Taxes...ugh

[espringers]

Any idea what triggered the audit?

 

[Allen]

I'm curious as to how many people do their own taxes nowadays? Especially those who itemize and have non-W2 based income.

Just seems to me that once I got out of college, things got complicated quickly and I haven't done my own tax returns for the past 15 years. Those fees I get to pay for having my taxes done gives me a fair amount of insurance against an audit, and/or being the one responsible for penalties and interest.

 

[shorthairsrus]

IMO -- no employer should be required to withhold. Everybody would have to write a check ----It would be a different United States period.

 

[3Roosters]

I'm curious as to how many people do their own taxes nowadays? Especially those who itemize and have non-W2 based income.

Just seems to me that once I got out of college, things got complicated quickly and I haven't done my own tax returns for the past 15 years. Those fees I get to pay for having my taxes done gives me a fair amount of insurance against an audit, and/or being the one responsible for penalties and interest.

You will be surprised how far TURBO TAX has progressed through the years. It walks you thru page by page. Just a disclaimer however, our income is basically w2.
Lastly..you are not entirely correct on your last statement about the tax preparer having to be responsible for mistakes..IT IS THE TAX PAYER and not the TAX PREPARER responsible for any mistakes, penalties, interest, thus choose your preparer wisely.

 

[dust in the wind]

I'm curious as to how many people do their own taxes nowadays? Especially those who itemize and have non-W2 based income.

Just seems to me that once I got out of college, things got complicated quickly and I haven't done my own tax returns for the past 15 years. Those fees I get to pay for having my taxes done gives me a fair amount of insurance against an audit, and/or being the one responsible for penalties and interest.

I do, I use software though. It's nicer now since they allow investments to be grouped together for short term/long term gains/losses instead of entering individual transactions.

 

[Davey Crockett]

3 roosters is correct , There is no insurance against audit and to be honest I don't even know if your accountant is even required to represent you. I have never done my own taxes and I have been audited 3 times in 39 years. The first audit my accountant went with me the other two my wife and I went alone. The good thing was that I made big money the first audit and it was within a few dollars on the other two. The bad thing is, I wonder how many other years I paid more than my fair share. I think there should be a class in high school about our tax system and how to file now that everything is electronic.

I recently sold my business and believe me if you are getting close to retirement age you need to visit with a consultant so you are at least lubed up for it. Boy do you get the shaft.

 

[Sum1]

Any idea what triggered the audit?

Voted for someone with an R behind there name most likely.

 

[Sub_Elect]

Voted for someone with an R behind there name most likely.

Obamar

 

[johnr]

The irs was instructed to hassle anyone who had donated to the Republican party, by obamas regime

 

[Taylorman55]

did you work 15 hours a day for 365 days straight then claim an extra 30k of write offs on your tax return....they might see that as fishy and audit you

Nope, had a ton of mileage deductions this year compared to last year. Also bought a house, few other little things that just added up. Def. won't be that much for deductions for next year.

 

[Ericb]

I've used turbo tax for years. Years past I have had w-2 and 1099 income. This year I am strictly 1099. As for my annual return I don't see much benefit in a accountant. Having someone tell me I should have done a s- Corp and other ways to limit my self employment taxes would have been nice.

 

[shorthairsrus]

I have seen it all from guys writing off horses barn feed trucks and it (against w2 income)was all personal not one stitch of income to missing large deductions counting income twice. The latest is the parents that don't think they qualify for ed cr 4 der college kid. They come in and miss 10k in refunds and they have to amend and 3 year statue cannot sometimes recover. Intuit sucks I don't how anybody can key on it take hours to use vs professional software. Quickbooks makes every body an accountant they bring in bank balances that are bloated or negative to such a degree u know they r wrong. I keyed everything in sir.

 

[Davey Crockett]

Another thing new this year that I haven't dealt with before is a proof of insurance form, We already had everything in the accountant and this showed up later. Not sure if it will have much impact but every little bit helps.

 

[Allen]

You will be surprised how far TURBO TAX has progressed through the years. It walks you thru page by page. Just a disclaimer however, our income is basically w2.
Lastly..you are not entirely correct on your last statement about the tax preparer having to be responsible for mistakes..IT IS THE TAX PAYER and not the TAX PREPARER responsible for any mistakes, penalties, interest, thus choose your preparer wisely.

Trust me, if they aren't willing to shoulder the responsibility for penalties and interest, they don't get my tax preparation coinage.

 

[Davey Crockett]

Trust me, if they aren't willing to shoulder the responsibility for penalties and interest, they don't get my tax preparation coinage.

That must be a luxury of having a large variety of accountants to shop from, I am a creature of habit and probably should have been shopping around , I'm Still with the same company that filed my first return, 2 owners later.

 

[701FishSlayer]

Any idea what triggered the audit?

Nope, random letter of stink just showed up. Well I may have an idea. Whoops?

 

[Allen]

That must be a luxury of having a large variety of accountants to shop from, I am a creature of habit and probably should have been shopping around , I'm Still with the same company that filed my first return, 2 owners later.

I've had the same gal doing my taxes here in Bismarck the past 6-7 years, continuity makes things easier on me.

 

[Account Deleted]

I'm curious as to how many people do their own taxes nowadays? Especially those who itemize and have non-W2 based income.

Just seems to me that once I got out of college, things got complicated quickly and I haven't done my own tax returns for the past 15 years. Those fees I get to pay for having my taxes done gives me a fair amount of insurance against an audit, and/or being the one responsible for penalties and interest.

I do my own with the TurboTax software. Pretty easy actually.

 

[Captain Ahab]

I usually wait until April to visit the proctologist. Most times the paycheck from tax season is just big enough to get completely spent on the remainder of the previous years taxes that haven't been paid yet. And at that point I am also reminded that after about mid-April I am now working for myself as the previous 4+ months I was working for Uncle Sam.

 

[Enslow]

Well just be thankful uncle sam bailed the markets out or taxes would be the least of concerns.