Taxes are done!

LordMortis · Post by **LordMortis** » Sun Mar 22, 2015 12:41 pm

LawBeefaroni wrote:I don't know how self-employed employees do it.

By saving every receipt and documenting everything they consumed or owned for a write off.

LawBeefaroni · Post by **LawBeefaroni** » Mon Mar 23, 2015 2:31 pm

LordMortis wrote:
LawBeefaroni wrote:I don't know how self-employed employees do it.
By saving every receipt and documenting everything they consumed or owned for a write off.

She did that. In fact her teaching was a net negative probably. But being able to bike to meetings kind of limits the consulting stuff. There's a laptop, office supplies, that's it. Our guy did a pretty good job of training us to keep records. I mean short of making stuff up.

Kraken · Post by **Kraken** » Mon Mar 23, 2015 3:59 pm

LawBeefaroni wrote:
LordMortis wrote:
LawBeefaroni wrote:I don't know how self-employed employees do it.
By saving every receipt and documenting everything they consumed or owned for a write off.
She did that. In fact her teaching was a net negative probably. But being able to bike to meetings kind of limits the consulting stuff. There's a laptop, office supplies, that's it. Our guy did a pretty good job of training us to keep records. I mean short of making stuff up.

Home office deduction is where it's at if you have a room that meets the definition. My wife's office is 20% of our house, so we can deduct 20% of utilities, repairs, maintenance, etc. Our $8,000 roof will be a $1,600 deduction. The rules are tricky but "your guy" ought to know what's legal and what's not.

Post by **ImLawBoy** » Tue Mar 24, 2015 11:39 am

Hey, thanks work for sending me a corrected W2 and forcing me to amend my tax return and pay more money! Really appreciate it!

LawBeefaroni · Post by **LawBeefaroni** » Wed Mar 25, 2015 4:44 pm

Kraken wrote:
LawBeefaroni wrote:
LordMortis wrote:
LawBeefaroni wrote:I don't know how self-employed employees do it.
By saving every receipt and documenting everything they consumed or owned for a write off.
She did that. In fact her teaching was a net negative probably. But being able to bike to meetings kind of limits the consulting stuff. There's a laptop, office supplies, that's it. Our guy did a pretty good job of training us to keep records. I mean short of making stuff up.
Home office deduction is where it's at if you have a room that meets the definition. My wife's office is 20% of our house, so we can deduct 20% of utilities, repairs, maintenance, etc. Our $8,000 roof will be a $1,600 deduction. The rules are tricky but "your guy" ought to know what's legal and what's not.

Based on the letter of the law, it wasn't worth it. It would be a dubious claim at best.

Kraken · Post by **Kraken** » Wed Mar 25, 2015 6:23 pm

LawBeefaroni wrote:
Kraken wrote:
LawBeefaroni wrote:
LordMortis wrote:
LawBeefaroni wrote:I don't know how self-employed employees do it.
By saving every receipt and documenting everything they consumed or owned for a write off.
She did that. In fact her teaching was a net negative probably. But being able to bike to meetings kind of limits the consulting stuff. There's a laptop, office supplies, that's it. Our guy did a pretty good job of training us to keep records. I mean short of making stuff up.
Home office deduction is where it's at if you have a room that meets the definition. My wife's office is 20% of our house, so we can deduct 20% of utilities, repairs, maintenance, etc. Our $8,000 roof will be a $1,600 deduction. The rules are tricky but "your guy" ought to know what's legal and what's not.
Based on the letter of the law, it wasn't worth it. It would be a dubious claim at best.

It's reputed to be an audit flag, so you're smart not to bend the definition. But it's usually our single biggest deduction and a big part of making self-employment viable.

Zarathud · Post by **Zarathud** » Wed Mar 25, 2015 7:17 pm

Home office deductions are a PITA when you sell the house and an audit flag. But it makes more sense if you turn part of a home into the Kraken Enterprises warehouse for stuff than if you just did consulting.

Kraken · Post by **Kraken** » Wed Mar 25, 2015 10:14 pm

Technically I'm an employee of Kraken Enterprises, not self-employed, so I don't get a home office deduction for that. I get W-2 income like any other wage slave. My office is 150 sq ft at the most so it wouldn't be worth much anyway. The home office is to make my wife's 1099 income go away.

Lordnine · Post by **Lordnine** » Sun Mar 29, 2015 6:17 pm

I have a question for anyone who is knowledgeable about tax stuff! I am filing through Tax Act as I have done for the last couple years. This year I have health insurance for the first time. One of the “Self Check” alarms went off at the end. The question was something like:

“Did you sign up for health insurance through a government sponsored program? If so, you MUST fill in the information from form 1095-A …”

The answer is yes, however, I have a Catastrophic Plan, which does not generate a 1095-A form. I actually confirmed this with my provider. The problem is that Tax Act doesn't have this as an option. What do I do for this question?

