Income Tax '13

[Stainless]

Starting to get stuff ready, argh!
For me the painful part is organizing records. I will be using Turbo Tax premier this year...years past I've used regular TT. Last year I sold some stock and had to upgrade to Premier after the fact.


CH3NO2

[GRADS]

I pay a CPA and then wait for the check to be deposited in my account....pretty painless.

[Stainless]

I pay a CPA and then wait for the check to be deposited in my account....pretty painless.

Nice, but I'm a cheap bastard. :D


CH3NO2

[GRADS]

Nice, but I'm a cheap bastard. :D


CH3NO2

My CPA and I have been friends since we were 14, even lived together a few years so I only get charged $300

[28eliminator]

Best money spent is a "creative" tax guy/CPA. :)


Sent from somewhere on the water

[Eli]

I've used a CPA for 12 years and it's the best. I always get a refund well worth the $300-400.


Sent from my Bat Cave

[gn7]

The tax code is like the laws. Written to perpetuate a industry by those that benefit from it. Job security. Like owning the company responsible for fixing pot holes, and having a corner on the front end alignment business, Not only how many pot holes are you going to fill, but how many would you create in the middle of the night?

[GRADS]

The tax code is like the laws. Written to perpetuate a industry by those that benefit from it. Job security. Like owning the company responsible for fixing pot holes, and having a corner on the front end alignment business, Not only how many pot holes are you going to fill, but how many would you create in the middle of the night?

:headscratch::signhuh:

[ChumpChange]

:headscratch::signhuh:

In simple terms. There will never be tax reform to a flat tax as too many accountants would be out of jobs.

[riverrunner1984]

Started using a CPA when i bought my house. Best 250 I spend a year.

[78Southwind]

I could easily do my own taxes but if I ever get audited I want my CPA to be there for me. So it's cheap insurance...

[Stainless]

Damn, I'm the only cheapskate here. :D
Just to take it a little farther I am perfectly comfortable doing taxes using IRS publications vs Tax software bc I've always been hands on with my income tax. I also think being able to prepare at minimum form 1040 should have been a requisite to graduate from high school.


CH3NO2

[ChumpChange]

My EA takes care of everything. No need for a CPA. I know how those guys are! :D

[Stainless]

My EA takes care of everything. No need for a CPA. I know how those guys are! :D

What's an EA?


CH3NO2

[Napanutt]

In simple terms. There will never be tax reform to a flat tax as too many accountants would be out of jobs.

Would it be inappropriate to say accounts suck here? :)

[78Southwind]

What's an EA?


CH3NO2

h&r block

[Stainless]

Would it be inappropriate to say accounts suck here? :)

No, I don't think there are any accountants that frequent THIS site.
Accountants suck! :D


CH3NO2

[Bobby V]

Having a rental in Havasu and a home in Yorba Linda. No way I could do it myself with all the write offs that I get. $350.00 well spent.

[Wendi]

Best money spent is a "creative" tax guy/CPA. :)


Sent from somewhere on the water

Amen! Best money ever spent. But we always owe so I don't look forward to this time of year. Please file my extension LOL

[ChumpChange]

What's an EA?

CH3NO2

Enrolled Agent. Tax guy. I don't need audited level financials for my personal stuff.

H&R Block? Hahahaha. I've had the same firm for a long time......and I know a lot of firms. Know a great firm for any situation in SoCal. If you have a business in the IE, Orange County, and East LA County, I probably know your firm.

[Stainless]

Amen! Best money ever spent. But we always owe so I don't look forward to this time of year. Please file my extension LOL

Don't you pay interest on extensions if you owe?


CH3NO2

[Wendi]

Don't you pay interest on extensions if you owe?


CH3NO2 No as long as you do them before October.

[ChumpChange]

Don't you pay interest on extensions if you owe?

CH3NO2

You still have to pay your estimated by deadline. Extensions do not extend payment deadline.

[28eliminator]

No, I don't think there are any accountants that frequent THIS site.
Accountants suck! :D


CH3NO2

He does more than you think I'll bet :)


Sent from my iPad using Tapatalk

[Eli]

He does more than you think I'll bet :)


Sent from my iPad using Tapatalk

:lmao


Sent from my Bat Cave

[Stainless]

He does more than you think I'll bet :)


Sent from my iPad using Tapatalk

Maybe we can get a post out of him? ;)


CH3NO2

[GRADS]

We always get money back...probably not as much as in years past but this year its going straight to the boat fund.

