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Date Posted: 06:50:35 03/26/11 Sat
Author: chris k
Subject: Up to my elbows in receipts
I'm sorting through stacks and stacks of paper and receipts trying to get organized to start my tax return - shiver -
I'm curious - who are you?
Bloody organized and already filed?
Good intended and tinkering for early filing?
Lost cause and most likely filing at 11:45pm April 15th?
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though I will add - since the use of DIY tax programs over the last several years taxes do seem a tad easier - lol. -- chris k, 06:52:14 03/26/11 Sat [1]
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We always file an extension. With our professional and personal myriad of receipts, payments and income, plus the new tax law, we just need more time. -- Araninda, 07:47:01 03/26/11 Sat [1]
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I never have understood that - in order to file an extension you have to practically calculate it all anyhow- so i bite the bullet and spend a few days with the adding mation growing out of my right arm!! LOL - It has helped now that I sort receipts through the year in ziploc baggies - lol. then I just run the tape and staple the total. -- chris k, 11:29:25 03/26/11 Sat [1]
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We do too, Araninda. Chris, one reason people do that is because if they have an LLC, a subchapter S, or a partnership, those returns have to be completed first. It's a huge pain in the neck. Any politician who advocates a flat tax gets my vote, even though I'll probably pay more. Eliminate all this complicated tax nonsense! -- TH, 18:45:55 03/26/11 Sat [1]
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Our circumstances are such that an extension makes sense for us. And we don't calculate it. . . our accountant does, although it isn't that difficult to file for an extension. -- Araninda, 19:09:56 03/26/11 Sat [1]
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Hate to say it but filed in February. Saved the state refund to pay Uncle Sam, but not before April 15th. He's going to have to wait to get more of my money! -- usmgrad, kids all filed in February also, TG for Turbo Tax, 10:25:41 03/26/11 Sat [1]
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Late February, chris k. Can't stand to have it hanging over my head. -- jenks, 10:45:48 03/26/11 Sat [1]
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If we owe, which we have the last few years (*sigh*), we do it late. If Uncle Sam owes us, we try to get it back from him ASAP! That's *MY* money! -- The Chief, 12:02:46 03/26/11 Sat [1]
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I do ours in Excel and monitor it all year long. I know well before the year is over what our taxes will be. So then all I have to do is transfer it to the official forms. I usually try to plan it so that I owe. After all, a refund is nothing but an interest free LOAN to the government, and why should I let Uncle Sam hold MY money for free? Inside -- JAG Junkie (Ronda)--always organized, 13:20:52 03/26/11 Sat [1]
This year we actually got a refund thanks to the energy credit--we had to replace our whole air conditioning system in December. At least we got it done while that credit was available because that offset a big chunk of the cost (heat pumps and air handlers are NOT cheap!) We were going to owe quite a bit, but since that credit turned it into a nice refund, I made sure I got that into my hands as soon as all my work overtime was finished and I had time to file!
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We file as soon as possible each year! We have filed and spent what we got back. Spent it on tree removal, house repairs, the usual! -- Angela Mommy of 2 JAGlettes, 15:59:27 03/26/11 Sat [1]
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I did my part of getting the files and receipts together. Now just waiting for my DH to do his part. AT least our accountant can start on them. -- Martian Barb always a last minute filer., 17:26:35 03/26/11 Sat [1]
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I always struggled with (and swore at) the taxes myself, handwritten form, but when DH was so sick last year, I scraped everything together and sent him over to H&R Block with it. It was such a huge load off my shoulders that I did the same this year. My problem was figuring out what went where, on what form (pension? rental income?), so I was glad to dump that off to someone else! -- Deemus, 10:09:22 03/27/11 Sun [1]
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I could never do the taxes on a paper form ever again - you find one extra receipt and it changes the numbers on 100 different forms in 1000 different places!! - Once I get all the info together I can knock the taxes out in a couple of hours on the computer - it's the paper gathering and the adding that takes time. -- chris k, 12:33:36 03/27/11 Sun [1]
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Do you have special computer programs for this kind of that that allow you to file your taxes electronically? We have programs over here that you essentially have to feed your numbers into (it will give you options and tell you which numbers it wants next), then it puts it automatically in the right spaces on the forms and you can either submit it by e-mail or print it out and send it over. What kind of programs do you use? And do you have to pay your taxes at once at the end of the year, or do they get deducted automatically from your paycheck? -- Jam, 15:50:52 03/28/11 Mon [1]
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the united States taxing system is based on paying taxes on the amount of money earned during the year - hence why the US calls it income taxes (Verses some countries where you are taxed on your accumulated wealth or assetts) -- chris k, 06:07:27 03/29/11 Tue [1]
Okay- if you are employed the employer automatically takes out some money toward your tax debt. How accurate that is depends on your lifestyle.
