[nn0wheremann]

Originally Posted by CoachKandSportsguy

I do 1 LLC return, 1 estate return and 2 regular returns every year. ..
Using turbo tax, its pretty straight forward, the improvements made in the last 10 years have been extremely helpful.

K1s are the worst, as most times, they will not impact your tax return from publicly traded partnerships. From estates etc, they may appear strange and weird. . .

I was ready to file, and realized that I forget capital gains from a Fidelity schedule. So I had to chat with the turbo tax peeps to figure out how to reopen the file to continue entering in data. Didn't do it correctly the first time, but the second time, it worked. It didn't change any numbers due to tax loss carry forwards, but the process is very detailed and requires some level of numerical organization as well. I love the large standard deduction, as we don't have enough for itemized entry any more.

But, if you are not a finance nor accountant type, and are unfamiliar with accounting concepts, or have certain types of financial transactions, then tax returns may be extremely difficult as there are lots of little pieces which need to be identified, added/summed together, and then entered. I personally hate doing it anymore, as it's just a waste of several days of adding and subtracting, and data entry, rinse the excel data and repeat the next deductible account. . . of course the banking statements don't help when they just say check number 4567 is $7,000 and I am supposed to remember to whom I asked bank bill pay to send a check back, 1 year ago? tedious
process.

hopefully, everyone got theirs filed on time. . . and we can all return in about a year to whine and complain again!

Most of the tax returns I have prepared over eight years with Villages Tax Aide have been fairly simple. I am surprised that so many intelligent, educated retired professionals have not learned to file their returns. With the available and inexpensive tax software now on the market, filing income tax returns is not difficult. If the standard deduction reverts to prior levels next year, though, itemizing will reintroduce a host of pitfalls. So keep track of those expenses.