Tax time again... - Miata Turbo Forum - Boost cars, acquire cats.

Welcome to Miataturbo.net   Members
 


Insert BS here A place to discuss anything you want

Reply
 
 
 
LinkBack Thread Tools Search this Thread
Old 03-13-2016, 06:47 PM   #1
Boost Pope
Thread Starter
iTrader: (8)
 
Joe Perez's Avatar
 
Join Date: Sep 2005
Location: Delicious and Moist.
Posts: 26,328
Total Cats: 1,926
Default Tax time again...

Non-US citizens, I presume, find this annual mind-bash amusing. And I'm getting a much later start than usual, as things have been rather busy.

Just finished Schedule D. And it would appear that I have finally used up the last of my short-term and long-term carryovers from the Fiscal Unpleasantness of 2007. Hard to believe that it's been nearly ten years...

Having to pay Capital Gains tax again next year is going to suck. I'd really gotten used to being able to avoid it.


Don't get me wrong- I'll be much more pissed off if I DON'T have to pay Capital Gains tax for FY16...
Joe Perez is offline   Reply With Quote
Old 03-13-2016, 07:40 PM   #2
Elite Member
 
Join Date: Jul 2005
Posts: 6,454
Total Cats: 80
Default

Don't get me started on AMT...
JasonC SBB is offline   Reply With Quote
Old 03-13-2016, 10:02 PM   #3
SADFab Destructive Testing Engineer
iTrader: (5)
 
aidandj's Avatar
 
Join Date: Apr 2014
Location: Beaverton, USA
Posts: 17,999
Total Cats: 1,466
Default

Turbo tax and very simple finances ftw?
aidandj is offline   Reply With Quote
Old 03-13-2016, 10:22 PM   #4
Elite Member
iTrader: (1)
 
Join Date: Jun 2014
Location: Austin, TX
Posts: 2,858
Total Cats: 272
Default

Quote:
Originally Posted by aidandj View Post
Turbo tax and very simple finances ftw?
Yuuuhp.

I had 3 things to enter today. Almost 500 return, more than last year.

I usually try to get to $0 as much as possible.
Girz0r is offline   Reply With Quote
Old 03-14-2016, 05:42 AM   #5
Supporting Vendor
iTrader: (10)
 
Reverant's Avatar
 
Join Date: Jun 2006
Location: Athens, Greece
Posts: 5,441
Total Cats: 199
Default

Is this the part of the year where I pay $10K to the government so that they can tell me what I'm no allowed to do? Thanks government!
Reverant is offline   Reply With Quote
Old 03-14-2016, 09:32 AM   #6
Elite Member
iTrader: (2)
 
fooger03's Avatar
 
Join Date: Jan 2009
Location: Columbus, OH
Posts: 4,133
Total Cats: 188
Default

Me thinks I'll be paying my first CG taxes on gains earned in CY16. Short term gains, so taxed out the ***, nevertheless, it's a good feeling.
fooger03 is offline   Reply With Quote
Old 03-14-2016, 10:42 AM   #7
Crumple Zone Tester
iTrader: (7)
 
mgeoffriau's Avatar
 
Join Date: Jul 2009
Location: Jackson, MS
Posts: 7,656
Total Cats: 447
Default

Kicked TurboTax to the curb a few years ago. Been using TaxAct instead -- it's cheaper and works the same.
mgeoffriau is offline   Reply With Quote
Old 03-14-2016, 11:02 AM   #8
Junior Member
iTrader: (1)
 
Downmented's Avatar
 
Join Date: Oct 2014
Location: Annapolis, MD
Posts: 485
Total Cats: 59
Default

Quote:
Originally Posted by Reverant View Post
Is this the part of the year where I pay $10K to the government so that they can tell me what I'm no allowed to do? Thanks government!
"free" country FTW!
Downmented is offline   Reply With Quote
Old 03-14-2016, 11:17 AM   #9
Boost Pope
Thread Starter
iTrader: (8)
 
Joe Perez's Avatar
 
Join Date: Sep 2005
Location: Delicious and Moist.
Posts: 26,328
Total Cats: 1,926
Default

Quote:
Originally Posted by Downmented View Post
"free" country FTW!
Free as in speech, not free as in beer.



Quote:
Originally Posted by mgeoffriau View Post
Kicked TurboTax to the curb a few years ago. Been using TaxAct instead -- it's cheaper and works the same.
I used various tax-prep software for several years.

In 2010, I was having trouble getting it to correctly compute some random deduction on my business taxes. I knew what it was supposed to do, but couldn't make it do it. I finally said "**** it," gave up, and just did my whole tax return by hand using the downloadable IRS forms.

And I actually found it easier.

It's more work, to be certain. But I always hated how the tax-prep software tries to obscure the underlying forms from you until output time. It doesn't really let you see what's happening under the cover, so to speak. And they all do it.

Since then, I haven't used any tax-prep software at all. I do it with the raw forms, and can usually hammer it out in a single evening with a couple of beers. This year was particularly easy, since I only had one job and was straight W-2 the whole way.

