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JohnMitchell

Tax time already?

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I spent several hours yesterday compiling tax info for my accountant. We have a home business (Vskydiver's jumpsuits) and a non-profit, the Leap for Lupus, whose tax returns are due at the end of January. Plus I started running numbers for our personal return due in April.

I don't have all the forms yet, but I just want to get it over with. We sold a house and some stocks, so we had some capital gains. Pretty sure I'll be writing a check to Uncle Sam in April. :S[:/]

Anyone else getting an early start?

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I didn't see your post, because I was working on tax forms. No lie! :ph34r: For our company, I just did our 940, 941, and W-2's.

We bought and sold a camper, got married and bought an investment house this year. I have no idea what our taxes will be. Hopefully a refund!
She is Da Man, and you better not mess with Da Man,
because she will lay some keepdown on you faster than, well, really fast. ~Billvon

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I file ASAP since it takes me all of about 37 seconds and I always get a refund. :P
No kids, no house, same job, don't make a lot = easiest taxes imaginable.

Another upside - file early so no one can file a falsified return under your name.
You may never get rid of the butterflies, but you can teach them to fly in formation.

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I am a self employed IT contractor and no income tax is deducted at source. So at the end of January when all my tax forms will arrive I will begin reconciling my income versus my expenses and sometime in early February I will know exactly how much money I owe. It would be different if the Feds owed me money, in which case I would file early. But because the shoe is on the other foot and I owe money, I wait until the last days in April before I file my return and send in the taxes owed.


Try not to worry about the things you have no control over

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JohnMitchell


Anyone else getting an early start?



Not as early as you (but then again, I don't have the foundation and business taxes to worry about), but as soon as I have all of my forms, I'll do my return. If it's even or I have a refund, I'll file right away. If I owe Uncle Sam some money, I'll file on or just before April 15.:D
"There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." -P.J. O'Rourke

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I don't think I have filed before October 1 more than once in the last decade.

Other than the year we got married (2010), I haven't figured out how much I owe my wife (or the other way around) either. She's irritated, I'm good with it.

Don't calculate what your taxes would be if you could file single instead of married (assuming both have good incomes), or it will just piss you off.

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CanuckInUSA

I am a self employed IT contractor and no income tax is deducted at source.


Do you have to do quarterly estimated payments or just one big check in April?

I'd love to keep my money for over 15 months and just pay them April 15th, earning some $$ with my $$$.

My accountant always says "I've got some bad news. You owe money this year."
I'm like "Yahoo, I underpaid those bitches all year!" :PB|

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In Canada we have something called the GST (Goods and Services Tax) and I file and pay quarterly GST reports and payments. But when it comes to income tax, currently I am still only paying one big check once a year.


Try not to worry about the things you have no control over

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JohnMitchell

***I am a self employed IT contractor and no income tax is deducted at source.


Do you have to do quarterly estimated payments or just one big check in April?

I'd love to keep my money for over 15 months and just pay them April 15th, earning some $$ with my $$$.

My accountant always says "I've got some bad news. You owe money this year."
I'm like "Yahoo, I underpaid those bitches all year!" :PB|

They fine you for underpayment, but you know that.:)
I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama
BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun

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councilman24

My wife is a CPA but in corporate finance now.

We barely make it before the EXTENSION deadline.:S

Using TurboTax.:o

Sounds like me until I finally started using an accountant. Funny how complicated things get when you run a business, work as a skydiver, have a non-profit, and own some rental property. It got beyond my abilities to do my own return, even using turbo tax. I'm sure you can relate to all this. :S:D

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In recent years I've usually tried to file as early as I can. That's often not until late February as I usually don't get all the information forms I need until mid February. And last year TurboTax wasn't ready with all the forms needed until late February.

However, this year I just realized that I may be able to claim an additional deduction for 2014 but to do so I'd first need to amend my 2013 taxes. If I do so I'd wait to see whether the IRS accepts my 2013 amendment before filing for 2014--possibly getting an extension until Oct 15. I'm weighing whether it is worth it to do so. The last time I filed an amended return, it triggered a major audit that took years to resolve. I came out ahead in the end but was left with the sense that the hassle may not have been worth it for the relatively small amount of money involved.

I just learned something a bit disturbing about TurboTax: I can't access my prior year tax returns on TurboTax unless I first purchase the TurboTax Deluxe or higher product this year. Seems a little strange to me because I was a paying customer for the past years in question regardless of whether I use their services this year or not. Good thing I saved copies of my returns offline.
"It's hard to have fun at 4-way unless your whole team gets down to the ground safely to do it again!"--Northern California Skydiving League re USPA Safety Day, March 8, 2014

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