done their taxes yet?
All done with Tax Act...very useful software. The FBAR F90-22 paper form is replaced by an on line form Fin CEN 114...very easy and quick.
Not trying to sound a smartass, but why does anyone pay someone else to do this...it's pretty easy!
Not trying to sound a smartass, but why does anyone pay someone else to do this...it's pretty easy!
#29
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Joined: Apr 2011
Location: The Shire
Posts: 1,117
Re: Who's done their taxes yet?
[quote=Samxboy;11083082]All done with Tax Act...very useful software. The FBAR F90-22 paper form is replaced by an on line form Fin CEN 114...very easy and quick.
Not trying to sound a smartass, but why does anyone pay someone else to do this...it's pretty easy![/quote]
There are 4 possible answers.
1) Some folks may have a much more complicated financial situation.
2) You've done something wrong. (Famous last words - TaxAct/TurboTax/accountant/?? said everything was OK.)
3) You're a whiz kid, a brain child. Take pity on those with less ability.
4) Your dedication, patience, and hard work have resulted in your complete mastery of the most incomprehensible tax system on Earth. Take a well earned break.
Some years are easy. In other years, not even the IRS can agree as to how a return should be prepared.
Not trying to sound a smartass, but why does anyone pay someone else to do this...it's pretty easy![/quote]
There are 4 possible answers.
1) Some folks may have a much more complicated financial situation.
2) You've done something wrong. (Famous last words - TaxAct/TurboTax/accountant/?? said everything was OK.)
3) You're a whiz kid, a brain child. Take pity on those with less ability.
4) Your dedication, patience, and hard work have resulted in your complete mastery of the most incomprehensible tax system on Earth. Take a well earned break.
Some years are easy. In other years, not even the IRS can agree as to how a return should be prepared.
#30
Forum Regular
Joined: Aug 2013
Location: Florida
Posts: 64
Re: Who's done their taxes yet?
[QUOTE=theOAP;11083154]
I'll admit I was being a smartass. First year KPMG did it and I'm glad they did what with half the year in the UK and half here. 2nd year I thought I'd give it a try and found Tax Act, which came highly recommended. It walked me through the returns for FED, NY and NJ. This year I managed to complete the return in one evening and then found the new FBAR form also on line so all done in a couple of hours.
Truth is, my return is quite straightforward and TaxAct only charges $30, so I'm happy. Now looking forward to my spending my return, which if it's as fast as last year will be in my checking account by the first week of february.
All done with Tax Act...very useful software. The FBAR F90-22 paper form is replaced by an on line form Fin CEN 114...very easy and quick.
Not trying to sound a smartass, but why does anyone pay someone else to do this...it's pretty easy![/quote]
There are 4 possible answers.
1) Some folks may have a much more complicated financial situation.
2) You've done something wrong. (Famous last words - TaxAct/TurboTax/accountant/?? said everything was OK.)
3) You're a whiz kid, a brain child. Take pity on those with less ability.
4) Your dedication, patience, and hard work have resulted in your complete mastery of the most incomprehensible tax system on Earth. Take a well earned break.
Some years are easy. In other years, not even the IRS can agree as to how a return should be prepared.
Not trying to sound a smartass, but why does anyone pay someone else to do this...it's pretty easy![/quote]
There are 4 possible answers.
1) Some folks may have a much more complicated financial situation.
2) You've done something wrong. (Famous last words - TaxAct/TurboTax/accountant/?? said everything was OK.)
3) You're a whiz kid, a brain child. Take pity on those with less ability.
4) Your dedication, patience, and hard work have resulted in your complete mastery of the most incomprehensible tax system on Earth. Take a well earned break.
Some years are easy. In other years, not even the IRS can agree as to how a return should be prepared.
Truth is, my return is quite straightforward and TaxAct only charges $30, so I'm happy. Now looking forward to my spending my return, which if it's as fast as last year will be in my checking account by the first week of february.