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The 36654 Tax Thread

36654

36654

New member
akbeemer said:
They are from the Federal government and exist to help you, do not worry, you can trust them. :rolleyes

I recommend keeping a bag containing clean underwear, your tooth brush and an ABA directory by your front door. Worry.
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I mailed a copy of my 2019 Federal return on 10 September. On 14 September, USPS sent me an email confirming it was delivered. Today, 6 October, the IRS says they've recieved my tax return. Hopefully, in a few weeks, they'll start processing......
 
36654 said:
I mailed a copy of my 2019 Federal return on 10 September. On 14 September, USPS sent me an email confirming it was delivered. Today, 6 October, the IRS says they've recieved my tax return. Hopefully, in a few weeks, they'll start processing......
Click to expand...

I administer a small Family Trust.
The tax return was completed and filed on July 12th, the check with the taxes due was mailed the same day.
In August I got greetings from the IRS telling me that I owed them $$ plus penalty and interest.
The CPA said wait, don't do anything until October.
My check has still not been cashed.
I called yesterday, the nice IRS Lady said give it three more weeks, the processing centers are still buried under piles of returns and checks.
 
bigjohnsd said:
I administer a small Family Trust.
The tax return was completed and filed on July 12th, the check with the taxes due was mailed the same day.
In August I got greetings from the IRS telling me that I owed them $$ plus penalty and interest.
The CPA said wait, don't do anything until October.
My check has still not been cashed.
I called yesterday, the nice IRS Lady said give it three more weeks, the processing centers are still buried under piles of returns and checks.
Click to expand...

I mailed my original paper return in the first week of March, just in time for COVID-19 to shut down the processing centers. I'm not surprised it got lost in some facility deep clean. I was unable to reach an IRS human until late August, early September.
 
36654 said:
I mailed my original paper return
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Paper return. huh?

I thought nearly everyone filed electronically now-a-days. Kind of like faxing.... I have not faxed anything in 20+ years.

Reminds me of when I bought this GS in 2015. The salesman said it's a new design for BMW; water cooled. huh?

What? Wait. What? I thought ALL street bikes within the last decade or longer were water cooled. Besides Harley of course.
 
craigjv4 said:
Paper return. huh?

I thought nearly everyone filed electronically now-a-days. Kind of like faxing.... I have not faxed anything in 20+ years.

Reminds me of when I bought this GS in 2015. The salesman said it's a new design for BMW; water cooled. huh?

What? Wait. What? I thought ALL street bikes within the last decade or longer were water cooled. Besides Harley of course.
Click to expand...

Paper was the only way I could do it for free. Paying to file my taxes just seems wrong. Whenever I can file electronically and for free, I do.
 
36654 said:
Paper was the only way I could do it for free. Paying to file my taxes just seems wrong. Whenever I can file electronically and for free, I do.
Click to expand...

I have filed electronically since it was available when using personal tax software on your PC. I look at it that I'm paying for an enhanced service which gets me confirmation within hours or days that my return was accepted by my state and the IRS. It gives me proof of filing, and any refund comes much faster. I've never had a problem with an electronically filed return. Not yet, anyway. :brow
 
GREGFEELER said:
when using personal tax software on your PC.
Click to expand...

I'm not going to pay for software that does what I've been doing since I was 16.......

If it's free, that's another story. In PA, we've been able to file of our state income taxes for free for more than a decade.
 
36654 said:
Paper was the only way I could do it for free. Paying to file my taxes just seems wrong. Whenever I can file electronically and for free, I do.
Click to expand...

In Brazil and several other countries you have to buy your tax forms at a stationary store. :)
 
36654 said:
I'm not going to pay for software that does what I've been doing since I was 16.......

If it's free, that's another story. In PA, we've been able to file of our state income taxes for free for more than a decade.
Click to expand...

You are a better man than I, Gunga Din! I hate doing my taxes and have had some complicated years with side businesses, so found my happy place by using software.
 
GREGFEELER said:
You are a better man than I, Gunga Din! I hate doing my taxes and have had some complicated years with side businesses, so found my happy place by using software.
Click to expand...

When you get into reporting business revenue/losses, that's a more challenging situation.

