thinbrit

I'm a first time employer (since October) and had to, rapidly, learn the tax law to file 52 W2s for the animal emergency hospital we just bought.
W2s have to be in an envelope marked 'Important Tax Information Enclosed'. One could argue they could have put your paycheck in the same envelope, but the format of a W2 may not match your paycheck.
I prepared tax returns for my employees for the previous owners and for us as the employer. I sent each W2 in its own envelope. Something about dealing with the IRS brings out the over cautious in me

I've always done our taxes, and will be doing so for our new PLLC as well.
Our return this year will have 3 hobby businesses, an LLC, a PLLC, multiple 1099s and W2s for us both, and the complications of a ranch and depreciating ag equipment. Its not hard, if you have the patience.

The best person to do your taxes is the person who knows the most about your circumstances, IMHO.

RICH

I'll have a go this weekend - turbo tax has my info from previous years- if i make a gain ,it will likely pay their fee.

Cook_County

Given that the IRS are not accepting individual returns for 2013 yet, it would be tough to file them at the moment.

And then of course there is the new net investment tax on growth within UK pension plans to figure out still for some folks this year...

RICH

Really? When then?

Cook_County

http://www.irs.gov/uac/Newsroom/2014...-Speed-Refunds

RICH

Well. That is new to me that you can file too early!

robin1234

I'd never heard of that, either. Didn't know there was such a concept as "too early." However, since my W2 has never come before the first week of February, it's never been an issue.

I almost always use the paper and pencil method. I find it easiest, assuming almost everything on the return is as last year with maybe one new thing each year. Last year the "new thing" was my wife beginning to get her British State Pension in 2012, and 2013 she started to receive her New York State Pension, so the NYS pension will be my "new thing" this year. With something new, I'd rather spend time researching it, enter it in the correct place and then I'm confident with the result .. rather than attempting to follow obscure, hard to interpret prompts on TurboTax etc.

I'll be doing mine pretty late this year, I'm in England till late March so need to do the IRS and NYS returns as soon as I get back. Then I'll look at that new online way of doing the FBAR.

Ruth16

I agree, if you get it all back at the end of the year you'll treat it as a windfall and go buy a new flat screen TV or something, better off using it year round.

watchamacallit

Never have done them, haven't a clue how to do them, leave everything to the wife and we seem to get money back every year

Bob

Only 10 days later than usual...

Bob

This is the first year the missus has gotten her's so early, usually like you in the first week of Feb, so it's never been a issue before either.

We've just gotten the insurance letter of coverage and the stock options thingy info.

Just waiting on student loans now

lansbury

That's the rate on the last day of the year, so the IRS average rate should be a lot lower. But it raises another oh heck moment, I've always used the IRS rate on the FBAR form.

theOAP

Using the IRS rate on an FBAR is not an uncommon mistake. I will admit to doing the same for many years before being made aware of my error.

FBAR is a Treasury form, not an IRS form. According to the instructions, you must use the Treasury rate for 31 Dec. Does it really matter? I suppose if the amounts are in the 8 figure range, it might.

The real 'oops' moment comes for those who must complete Form 8938. It's part of your 1040 return, on which you use the IRS unofficial rate, but the instructions for 8938 say you must use the Treasury rate for 8938. Therefore, one rate on all the 1040 info, and Treasury rate on the asset reporting. Of course, when you die, the IRS will look at the 8938 and say your estate should be match those figures. Hmmm.....

lansbury

Just read the instruction for the online FBAR, and of course it does say the treasury rate. Before our CPA has completed the FBAR with our taxes so I gave him the value after I converted it to $. On the day one account had the highest amount in it, in 2013, the exchange rate from xe.com data was $1.49, but I have to convert it at $1.65. Fortunately the difference doesn't put me into having to file the 8938.

lansbury

One job done. FBAR form completed online and this year I know it has been done correctly.