Taxes

[Mrs. Gooch]

We used to always get a lot back; so I changed my elections on the W-4 so we are pretty close to even now...so I'm in no hurry to get them done. I downloaded the software this weekend and gathered up the documents we have received; so I feel like I made progress.

standard deduction (this one is a tough call but I'm very good so I maybe still nailed it)

You are wrong, but good job on the tough call...we are getting close as the amount of interest on the mortgage goes down. We'll probably take the standard deduction in a couple of years.

Just finished up our taxes, and guess what...SD was right after all.

[steve dave]

We used to always get a lot back; so I changed my elections on the W-4 so we are pretty close to even now...so I'm in no hurry to get them done. I downloaded the software this weekend and gathered up the documents we have received; so I feel like I made progress.

standard deduction (this one is a tough call but I'm very good so I maybe still nailed it)

You are wrong, but good job on the tough call...we are getting close as the amount of interest on the mortgage goes down. We'll probably take the standard deduction in a couple of years.

Just finished up our taxes, and guess what...SD was right after all.

I am a very good message boarder

[Kat Kid]

it's a pretty great hipster name actually. you could even pronounce it different.

Kansans couldn't. (me)

YES!

[Kat Kid]

Have several times in my life received negative feed back on the pronunciation of Ben/Bin.

Granted I used to interact with linguists quite a bit and mid-level linguists that don't care about regionalism or have strong preferences against it (East coasters) can be brutal.

[michigancat]

Have several times in my life received negative feed back on the pronunciation of Ben/Bin.

Granted I used to interact with linguists quite a bit and mid-level linguists that don't care about regionalism or have strong preferences against it (East coasters) can be brutal.

you'd think a linguist would be more understanding. I also have pronounced "Houston" as "Yew-Ston" for most of my life and had no idea it was incorrect.

[j rake]

just venting quick...

the gambling tax laws in this country could use an update, particularly when it comes to sports betting. even the most recreational of recreational sports bettors would be stunned at how you should properly file your taxes. i have done quite a bit of research on this, but just an example:

let's say you bet $100/game, place an average of 20 bets per week, and break even for the year. that means you are up roughly $50k (winning bets) and down $50k (losing bets). you are now required to add $50k to your adjusted gross income on line 21. you can deduct your losses on line 40 (Schedule A), but still, your AGI is now considerably higher - and all for breaking even. if you are betting much larger amounts (say $500 per game or more), and betting higher volume (say 100 bets per week), the figures can become downright astronomical. and again, if you were to break even, you can't simply put $0 on your 1040 for 'other income'. The IRS expects you to list your wins, subtract your losses, and in case of audit, provide a diary of all your bets; locations; dates; etc.

because your AGI is artificially inflated, you lose out on simple deductions such as student loan interest, charitable donations, etc., because your "income" is so high. in summary, i would guess that the majority of sports bettors - certainly recreational and semi pro - are either a) not filing their taxes properly; or b) filing properly and venting on random forums.

[slobber]

Owed $1500 to the feds. Getting a couple hundred back from State. It was a pretty good year in the dobber financial world. Beat my 2013 financial goals by over 30%. A couple more years like that, and I will own this place!

Also, get my merit raise and remainder of 2013 bonus next week. Merit raise is shitty. I deserve a real raise! I can't buy goEMAW for peanuts, ya know?

[EllRobersonisInnocent]

just venting quick...

the gambling tax laws in this country could use an update, particularly when it comes to sports betting. even the most recreational of recreational sports bettors would be stunned at how you should properly file your taxes. i have done quite a bit of research on this, but just an example:

let's say you bet $100/game, place an average of 20 bets per week, and break even for the year. that means you are up roughly $50k (winning bets) and down $50k (losing bets). you are now required to add $50k to your adjusted gross income on line 21. you can deduct your losses on line 40 (Schedule A), but still, your AGI is now considerably higher - and all for breaking even. if you are betting much larger amounts (say $500 per game or more), and betting higher volume (say 100 bets per week), the figures can become downright astronomical. and again, if you were to break even, you can't simply put $0 on your 1040 for 'other income'. The IRS expects you to list your wins, subtract your losses, and in case of audit, provide a diary of all your bets; locations; dates; etc.

because your AGI is artificially inflated, you lose out on simple deductions such as student loan interest, charitable donations, etc., because your "income" is so high. in summary, i would guess that the majority of sports bettors - certainly recreational and semi pro - are either a) not filing their taxes properly; or b) filing properly and venting on random forums.

Do you support yourself off of gambling income? If not, why report gambling income/losses on your taxes?

[Boom Roasted]

Doing mine this weekend.  Maybe tomorrow night.  Always dread them and push them off till the last minute.

[j rake]

Do you support yourself off of gambling income? If not, why report gambling income/losses on your taxes?

not entirely, but to a large degree, yes.

i report because to do otherwise is tax evasion. more specifically, vegas sportsbooks have my SSN # on file (required upon signing up for betting apps).

