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Taxes...hate it

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Re: Taxes...hate it

Post by Freemind1 on Sun Feb 19, 2017 11:18 pm

@milspec6 wrote:I refuse to even look at my records until March.....it normally just pisses me off, so I am delaying the pain.  My accountant gets the fun part of filling things out, but I still have to consolidate a few records.

Most of my problem comes from the home office deductions as well as the fuel and mileage reports....not to mention all the online equipment purchases.  See, just thinking about this makes me mad.
Last year I went about the long way of filling out the home office deduction. This year was more complicated then I was willing to put up with. So I took the simple way out. They give you X dollars per square foot. Otherwise I would have to figure out the percentage for business/personal on taxes, utilities, ect. Screw that, too complicated.
My mileage is all done in one of those mileage books, simple enough for me.

All my purchases/expenses/income are put in my QuickBooks. Just print off the fiscal report and I'm done.

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Re: Taxes...hate it

Post by milspec6 on Sun Feb 19, 2017 11:46 pm

That is pretty much I feel about the home office situation as well. I just made this year far more messy than in years past records-wise. It used to be so simple, vehicles were never driven except for business and all the fuel went on the same fuel card. Since going full-time now, I ditched the personal vehicle and use my vehicles dual purpose with added records to go with it.

It probably will not be too bad, but I still dread this time of year....going to the CPA feels very similar to going to the dentist. Sure, you know you need to, but you also know it is going to be painful and you just don't know how painful.

My last dental visit, I was fine and went in for a cleaning. When I left, I had 2 fillings and couldn't chew for 3 weeks. I worry that the same thing will happen in April.
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Re: Taxes...hate it

Post by Freemind1 on Mon Feb 20, 2017 9:05 am

For me, I do my taxes with FREETAXUSA instead of using a CPA up town. It costs me 20 bucks for it. Up town is 400+ dollars. If you have a business, they bend you over here. Although, I hear of people that are just W-2 workers, paying 200 just to do their taxes at those tax places.
Last time I used one of those places, I just e-filed my taxes and had ONE w-2, and it cost me almost 300 bucks. I stopped using those places pretty quick. I was there for 45 minutes.
Thought I got paid well for my services, but I guess I should have been a number cruncher.

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Re: Taxes...hate it

Post by milspec6 on Mon Feb 20, 2017 11:58 am

That would be too high of price for me as well. My CPA runs me $160 and has been a friend of the family since I was in high school. The frustrating part is that I bring him all my records and he always ends up asking for something that I didn't realize I needed. I end up with homework every time.
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Re: Taxes...hate it

Post by dp1 on Mon Feb 20, 2017 12:03 pm

Down here, H&R Block charges per form for sole proprietor, that's on top of the flat rate for basic filing forms, schedule C and all of the following forms I think they want $ 50 / form, that was a few years back, back then they gave me an estimate, I think it was close to $ 600+, I told them I'll do it myself.
I always use Amex Open for all of my business purchases, that makes things easier at the end of the year, some expenses can't be paid through Amex, some through old fashioned checks and some through debit cards ( business checking debit cards ), so basically just looking at Amex statements and business checking statements are enough for me to do the whole taxes.
Unfortunately I don't have any depreciation any more this year, so I am selling both my vans and will be looking for a much newer rigs as well as TM, hopefully I can get my hands on an almost new Everest hp 650 with e idle.
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Re: Taxes...hate it

Post by milspec6 on Mon Feb 20, 2017 6:29 pm

I use the AMEX for the same reason, but many of my suppliers will not accept them. I really would like to keep everything through the one card....might set out to do that this year.
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Re: Taxes...hate it

Post by Freemind1 on Mon Feb 20, 2017 11:30 pm

Chase has a business card. Visa seems to be accepted everywhere.

