Originally Posted by Stu from NYC (Post 2424866)

If only we did not have to pay preparers to do our taxes for us

Originally Posted by HORNET (Post 2425316)

Retirees shouldn’t have to pay School Tax ! You have them , you pay for them !

Originally Posted by manaboutown (Post 2424911)

Got nailed as usual with AMT, NIIT and IRMAA again next year. Ouch!

Originally Posted by Andyb (Post 2425078)

Capital gains is the killer. Not to mention tax on Social Security, which has already been taxed. Seems if your middle class, you get screwed the worst.
The tax system and the IRS need a major overhaul.

Originally Posted by Dr.Butler (Post 2424886)

You don't. You can literally do it all yourself, for free. The issue is they can be very complicated so we pay so we don't get in trouble.

Originally Posted by CoachKandSportsguy (Post 2424919)

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!

Originally Posted by Haggar (Post 2425392)

Yes- you can do yourself for free.
You might be missing something. The code is 30,000 pages long - plus the rulings, procedures, letters, interpretations, etc .

BUT - I talked to a client who has done it himself for many years. He gave $40,000 to charity and wasn't aware of QCDs. His IRA distributions exceeded $100,000 a year. Nothing in the tax software alerted him it existed,

Some schedule C businesses should be LLC's taxed as S corps. Your tax software wouldn't tell you that.

If you are well read - keep up not only with tax law changes - but read articles from financial institutions and publications - you may be aware of all the "loopholes".

Continue doing your returns yourself but do yourself a favor every few years. Pay a Doctor in Accounting - also known as a tax professional - to go over your returns. It may be worth it!

Originally Posted by Haggar (Post 2425392)

Yes- you can do yourself for free.
You might be missing something. The code is 30,000 pages long - plus the rulings, procedures, letters, interpretations, etc .

BUT - I talked to a client who has done it himself for many years. He gave $40,000 to charity and wasn't aware of QCDs. His IRA distributions exceeded $100,000 a year. Nothing in the tax software alerted him it existed,

Some schedule C businesses should be LLC's taxed as S corps. Your tax software wouldn't tell you that.

If you are well read - keep up not only with tax law changes - but read articles from financial institutions and publications - you may be aware of all the "loopholes".

Continue doing your returns yourself but do yourself a favor every few years. Pay a Doctor in Accounting - also known as a tax professional - to go over your returns. It may be worth it!

Originally Posted by rsmurano (Post 2425350)

I’ve used turbo tax for almost 30 years now.

Originally Posted by asianthree (Post 2425035)

We have never paid a penalty, interest, with the family CPA firm used since I was 14, always free for me until I graduated.
He retired his daughter took over the firm, but tweaked our quarterly’s so we get a refund just under $200.

Her fee is well worthwhile will continue, even once all the LLCs, and other residential homes are deeded to our kids and grandchildren.

Originally Posted by HORNET (Post 2425316)

Retirees shouldn’t have to pay School Tax ! You have them , you pay for them !

Originally Posted by Pugchief (Post 2425698)

When your kids were in school, did you let the people in your county who didn't have kids in school anymore pay school taxes? Or did you pick up that cost for them? Asking for a friend.