How do you file your taxes?

Discussion in 'The Mainboard' started by Merica, Jan 24, 2018.

  1. DirtBall

    DirtBall Who Cares?
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    Up until yesterday with the consummate professional user Houndster. Too bad another promising YOUTH has lost his way thanks to the weed drugs.
     
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  2. Baron

    Baron Well-Known Member
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    For those that are married with kids, y'all seem to be paying this year instead of getting a federal refund? Not much has really changed since last year for me, so not sure what's up. Typically how many allowances are you guys taking on your W-4?
     
  3. Boo MFer!

    Boo MFer! No longer a cog in some powerhouse machine
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    $6k back, but that’s because I “give the government an interest-free loan herp derp.”
     
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  4. billdozer

    billdozer Well-Known Member
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    I'm at 12 allowances and still getting too much money back. Won't match you exactly since we also have a small farm, but wife doesn't work and we had 2 kids for 2017. CPA said we'd be getting back a lot more in 2018 under the new tax law, so will be bumping up my allowances more.
     
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  5. devine

    devine hi, i am user devine
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    How long does it take to file them on turbotax
     
  6. Boo MFer!

    Boo MFer! No longer a cog in some powerhouse machine
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    Lol like you even pay taxes on the bar.
     
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  7. Baron

    Baron Well-Known Member
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    I'm starting to think I need to talk to a professional instead of doing it myself on TurboTax.
     
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  8. Baron

    Baron Well-Known Member
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    less than an hour.
     
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  9. billdozer

    billdozer Well-Known Member
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    We just started with the CPA because of the farm and used to have a renter. Will keep using them though
     
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  10. Baron

    Baron Well-Known Member
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    I don't have a business or any properties rented out, but I would like tax advice and someone who knows what they are talking about. What do CPAs usually charge, roughly?
     
  11. billdozer

    billdozer Well-Known Member
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    Ours charges $300. Don't know where that falls in the spectrum.
     
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  12. Corky Bucek

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    Sounds about right
     
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  13. skiedfrillet

    skiedfrillet It's not a lie if you believe it.
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    yes hello we must have the same cpa
     
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  14. Fancy

    Fancy thanks, i hate it
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    My guy is still great/gonna land me in jail one day
     
  15. Where Eagles Dare

    Where Eagles Dare The Specialist Show On Earth
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    I fill mine out on an index card
     
  16. Boo MFer!

    Boo MFer! No longer a cog in some powerhouse machine
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    Full blown autism.
     
  17. ned's head

    ned's head Well-Known Member
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    Had a kid and bought/sold a house in 19. Is there anything in the code that would benefit from using a pro? I usually do mine online with h&r block.
     
  18. AIP

    AIP Team bush
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    The wife is a cpa
     
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  19. C A N E

    C A N E Let justice be done though the heavens fall
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    FreeTaxUSA
     
  20. tjosu

    tjosu This is kind of like the breakfast club, huh?
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    Still this. Their interface has gotten better over the years too and is very easy to use
     
  21. ned's head

    ned's head Well-Known Member
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    Could you tell her that a man from the internet wants to know if she'd do his for an exchange of nuts?
     
  22. IvanTheTerrible

    IvanTheTerrible Well-Known Member
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    I used TurboTax last night and it was a breeze
     
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  23. billdozer

    billdozer Well-Known Member
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    Use a CPA because and we have a farm LLC. I don't quite understand how to handle depreciation on buildings/equipment/animals, so it's easier to get them to do it. It's only $300, so not too bad.
     
  24. dukebuckeye

    dukebuckeye I’m OK with your low opinion of me.
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    CPA. Think it costs ~$300-$400. Worth it IMO.
     
  25. WC

    WC Bad Company, ‘til the day I die.
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    Same, it’s great. Plus I get to haughtily tell everyone my personal account handles everything.
     
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  26. Baron

    Baron Well-Known Member
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    I don't. YOLO
     
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  27. Name P. Redacted

    Name P. Redacted I have no money and I'm also gay
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    Having a kid just increases your exemptions, there might be qualified expenses you could deduct if you think you have enough to itemize. fairly sure that profit from selling a house is tax free up to a certain dollar amount for homeowners.
     
