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Old 01-30-2008, 07:10 PM   #1 (permalink)
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Location: Greater Boston area
Its that time of year again

tax season.

Got my W2 from work the other day and promptly groaned when i saw the year end numbers of what they took. Already have the paperwork from the accountant. Just have to send my stuff out and sit back and wait to see if I'm paying or getting a refund. I'm anticipating a refund as he does good work.

Who is doing their own taxes and who has someone do them?
Anticipating a refund or will you be paying?
Any IRS or general tax related horror stories you want to share?
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Old 01-30-2008, 07:28 PM   #2 (permalink)
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We normally use tax software, as our situations are so straightforward.

I'm starting to get into freelancing on top of my regular gig.

Things will eventually get more complicated.

I normally get a pretty sizable return relative to my income.

I'm thinking a lot about taxes this year because I just finished editing a book about tax tips.
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Old 01-30-2008, 07:34 PM   #3 (permalink)
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Quote:
Originally Posted by Fotzlid
Got my W2 from work the other day and promptly groaned when i saw the year end numbers of what they took.
I've never understood why so many people say things like this. Having worked as an independent contractor, I consistently had to write a check for my entire year's worth of taxes and send it in at tax time. It's much more significant, psychologically at least, to end up writing one big check at the end of the year to cover all your taxes than to simply take your paychecks as they come along and, at the year's end, say "oh, so that's how much they took out." Besides, tt's no secret that we pay taxes when we work, and relative to a lot of other countries, our taxes aren't so bad. Government doesn't run for free.
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Old 01-30-2008, 07:39 PM   #4 (permalink)
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I completed my tax returns today, I'm mailing them tomorrow. I always have to pay because I receive taxable scholarships, and this year is no different.
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Old 01-30-2008, 07:55 PM   #5 (permalink)
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I filed my taxes online almost two weeks ago and should be getting my refund direct deposit-ed any day now. I loves the internet.
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Old 01-30-2008, 08:05 PM   #6 (permalink)
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Just did mine today actually.
I did the free version of turbo tax online because I have the most simple type of return. A whopping $137.00. I only made about $2,700.00 dollars though. That's over 8 months too..ugh I miss my better paying job.

Mom and dad have an accountant.
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Old 01-30-2008, 08:20 PM   #7 (permalink)
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I do my own with TaxCut, been doing it for quite a few years. Our's is pretty simple, just mortgage interest and a few minor things. I have them take less out per week than the normally prescribed amount, so I always end up paying at the end, but I'd rather have the money during the year than let them have it.
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Old 01-30-2008, 08:32 PM   #8 (permalink)
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I always file mine by myself. Seeing as how I'm poor, I get to file for free with the IRS, and it's pretty easy. I ALWAYS get money back. That's the perks of having a bastard child. (;

A couple years ago it actually took about 2 months to get my tax refund. I'm not sure why, exactly. I just know that I received a letter in the mail from the IRS saying they were investigating something and sorry for the inconvenience. I guess it didn't turn out to be anything, though.
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Old 01-30-2008, 08:38 PM   #9 (permalink)
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My work hasn't even sent out the W-2's yet...they'll be in the mail tomorrow. I've filed online for the past 3 years and I plan on doing the same this year.
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Old 01-30-2008, 08:48 PM   #10 (permalink)
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I always do my via Turbo Tax, and have for the last 4-5 years now.

Its so easy, and flawless.

Does State and Fed, e-file and direct deposit.

Sadly I will not receive nearly as much this year as I jumped up a tax bracket.

They are taking more from me now... bastards.
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Old 01-31-2008, 01:42 AM   #11 (permalink)
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TaxAct, totally free. Been doing it that way for years.

Just waitin' to plug in one more 1099 and it's off.

I look forward to tax time as Head of Household. That's when being a single mom pays off. CHA CHING!
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Old 01-31-2008, 06:25 AM   #12 (permalink)
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I'm still waiting on some paperwork from a few people. My accountant has already given me the bad news about how much I'm going to owe. That said, I have to pay my fair share to keep things running. Who else is going to pay for the bombs, food in the bellies of the crack whores, million dollar toilet seats and farm subsidies if I don't?