Kraken · Post by **Kraken** » Sun Mar 29, 2015 8:22 pm

Enter "THANKS OBAMA!"

Giles Habibula · Post by **Giles Habibula** » Sun Mar 29, 2015 9:58 pm

Lordnine wrote:I have a question for anyone who is knowledgeable about tax stuff! I am filing through Tax Act as I have done for the last couple years. This year I have health insurance for the first time. One of the “Self Check” alarms went off at the end. The question was something like:

“Did you sign up for health insurance through a government sponsored program? If so, you MUST fill in the information from form 1095-A …”

The answer is yes, however, I have a Catastrophic Plan, which does not generate a 1095-A form. I actually confirmed this with my provider. The problem is that Tax Act doesn't have this as an option. What do I do for this question?

First, make sure your software is up to date. Tax programs can have glitches that they update all the time. If other users have contacted them about this same problem, they may have corrected it, or clarified it in an update.

If that doesn't help, does Tax Act have a phone number for help, or an online help or email help option?

Lordnine · Post by **Lordnine** » Sun Mar 29, 2015 11:14 pm

It’s online software, so nothing to update. I sent a support request through their system but haven’t heard anything back yet.

stessier · Post by **stessier** » Mon Mar 30, 2015 4:09 am

Use TurboTax and see if you get the same red flag? You don't have to pay for it until you file. Kind of annoying, but perhaps it will be worth the piece of mind. Also, I believe TurboTax offers you someone to talk to live online if you do get the same issue.

coopasonic · Post by **coopasonic** » Mon Mar 30, 2015 9:41 am

Finally got the papers back from the accountant. Just shy of $6k back. It really seems like my tax obligation ought to be higher than 14% given my income, but hey, I'm ok with it. Laugh at the irresponsibility of the large loan to the federal government, but we've had bad surprises from my wife's investment guy and I'd rather be covered.

Laura · Post by **Laura** » Mon Mar 30, 2015 11:48 am

When I contacted Turbo Tax with a question, they were quite helpful. I backed up in the program to change an answer but it didn't seem to have changed. She directed me to the forms where I saw that the corrections had been made.

Lordnine · Post by **Lordnine** » Mon Mar 30, 2015 1:46 pm

stessier wrote:Use TurboTax and see if you get the same red flag? You don't have to pay for it until you file. Kind of annoying, but perhaps it will be worth the piece of mind. Also, I believe TurboTax offers you someone to talk to live online if you do get the same issue.

So I completed everything again through TuboTax and they have a specific check-box for just such an issue.

My new question!

I have a Catastrophic Health plan from my state government marketplace and I am self employed. Can I claim my premiums under the business health care section? The tool tip says not to include government marketplace insurance but I also don't get a 1095-A to claim in the later section.

-edit- I got a response that said I can claim the insurance as long as it's not eligible for the 1095-A. So TurboTax got my money this year instead of TaxAct for having a less dense filing system and people who are actually helpful! I suppose it makes sense though as it is almost four times the price!

Kurth · Post by **Kurth** » Mon Mar 30, 2015 5:29 pm

Done. Used Turbo Tax this year for $100 and change (Premier Edition) and saved about $1200 from what I was paying my accountant. Pretty painless process this year.

Biggest dissapointment: We get zero deduction from my wife's law school tuition. Big bummer.

tjg_marantz · Post by **tjg_marantz** » Tue Mar 31, 2015 10:38 am

Taxes filed March 19th through ufile. Payment received this morning for over 5k. I like when things work the way they should.

malchior · Post by **malchior** » Fri Apr 10, 2015 2:28 pm

Finally did mine because I am wrapping up a job and just didn't get around to it until this morning -- ended up getting a decent chunk of change back between state/fed to the tune of about 1400 each which I find acceptable. Somehow my effective tax rate is a very Romney-esque 13% so that's something. Between that and switching jobs and getting paid out for a month or so of unused PTO maybe now I can get my water rower.

Octavious · Post by **Octavious** » Fri Apr 10, 2015 2:31 pm

malchior wrote:Finally did mine because I am wrapping up a job and just didn't get around to it until this morning -- ended up getting a decent chunk of change back between state/fed to the tune of about 1400 each which I find acceptable. Somehow my effective tax rate is a very Romney-esque 13% so that's something. Between that and switching jobs and getting paid out for a month or so of unused PTO maybe now I can get my water rower.