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  28. dukebuckeye

    dukebuckeye I’m OK with your low opinion of me.
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    @fbi
     
  29. Redav

    Redav One big ocean
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    I try to set the high score when I'm playing. I like that if you put something in and your score goes down, it lets you change it so your score goes back up.
     
  30. tjosu

    tjosu This is kind of like the breakfast club, huh?
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    NPR is right. Profits up to 500k for married couples are exempt. If you don’t already itemize on schedule A there’s a chance you might be able to with all the medical expenses for the kid. Any of the tax prep services should be able to handle this
     
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  31. blind dog

    blind dog wps
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    In lieu of paying taxes I sent Donald Trump a bill
     
  32. Snakes

    Snakes clumsy interloper
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    Did Turbo tax while I was single and not making any money.

    Hired a CPA to do it last year and it was a breeze. With both of us working, two kids, and a mortgage, it works for us.
     
  33. Redav

    Redav One big ocean
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    If your tax situation isn't any more complicated than that, you're wasting your money on a CPA. :twocents:
     
  34. racer

    racer Yuma, where I work in software.
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    I just send a leather pouch of solid gold coins on the Wells Fargo Wagon.
     
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  35. Snakes

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    Maybe, we had some issues in the past because because I forgot to claim some investment income and he helped us work through those. (stupid, but live and learn I guess) I had a sizable pay increase in 2018 and it led to me having a large bill last year that I owed. I felt better about using a professional to make sure I was paying the right amount. He also helped me select a new filing status so I didn't have another bill this year.

    I should also add we use the accounting firm that does our audits at work and we get a pretty significant discount to use them. I paid him $250 last year. That additional $200 or so is worth the piece of mind for us.
     
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  36. Oranjello

    Oranjello Well-Known Member
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    I think TurboTax ran me like $100 last year, but if you're getting a CPA to do it for $250 then I'd go with that. Nothing you've said is by any means complicated from a tax perspective, but that's a solid deal to have a pro do it.

    I work in tax and will still pay a buddy $250 to do my taxes this year because of my BFF's failure to pay fed taxes last year (see stupid shit thread), although I'm currently trying to trade some legal work for his tax services for free.
     
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  37. DuffandMuff

    DuffandMuff Well-Known Member
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    Single, no kids, rent, normal office job. Normal investment accounts. Always feel like my taxes are super easy, but I only get a few hundred back.

    I don’t think there’s a way for me to get more though with my situation. Will have to file state taxes for the first time this year.
     
    beist likes this.
  38. Jimmy the Saint

    Jimmy the Saint The future is a benevolent black hole
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    As a CPA, you might as well light a few hundred dollars on fire. The warmth will be more valuable than what you're getting for that.
     
  39. Jimmy the Saint

    Jimmy the Saint The future is a benevolent black hole
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    You're doing it correctly if that's all you're getting back. Congrats.
     
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  40. Snakes

    Snakes clumsy interloper
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    I probably should have elaborated on my original post. When you are looking at a $3,000+ tax bill, you are happy to have a CPA look at it for an extra $150.
     
  41. Houndster

    Houndster Well-Known Member
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    When I do friends/family taxes I just do them with TurboTax. I’d recommend that for everyone unless you have a business or a lot of different investments.
    You probably need to adjust your withholdings unless you had a big capital gain or something that doesn’t occur regularly.
     
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  42. Snakes

    Snakes clumsy interloper
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    yeah I did.
     
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  43. The Guglia

    The Guglia I Work in the City, and I Work Long Hours.
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    Very carefully.
     
  44. killrbee7

    killrbee7 EMAGin' and Swaggin'
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    I have to pay this year and long for the college years of getting back a grand or two and blowing it on a new TV.
     
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  45. swiggs

    swiggs Well-Known Member

    I usually place a pillow under each knee and a gag in my mouth
     
  46. MoJo

    MoJo It bees that way sometimes...
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    I owed $5K last year and am starting to think I have no idea what I’m doing.
     
  47. Nole0515

    Nole0515 Well-Known Member
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    Turbo Tax. Cause Im single and broke. getting back 1500 and it will immediately be spent on bills
     
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  48. bigred77

    bigred77 Well-Known Member
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    I've often wondered how many CPA's are just laughing all the way to the bank at the # of people who pay them $300 to do 15 minutes of work the person could have done on their own for $30
     
  49. Name P. Redacted

    Name P. Redacted I have no money and I'm also gay
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    You could just adjust your withholdings