[Ziggy]

I'm down to 5 returns to get prepared compared to the 6 I've had for the last 7 years......at least no more Inc's that are due March15th:party-smiley-020:

[78Southwind]

I am kind of anal but I estimate my Federal taxes every year before I see my CPA. It's pretty easy if anyone is interested.

Tax Year
Modified Adjusted Income (AGI + Taxable Int. + Taxable Refunds)

Gross Income (Box 1 on W2) +
Adjustments To Income (Taxable Int. + Taxable Refunds)
=Adjusted Gross Income -
Schedule E Real Estate Income (loss)
Total Personal Exemptions
Schedule A Itemized Deductions
=Taxable Income
Taxes Owed Based on Tax-Rate Schedule Or Tax Tables -
Tax Credits
=Final Tax Liability -
Federal Income Tax H-Withholding
=Estimated Tax Payments
(Refund to be Received) or Payment Owed

From Schedule E Real Estate Income
Rental Income -
Interest
Advertising
Taxes
Association Dues
Repairs
Cleaning Fees
Utilities
Insurance
Painting and Decorating
Mileage Per Trip @ .555 Per Mile
Depreciation Expense & Sec 179 Bonus
=Total Rental Tax Deduction +
Deferred Loss from prior year
=Profit / (Loss)
(Limited by Phase Out Limit)

From Schedule A Itemized Deductions
Home Interest
Home Taxes
Donations
Personal Property Tax
State & Local Taxes (Box 14 & 17 on W2)
Sum = Itemized Deductions

[SBS933]

I also pay a C.P.A. she checks in with me in June so I can make adjustments. I usually pay in $100.00 to the Feds and get $500.00 back from the state. One year I payed the Feds $1.00 I would rather have my money throughout the year than struggle to yank it out of Some P.O.S. hands.

[78Southwind]

Having a rental in Havasu and a home in Yorba Linda. No way I could do it myself with all the write offs that I get. $350.00 well spent.

I am sure your CPA tells you this (I am not one and this is not tax advice :wink2:) but if you ever have any problems with your Adjusted Gross Income being to high causing you to hit the Phaseout Limit (limiting your Real Estate Losses) if you do a little planning through you and your wife's 401(k) plans or other retirement plans you may be able to get your AGI low enough to stay under the Phaseout Limit.

[78Southwind]

78Southwind that is exactly why I pay a CPA!. My taxes are fairly simple now but the past decade has been a little different. My CPA got me back over 6 figures between '09-'11.

It doesn't sound like you need a CPA ....it sounds like you need some protection. I think I have the perfect guy for you his name is Pizzo.

[GRADS]

Well, we met with our CPA today and for the first time in a long time we owe. :( At least it's not too much.

[SBS933]

I forgot to call my C.P.A. in June. I have to pay in because I don't have alimony write offs (which kicked ass) and I streamlined my house so I gotta pay in. WHATEVER no prob. And GRADS if your C.P.A. is your buddy and he or she is Boning you for $300.00 you are getting screwed.

[GRADS]

And GRADS if your C.P.A. is your buddy and he or she is Boning you for $300.00 you are getting screwed.

That's okay, I charged him 50K for a pool. ;)

[ChumpChange]

Well, we met with our CPA today and for the first time in a long time we owe. :( At least it's not too much.

Will that come out of the boat fund since a refund would have gone in it?


That's okay, I charged him 50K for a pool. ;)

hahahaha

[GRADS]

Will that come out of the boat fund since a refund would have gone in it?


Actually no because at the beginning of last year we set some money aside to pay for this years taxes and it ended up being too much. :thumbup: So we will still be adding to the boat fund.

[thatguy]

I did my own for 20 years, but when I started contracting, that stopped!

Working in different States, and having 1099 employees (back then) made it impossible for me to do them in a proficient manner.

I use a CPA that also has pro-sports clients, so she is the pro at multi State income, work related temp residencies, various State income tax rates and applications etc. and the associated expense deductibles.

returns are but a distant memory.

[pvhca1]

I dropped mine off Monday evening, got a call about an hour ago with some bad news, I'll be reviewing my books again, I must have forgotten quite a few things, LOL!!

I go twice a year to be properly prepared!

