wvugurl26
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Post by wvugurl26 on Apr 19, 2022 11:17:04 GMT -5
My first professional job out of college was at a smallish local CPA firm. There were 4 groups and each group had areas of specialization but everyone did taxes, audits, etc. From January to the tax deadline we worked 8am to 8pm Monday through Thursday and 8am to 5pm Friday and Saturday. I thought I was going to die for sure. It was June before I finally felt rested.
I never wanted to do taxes in the first place. But needed a job in 2008 so I took it. I can do taxes, I'm good at research but nope to those hours and grind ever again. I do the taxes for my immediate family and my brother's best friend but that's it.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Apr 19, 2022 11:50:48 GMT -5
well, now I don't even know what happened. I thought I'd at least get a notice an extension would be filed for me, but I haven't heard anything, so hoping it is all ok. Maybe I should have stuck to turbo tax
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Deleted
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Post by Deleted on Apr 19, 2022 13:33:03 GMT -5
The happiest tax day was January 1, 2003 when I knew I would never go thru another tax season in an off!ice. I still give it a thought all these years later! Heck, I don’t even do my own. I am dreaming about those days lately. My boss plans to retire in two years. When he does, I am going to take several months off. When, and if I decide to work again, it will be nothing like now. Maybe I am burned out from this tax season. A friend asked if I want to go out to eat Saturday and I said NO! I want to stay home and chill. (That, and my house always need a deep clean after tax season.)
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Deleted
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Post by Deleted on Apr 19, 2022 19:31:27 GMT -5
I get mine done early- actual filing time depends on whether a refund is due.
My income fluctuates because of investment results; capital gain distributions from mutual funds are beyond my control. They do publish estimates a couple of months ahead. I start estimating late in the year just in case it turns out that I owe a bunch (which will also affect my Q1 estimate so it's a double hit). I make up dummy forms with the capital gains estimates and then delete them when I can download the real ones. Its also pretty easy to enter forms in TurboTax as I receive them so wrapping it all up isn't a big deal.
After the fiasco with the 2019 return (I filed on paper, expected a giant refund, COVID hit and I got it around July only after e-filing even though they tell you not to) I e-file and if there's a refund due I apply it to the next year's taxes so I just make lower estimated payments.
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Post by minnesotapaintlady on Apr 19, 2022 20:17:12 GMT -5
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Rukh O'Rorke
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Post by Rukh O'Rorke on Apr 19, 2022 21:01:29 GMT -5
The male versions of me and you! We be like the YM Lavergn & Shirley.
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finnime
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Be kind. Everyone you meet is fighting a great battle.
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Post by finnime on Apr 20, 2022 7:57:41 GMT -5
Good news is I found out Maryland's tax deadline is in July. So less of a strain than it could be.
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Regis
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Post by Regis on Apr 20, 2022 10:47:54 GMT -5
Filed on 2/5 and received our refund on 2/24. And yes, we messed up an got a small refund.
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stillmovingforward
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Post by stillmovingforward on Apr 20, 2022 11:00:29 GMT -5
We filed on 2/12 and got our refund on 2/19. Huge refund! But we had some big changes last year and I didn't handle the tax implications correctly. Fixed that!
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Mrs. Dinero
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100% about truth & justice. Always trying to give mercy a chance.
Joined: Dec 28, 2010 17:09:17 GMT -5
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Post by Mrs. Dinero on Apr 20, 2022 16:06:39 GMT -5
First time we owed thousands. Around $4,500 for fed & state. Filed last Wednesday (4/13) wanted to be sure they received it timely. Nervous Nelly here. They withdrew the money on Saturday (4/16). I received a large severance, vacation payout, and bonuses at new company. We paid more in taxes than we ever have but we made more too. Death & taxes right? We immediately changed DH’s 401k to max contributions. I can’t contribute into mine until Oct. this year. Double checked our current withholdings and we should be about even for 2022.
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jeffreymo
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Post by jeffreymo on Apr 26, 2022 9:19:44 GMT -5
Filed on 4/18 and today 4/26 the refund is showing as pending in our checking account. State refund hasn’t hit yet - website says to expect 15 day processing time.
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finnime
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Post by finnime on Apr 30, 2022 4:29:16 GMT -5
Filed and paid on 4/28. The penalty was $56. Could be so, so much worse.
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MN-Investor
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Post by MN-Investor on May 1, 2022 17:55:54 GMT -5
I e-filed on Monday, Apr 18 and sent off checks to both Minnesota and the IRS. Minnesota cashed my check on Apr 25. I'm still waiting for the feds to deposit theirs.
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Rukh O'Rorke
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Post by Rukh O'Rorke on May 1, 2022 17:59:03 GMT -5
Filed and paid on 4/28. The penalty was $56. Could be so, so much worse. That is not too bad!!! Mine still aren't filed! I did get confirmation from tax guy that my extension was filed, so that is good. But wow - what a backlog he must be working through (assuming he didn't schedule vacation for 4/19-may 1st, lol! - or maybe June first? ). Hope I don't get a lot of penalty/interest added on....but who know? I may need to rethink having a tax person as I am just not capable of getting things together. Will see how much of a difference it makes to my Rukh, inc filing, I know I was leaving money on the table not itemizing expenses like internet, etc, but it seemed small amounts for the aggravation...
