Do any of you do your own income taxes at home. We use Turbo Tax and have for many years.
Just curious...
Just curious...
Do any of you do your own income taxes at home. We use Turbo Tax and have for many years.
Just curious...
Do any of you do your own income taxes at home. We use Turbo Tax and have for many years.
Just curious...
Yes and I'm not happy.
Wife cleans houses and is her only employee. She pays SS and Medicare taxes quarterly. My reading of IRS regulations she doesn't need to fill a W-2. We fill jointly and her income is claimed in addition to mine. Starting in 2014 IRS is demanding a W-2 for her income. I quote their regulations back at them and a month later, another letter demanding a W-2. So I went on line, found W-2 forms for 2014, 2015 and 2016 and enclosed the corresponding W-2 with the next IRS monthly letter.
I plan on doing a preemptive stick for 2017. Conformed that TuboTax version I bought does W-2s. The problem is that Turbo Tax has a built in error check. It automatically calculates the employers share of SS & Medicare. TurboTax will not allow me to increase the amount to reflect what she actually paid (Employee share and Employee share)!
I have used Turbo Tax for years.
I usually file as soon as I get all the W2 forms.
File on Monday, return accepted on Wednesday and my return in my checking account within 2 weeks and most times sooner.
Since I have retired my taxes are really simple.
I try to just break even or get a very small return every year.
I don't like loaning the government money interest free all year.
I used TurboTax up until TY2016. It was always just the standard W2 entry with a standard deduction, about as easy as it gets. Then in TY 2016, life changes made it too complicated and I haven't had the time to learn how to properly DIY the new situation, so I just keep the necessary info and let my tax guy handle it. I don't doubt for a second I'm still coming out ahead, even with his extra costs.
Heck no. I have a great accountant. He saves me at least twice what I pay him over what I would normally have to give to the crooks in $3000 suits. Then again, my taxes aren't simple. Used to do my own but since I've started using good accountants I haven't looked back. There are always changes every year. Loopholes closed, new ones open, a new way to classify something. Good to have someone that keeps up with that. My wife bucked at using my guy the first year. So I had her do it on turbo tax (had just started real estate and wasn't making money so it was simple) and then we took it to my guy. Even after we paid him we got back over 30% more than my wife's effort and it was all above board.
Since your wife runs her own business you might need to fill out a 10-99 for her and not a W-2.
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