We get to make many many many deductions for all sorts of things, property taxes, interest payments,raising children, mileage driven, poverty level earnings, etc etc. There are dozens of different forms that can be used. One for general information, one for reporting dividend income, one for reporting rental property income, one for sole proprietorship business, another for automobile records for mileage deductions, etc etc etc.
To fill out all those- there are tax programs. As for where the numbers go - I put those in myself. after I've spent days adding receipts for sales tax, office supplies, repairs, business meals, etc etc etc.
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Wouldn't it be great not to have to "do taxes" like this ever again???? -- The Chief, 18:05:21 03/27/11 Sun [1]
http://www.fairtax.org/site/PageServer
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I've always wondered what portion of the tax income goes to support the tax system - you know- annuall IRS salaries, utlities, tech support, hardware and software replacement, office supplies etc etc - would love to know that - -- chris k, 06:18:30 03/28/11 Mon [1]
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It's in the hundreds of billions, I'm sure. I'll bet there are some stats out there.... Hmmm... -- The Chief (feeling investigative today...), 08:12:02 03/28/11 Mon [1]
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Yup! ~ $300 Billion! And that probably doesn't count the cost of caffeine and chocolate consumed by those doing preparations! Inside for some info.... -- The Chief, 08:15:33 03/28/11 Mon [1]
"The cost of preparing and filing all business and personal tax returns is estimated to be $250 to $300 billion each year. According to a 2005 report from the U.S. Government Accountability Office, the efficiency cost of the tax system—the output that is lost over and above the tax itself—is between $240 billion and $600 billion per year. For tax return preparation, Americans spent an amount equal to roughly 20% of the amount collected in taxes.[4][5] Tax preparation businesses have been plagued with controversies over Refund anticipation loans."
http://en.wikipedia.org/wiki/Tax_preparation
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Boy, does that sound familiar....it´s tax time here in Germany, too (we have until the end of may), and I would love to already do those darn taxes, but I´m still waiting for a receipt from my insurance company. Since that goes toward my refund, I really need it...grrrr. I hate taxes. I read somewhere that of all the literature concerning taxes worldwide, about 65% concerns the German tax system. No idea if that´s true or not, I guess those things are a pain no matter where on the globe you are! -- Jam, 15:46:57 03/28/11 Mon [1]
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Jam, it sounds like the German penchant of detailed engineering has crept into your Tax code! Maybe your Audi or Mercedes mechanic can figure it out! LOL -- The Chief, 17:06:37 03/29/11 Tue [1]
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GRABB! -- JAG Junkie (Ronda), 17:11:32 03/29/11 Tue [1]
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LOLOLOL! Now if only I had an Audi engineer on hand.....my future brother in law works for Ford! -- Jam, 01:59:46 03/30/11 Wed [1]
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but that seems to cover the cost of the taxpayer doing the tax return - what I'm curious about is the cost of the IRS to run the IRS - -- chris k, 06:00:04 03/29/11 Tue [1]
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you know like non profits - the best ones have the highest percent of donations going for the cause. If you have a non profit that has a 75% operation rate where only 25% of the donations actually go to the cause - you should send your money else where - that's what I wonder about the IRS - what percent of money collected actually goes to pay for the operating of the IRS. -- chris k, 06:10:28 03/29/11 Tue [1]
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Not sure but it's going to be a LOT more now that they've added 11,000 new employees to monitor the fees for Obama Care. -- The Chief, 17:09:40 03/29/11 Tue [1]
Yes, you'll pay it on your tax form, but NO, it's not a "tax"...
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Already filed and recieved. Its just how I am. I'd rather pay someone to do it for me and we dont itemize. We live a simple life with nothing to claim besides kids. LOL -- TF, maybe when one of my kids becomes a star we can save reciepts etc. LOL, 10:27:17 03/28/11 Mon [1]
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I just hand this task over to the butler. -- mj, 05:13:15 03/29/11 Tue [1]
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I want to be mj when I grow up! -- usmgrad, 05:38:57 03/29/11 Tue [1]
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LOL, mj! I'm with usmgrad. Sounds good to me! -- Lee, 09:26:58 03/29/11 Tue [1]
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LOL ! Good one mj ! -- Laurence, 01:49:23 03/30/11 Wed [1]
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Filed before end of Jan gotten back and partially spent on trip to Disney. -- Hope, 15:18:54 03/29/11 Tue [1]
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Have I mentioned how much I dislike organized people - : ) -- chris k, 23:29:58 03/29/11 Tue [1]
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