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jun 11, 2022 17:29:16 GMT -5
Filed and paid on 4/28. The penalty was $56. Could be so, so much worse. That is not too bad!!! Mine still aren't filed! I did get confirmation from tax guy that my extension was filed, so that is good. But wow - what a backlog he must be working through (assuming he didn't schedule vacation for 4/19-may 1st, lol! - or maybe June first? ). Hope I don't get a lot of penalty/interest added on....but who know? I may need to rethink having a tax person as I am just not capable of getting things together. Will see how much of a difference it makes to my Rukh, inc filing, I know I was leaving money on the table not itemizing expenses like internet, etc, but it seemed small amounts for the aggravation... So I waited and waited patiently and finally emailed asking for an update. Now things seem to be moving along. Had he forgotten me? idk what happened. Did not think it was going to take 2 extra months after the extension. So - I can put 4500 into a sep ira, and then I will owe a little over 5k to fed, and nearly 1k to state. Obviously some of that is interest/penalty so insert sad face. Luckily I have the money set aside from 2022 RI work to cover everything. Although was hoping to have more of the money for other things! I owe mostly because I was historically HOH with a depedent, and expecting to be HOH/dependent in 2021 but DD got a great job and flew the coup in fall of 2021. Plus i go my promotion with pretty nice raise in fall too. I added 150/payperiod extra taxes, but it obv wasn't nearly enough, and late in the year too. Will aim for my taxes to come out about even for 2022. Looks like my total fed tax liability for 2022 is a bit over 22k, with more than 6k in state taxes. I left the extra 150/pay period and so I've already paid in over 11k this year for fed, so seems I am on track. Taxes will be somewhat higher in 2022 due to the promotion raise being all year long. Time to get more tax efficient, I'm sure!! things to do....
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MN-Investor
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Post by MN-Investor on Jun 12, 2022 11:48:02 GMT -5
I mentioned that I helped my 22-year old, recent college graduate niece prepare her tax return. Around Memorial Day she received a letter from the IRS telling her that she might be eligible for a refund up to $1,502 because of the Earned Income Credit. Since TurboTax hadn't indicated that, I took a look at the rules and had to tell my niece that no, she did not qualify for this credit since she was a student during 5 months of 2021. I wonder how many people do claim the credit but don't qualify.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jun 12, 2022 12:49:33 GMT -5
I mentioned that I helped my 22-year old, recent college graduate niece prepare her tax return. Around Memorial Day she received a letter from the IRS telling her that she might be eligible for a refund up to $1,502 because of the Earned Income Credit. Since TurboTax hadn't indicated that, I took a look at the rules and had to tell my niece that no, she did not qualify for this credit since she was a student during 5 months of 2021. I wonder how many people do claim the credit but don't qualify. how is that a thing? What does being a student have to do with it?
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Post by minnesotapaintlady on Jun 12, 2022 13:11:20 GMT -5
I mentioned that I helped my 22-year old, recent college graduate niece prepare her tax return. Around Memorial Day she received a letter from the IRS telling her that she might be eligible for a refund up to $1,502 because of the Earned Income Credit. Since TurboTax hadn't indicated that, I took a look at the rules and had to tell my niece that no, she did not qualify for this credit since she was a student during 5 months of 2021. I wonder how many people do claim the credit but don't qualify. how is that a thing? What does being a student have to do with it? Because if you're under age 24 and a student, you're more than likely a qualifying child of someone else. There are exceptions for homeless and those that were in the foster system.
Before the EIC expansion last year you HAD to be 25 to claim the credit without having qualifying children yourself whether you were in school or not.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jun 12, 2022 13:18:09 GMT -5
how is that a thing? What does being a student have to do with it? Because if you're under age 24 and a student, you're more than likely a qualifying child of someone else. There are exceptions for homeless and those that were in the foster system.
Before the EIC expansion last year you HAD to be 25 to claim the credit without having qualifying children yourself whether you were in school or not.
well - that makes sense to me. But just being a student per se does not. I would think it would be if someone could claim you, full stop.
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Post by minnesotapaintlady on Jun 12, 2022 14:02:10 GMT -5
Because if you're under age 24 and a student, you're more than likely a qualifying child of someone else. There are exceptions for homeless and those that were in the foster system.
Before the EIC expansion last year you HAD to be 25 to claim the credit without having qualifying children yourself whether you were in school or not.
well - that makes sense to me. But just being a student per se does not. I would think it would be if someone could claim you, full stop. I'm sure they just tied it into the FAFSA rules. You are automatically a dependent age 24 and under per FAFSA. I'm guessing they figure it's ripe for abuse otherwise.
The number of full-time students that aren't married or with children that would not be considered a qualifying child of someone else is pretty small.
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TheOtherMe
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Post by TheOtherMe on Jun 12, 2022 14:39:53 GMT -5
EITC has always been ripe for fraud. That's why refunds from people claiming it can get held up. Been going on since it came into law.
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MN-Investor
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Post by MN-Investor on Jun 13, 2022 21:12:12 GMT -5
While being a student during 5 months precluded my niece from getting the Earned Income Credit, she did get a $1,400 "recovery rebate credit" on her return. We checked with her mother before we completed the tax return. She had not received the rebate in 2021, so she could claim it on her tax return. My niece was delighted by that!
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