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The Tax-Man Cometh

Richmond Jake

Cyburbian
Messages
18,206
Points
41
We filed our Federal tax return today. For the first in my life, I'm paying in April. To the tune of $840. :(

How ya'll doing?
 

ursus

Cyburbian, raised by Cyburbians
Messages
4,933
Points
20
I did OK, getting a federal return. But I do have to pay the State of Utah....bloodsuckers. State Income Tax. BOOOO!!!!
 

Salmissra

Cyburbian
Messages
5,463
Points
25
We filed and got our return back within 7 days.

Due to our income change last year, we got a nice return. This year, since I'm working full time, will be different.
 

arcplans

As Featured in "High Times"
Messages
6,351
Points
25
I ended up getting a substantial return from both the feds and the state (i always overpay Taxifornia). However, due to the tax changes my mother owes a significant amount of money to both the state and federal government. For someone that is retired, i felt the tax changes really screwed her. Fortunately she has the means to pay the rather large tax bill. Adjust withholdings from multiple pension accounts and ssa to rectify 2019.
 

JNA

Cyburbian Plus
Messages
24,261
Points
46
e-filed fed & state.
had to pay $$$ to both fed & state.
 

Dan

Dear Leader
Staff member
Moderator
Messages
17,154
Points
51
I thought I was going to owe a lot of money this year, thanks to some Great Recession Rust Belt real estate crash ten-ninety-nine fallout. However, we're getting a pretty good refund instead, which has us both relieved.
 

el Guapo

Capitalist
Messages
5,941
Points
28
Last year I wrote tax payment checks to the feds and the state for a total of $46,435. These are part of the simple joys of being self employed. This year it will be a little less. And please, before anyone comments with some progressive bullshit, just don't.:cursing:
 

WSU MUP Student

Cyburbian
Messages
9,284
Points
28
We're paying a lot to the state of Michigan this year and paying just a bit to the feds. About the same as every year.
 

Hink

OH....IO
Moderator
Messages
14,509
Points
37
We paid a bit to one state, got back some from another state, and got a good amount from the feds.
 

kjel

Super Moderator
Moderator
Messages
11,829
Points
30
We're $900 in the hole to Uncle Sam where it's typically been about a $500 refund. That doesn't bother me too much. What really stinks is that change in AGI (it's higher now despite the same income) which is the starting point with the state return and surprise....$1800 owed as opposed to the usual $900.

Last several years that was a net tax owed of $400-$500, this year it's $2,700 owed.
 

michaelskis

Cyburbian
Messages
19,028
Points
41
We sent all of our stuff to our accountant, who is still up north. Our giving was substantially more last year than in previous years, so we are expecting a bit larger of a return. We will likely use it to pay off some things and save for summer vacation trip.
 

DVD

Cyburbian
Messages
13,133
Points
31
We got money back, but not as much as last year. We did better with the itemized deductions and other past rules.
 

gtpeach

Cyburbian
Messages
1,900
Points
14
We're getting about $470 back (before the TurboTax filing fee). I can't really compare because this is the first time I'm filing jointly and it's about what I would normally get back. But we're also in a higher tax bracket now than we would've been under the old regulations, so it definitely cost us money.

Dare I ask who's coming out ahead right now?
 

Gedunker

Moderating
Moderator
Messages
10,908
Points
31
Getting refunds from both - slightly less than last year from the Feds, a lot less than last year from the State. This is my last year being able to claim a dependent, so I should probably adjust my withholding to account for that and be closer to net zero next year.
 

Cardinal

Cyburbian
Messages
10,078
Points
33
Last year I wrote tax payment checks to the feds and the state for a total of $46,435. These are part of the simple joys of being self employed. This year it will be a little less. And please, before anyone comments with some progressive bullshit, just don't.:cursing:
Right there with you. It is nice to make decent money, but business costs and taxes take a hell of a lot. I am looking at establishing South Dakota residency to not have to pay 7.9 percent to Wisconsin.
 