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Re: Taxes...hate it

Post by dp1 on Tue Feb 21, 2017 9:39 am

I absolutely hate Chase ! I can't stand them, no not because they charged me something that made me hate them, just hate their business practices.
I agree with you Bob, Amex is not accepted everywhere, that's the downside.
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Re: Taxes...hate it

Post by milspec6 on Tue Feb 21, 2017 12:54 pm

Chase and Bank of America are on my "never" list for the way that they do business.
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Re: Taxes...hate it

Post by Mo on Tue Feb 21, 2017 8:52 pm

Chase is the only bank that I know that will not accept a cash deposit from a non customer into an account of a chase customer WTF

BofA had the lowest fees and rates when I was shopping for a loan 2.5 years ago
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Re: Taxes...hate it

Post by milspec6 on Tue Feb 21, 2017 9:29 pm

BofA might have had low rates, but they were thieves with me.  All the little tricks of saying that my payments were late even though they were sent off 2 weeks prior to the due date.  They told me that by contract, it didn't matter when they received it, only when it was posted.  So, even though it took more than a week for THEM to process it, it was still my fault.

So, I set up online payments.  That next month, it refused my password and I had to call customer service who then told me that I would have to authorize the payment over the phone as they were having "technical issues" with their online system.....that included a fee.

Next month, they wanted to close my account as I became a credit risk.....they mixed my file up with a construction company owner by the same name that was going under.  They were charging me 35% interest until I was able to pay off the whole balance 3 months later.  They admitted that the records were a mistake, but still demanded to close out my account with full payment required.

Funny part is that they keep sending invitations to sign up again....No thanks.

I probably sound a little bitter....I still am even though it was more than 10 years ago and always will be.
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Re: Taxes...hate it

Post by dp1 on Wed Feb 22, 2017 9:45 pm

I don't blame you Bob, I closed my BofA personal checking account a few months ago due to new banking regulations coming up that's going to be looser than ever, their Meryl lynch past doesn't make me feel comfortable.

Guess what, I just got from 1040V in the mail today, government's way of saying "it's time to pay up" lol, and it also comes with 4 forms 1040ES, I absolutely hate the beginning of the year, once I make the first estimated payment, I usually am much less anxious. I can't wait until April 15th pass by, the only problem with that is, I will be a year older soon after that, crap, I'm going to hit 40 this year, not excited at all about that Mad
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Re: Taxes...hate it

Post by Mo on Wed Feb 22, 2017 11:01 pm

Bank of America is Making America Great Again. You guys are just spreading fake news Very Happy
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Re: Taxes...hate it

Post by milspec6 on Thu Feb 23, 2017 12:40 am

Well, I can't help you with your taxes, but I can honestly say that 40 was a great birthday and I will tell you why.

When you are in your 20's, most men are in great shape. He exercises several times per week, still has a trim gut, and is always ready for a challenge.

When that same man hits his 30's, he finds that it is much tougher to stay fit and active. The knees start to hurt, the belly starts to grow, the hair starts to thin. That man will fight against getting older angrily as he tries to hold on to visions of being in his 20's again.

Then the magic hits at 40.....at 40, you don't give a damn anymore. Sure, you still might watch the diet and play a little softball once in awhile, but you no longer try to be that 20's man any more and you accept the transition. You start to "coast" a little more in life and enjoy your time.

I don't know what happens at 50....I am damn close, but still short of that mark yet, but the 40's are a good era.
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Re: Taxes...hate it

Post by dp1 on Thu Feb 23, 2017 9:08 am

Lol Mo, that's hilarious laughing
Btw when are you coming over to thaw your a$$ ? Razz

Bob, you are so right about that, but I feel more determined to be more active now than ever, if I just sit on the couch all day long watching fake news, my body usually sore, so I feel the need to get my butt out of the house and start running soon Very Happy
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Re: Taxes...hate it

Post by milspec6 on Thu Feb 23, 2017 3:11 pm

That's because you are still thinking like a man in his 30's.....give it some time until you break in that 40's brain. You will join the weekend warrior club like the rest of us.
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Re: Taxes...hate it

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