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Doing Taxes SUCKS

Big ChiefBig Chief Senior MemberPosts: 32,995 Senior Member
Especially if you aren't gettin a refund, but paying more in.................anyhow I just finished my federal taxes for tax year 2017. I'm glad it's over. I used Turbo Tax.

Since Mrs Chief passed away in 2016 I could still claim her for that year as a standard deduction, but not for 2017 unless you meet certain criteria like having a dependent child you are supporting.......so I had to file as a single. not married jointly.

Little painful to write a check fer several thousand dollars to the IRS (actually a direct bank online transfer), but I expected it.

Good news is I think the new tax laws double the standard deduction and next year will be much mo better???

Anyhow, I'm done and relieved taxes owed Caesar were paid. 




It's only true if it's on this forum where opinions are facts and facts are opinions
Words of wisdom from Big Chief: Flush twice, it's a long way to the Mess Hall
I'd rather have my sister work in a whorehouse than own another Taurus!
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Replies

  • Big Al1Big Al1 Senior Member Posts: 7,825 Senior Member
    Taxes are the devil! My nephews wife does them for me! Have had to pay every year except this year. We became slum lords and the property expenses are deductible.
  • Big ChiefBig Chief Senior Member Posts: 32,995 Senior Member
    Thing is, I don't have any deductions that amount to much. 

    Oh well, I don't have all those headaches either.
    It's only true if it's on this forum where opinions are facts and facts are opinions
    Words of wisdom from Big Chief: Flush twice, it's a long way to the Mess Hall
    I'd rather have my sister work in a whorehouse than own another Taurus!
  • JayhawkerJayhawker Moderator Posts: 16,916 Senior Member
    It took me all of 45 minutes to do my taxes using TurboTax.....I choose not to have taxes withheld from social security but do from my retirement....we pay no state taxes and I write a check for a couple hundred bucks every year. I'd much rather do that than give the Feds an interest free loan for a year.....
    Sharps Model 1874 - "The rifle that made the west safe for Winchester"
  • tennmiketennmike Senior Member Posts: 27,395 Senior Member
    I took a BIG hit on taxes because of a whole life insurance policy maturing and paying out in 2017. Been paying taxes on the interest for 40 years on that policy, and the filthy IRS thieves STILL took a bite out of it. I don't have taxes taken out of my social security, either. Screw giving the filthy government vultures an interest free loan for a year; let 'em eat feces! :smiley:
      I refuse to answer that question on the grounds that I don't know the answer”
    ― Douglas Adams
  • shushshush Senior Member Posts: 6,259 Senior Member
    edited March 2018 #6
  • shushshush Senior Member Posts: 6,259 Senior Member
    edited March 2018 #7
    Living in paradise, if you did your retirement plan correct, you pay no taxes and get a very nice percentage linked rise every year.

    Come the revolution comrade?

    Oh and Mrs. Shush earns a no small crust, that is why She married me.
  • Big ChiefBig Chief Senior Member Posts: 32,995 Senior Member
    shush said:
    Living in paradise, if you did your retirement plan correct, you pay no taxes and get a very nice percentage linked rise every year.

    Come the revolution comrade?

    Oh and Mrs. Shush earns a no small crust, that is why She married me.
    Yeah, I missed that part.


    It's only true if it's on this forum where opinions are facts and facts are opinions
    Words of wisdom from Big Chief: Flush twice, it's a long way to the Mess Hall
    I'd rather have my sister work in a whorehouse than own another Taurus!
  • Big ChiefBig Chief Senior Member Posts: 32,995 Senior Member
    Tenn, I remember paying a big chunk for 2014 taxes taxes when I made a withdrawal from my TSP............to pay off house, cash for a new car and everything else paid off. Life is nice with pretty much only monthly living expense bills.......................house/auto Ins, electric/cable, food, credit card I pay off every month and whatever like that.

    I still got some left in it and think I can leave it until I'm 74 in 10 years. I can shift it around in Govt bonds or stocks or some other fund, but can't add to it making any more contributions. So at that point in time I can do a lump sum or get monthly annuities. Taxes will suck again then either all at one or over time.................... 

     
    It's only true if it's on this forum where opinions are facts and facts are opinions
    Words of wisdom from Big Chief: Flush twice, it's a long way to the Mess Hall
    I'd rather have my sister work in a whorehouse than own another Taurus!
  • shushshush Senior Member Posts: 6,259 Senior Member
    edited March 2018 #10
    Big Chief said:
    shush said:
    Living in paradise, if you did your retirement plan correct, you pay no taxes and get a very nice percentage linked rise every year.

