Taxes

[happystuff]

They are done! E-filed the federal and taking the state to the post office, as it would cost more than the refund to e-file them. LOL. I use Turbo Tax and do them myself, which frustrates the H*LL out of me! But it is very satisfying when they are finished and out the door.

On a side note: We actually made more than I thought we were making - due to dh getting a raise, I guess. It makes me want to sock more into savings in preparation for when I finally retire. I think the year will go by quickly, so it will be interesting/sort of fun to see how much we can save in this coming year.

Good luck to everyone else!

[Tradd]

I did mine at the beginning of the month. Owed IL $4 and about $600ish to the feds. I would have owed more if I hadn’t started up 401K contributions again.

[jp1]

I started mine on TurboTax but was still waiting for E*trade to send the 1099 forms. I think they came the other day so I’ll try to finish this weekend. If the past few years are indicative I’ll owe money to CA and get about the same back from the IRS. A few hundred bucks each way.

[iris lilies]

DH “does “our taxes, which means he answers all the questions from our accountant. He gathers all the forms paperwork and the whole shebang, and then send it to our accountant. We’ve had the same CPA from doing our taxes for decades, and they don’t charge much

However, we got a bill for the farm business taxes which was very high and DH is looking into it.

[ToomuchStuff]

Found out that mine won't be doable until around October, because the other guy is an idiot. (corporate first)

[jp1]

Trying to finish my taxes and have decided to sell my I Bonds. The stupid chitty treasury direct website is beyond horrible. I can't log in because it doesn't remember my challenge question answers. The income I get from this bond just isn't worth it.

[Tradd]

Trying to finish my taxes and have decided to sell my I Bonds. The stupid chitty treasury direct website is beyond horrible. I can't log in because it doesn't remember my challenge question answers. The income I get from this bond just isn't worth it.

Agreed. I’ll just save enough to get a high yield account from Vanguard. The Treasury Direct website is horrid.

[jp1]

Agreed. I’ll just save enough to get a high yield account from Vanguard. The Treasury Direct website is horrid.

The really laughable part was when I called them. The recorded guy (because they only have customer service during east coast biz hours) was saying "you should be able to change your bank account info on our updated website." Way to instill confidence...

[pinkytoe]

We have gotten a small refund for the past five years so was shocked to see that we will owe $1000 this year:(

[sweetana3]

First year we have not itemized our deductions. Since our charitable contributions are all qualified by going direct from our 401K plan, they do not appear. Cannot reach $30,000 without them.

Turbo Tax has saved us so much over the last 20+ years, we continue to use it.

[Rogar]

Trying to finish my taxes and have decided to sell my I Bonds. The stupid chitty treasury direct website is beyond horrible. I can't log in because it doesn't remember my challenge question answers. The income I get from this bond just isn't worth it.

My experience with Treasury Direct is the same. I've actually used it in a discussion about how the bureaucracy of big government is grossly inefficient compared to the financial institutes in private enterprise. Right now I'm trying to convert a few i bonds from paper to a TD account. Wait times for phone questions is horrid and the paper work is unnecessarily tedious and difficult. I'd like the bonds in TD so I can designate a beneficiary, but I understand you can cash in paper bonds at banks, which is a possibility.

[rosarugosa]

I completed out taxes yesterday using Turbotax online, and it was a very annoying process (a couple of glitchy things that I'm confident were not on my end). I have all Mom's documents together and just need to drop them off with her tax guy. I'm feeling pretty pleased about completing this.

[Tybee]

I completed out taxes yesterday using Turbotax online, and it was a very annoying process (a couple of glitchy things that I'm confident were not on my end). I have all Mom's documents together and just need to drop them off with her tax guy. I'm feeling pretty pleased about completing this.

Good for you, and good karma for helping your mom and getting it done so early!

[Rogar]

My taxes have had complications several times over the years and for the last 30 or so years I've used the same CPA for taxes. His rates are reasonable and I think they have been balanced with a few of his money saving tax tips. It also takes the worry out of making a dumb amateur mistake and being audited and I trust his advice and professionalism implicitly. He is retiring after this year and I'm undecided what to do. I might try Turbo Tax if I can't find another local CPA I trust.

[iris lilies]

My taxes have had complications several times over the years and for the last 30 or so years I've used the same CPA for taxes. His rates are reasonable and I think they have been balanced with a few of his money saving tax tips. It also takes the worry out of making a dumb amateur mistake and being audited and I trust his advice and professionalism implicitly. He is retiring after this year and I'm undecided what to do. I might try Turbo Tax if I can't find another local CPA I trust.
Agreed, I like using a CPA. We’ve used the same CPA firm for all the years we’ve been married in DH used it before we were married.

[iris lilies]

First year we have not itemized our deductions. Since our charitable contributions are all qualified by going direct from our 401K plan, they do not appear. Cannot reach $30,000 without them.

Turbo Tax has saved us so much over the last 20+ years, we continue to use it.

I don’t think we have ever exceeded the standard deduction, especially in these recent years of high standard deductions. I think it would be $30,000 for us and we only donate 20,000 in the last couple of years so didn’t reach that because we have very few other deductions.

[pinkytoe]

I have always done ours as they were straightforward. We have quite a few statements from Vanguard this year due to DH's inheritance so I will take a stab at it...but...what is the average cost to hire a CPA to do taxes?

[iris lilies]

I have always done ours as they were straightforward. We have quite a few statements from Vanguard this year due to DH's inheritance so I will take a stab at it...but...what is the average cost to hire a CPA to do taxes?
In years when we have no extraordinary income or issues, our tax preparation costs $400 -$500.

This cost used to be deductible, but no more.

[Rogar]

I have paid $275 for the last several years. Nothing too complicated, but my annual Fidelity report with gains and losses, interest income from the bank, and a small pension. I've been an estate executor in the past and the rate was the same for the estate taxes and the deceased, $275 each. Nothing too complicated and worth the advice on the estate matters. I expect I've been getting away cheap and the price will go up when my CPA retires.

[iris lilies]

I have paid $275 for the last several years. Nothing too complicated, but my annual Fidelity report with gains and losses, interest income from the bank, and a small pension. I've been an estate executor in the past and the rate was the same for the estate taxes and the deceased, $275 each. Nothing too complicated and worth the advice on the estate matters. I expect I've been getting away cheap and the price will go up when my CPA retires.

That’s what we saw, charges go up when our CPA retired and other took over his business. It was really cheap! But now I don’t mind paying higher costs because …just worth it.Also, it is nice to have them available for consultation throughout the year for occasional other questions.

[Rogar]

That’s what we saw, charges go up when our CPA retired and other took over his business. It was really cheap! But now I don’t mind paying higher costs because …just worth it.Also, it is nice to have them available for consultation throughout the year for occasional other questions.

I've found it's nice to have a working relationship with a trusted CPA. It's not every year, but every so often I have questions I need help with. Last month I spent an hour with my CPA. When I asked what I owed he said he would charge an exorbitant rate when he does my taxes, and smiled. I'm assuming it was free advice.