Back in the day, I had a junior employee with a CPA spouse. Being that they were in the "family" years, the CPA worked part-time doing income tax prep for one of the HR Block/Jackson-Hewitt type places. A very, very large number of her clients were people that could file for free or not even file. Even when told and shown how, the clients insisted on paying her for a service they could do themselves.
 
36654 said:
When you get into reporting business revenue/losses, that's a more challenging situation.

Back in the day, I had a junior employee with a CPA spouse. Being that they were in the "family" years, the CPA worked part-time doing income tax prep for one of the HR Block/Jackson-Hewitt type places. A very, very large number of her clients were people that could file for free or not even file. Even when told and shown how, the clients insisted on paying her for a service they could do themselves.
Click to expand...

Fear of the IRS, perhaps?
 
GREGFEELER said:
Fear of the IRS, perhaps?
Click to expand...

Nothing that dark; the people who’d need to fear the IRS already have their internal accountants at work “in the kitchen”. A co-worker used to do taxes for H&R Block and commented many times that people who hired him to do their quickie returns—with either little to file or no need to do so—often did so for reasons outside the tax realm. Establishing residency, avoiding future questions or problems with other public services or programs, etc. etc.

That’s not saying the small filers have no reason to look askance at the IRS. One article I read recently pointed out that it’s the small-to-medium taxpayers who are most frequently audited, mostly because the IRS is underfunded to the extent they lack the resources to go after the upper end of the scale. Attorney fees, court-related expenses, and direct expenses of the audit research and process are out of reach of the current IRS budget.

Best,
DeVern
 
Last edited:
GTRider said:
Nothing that dark; the people who’d need to fear the IRS already have their internal accountants at work “in the kitchen”. A co-worker used to do taxes for H&R Block and commented many times that people who hired him to do their quickie returns—with either little to file or no need to do so—often did so for reasons outside the tax realm. Establishing residency, avoiding future questions or problems with other public services or programs, etc. etc.

Thanks not saying the small filers have no reason to look askance at the IRS. One article I read recently pointed out that it’s the small-to-medium taxpayers who are most frequently audited, mostly because the IRS is underfunded to the extent they lack the resources to go after the upper end of the scale. Attorney fees, court-related expenses, and direct expenses of the audit research and process are out of reach of the current IRS budget.

Best,
DeVern
Click to expand...

It's simpler than that. A large number of people are just scared of filling out a form. Of course, at the completion of my 86-year old Aunt's return, I always remind her that I do her taxes on the basis that they don't send old people to prison.

Relative to the audits, that is simply obscene.
 
TurboTax. Way cheaper than an accountant and will handle investment income like stock trades, dividends, etc. with a couple of mouse clicks. No, it's not free, but just try having an account handle things like stock trades; now that is far from free. And it will handle e-filing Federal and State returns.

Harry
 
AKsuited said:
TurboTax. Way cheaper than an accountant and will handle investment income like stock trades, dividends, etc. with a couple of mouse clicks. No, it's not free, but just try having an account handle things like stock trades; now that is far from free. And it will handle e-filing Federal and State returns.

Harry
Click to expand...

Up to an income limit, the on-line version of TurboTax is free and handles Fed and state taxes. It's nice software, I just hate answering all the questions that don't apply to me.

As long as your brokerage is sending out 1099-B forms, there's no reason to pay an accountant to retype that info on to a Schedule D...
 
36654 said:
Up to an income limit, the on-line version of TurboTax is free and handles Fed and state taxes. It's nice software, I just hate answering all the questions that don't apply to me.

As long as your brokerage is sending out 1099-B forms, there's no reason to pay an accountant to retype that info on to a Schedule D...
Click to expand...

With the Premium version of TurboTax, it will vacuum up all your trading account information with a mouse click and fill out the necessary tax forms. Occasionally it will ask you some questions regarding that information. I don't mind paying a reasonable fee for a valuable service, which is what TurboTax provides.

Harry
 
36654 said:
Paper was the only way I could do it for free. Paying to file my taxes just seems wrong. Whenever I can file electronically and for free, I do.[/QU
Free??? :banghead I do a joint return for $80 with a CPA [ I THINK THIS IS RESPECTABLE] for 1 hour of her time.
Click to expand...
 
Now how was it that an Aerostich thread got to a Tax thread? I know their suits give good protection, but I think that sliding by the IRS would need more armor than even a Roadcrafter could provide.
 
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