Sometimes have a really good year sucks. Then again...
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Old 01-31-2008, 07:31 AM   #13 (permalink)
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I've always done my taxes by myself, and I plan to keep it that way until I feel like I'm in way over my head by some complex tax situation that I don't really see myself getting into anytime soon. I think it really helps to get educated about how taxes work, how to get the most out of deductions, etc. Being ignorant about the tax process has the potential of costing you a lot of money, I feel.

I've always used whatever free-file program that's online. I've done hr block, turbotax, and taxact (this year), all with no complaints. I'm anticipating a relatively big refund, thanks to getting married last year. Gotta wait for some more 1099's to trickle in though...

I haven't had horror stories with the IRS. The one time I did get a threatening notice from the IRS cause they interpreted a summer stipend I got doing research as self-employment income, and told me that I faced a large tax bill. But that was quickly resolved, relatively easily. I've heard the fears of getting audited is way overblown.
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Old 01-31-2008, 08:06 AM   #14 (permalink)
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Quote:
Originally Posted by jewels443
TaxAct, totally free. Been doing it that way for years.

Just waitin' to plug in one more 1099 and it's off.

I look forward to tax time as Head of Household. That's when being a single mom pays off. CHA CHING!

I agree, its the one time of year I have money to burn!!!! Thank God for EIC!
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Old 01-31-2008, 09:39 AM   #15 (permalink)
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Location: Moscow on the Ohio
Setting withholding up so that we get a large refund at tax time makes little sense unless you think you are wealthy enough to waste money by loaning it to the government interest free.

Also, I don't understand why something like 50% of taxpayers pay for a tax preparation service.
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Old 01-31-2008, 09:55 AM   #16 (permalink)
... a sort of licensed troubleshooter.
 
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I LOVE having an accountant.
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Old 01-31-2008, 10:13 AM   #17 (permalink)
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Move tax day to election day.

Remove automatic withholdings so that you have to write the check.

Instant bloodless revolution.

Goodbye Democrats, Goodbye 3/4ths of Republicans.



Note how it kept going up and up under Clinton, took a nice dive, and has been heading back up.

Thats the day the average person stops working for the government to pay their taxes every year.
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Old 01-31-2008, 12:55 PM   #18 (permalink)
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Quote:
Originally Posted by willravel
I LOVE having an accountant.
Yup, me too. It's WELL worth the extra out of pocket to have someone track down and use all the little deductions I would normally have no clue about. That guy saves me over a THOUSAND each year.
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Old 01-31-2008, 01:06 PM   #19 (permalink)
... a sort of licensed troubleshooter.
 
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Quote:
Originally Posted by Push-Pull
Yup, me too. It's WELL worth the extra out of pocket to have someone track down and use all the little deductions I would normally have no clue about. That guy saves me over a THOUSAND each year.
I also save, but it's because my accountant is an ex and gives me a discount. Muhahhaha....
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Old 01-31-2008, 01:10 PM   #20 (permalink)
Here
 
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Quote:
Originally Posted by willravel
I LOVE having an accountant.

Me too. And my mother is a very good one too.
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Old 01-31-2008, 06:22 PM   #21 (permalink)
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Location: Greater Boston area
Quote:
Originally Posted by Push-Pull
Yup, me too. It's WELL worth the extra out of pocket to have someone track down and use all the little deductions I would normally have no clue about. That guy saves me over a THOUSAND each year.
thats why i use one too.
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Old 01-31-2008, 06:38 PM   #22 (permalink)
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Location: Olympic Peninsula, WA
My CPA did a preview of my tax situation and recommended dumping another $3K to the Feds to avoid a penalty. Once upon a time I did my own taxes, but no more.
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Old 01-31-2008, 06:42 PM   #23 (permalink)
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My taxes are fairly straightforward, as are my SO's, so we just buy TurboTax and get it done ourselves. Easy-peasy.
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Old 01-31-2008, 07:15 PM   #24 (permalink)
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We use Turbo Tax and my uncle is a tax attorney if there are any problems. My only problem now is that I have to prove to the IRS that a company that no longer exists sent me a duplicate W-2 under a different name in 2005.
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