Cool can you buy me a washing machine Mr. Moneybags?

KKBlue · Post by **KKBlue** » Sun Apr 12, 2015 8:04 pm

Taxes are done here too. My favorite part of the process was my husband asking me to look things over (as if I know what I'm doing). I did spend about an hour flipping pages and asking questions I should have answered myself by taking a few extra seconds. The folder goes back to him with me signing off on the taxes, satisfied with the work he has done. A few hours later he asks me if this is the correct social security number. He is always kind and considerate towards me. I was rather upset with myself from the oversight on my part, my social security number. Really, how the fuck could I miss that especially when I'm flipping pages and looking things over. So I laugh while crying because it cost him a bunch of time trying to figure out why (like he doesn't do that enough with his job) a problem is happening during the importing. Shit, it's my own SS number to recognize and was tasked with the opportunity to correct... for an hour! Sigh.

Lesson learned, take the time to check everything over when it is asked of you. Use a pencil to touch the areas making sure the job is done with accuracy. Hate, hate, hate letting him down. I'm learning a lot this year and trying to do better.

em2nought · Post by **em2nought** » Mon Apr 13, 2015 12:29 am

Just starting NOW, I had hopes that if the Hadron Collider evaporated us all I would die with the knowledge that I hadn't yet sent those "fellows" anything in 2014. My even more remote hope was for revolution, thought maybe the bureau of land management was going to start that at one point.

em2nought · Post by **em2nought** » Mon Apr 13, 2015 3:26 am

Extension done, ouch, ouch, ouch. $3800 perfectly good(LMAO) dollars going to waste propping up makers of a piece of chit F-35, or buying wallyworld chit for the idiocracy.

Enough to arm a platoon of militia with mosin nagants.

Exodor · Post by **Exodor** » Mon Apr 13, 2015 11:39 am

Laura wrote:When I contacted Turbo Tax with a question, they were quite helpful.

My fiance moved from an apartment to our house and Turbo Tax seemed totally unable to handle the change - it wouldn't let her file without filling in an apartment number and there's no way in user information to indicate that her current residence doesn't require one.

So she called Tubo Tax "support" - who had her go back to the User Information page over and over for 45 minutes before she gave up. She was on speakerphone most of the time and the support person was hopeless and rude.

I've already filed with Turbo Tax this year but that experience was so awful that I'll be using another provider next year.

Isgrimnur · Post by **Isgrimnur** » Mon Apr 13, 2015 11:44 am

em2nought wrote:Extension done, ouch, ouch, ouch. $3800 perfectly good(LMAO) dollars going to waste propping up makers of a piece of chit F-35, or buying wallyworld chit for the idiocracy.

Enough to arm a platoon of militia with mosin nagants.

Yeah, nothing like supporting companies that started under Russian imperialism, moved to Communism, and are now under a klepto-dictatorship.

Besides, over half of that will go to providing healthcare and pensions.

em2nought · Post by **em2nought** » Mon Apr 13, 2015 1:43 pm

Isgrimnur wrote:Besides, over half of that will go to providing healthcare and pensions.

Federal employee pensions make up 26% of the gov't budget? ...and they've doubled in ten years? ack

Maybe taking a federal position requires a euthanasia clause.

$iljanus · Post by **$iljanus** » Mon Apr 13, 2015 2:49 pm

em2nought wrote:
Isgrimnur wrote:Besides, over half of that will go to providing healthcare and pensions.
Federal employee pensions make up 26% of the gov't budget? ...and they've doubled in ten years? ack Maybe taking a federal position requires a euthanasia clause.

Umm I think pensions = social security?

em2nought · Post by **em2nought** » Mon Apr 13, 2015 3:53 pm

$iljanus wrote:
em2nought wrote:
Isgrimnur wrote:Besides, over half of that will go to providing healthcare and pensions.
Federal employee pensions make up 26% of the gov't budget? ...and they've doubled in ten years? ack Maybe taking a federal position requires a euthanasia clause.
Umm I think pensions = social security?

Now I'm just dumb, I blame it on lack of sleep from doing my taxes last night .

$iljanus · Post by **$iljanus** » Mon Apr 13, 2015 4:31 pm

em2nought wrote:
$iljanus wrote:
em2nought wrote:
Isgrimnur wrote:Besides, over half of that will go to providing healthcare and pensions.
Federal employee pensions make up 26% of the gov't budget? ...and they've doubled in ten years? ack Maybe taking a federal position requires a euthanasia clause.
Umm I think pensions = social security?
Now I'm just dumb, I blame it on lack of sleep from doing my taxes last night .

