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Thread: Ugh! Taxes

  1. #11

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    Quote Originally Posted by Chris View Post
    I believe January 31, 2023 was the deadline for all tax forms to be sent out. Over a month late, call the IRS.
    It was. My accountant is working on it.
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

  2. #12
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    Turbotax, HRBlock, and others cannot handle anything complicated. You can file through the government for free but there's no help.

    After all this year's work a CPA may be worth it.
    Tradition is not the worship of ashes, but the preservation of fire. ― Gustav Mahler

  3. #13

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    Quote Originally Posted by Chris View Post
    Turbotax, HRBlock, and others cannot handle anything complicated. You can file through the government for free but there's no help. After all this year's work a CPA may be worth it.
    Speaking only for myself, it's worth it to know that if the folks with those three initials come calling there's someone to stand behind the work.
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

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    Quote Originally Posted by DGUtley View Post
    Speaking only for myself, it's worth it to know that if the folks with those three initials come calling there's someone to stand behind the work.
    Yea, that's what I worry about, did I interpret the rules correctly or not. A CPA should know. But finding a good one who doesn't charge a fortune....
    Tradition is not the worship of ashes, but the preservation of fire. ― Gustav Mahler

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    Quote Originally Posted by Chris View Post
    Yea, that's what I worry about, did I interpret the rules correctly or not. A CPA should know. But finding a good one who doesn't charge a fortune....
    I've never met my accountant. I got him b/c he did a buddy's dad 20+ years ago. He did the firms for a long time, he does a number of my partners. The Mrs. has met him b/c she's gone up and dropped off stuff to him. All of my communication has been email or phone - in 20+ years. He still charged me less in 2022 than what my guy in 1997 or 98 charged me. I think that guy charged me based on the ability to pay.
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

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    Quote Originally Posted by DGUtley View Post
    I am still waiting to hear from my accountant. I think I’m still waiting on one form from one company. I’m not sure. My account tells me to make quarterly payments to avoid the big payment at tax time but somehow I still always end up having to make a big payment at tax time. I have to pay tax on my share of money that the firm carries over to start the new year with that is counted as my income on my K-1. I never get the money in that taxable year, but I have to pay tax on it.
    Welcome to the club. Because our CA business is large we have long payment terms of 90 days and sometimes don't see it for over 100. Then CA sales tax is about 10.5% (depending on county) that I also have to pay in 30 and add to the invoice. Then CA requires me to pay state taxes on my profits above what I paid to other states based on the sales to their state.
    And the customers got upset when I gave them a 21% price increase. I told them to move because we have a hard time finding trucks to deliver there. We have one guy that has his own flatbed that will only go as far as Vegas and then calls a buddy from LA to pick up the load, deliver it and return the flatbed. If he drives into CA then he has to pay CA state taxes also.
    Last edited by carolina73; 03-08-2023 at 10:05 AM.
    Let's go Brandon !!!

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    Quote Originally Posted by DGUtley View Post
    I've never met my accountant. I got him b/c he did a buddy's dad 20+ years ago. He did the firms for a long time, he does a number of my partners. The Mrs. has met him b/c she's gone up and dropped off stuff to him. All of my communication has been email or phone - in 20+ years. He still charged me less in 2022 than what my guy in 1997 or 98 charged me. I think that guy charged me based on the ability to pay.
    My parents had a CPA who turned out to be an irresponsible bum. I hired another to do taxes on their estates and they did a good job but charged a lot. So I continue to try to do my own. If this year works out then I have a template for years to come.
    Tradition is not the worship of ashes, but the preservation of fire. ― Gustav Mahler

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    Quote Originally Posted by Chris View Post
    My parents had a CPA who turned out to be an irresponsible bum. I hired another to do taxes on their estates and they did a good job but charged a lot. So I continue to try to do my own. If this year works out then I have a template for years to come.
    Until they change the rules. Again.

    I used a local CPA when we first moved here. The first year, he made a minor error, I called him, he fixed it. Basic tax stuff, which included buying a home. The next year, he made another couple of minor mistakes, which I caught and had him correct and he raised his fee because our taxes were 'complicated'. A W-2, a 1099, some bank interest on savings was considered 'complicated'.

    After that, did them myself for a couple of years, then when I was getting buried at work, used the same CPA as the business, and pretty much been with them since. This will be maybe the 2nd time I've not used them.
    "I believe there are more instances of the abridgement of freedom of the people by gradual and silent encroachments by those in power than by violent and sudden usurpations." -- James Madison

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    Quote Originally Posted by Collateral Damage View Post
    Until they change the rules. Again.

    I used a local CPA when we first moved here. The first year, he made a minor error, I called him, he fixed it. Basic tax stuff, which included buying a home. The next year, he made another couple of minor mistakes, which I caught and had him correct and he raised his fee because our taxes were 'complicated'. A W-2, a 1099, some bank interest on savings was considered 'complicated'.

    After that, did them myself for a couple of years, then when I was getting buried at work, used the same CPA as the business, and pretty much been with them since. This will be maybe the 2nd time I've not used them.

    Complicated is schedule D and 8949s for four accounts plus crypto. I looked up how much that might cost and estimates were over $10K.

    What I'd prefer is a CPA who you can go to to ask questions. Like what is "WASH SALE LOSS DISALLOWED" and how put it in tax return. That one took me hours and hours.
    Tradition is not the worship of ashes, but the preservation of fire. ― Gustav Mahler

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    Quote Originally Posted by Chris View Post
    Complicated is schedule D and 8949s for four accounts plus crypto. I looked up how much that might cost and estimates were over $10K.

    What I'd prefer is a CPA who you can go to to ask questions. Like what is "WASH SALE LOSS DISALLOWED" and how put it in tax return. That one took me hours and hours.
    Just remember, what we know as a definition of a word, is not necessarily the same definition that government entities apply. They don't even follow GAAP. That way, sorry civilians like you and me can't do anything beyond a 1040, so you are forced to pay someone else to do them.

    And that statement comes hard for me, considering what I do for a living. And don't think for one moment it's not intentional. That way they can get you on any and every little thing, and penalize you for it without it making a material difference in what you actually owe.
    "I believe there are more instances of the abridgement of freedom of the people by gradual and silent encroachments by those in power than by violent and sudden usurpations." -- James Madison

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