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Well I filed my Taxes this morning


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I realize this is no big deal and millions of people do their own taxes every year but it was kind of a big step for me.  For 34 years I had the same accountant do my taxes.  He was a friend I met in Anchorage after college.   Every year I would gather and organize all the income in one pile and the expenses in the other.  I would schedule my annual 1hr meeting.  I would sit down with Mike and we would shoot the shit for 58 minutes.  The last 2 minutes of the meeting Mike would start punching numbers into the calculator and then proclaim I was getting the small refund that I always expected.  I was proud to say I had an accountant and didn't mind paying someone to do the job correctly.

Well, Fall of 2017 Mike decided he was going to move back to his home town in Oregon and start a grow operation with a childhood friend.  Mike said he was taking all his clients with him, at least the ones that wanted to stay with him.  I kinda like spending my money in Alaska and let Mike know that I might have to find a new accountant that was local.  He was a little upset by this but figured I was just talking.  Mike did my 2017 taxes.  I got him all the information required and had my annual appointment on about Feb 15th.  I bugged Mike a few times wondering when I would need to come in a sign my taxes.  Two months later Mike tells me he had to file an extension.  He was so swamped with taxes and the grow operation that he hadn't completed mine.  Another 2 months go by and I finally get to file my taxes.  I wasn't real happy but it wasn't  big deal either.  

Fast Forward to 2019.  This year I decided to give Turbo Tax a try.  All 3 of my kids use Turbo Tax and they assured me it would be easy.  Sure enough, I logged on to TT and entered all my info.  The entire process took about 1hr and that is because I went real slow and made triple sure everything was perfect.  Paid my $39.95 to Turbo Tax, Signed electronically,  Hit the submit button and 5 minutes later I got an email saying my Federal tax return was accepted by the IRS.  

Saved myself almost $500 and took less time than I typically spent just collecting all the documents and driving to my appointment.  

Turbo Tax is bad ass.  

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1 minute ago, BOHICA said:

How did you come out under the trump tax plan?

Better than I expected.  I paid $3000 less taxes on almost the exact same income.  I made slightly more this year.  My effective tax rate is 15.1%.  Turbo Tax tells you that at the very end before you hit submit.  

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2 minutes ago, SSFB said:

I pay a guy about $170 to do my taxes. For me, that is worth it. I would definitely do it myself for $500.

I have schedule C's and depreciation and half a dozen 1099's etc.  I thought $500 was reasonable but when I realized how simple it really is I know that I will never pay someone that much to do them again.  

Plus, being unemployed makes you revisit your discretionary spending.  

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2 minutes ago, AKIQPilot said:

Better than I expected.  I paid $3000 less taxes on almost the exact same income.  I made slightly more this year.  My effective tax rate is 15.1%.  Turbo Tax tells you that at the very end before you hit submit.  

SHHHHHH sligsnot says no way..

Youre a liar

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29 minutes ago, AKIQPilot said:

I have schedule C's and depreciation and half a dozen 1099's etc.  I thought $500 was reasonable but when I realized how simple it really is I know that I will never pay someone that much to do them again.  

Plus, being unemployed makes you revisit your discretionary spending.  

If they can't save you their fee, they aren't very good.

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14 minutes ago, ArcticCrusher said:

If they can't save you their fee, they aren't very good.

Taxes are taxes.  W2's, Schedule C's, Depreciation, 1099's.  What could an accountant save me that Turbo Tax couldn't?  I had my 2017 tax documents next to me when I did this years taxes.  I just duplicated everything my accounted had done for 20+ years.  

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It's great you only had to spend $40 and an hour of your time for the IRS, who already knows the answer to tell you if you did it right or not 🤣

 

Having to do your own taxes in this country is just stupid. 

Edited by Doorider
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6 minutes ago, AKIQPilot said:

Taxes are taxes.  W2's, Schedule C's, Depreciation, 1099's.  What could an accountant save me that Turbo Tax couldn't?  I had my 2017 tax documents next to me when I did this years taxes.  I just duplicated everything my accounted had done for 20+ years.  

I have more flexibility than you, but you are right for the most part personal taxes are fairly simple unless you run a side business that you have other discretionary expenses.

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1 hour ago, SSFB said:

I pay a guy about $170 to do my taxes. For me, that is worth it. I would definitely do it myself for $500.

you can't have anything that complicated,  I use turbo tax and have for years. 

Simple and easy esp now with no need to itemize deductions.  I ended up with paying a sub 10% tax rate for the second year in a row-  'merica is a great place when you can make well into 6 figures and pay so little.  The college tax credit saved me from having to pay in,  when i ran rough numbers i thought about $100 back then the computer had me at $100 owed until i got that $2500

 

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37 minutes ago, ArcticCrusher said:

If they can't save you their fee, they aren't very good.

TBH this year with the increase standard deduction theres very little many can really do unless you have a side business.  My sales guys because they are 100% commission will work with them to maximize their deductions using schedule C but getting a small salary as manager removes that option for me.  

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29 minutes ago, Doorider said:

It's great you only had to spend $40 and an hour of your time for the IRS, who already knows the answer to tell you if you did it right or not 🤣

 

Having to do your own taxes in this country is just stupid. 

I'm not following you?  The IRS doesn't know everything.  They definitely don't know what you might have for deductions and depreciation.  

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27 minutes ago, AKIQPilot said:

I'm not following you?  The IRS doesn't know everything.  They definitely don't know what you might have for deductions and depreciation.  

There are many other countries that have simplified systems where you don't have to do your own.  Return free filling or something like that. For most, you spend money on Turbo tax or an accountant to come up with a number just to have the IRS tell you if you're right or not.  It's a racket lobbied by tax filing companies like Turbo tax and H&R block

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6 minutes ago, Doorider said:

There are many other countries that have simplified systems where you don't have to do your own.  Return free filling or something like that. For most, you spend money on Turbo tax or an accountant to come up with a number just to have the IRS tell you if you're right or not.  It's a racket lobbied by tax filing companies like Turbo tax and H&R block

All true.  A 15% flat tax on all income regardless of source would be pretty simple.  

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Just now, AKIQPilot said:

All true.  A 15% flat tax on all income regardless of source would be pretty simple.  

would never work,  huge increase for those at the bottom and decrease for those at the top and as we all know that top really pays the bills

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1 hour ago, AKIQPilot said:

Taxes are taxes.  W2's, Schedule C's, Depreciation, 1099's.  What could an accountant save me that Turbo Tax couldn't?  I had my 2017 tax documents next to me when I did this years taxes.  I just duplicated everything my accounted had done for 20+ years.  

And next year when you log on all of that info will be pulled into your 2018 filing.

I love turbo tax.

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1 minute ago, Big Crappie said:

And next year when you log on all of that info will be pulled into your 2018 filing.

I love turbo tax.

 

Just now, Angry ginger said:

plus a $15 discount will come so it will be $25.  

I'm liking this more and more.  

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27 minutes ago, washedupmxer said:

I pay $175 for myself and both kids, my guy is awesome and after we signed it was in my checking account in 6 days. 

Record return this year by almost 2k! I thought id be losing as I lost a child tax credit but thankfully the tuition offset that  

 

You would have saved $135 using Turbo Tax.  

My guy was awesome too until he got hooked on the whacky tobacky...............

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Just now, washedupmxer said:

For me it's easier and he gets me every penny and knows where you can bend it

Roger that.  :bc:  

For 34 years that method was easiest for me as well.  Being unemployed changes your perspective...... :news: 

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