Finished 1040 last night, and I owe a little over $12. Closest shave I've gotten yet. Fortunately, I lived in one state for all of 2015 (been a while since that happened), so only one state return to do.
Joe Perez is offline   Reply With Quote
Old 03-14-2016, 12:48 PM   #10
Boost Czar
iTrader: (61)
 
Braineack's Avatar
 
Join Date: May 2005
Location: Chantilly, VA
Posts: 72,900
Total Cats: 1,793
Default

We tried to get it close, but took too many deductions and are getting back a ton.

the tax code is stupid and it's like guess and check to try to actually do it correctly without owing/receiving.
Braineack is offline   Reply With Quote
Old 03-14-2016, 06:08 PM   #11
Elite Member
iTrader: (5)
 
Join Date: Oct 2007
Location: Canton, Ga
Posts: 1,707
Total Cats: 19
Default

I just pay an accountant. With a job, a business (***** sales ftw) and income property it's too much to do on my own.
Stealth97 is offline   Reply With Quote
Old 03-22-2016, 06:34 PM   #12
mkturbo.com
iTrader: (24)
 
shuiend's Avatar
 
Join Date: May 2006
Location: Charleston SC
Posts: 13,780
Total Cats: 1,107
Default

Getting 8.2k back this year. This is the first time I have ever gotten more then 1.5k between federal and state. Having a small business that is not profitable yet is amazing. So thanks to everyone buying my setups. Keep doing it so I can keep more money in my pockets.
shuiend is offline   Reply With Quote
Old 03-22-2016, 06:35 PM   #13
SADFab Destructive Testing Engineer
iTrader: (5)
 
aidandj's Avatar
 
Join Date: Apr 2014
Location: Beaverton, USA
Posts: 17,999
Total Cats: 1,466
Default

Keep it not profitable
aidandj is offline   Reply With Quote
Old 03-22-2016, 06:55 PM   #14
Elite Member
 
codrus's Avatar
 
Join Date: Mar 2007
Location: Santa Clara, CA
Posts: 3,878
Total Cats: 344
Default

Quote:
Originally Posted by aidandj View Post
Keep it not profitable
If you do it more than 3 years in a row, then the IRS reclassifies it as a hobby. It seems incredible today, but there were jokes about this happening to Apple in the 90s...

--Ian
codrus is offline   Reply With Quote
Old 03-22-2016, 07:34 PM   #15
Elite Member
iTrader: (8)
 
bahurd's Avatar
 
Join Date: Apr 2013
Location: Ohio
Posts: 2,132
Total Cats: 145
Default

I write quarterly checks.
bahurd is offline   Reply With Quote
Old 03-22-2016, 07:45 PM   #16
mkturbo.com
iTrader: (24)
 
shuiend's Avatar
 
Join Date: May 2006
Location: Charleston SC
Posts: 13,780
Total Cats: 1,107
Default

Quote:
Originally Posted by codrus View Post
If you do it more than 3 years in a row, then the IRS reclassifies it as a hobby. It seems incredible today, but there were jokes about this happening to Apple in the 90s...

--Ian
Yep my accountant and I talked about that. There is a 9 point list that they use. I easily pass 7 of the things and the other 2 I can get around with a little work on my end. I also do plan on turning a profit in the next year or two. Getting close to having all the big purchases I "need" purchased.
shuiend is offline   Reply With Quote
Old 03-22-2016, 09:33 PM   #17
Elite Member
iTrader: (1)
 
Join Date: Jun 2014
Location: Austin, TX
Posts: 2,858
Total Cats: 272
Default

Quote:
Originally Posted by shuiend View Post
Getting 8.2k back this year. This is the first time I have ever gotten more then 1.5k between federal and state. Having a small business that is not profitable yet is amazing. So thanks to everyone buying my setups. Keep doing it so I can keep more money in my pockets.
Your setup is going on my next DD miata
Girz0r is offline   Reply With Quote
Old 03-22-2016, 10:49 PM   #18
mkturbo.com
iTrader: (24)
 
shuiend's Avatar
 
Join Date: May 2006
Location: Charleston SC
Posts: 13,780
Total Cats: 1,107
Default

Quote:
Originally Posted by Girz0r View Post
Your setup is going on my next DD miata
Only if you promise not to run a reflashed stock ecu and a XEDE.
shuiend is offline   Reply With Quote
Old 03-22-2016, 10:51 PM   #19
Elite Member
iTrader: (1)
 
Join Date: Jun 2014
Location: Austin, TX
Posts: 2,858
Total Cats: 272
Default

Ill squirt for you BB <3
Girz0r is offline   Reply With Quote
Old 03-23-2016, 01:01 AM   #20
Boost Pope
Thread Starter
iTrader: (8)
 
Joe Perez's Avatar
 
Join Date: Sep 2005
Location: Delicious and Moist.
Posts: 26,328
Total Cats: 1,926
Default

For the first year in a very long time, my state income tax return is "simple" enough that I'm eligible to file my forms electronically with the state, rather than putting stamp on them.

So I created an online account with the New York State Department of Taxation and Finance.

To verify my account creation, and as a supposed security measure, they mailed a physical letter back to me via USPS, confirming this fact.

What the **** is up with organizations, both municipal and commercial, using physical mail as a confirmation to online activities? Banks do it, insurance companies do it, hell, even Verizon mails me a physical letter every month informing me that I owe them nothing because my FiOS bill has been automatically paid electronically.

Not only do I not bother to even check the mail more than once a week or so, but a lot of people reside in rural areas in which the mailbox is just a freestanding thing on a post out by the side of the road, with no lock or physical security of any kind. Sending a letter in the mail is quite possibly the slowest, least reliable means of communication this side of smoke signals. Not to mention the fact that archiving postal communications requires me to drag around a big, heavy filing cabinet every time I move as opposed to, you know, having instantaneous, searchable access to every document I've ever sent or received, from any location on earth, in perpetuity, without having to kill trees and lug heavy **** around.

I reached out to you via electronic means because security and timeliness are important to me. So why the hell are you responding to me via a mechanism which is not only more costly and less convenient, but was already obsolete at the time of the US Civil War?
Joe Perez is offline   Reply With Quote
 
 
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -4. The time now is 09:10 AM.