That's okay. It's interesting that they label it "pensions" rather than "social security". Very interesting indeed...

Isgrimnur · Post by **Isgrimnur** » Mon Apr 13, 2015 4:36 pm

That's not a government site.

DD* · Post by DD* » Mon Apr 13, 2015 11:12 pm

And.... done!

Pyperkub · Post by **Pyperkub** » Tue Apr 14, 2015 1:04 am

And the first pass in Turbo Tax is done. Owing 5 figures (as expected, though a bit more than I'd planned). I know I need to buckle up and setup my Estimated Taxes rather than pay the underpayment penalties, but every year they want money at the same time as the taxes - 1st payment is due at the same time. Grrr... I pay the underpayments, but that went up substantially last year (from about $30 to about $330). It's just a hassle to put together all the extra money at tax time when I owe a big chunk anyways. I have managed to get it done a couple of times, but most years it's just too much of a PITA.

em2nought · Post by **em2nought** » Tue Apr 14, 2015 9:55 am

Pyperkub wrote:Grrr... I pay the underpayments, but that went up substantially last year (from about $30 to about $330).

Crap, I didn't realize that. Now I'm going to have to start sending in the quarterly vouchers also.

Zarathud · Post by **Zarathud** » Wed Apr 15, 2015 12:53 am

Finally finished my own tax paperwork, and paid more in taxes than 66% of Americans earn. I still get a refund, but that's because I sometimes extend my tax filing because I'm too busy solving other people's problems.

You just think you feel the pain, em2nought.

em2nought · Post by **em2nought** » Wed Apr 15, 2015 12:57 am

Zarathud wrote:Finally finished my own tax paperwork, and paid more in taxes than 66% of Americans earn. I still get a refund, but that's because I sometimes extend my tax filing because I'm too busy solving other people's problems.

You just think you feel the pain, em2nought.

It's looking like I'm really gonna feel it next year.

Pyperkub · Post by **Pyperkub** » Wed Apr 15, 2015 2:31 am

Everything printed, @#$#@ money transferred into checking for the checks, mailing tomorrow.

Haven't looked at estimated taxes yet. It's gonna be a weird year with expecting to be getting a home equity loan/line of credit for the remodel, and some uncertainty with income and a few other large, one-time expenses coming up. Hopefully there will be some sort of Water credits for re-doing our bathrooms/showers.

Carpet_pissr · Post by **Carpet_pissr** » Wed Apr 15, 2015 9:02 am

Anyone get nailed with AMT this year? Used Turbotax, and it popped up some empathetic message apologizing for the fact, and basically "this is going to hurt...where do you want to start?" Apparently laws about this changed last year, and I read briefly somewhere that it tends to affect 'married, filing jointly with three kids' the most (or at least hits them the hardest for some reason).

I went ahead and filed anyway, even though the AMT reduced my refund by $6K, (it was 3am and I just wanted to be done with it), but then thought I should go back in case I answered something incorrectly.

I did go back and change a couple of answers regarding my home equity line loan (that apparently also can trigger AMT), but the amount did not change (love that about TT, BTW - you can always go back in, even after filing, and change stuff around to see how it affects your refund/amount due).

Any input/suggestions appreciated...

Jeff V · Post by **Jeff V** » Wed Apr 15, 2015 9:03 am

Good thing I didn't wait until tonight -- H&R Block wouldn't allow me to file my state tax until the federal was accepted, and the federal wasn't accepted until 6 am this morning (I filed around 10 pm last night). State got filed this morning.

stessier · Post by **stessier** » Wed Apr 15, 2015 10:08 am

Carpet_pissr wrote:Anyone get nailed with AMT this year? Used Turbotax, and it popped up some empathetic message apologizing for the fact, and basically "this is going to hurt...where do you want to start?" Apparently laws about this changed last year, and I read briefly somewhere that it tends to affect 'married, filing jointly with three kids' the most (or at least hits them the hardest for some reason).

I went ahead and filed anyway, even though the AMT reduced my refund by $6K, (it was 3am and I just wanted to be done with it), but then thought I should go back in case I answered something incorrectly.

I did go back and change a couple of answers regarding my home equity line loan (that apparently also can trigger AMT), but the amount did not change (love that about TT, BTW - you can always go back in, even after filing, and change stuff around to see how it affects your refund/amount due).

Any input/suggestions appreciated...

Adopt a 4th child or emancipate one of the three you have.

Otherwise I got nothin'. Sorry.

coopasonic · Post by **coopasonic** » Wed Apr 15, 2015 10:16 am

Hire a professional?

I assume this is a one time thing related to your windfall in 2014? Suck it up!