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re: Anyone filed their taxes?
Posted on 1/14/19 at 7:16 pm to liz18lsu
Posted on 1/14/19 at 7:16 pm to liz18lsu
quote:
The average American's taxes are pretty simple and people refuse to be educated. They will pay H&R several hundred dollars for a W-2 and some 1098's. Amazing. If you own your own business, have rental property, I understand a bit more. But so many 1040-EZ filers pay someone.
My wife used to own a business and I paid a CPA. We sold it a few years ago and I went back to TurboTax. We just have pretty standard write offs/deductions and 2 W2s now.
1
Posted on 1/14/19 at 7:17 pm to MisslePig
Last year I itemized (mortgage and student loans) and got almost $3000 back between state and Feds. This year, I’m getting about $700 back because I can’t itemize
Posted on 1/14/19 at 7:22 pm to Obtuse1
quote:
A little under $23k.
How? Properties, rentals?
Posted on 1/14/19 at 7:22 pm to liz18lsu
quote:
The average American's taxes are pretty simple and people refuse to be educated. They will pay H&R several hundred dollars for a W-2 and some 1098's. Amazing. If you own your own business, have rental property, I understand a bit more. But so many 1040-EZ filers pay someone.
I have a sister that's a CPA and attorney, years ago she advised me that money spent for a CPA is pretty cheap insurance in the event of an audit. I got audited on my personal IRS return for 2017, she was right, CPA earned his money, and although I'm not intimidated by the IRS, they can be incredibly obtuse assholes, and once they start digging, anything that you tell them still exists is fair game, CPA probably saved me from getting an arse whipping form a nerdy, effeminate, bow-tie wearing, French speaking, South African federal IRS agent
btw, I used to use TurboTax to compare numbers to the CPA, he/she has always beaten TurboTax in either tax owed or a refund
Posted on 1/14/19 at 7:23 pm to fallguy_1978
quote:
My wife used to own a business and I paid a CPA. We sold it a few years ago and I went back to TurboTax. We just have pretty standard write offs/deductions and 2 W2s now.
Can I ask what you did and what you do now? You don't have to respond. I was just curious.
Posted on 1/14/19 at 7:25 pm to 777Tiger
quote:
I have a sister that's a CPA and attorney, years ago she advised me that money spent for a CPA is pretty cheap insurance in the event of an audit
Pics?
I have a sister that's a CPA too actually
Our taxes are relatively simple. My dad is retired but owns a small consulting business and has 4 rental properties. He pays someone to deal with all of that headache for him.
Posted on 1/14/19 at 7:26 pm to fallguy_1978
quote:
a small consulting business and has 4 rental properties. He pays someone to deal with all of that headache for him.
I've got just enough irons still in the fire that it's worth it to me to pay a pro
Posted on 1/14/19 at 7:27 pm to liz18lsu
quote:
Can I ask what you did and what you do now? You don't have to respond. I was just curious.
I do the same thing that I've done for 17 years - IT. My wife had an insurance agency and decided it was taking up too much family time. She sold it and went back to working for a larger company.
This post was edited on 1/14/19 at 7:28 pm
Posted on 1/14/19 at 7:27 pm to Rollwave034
quote:
Last year I itemized (mortgage and student loans) and got almost $3000 back between state and Feds. This year, I’m getting about $700 back because I can’t itemize
1. You don't itemize student loan interest deduction
2. This makes no sense
Posted on 1/14/19 at 7:27 pm to 777Tiger
quote:
btw, I used to use TurboTax to compare numbers to the CPA, he/she has always beaten TurboTax in either tax owed or a refund
There isn't some magical "I got more money!" You have a tax bill, and either you find all the deductions (Or your CPA does) or you don't. The Code is extremely complex, so it isn't that TurboTax failed, your CPA just knew better.
Congrats on surviving an audit. Never been through one personally, but deal with them at work. That can be scary. I hope you came out with a no-change audit.
Posted on 1/14/19 at 7:29 pm to OysterPoBoy
quote:
My uncle did his own taxes. He messed something up one year and spend 8 months in jail. So yeah, I don’t mind paying a cpa $800 or so.
You don't go to jail for mistakes, your uncle was up to some shite
Posted on 1/14/19 at 7:33 pm to liz18lsu
quote:
How? Properties, rentals?
2 homes and 3 unimproved residential lots, plus car taxes paid in one state that has them.
Posted on 1/14/19 at 7:39 pm to Obtuse1
quote:
2 homes and 3 unimproved residential lots, plus car taxes paid in one state that has them.
TX or MO on the vehicle taxes? Then again, does TX tax vehicles for individuals? I only do corporate. I know MO does for individuals.
Posted on 1/14/19 at 7:41 pm to liz18lsu
quote:
TX or MO on the vehicle taxes?
SC
ETA SC charges sales tax on vehicles but it maxes out at $300, it has been that amount for more than 35 years. So you save up front but they eat away at the savings over the years.
This post was edited on 1/14/19 at 7:52 pm
Posted on 1/14/19 at 7:48 pm to liz18lsu
CPA knew better, plus I’m sure their program is a little more sophisticated than TurboTax, actually not sure, assuming
Posted on 1/14/19 at 7:55 pm to Obtuse1
quote:
ETA SC charges sales tax on vehicles but it maxes out at $300, it has been that amount for more than 35 years. So you save up front but they eat away at the savings over the years.
Ah, yes, good ole SC. They base it on registration, TX and MO want a vehicle list.
Posted on 1/14/19 at 7:58 pm to Mingo Was His NameO
quote:
going to see their bill go way up, as well as people with a lot of medical bills.
How does having a lot of medical bills make your tax bill go up? Im asking because I had a bunch last yearand this is my 1st time owing. So was wondering what you meant by your statement.
Posted on 1/14/19 at 7:59 pm to 777Tiger
quote:
CPA knew better, plus I’m sure their program is a little more sophisticated than TurboTax, actually not sure, assuming
For a simple return, it's not. I mean there's not much to it. Tax planning is really where you need a cpa. If you have rentals or something deciding when to spend money or how to recognize your income and expenses. If you are w2 there's almost no reason you should need a cpa.
But I'm not complaining, everyone keep using one for your 1040ez
Posted on 1/14/19 at 8:00 pm to dj30
quote:
How does having a lot of medical bills make your tax bill go up? Im asking because I had a bunch last yearand this is my 1st time owing. So was wondering what you meant by your statement.
It can possibly make it go down
This post was edited on 1/14/19 at 8:01 pm
Posted on 1/14/19 at 8:07 pm to dj30
quote:
How does having a lot of medical bills make your tax bill go up?
First, it is not medical expenses but unreimbursed medical expenses that matter. You also have to have enough deductions to itemize before it makes any difference. AFAIK it did not change in 2018 where you can deduct any amount over 7.5% of your AGI (adjusted gross income) in 2019 I think the AGI minimum goes up to 10%.
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