Tax Season
- Thread starter bmcgc
- Start date
It's ok, I doubt they'll say anything if you don't do them.
Our 2023 taxes are currently in review.
We used turbo tax for a number of years. Then several years back we had to pay the gov't somewhere close to $5k in taxes. Ended up bringing our docs to a professional who was able to get that number down substantially (still owed, unfortunately).
We used turbo tax for a number of years. Then several years back we had to pay the gov't somewhere close to $5k in taxes. Ended up bringing our docs to a professional who was able to get that number down substantially (still owed, unfortunately).
My taxes have been done for a month. Zeroed out with Feds and got a small amount from the State. Unfortunately my taxes are complicated but I have a great CPA that I’ve used for 30 yrs.
Mine are in with the CPA. I have an agreement with them, I don't do taxes and they don't do Belly Dance.
Is your nail polish deductible as a business expense?
It would be if I actually ran a business. I average about 1 paid gig per decade...
I filed mine back in early Feb, already got my refunds back. Turns out I'd underestimated some of my deductions when I updated my w4 so I ended up getting almost $6k back. I usually shoot for a $2k refund for a little buffer if I screw it up in the other direction, but a small enough amount that it's not a big difference maker in my monthly cash flow.
I usually adjust withholding in Jan and Jul with the goal of breaking even. Most years I am within $400 +/-. I didn't adjust in Jul, so the early estimate is that we are going to owe 3-4k.
Yep, that's why I shoot for a 2k refund. I learned that lesson a couple of times when I got surprised by 3-4k shortages, I decided I'd rather pay a little more every month so if I mess it up the wrong direction it's a smaller surprise and if I mess it up in the right direction, it's a bigger one.
I run a small business and one thing that pisses off the IRS is you owing them money. I do not even like having a wash with them. I also make sure that I pay my quarterlies on time. I rather give them a loan and get a small refund. I had a buddy that had the IRS freeze All his accounts on his contracting business. He had to borrow cash from his Dad ti cover payroll for 2 months before they said “Are bad everything is good” and released his bank accounts.
I owed $0.85 in Federal last year, that felt like a worthy check to send.
I prefer to break even or owe. The money that the IRS holds for you is losing value and is money you do not have to invest.
I started getting my stuff together 4 weeks ago. I got 1/2 way done and can't find the motivation to finish and get it to my CPA. I pay lump-sum every year and haven't had a "return" in probably 10 years, which is a big reason I have no positive motivation to spend another day or so working on taxes.
If these people served the American people as the Constitution says they are supposed to do and met annually for the proper meetings rather than turn the whole thing into a shenanigan full-time job I'd be a more willing participant.
A lot changed for me last year, retired, now contracting, kids situation changed…all that said they screwed me out of an additional 4K. 
I didn't file my taxes for 6 years and owed 26k. No one cam after me for almost 10 years. Then about 3 years into owning our first home they put a lien on the house. I worked out a payment plan with them and upon selling the house paid them off.