[j rake]

so, i hired a tax "specialist" to do my taxes this year. i had a few questions that i wanted to get answers to, and figured it was worth the relatively low expense to have someone do them for me (i owe quite a bit of money). i ended up finding a CPA online that charged $75 for the return; and $25 to efile. i visited the office exactly one week before the deadline, and was overly apologetic in coming to her so late. (in no way, shape or form was i expecting/wanting outstanding or exceptional service, and said as much)

but, i didn't expect/want awful service, either.

to recap:

-i basically had to walk her through basic things such as win/loss statements (casinos)
-she finished my return, and told me she would e-file the next day
-upon arriving home, i realized she had done something wrong and needed to make a change
-i researched for hours to answer questions she couldn't (my email went unreturned)
-she told me she would apply the change(s), thanked me for going "above and beyond" (lol), then said she'd e-file
-i emailed asking if she would confirm the amount; she did not reply
-i emailed asking if she would confirm that the IRS received the e-file; she did not reply
-i called her; she did not answer

i sent my IRS payment via snail mail today (i'm a dinosaur), including a 1040-V voucher that i'm not certain is the right amount. but as of now, i'm second-guessing myself and wondering if i should have sent my entire tax return. i opted not to, since i THINK she e-filed it; but again, because of her inability to send confirmation (it's been four days), i am now beginning to wonder if she even e-filed my return.

so now, i have two questions:

1. did i deserve better service? i have tried to keep correspondence to a minimum, and apologize every time i send an email, and definitely feel like i'm bothering her. but at the same time, i feel like since she took me on as a client, she should fulfill her obligations at least minimally (i feel like i'm asking for the bare minimum here)

2. should i e-file my own tax return? if for some reason my tax return WAS filed by her, and then i file it AGAIN, will the IRS scream at me, or consider it to be null and void, or whatever? i'd file my own right now if there were no repercussions for "double sending."

thanks!

[Rage Against the McKee]

How much did you tip her? Maybe you are just getting poor service because she thought your tip was inadequate.

[j rake]

How much did you tip her? Maybe you are just getting poor service because she thought your tip was inadequate.

i had never heard of such a thing. tipping a tax person? is this legit, or just crossthreading?

i mean, i couldn't have been more apologetic. i offered to pay double her fees, called myself an idiot for waiting so long, thanked her again and again for taking the time to meet with me, etc. i paid her before we even wrapped up. but no, i did not tip.

maybe ill email and ask her if this is about my lack of tip. 

[OK_Cat]

looks like you gambled by waiting until the last minute

[OK_Cat]

i bet you won't go to her again

[j rake]

looks like you gambled by waiting until the last minute

i feel like i already acknowledged this.

i bet you won't go to her again

 

[OK_Cat]

i don't know any gambling terms to continue this dog and pony show.  what are the odds?

[OK_Cat]

 

[Rage Against the McKee]

How much did you tip her? Maybe you are just getting poor service because she thought your tip was inadequate.

i had never heard of such a thing. tipping a tax person? is this legit, or just crossthreading?

i mean, i couldn't have been more apologetic. i offered to pay double her fees, called myself an idiot for waiting so long, thanked her again and again for taking the time to meet with me, etc. i paid her before we even wrapped up. but no, i did not tip.

maybe ill email and ask her if this is about my lack of tip. 

Oh, man. I've always heard that the nicest customers are the worst tippers. This only reinforces that stereotype. I'm sure she filed your taxes, but she's obviously upset about this.

[j rake]

she just called, apologized for lack of email replies, and also for not sending the necessary confirmations ("I thought I did"). everything went through. she asked me to refer her business and write a positive review.

i guess i can do that (since i didn't tip).

[sys]

and pat summit thought she could change you.   

[j rake]

and pat summit thought she could change you.   

every time i see you've replied to a thread i've posted in, i have a sinking feeling in my stomach before i click it.

[sys]

every time i see you've replied to a thread i've posted in, i have a sinking feeling in my stomach before i click it.

i don't believe you.  you love to inform the board about your personality quirks, and all of my posts to you highlight that same subject.

[Trim]

The last time I was way late getting my stuff to the tax specialist (gE-endorsed best CPA in the world), I apologized for the delay and offered to simply pay in to the governments whatever amount she dreamed could potentially cover any tax liability right away and then she could take her time filing the returns late.  She got it all done perfectly on time anyway.  I paid her double what was on the bill when I got it; I guess you could call that a tip.

[Panjandrum]

I work in Missouri, and I moved from KC, MO to OP last spring.  I've been plugging away at my taxes for a while now, but I think I've met my match.  There are so many forms to cover my scenario (I'm technically a non-resident in both states for 2014) and I've called both the Missouri department of revenue and Kansas dept. of revenue to ask questions.  Neither have been really helpful.

I refuse to pay anyone because I'm stubborn. But I'm about to file and just cross my fingers that I did it right.

I hate this crap, but I'll be damned if I pay someone to do it.