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Anyone done their taxes, yet?

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Anyone done their taxes, yet?

 
Old 03-05-2019, 06:21 AM
  #21  
 
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I got my federal return a week ago and state should be here this week. I have a tax preparer I have had for years and his expertise has saved me the cost of his services. I took the standard
26K so no issues with an IRS audit. I got a nice refund from both to cover fun in the sun in Naples, FL.
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Old 03-05-2019, 07:35 AM
  #22  
 
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I can never file early and am always filing just before the dead line. I have two K-1s I'm always waiting for. I pay quarterly estimates. The quarterly estimates I sent in this year were crazy high so I'm hoping for money back on top of being paid for next year. This year I'm having my California tax man file me as a Colorado resident. I understand it won't make any difference for the federal taxes.
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Old 03-05-2019, 07:45 AM
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Originally Posted by Kyras View Post
I can never file early and am always filing just before the dead line. I have two K-1s I'm always waiting for. I pay quarterly estimates. The quarterly estimates I sent in this year were crazy high so I'm hoping for money back on top of being paid for next year. This year I'm having my California tax man file me as a Colorado resident. I understand it won't make any difference for the federal taxes.
We can never file early either.

We just got the final statement for one of our investment companies on last Saturday, March 2.

Last year, we filed our taxes around the end of March. Just days, after we filed our returns, we received a corrected 1099 form from that same investment company, so we had to file an amended return!

Then, a few weeks after that, we received a corrected 1099 form for the tax year 2016! Fortunately, that didn't require us to do an amended return for 2016 because the correction was such that we had reported a little too much in dividends, so we didn't worry about it. It made a very small amount of difference in the tax, and it was in Uncle Sam's favor!
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Old 03-05-2019, 07:55 AM
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Originally Posted by buckeyesue View Post
We can never file early either.

We just got the final statement for one of our investment companies on last Saturday, March 2.

Last year, we filed our taxes around the end of March. Just days, after we filed our returns, we received a corrected 1099 form from that same investment company, so we had to file an amended return!

Then, a few weeks after that, we received an amended 1099 form for the tax year 2016! Fortunately, that didn't require us to do an amended return for 2016 because the correction was such that we had reported a little too much in dividends, so we didn't worry about it. It made a very small amount of difference in the tax, and it was in Uncle Sam's favor!
I hate waiting for the K-1s. I like to get my business taken care of early so I can relax. I've learned to accept it, though.
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Old 03-05-2019, 08:02 AM
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Originally Posted by Kyras View Post
I hate waiting for the K-1s. I like to get my business taken care of early so I can relax. I've learned to accept it, though.
Same here, Patty. We don't like waiting for our final 1099 forms either.

We have learned to accept it, too, but we still don't like having to wait.
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Old 03-05-2019, 08:07 AM
  #26  
 
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I have to wait for the K-1 as well. We will start organizing this month and getting all the forms lined up.
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Old 03-05-2019, 08:30 AM
  #27  
 
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I went from +$800 to -1150. Just sent my tax preparer (fellow soccer official) my fees from last year's preparer.

Just updated my Federal W-2 deductions *grrrr*
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Old 03-05-2019, 10:12 AM
  #28  
 
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Overall, people’s 2018 TAX LIABILITY is lower than their 2017 amount, all else remaining equal.
Not necessarily true. If you talk to folks in high state tax states, who lost a bunch of deductions, the new law worked against them. I was not able to deduct all my property taxes, and none of my local tax, personal property tax or thousands of dollars of sales tax I pay. I didn't have a huge tax bill, but what I had was 3.6 times greater than my 2017 tax, and my Gross Income was actually lower. And yes, I am referring to tax liability, not refund or balance due.
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Old 03-05-2019, 10:54 AM
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Originally Posted by Morris View Post
Not necessarily true. If you talk to folks in high state tax states, who lost a bunch of deductions, the new law worked against them. I was not able to deduct all my property taxes, and none of my local tax, personal property tax or thousands of dollars of sales tax I pay. I didn't have a huge tax bill, but what I had was 3.6 times greater than my 2017 tax, and my Gross Income was actually lower. And yes, I am referring to tax liability, not refund or balance due.
You must mean what you owed after subtracting your quarterly estimated payments or payroll withholdings was 3.6 times greater, not your total tax liability. If my total tax liability was 3.6 times larger than last years it would mean 100% (or more) of my income went to pay taxes.
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Old 03-05-2019, 11:21 AM
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Even if we take the standard deduction for federal we can still itemize on state in Delaware. Their standard deduction is much less than federal.
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