[GotHalos]

I just found my $11 state refund check from last year. :)

[Stainless]

:(
Received notice this morning I was audited for '09.

http://img.tapatalk.com/d/14/04/09/e6atuqaq.jpg


CH3NO2

[Stainless]

:(
http://img.tapatalk.com/d/14/04/09/tusedumu.jpg


CH3NO2

[riverrunner1984]

Thats def not fun

[Eli]

That sucks!


Sent from my Bat Cave

[Paul65K]

I am sure your CPA tells you this (I am not one and this is not tax advice :wink2:) but if you ever have any problems with your Adjusted Gross Income being to high causing you to hit the Phaseout Limit (limiting your Real Estate Losses) if you do a little planning through you and your wife's 401(k) plans or other retirement plans you may be able to get your AGI low enough to stay under the Phaseout Limit.Or..........if you're a "Real Estate Professional" you can also find a way around this limitation if you fall into the AMT category...........again not legal/tax advice but something to make sure you ask your tax preparer.

[Stainless]

That sucks!


Sent from my Bat Cave

Since English and grammar are important in your profession does it not seem strange the author of the cover letter uses "I" instead of "The AZ dept of revenue" to reference the dept? He references "I" a few times in the first paragraph...almost appears fake. Idk, maybe it's just the way I read it.


CH3NO2

[Boatnaked]

WOW! after reading what everyone pays their CPA, I'm damn lucky been going to the same place since I was 16, first the dad now the son, I only pay $45 for mine!

[Paul65K]

What's an EA?


CH3NO2


WOW! after reading what everyone pays their CPA, I'm damn lucky been going to the same place since I was 16, first the dad now the son, I only pay $45 for mine!I have no doubt that you are getting a great deal but just out of curiosity how many schedules do you typically have along with your return each year?

Schedule C?
Schedule D?
Schedule E?
Etc.....


Depending on how many properties, investments, businesses, etc... Makes a good deal of difference on how much time it takes to prepare a return..........just sayin' :wink:

[Eli]

Since English and grammar are important in your profession does it not seem strange the author of the cover letter uses "I" instead of "The AZ dept of revenue" to reference the dept? He references "I" a few times in the first paragraph...almost appears fake. Idk, maybe it's just the way I read it.


CH3NO2
Yea it does. You should call the narcissist and make sure it's legit.


WOW! after reading what everyone pays their CPA, I'm damn lucky been going to the same place since I was 16, first the dad now the son, I only pay $45 for mine!

It always hurts to pay $350 a year for my tax returns, then I get the call I got today with my total refund amount and I'm thrilled to pay them for their services.


Sent from my Bat Cave

[Paul65K]

It always hurts to pay $350 a year for my tax returns, then I get the call I got today with my total refund amount and I'm thrilled to pay them for their services.


Sent from my Bat CaveI hear you........I was just hoping that I'd not have to pay in this year and went through the final numbers with my accountant yesterday. Good news is that I'm actually getting enough $$ back to buy a new boat......filed electronically and I should have the money in my account from both the Feds and the State within 10 days.....here's the boat I have my eye on :D

37726

[314joey]

I'm just happy to pay my ridiculous taxes to make other people happy :oops:

[Stainless]

I'm just happy to pay my ridiculous taxes to make other people happy :oops:

That sounds political Joey...you might want to re-run that post through Word Smith. :D


CH3NO2

[Eli]

I'm just happy to pay my ridiculous taxes to make other people happy :oops:

You wouldn't have that problem if you made less money ;)


Sent from my Bat Cave

[Ziggy]

It always hurts to pay $350 a year for my tax returns, then I get the call I got today with my total refund amount and I'm thrilled to pay them for their services.
Sent from my Bat Cave
I'd trade you tax preparers fees in a heartbeat. I have three different ones handling shit:banghead::banghead:
But the good thing is I hate dodling around and I push 'em to get it done timely. All 6 of the ones I had to get done have been sent weeks ago:thumbup::thumbup: down one return since closing the dealership.:o




From my POS T-mobile thingie

[ChumpChange]

Pay your taxes! Millions on welfare are depending on you!

[HB Vic]

Pay your taxes! Millions on welfare are depending on you!

Now this seems at first like a pretty political statement.

However, if you remove the political overtones, its more factual than political.