    Come the revolution comrade?

    Oh and Mrs. Shush earns a no small crust, that is why She married me.
    Yeah, I missed that part.


    Sorry mate, very unthinking of me.
  • earlyagainearlyagain Posts: 6,748 Senior Member
    I used to have the X sign the paper allowing me to claim the boy and split the refund with her even though she don't work.

    She remarried and they collectively sought to do me harm in a couple different ways I don't care to explain.

    Now nobody claims him and I don't care. I changed my W2 for optimal CYA and let uncle sam keep it. If they're doing wrong and claiming him without my signature, it's on them, whatever. Crime has it's own consequences, not my problem.

    Death taxes and divorce.
    Gotta pay💰😋
  • NNNN Senior Member Posts: 24,711 Senior Member
    Fed & State done and sent
    Shut up-----KAREN; OK Cynthia
  • Big ChiefBig Chief Senior Member Posts: 32,995 Senior Member
    No state to worry about fer me.
    It's only true if it's on this forum where opinions are facts and facts are opinions
    Words of wisdom from Big Chief: Flush twice, it's a long way to the Mess Hall
    I'd rather have my sister work in a whorehouse than own another Taurus!
  • NNNN Senior Member Posts: 24,711 Senior Member
    Yeah, a lot of Military claim FL for that reason---------most of our income is non taxed in NC
    and then after the standard deduction the tax is chicken feed.
    Shut up-----KAREN; OK Cynthia
  • Make_My_DayMake_My_Day Senior Member Posts: 7,670 Senior Member
    edited March 2018 #15
    I used to use TurboTax, but switched to H&R Block because of a problem with compatibility. Basically they're the same and I like both programs. It's worth the $50 to make it easy.
    JOE MCCARTHY WAS RIGHT:
    THE DEMOCRATS ARE THE NEW COMMUNISTS!
  • Diver43Diver43 Senior Member Posts: 10,904 Senior Member
    Have not been ours yet, used to have them done for free at work, but not available this year.  Will probably have someone do them as we have a few complicated accounts along with salaries and retirement
    Logistics cannot win a war, but its absence or inadequacy can cause defeat. FM100-5
  • zorbazorba Senior Member Posts: 23,654 Senior Member
    Just heard from my accountant today - looks like we're getting a small refund. I hadn't a CLUE what was going to happen this year with several real estate transactions involved.
    -Zorba, "The Veiled Male"

    "If you get it and didn't work for it, someone else worked for it and didn't get it..."
  • JayhawkerJayhawker Moderator Posts: 16,916 Senior Member
    We got absolutely hosed the year I retired and the year after due to cashing out my TSP.....like 5 figure hosed....then I discovered that the ranch work I was doing was causing me to be hosed even further..... didn't take long to discover that it just doesn't pay to work after you retire.....started volunteering at the bison refuge to take care of my need to be productive....
    Sharps Model 1874 - "The rifle that made the west safe for Winchester"
  • Big ChiefBig Chief Senior Member Posts: 32,995 Senior Member
    I know.........writing a check in 2015 for 2014 taxes to the IRS went well over 20K for me............but I expected it and planned fer it, still was PAINFUL.
    It's only true if it's on this forum where opinions are facts and facts are opinions
    Words of wisdom from Big Chief: Flush twice, it's a long way to the Mess Hall
    I'd rather have my sister work in a whorehouse than own another Taurus!
  • Big ChiefBig Chief Senior Member Posts: 32,995 Senior Member
    Two sure things are paying taxes and dying.
    It's only true if it's on this forum where opinions are facts and facts are opinions
    Words of wisdom from Big Chief: Flush twice, it's a long way to the Mess Hall
    I'd rather have my sister work in a whorehouse than own another Taurus!
  • tennmiketennmike Senior Member Posts: 27,395 Senior Member
    cpj said:
    This is why retired guys should work for cash 
    That's what I do. Mainly because the work I do is a one time thing.

      I refuse to answer that question on the grounds that I don't know the answer”
    ― Douglas Adams
  • timctimc Senior Member Posts: 6,684 Senior Member
    Did ours early, got a nice refund and spent it already. I pay in some extra since we have no deductions and take a standard deduction.
    timc - formerly known as timc on the last G&A forum and timc on the G&A forum before that and the G&A forum before that.....
    AKA: Former Founding Member
  • Jeff in TXJeff in TX Senior Member Posts: 2,054 Senior Member
    With the ranch I would have no idea what to do.  I've been going to same accountant for years.  I got audited once, they met with the IRS, called me afterwards and said it was all good.  Two years ago after picking up our taxes wife and I were at Wally World shopping.  I got bored and went out and got all of my tax stuff and wanted to see what the 20 something girl from Jackson Hewitt could do with them.  It became apparent early on she knew just a tad more about taxes than I did when it comes to a working ranch. She said I would be better off going to someone more knowledgeable.  I truly appreciated her honesty.
    Distance is not an issue, but the wind can make it interesting!

