Income Tax

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Turbo Tax.

I have used it since my very first job as a teen. My dad always used it and still does. K use to use H&R but when I showed him how much he could save in preparation costs and get a bigger return he lets me do the taxes for the family.
 
NannyPatty said:
Do any of you do your own income taxes at home. We use Turbo Tax and have for many years.
Just curious...
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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 file 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 strike 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)!
 
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The Lazy L said:
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)!
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Since your wife runs her own business you might need to fill out a 10-99 for her and not a W-2.
 
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.
 
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.
 
backlash said:
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.
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We filed ours today and it's already accepted. It'll only be a few days to a week and well have our $in the bank.
 
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.
 
I filed last week and our return has been accepted as well. Monday. Its nice knowing the money will be in our account very soon. Then I don't have to worry about filing until next year.
 
HippoTwilight said:
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.
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We came out smelling like a rose this year! Yessss!
 
TurboTax. The software imports our data from last year, downloads our 1099Rs and 1099Ints, and all I have to do is key in the SS 1099s and I'm done. We had an energy credit several years ago and I needed that information for another energy credit (one of those things where there was a lifetime max). I logged on to TT, went through years of taxes until I found what I needed. Convenient.
 
I needed to hire an accountant, turns out living overseas you still need to file and claim everything you make.
A good accountant can save you money.
I needed to file and claim Retirement fund, bank accounts everything.
Bit of a nightmare. Especially after not filing for the last 10 years.
Figured since I pay tax here and I make less than the reporting requirement, no need to file US taxes....
WRONG! Mr tax man wants his taxes!
All of this started because I got a letter in the mail from my bank saying they need to conform with FATCA if not they would freeze my accounts. (thanks Obama for infringing on the 8th and 4th amendments)
My great accountant saved me from a huge penalty and I could claim ignorance. A good one knows all the tricks and loopholes and money saving write offs you can use.
Needed my Hong Kong tax records and all my pay stubs from the last 5 years. Account statements, MPF statements...cost me $2000USD to sort all of this out but in the end it was worth it. Now im in the clear on things and back on the "grid" in the States.

Now that we bought the house and property we need him for that as well.

Luckily my wife was smart and listened to her mother and kept all our savings in her account. Or that would have been a huge problem!

If you have over $10k USD in the bank you need to let uncle IRS know about it.

The best advice he gave my wife and myself before we bought the house, was for her to keep the money in her name as she isnt a US citizen, resident or green card holder.
Her parents transferred us the money to our new bank account in the states as a "gift" for when we bought the property. Now all I need to do is fill out a form to report the money as a gift from a foreign entity. (seems like certain politicians do this all the time. )

Hong Kong taxes are easy, I just send in my info with a few forms and let them do it. Paid a total of $1200usd. If I think its to much I can protest why I think its to much and they usually lower it a few hundred.
The US could really learn from a tax system like over here, flat rate 15% and one simple form to fill out.
 
I do my own as ever since local accounting company who was doing mine jerked me around after they got me audited. IRS audit is normal now so I do the best I can and they correct my return. Still costs me hundreds less than having a CPA do it.
 
I have done my own/ours since the late 70's. Last year I ran numbers through CreditKarma and Turbo Tax. Turbo tax found some deductions the other did not, so that's what I used to file. Always the 1040 due to capital gains.
 
CrackbottomLouis said:
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.
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I second that. I have 4+ streams of income and s corps to deal with. An aggressive CPA can do wonders in tax savings strategies. Taxes next year are gonna suck. Lots of great loops closing in the name of “ simplifying taxes”. Simplifying them by taking my current deductions and giving them to someone that makes money in a non personal service business.
 
We have a family accountant, she does ours for under $200. I have a penion, work full time, farm (tax write-offs), we have multiple investments, the Mrs worked until 4 months ago to and we have a son in college. Our taxes are not simple so that price is more than fair i believe.
 
Your wife's income should be reported on Schedule C, then the self-employment taxes will get calculated correctly. I'm surprised IRS didn't say that. Perhaps a visit with a local CPA would be worthwhile.
 
My CPA does mine. Ok, I do my own (and I'm a CPA, but not in public practice). I use Taxslayer, as good as TurboTax. Used to use TurboTax, until I had to spend time on the phone with their customer support explaining how the state module wasn't calculating something correctly. They finally fixed it, but the next year I switched.
 
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