For that reason I will allow it to stay LOL

[ChumpChange]

At least there is no retroactive Prop 30 like last year. Had a client need to cut a check for $750,000 because of that prop alone!

[Ziggy]

Now this seems at first like a pretty political statement.

However, if you remove the political overtones, its more factual than political.

For that reason I will allow it to stay LOL

The exclamation point at the end sealed the deal.....without that it would've failed. :p

From my POS T-mobile thingie

[ChumpChange]

Pay your taxes! Millions of democrats on welfare are depending on you!


Now this seems at first like a pretty political statement.

However, if you remove the political overtones, its more factual than political.

For that reason I will allow it to stay LOL

lol. And to think I edited my original message for that reason. :D

[HB Vic]

At least there is no retroactive Prop 30 like last year. Had a client need to cut a check for $750,000 because of that prop alone!

I would have tapped my CPA's E&O insurance :D

[ChumpChange]

I would have tapped my CPA's E&O insurance :D

lol. Wasn't voted in until November. Couldn't really plan on that. He was up to date and accurate on all the other estimated. That was just the retroactive tax. Think about the amount planned. ;)

[HB Vic]

lol. Wasn't voted in until November. Couldn't really plan on that. He was up to date and accurate on all the other estimated. That was just the retroactive tax. Think about the amount planned. ;)

That'll fuck up your net worth and maybe bump a couple of LOC covenants over the top.

Unless you're loaded, then who cares :D

[ChumpChange]

Unless you're loaded, then who cares :D

There we have it! Still hurts though. Sure makes me feel a lot better about my measly tax payments!

[Boatnaked]

I have no doubt that you are getting a great deal but just out of curiosity how many schedules do you typically have along with your return each year?

Schedule C?
Schedule D?
Schedule E?
Etc.....


Depending on how many properties, investments, businesses, etc... Makes a good deal of difference on how much time it takes to prepare a return..........just sayin' :wink:

well that shows how much I know about taxes, I give him all my info and he does the rest, even files it electronically, the wife tried running one of those business out of the home last year and we lost money, go figure! and I probably don't make no where near what you make being a government worker, but looking at a $45 charge compared to what everyone else is paying is great

[314joey]

That sounds political Joey...you might want to re-run that post through Word Smith. :D


CH3NO2

Wasn't meant to be political, just telling it like it is.


You wouldn't have that problem if you made less money ;)


Sent from my Bat Cave

I'm unemployed, me got no money...........at least I'm not going to soon.

[Eli]

Wasn't meant to be political, just telling it like it is.



I'm unemployed, me got no money...........at least I'm not going to soon.

What? Sexy Terri is a sugar mamma too? Man I'm doing this all wrong! I'm gonna become a lesbian!


Sent from my Bat Cave

[Stainless]

Wasn't meant to be political, just telling it like it is.



I'm unemployed, me got no money...........at least I'm not going to soon.

Just yanking the chain, lol. :D


CH3NO2

[314joey]

She's a "virtual assistant" works on the net and no, she's not a phone sex operator, dahm it...................lmao.


What? Sexy Terri is a sugar mamma too? Man I'm doing this all wrong! I'm gonna become a lesbian!


Sent from my Bat Cave


Just yanking the chain, lol. :D




CH3NO2


I know, we cool.

[Paul65K]

I probably don't make no where near what you make being a government worker
Man that's rich :lmao

[Eli]

She's a "virtual assistant" works on the net and no, she's not a phone sex operator, dahm it...................lmao.






I know, we cool.

Sign me up! Sounds like a good gig!


Sent from my Bat Cave

[Boatnaked]

Man that's rich :lmao

sorry


Quote Originally Posted by Boatnaked View Post

I probably don't make no where near what you make, I'm just a government worker

[Paul65K]

sorry


Quote Originally Posted by Boatnaked View Post

I probably don't make no where near what you make, I'm just a government workerIt's all good.....I'm actually in the same boat as Joey.......I make zero these days :grumble:..........somebody please buy a house from me :D

[CarolynandBob]

We pay 200. She is a long time friend of my wife. Have to pay 4K this year. :thumbsdown:grumble

[Wendi]

Did our taxes last night over the phone pick up today sign and mail with a very large check boo!

[Stainless]

Doing mine this weekend, all the info is entered, just need to see if I can find something extra to offset the audit they jammed me with. :D


CH3NO2