    John 3: 1-21
  • knitepoetknitepoet Senior Member Posts: 21,087 Senior Member
    Because of a HIGH estimate we received on the property before we sold it. We were able to claim a capital loss on the sale.

    Since I have no clue how to deal with that, we had an accountant do ours this year.

    Cost quite a bit more than my normal buying of turbo tax, however, we also got a small refund from state for a change, instead of having to pay them $100-500 this year.

    Enough to cover the extra cost, so a "win" for us
    Seven Habits of Highly Effective Pirates, Rule #37: There is no “overkill”. There is only “open fire” and “I need to reload”.


  • bisleybisley Senior Member Posts: 10,798 Senior Member
    The one time that I paid someone to do my taxes, they did them exactly the same way I did them with TurboTax - answer the question and move on to the next one, basically.
  • Make_My_DayMake_My_Day Senior Member Posts: 7,670 Senior Member
    There are versions of both TurboTax and H&R Block that are geared for simple tax returns for either individuals or businesses/individuals. If you run a business as an LLC or sole proprietor, the tax programs are golden. Even the basic program will handle investments and business returns.
    JOE MCCARTHY WAS RIGHT:
    THE DEMOCRATS ARE THE NEW COMMUNISTS!
  • zorbazorba Senior Member Posts: 23,654 Senior Member
    I've never done my own taxes, and don't intend to start now. Even back when our situation was simple, the accountant has always more than paid for themselves. The couple of times I tried doing them myself was an unmitigated disaster. So the accounting firm and I came to an agreement: I don't do taxes, and they don't do Belly Dancing!
    -Zorba, "The Veiled Male"

    "If you get it and didn't work for it, someone else worked for it and didn't get it..."
  • Make_My_DayMake_My_Day Senior Member Posts: 7,670 Senior Member
    I'd have to be too blind to see the computer monitor to go back to hiring someone. Been doing mine with software since 1992 and don't intend to go back.
    JOE MCCARTHY WAS RIGHT:
    THE DEMOCRATS ARE THE NEW COMMUNISTS!
  • zorbazorba Senior Member Posts: 23,654 Senior Member
    Nothing wrong with doing it with the tax software de jour, IF you know what you're doing with it. I do not! :D
    -Zorba, "The Veiled Male"

    "If you get it and didn't work for it, someone else worked for it and didn't get it..."
  • Make_My_DayMake_My_Day Senior Member Posts: 7,670 Senior Member
    edited March 2018 #30
    I'm not trying to talk you into anything, but using tax software "is so easy a caveman could do it" so to speak. The hardest part (and it's not hard at all) is the first year, where you have to manually enter all the personal information. After that you import the previous years' tax return and then work from there. It runs like an interview with an accountant. It asks you questions and you type in the answers, and when you're finished it checks for errors and audit risks and it will even send it to the IRS for you. There is zero learning curve. If you can operate a computer and use even the simplest software you can do this. Believe me it's much easier than doing it on paper and much cheaper than an accountant. I switched in 1992 because in the previous year I was doing my 1990 taxes using an accountant, and the damn thing cost me $350 and I still had to pay the IRS $5000. I said never again and been doing it on the computer ever since. But if you want to pay through the nose every year, I guess you're entitled to do it. I pay $50 for the non self-employed version, but even that one will do a simple business return. It will do your schedule C's and D's and more.
    JOE MCCARTHY WAS RIGHT:
    THE DEMOCRATS ARE THE NEW COMMUNISTS!
  • zorbazorba Senior Member Posts: 23,654 Senior Member
    I'm not trying to talk you into anything, but using tax software "is so easy a caveman could do it" so to speak.
    I'm quite sure it is easy. Trouble is I'd be very surprised if it covered our complicated tax situation - esp. with what happened taxwise in '17. Its so weird this year, that the gal at the "venerable old accounting firm" told me she was going to have a "senior partner" look it over to make sure *she* got it right!
    -Zorba, "The Veiled Male"

    "If you get it and didn't work for it, someone else worked for it and didn't get it..."
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