Hink

OH....IO
Moderator
Messages
14,509
Points
37
For those who pay someone to do their taxes, what do you pay? We have a pretty standard tax return, and we traditionally were charged $325 for the service. They jacked up the price this year to $625 because my previous accountant (who left the company last year) was charging me significantly below what he should have been for such an esteemed service.

$625 seems crazy high. I want to pay someone so I can have support if / when we get audited, but that is some serious cash for a very basic return. Anyone else have some data I can go off of? The google-web has provided very little consistency.

Thanks!
 

DVD

Cyburbian
Messages
13,133
Points
31
I'm thinking our CPA was around $300 something. That would include some support during an audit, but it's always the basic return with some quirks from my wife's business. I can double check the price if you want.
 

kjel

Super Moderator
Moderator
Messages
11,829
Points
30
$250 but that's a family discount because we refer a lot of business to him. I think the CPA typically charges about $300-350 for an uncomplicated return depending if one or two state returns are involved (many North Jersey people work in NY and have to file both states).
 

WSU MUP Student

Cyburbian
Messages
9,284
Points
28
For those who pay someone to do their taxes, what do you pay? We have a pretty standard tax return, and we traditionally were charged $325 for the service. They jacked up the price this year to $625 because my previous accountant (who left the company last year) was charging me significantly below what he should have been for such an esteemed service.

$625 seems crazy high. I want to pay someone so I can have support if / when we get audited, but that is some serious cash for a very basic return. Anyone else have some data I can go off of? The google-web has provided very little consistency.

Thanks!
Out of curiosity I texted a buddy of mine who is a CPA and has a small firm that is primarily personal returns and small LLCs (he handles the work for a bunch of apartment complexes and small commercial property owners) here in Metro Detroit, which I imagine is pretty comparable to your locale. He said $625 is pretty high for a personal return, especially if it's primarily just a couple W-2s and maybe a few 1099-int or 1099-div. Unless you have a bunch of foreign accounts where you are paying taxes in multiple countries, are filing returns across multiple states and cities, etc. you should be maybe around $400 max.
 

Hink

OH....IO
Moderator
Messages
14,509
Points
37
Out of curiosity I texted a buddy of mine who is a CPA and has a small firm that is primarily personal returns and small LLCs (he handles the work for a bunch of apartment complexes and small commercial property owners) here in Metro Detroit, which I imagine is pretty comparable to your locale. He said $625 is pretty high for a personal return, especially if it's primarily just a couple W-2s and maybe a few 1099-int or 1099-div. Unless you have a bunch of foreign accounts where you are paying taxes in multiple countries, are filing returns across multiple states and cities, etc. you should be maybe around $400 max.
That is kind of what I thought. Honestly I was fine paying more than the $325 that I have been paying for years, but it was a big jump for really nothing changing.

I will start looking around for someone who can make me feel good about it. Thanks for the input.
 

Big Owl

Cyburbian
Messages
2,256
Points
23
I finished my taxes this weekend. I did a lot of reading prior and during the process of completing my taxes. Fortunately, I estimated my taxes early 2018 and I made some adjustments to our withholding in as result. I owed a little bit of money to the feds and the state is sending me some money back. Life is good.
 

michaelskis

Cyburbian
Messages
19,028
Points
41
Our accountant finished our taxes last month. We received a good refund from the feds and paid in $60 to the state.
 

Bubba

Cyburbian
Messages
4,452
Points
24
Between the Feds (we owed) and the State (refund) we came out basically minus $100. I'm good with that - always prefer paying a little in April as opposed to floating the government an interest-free loan.
 

kjel

Super Moderator
Moderator
Messages
11,829
Points
30
CPA did a double and triple check of the returns, managed to get my federal tax liability down to $120, NY state $20, but the Dirty Jersey will be collecting $1,194 from me. I fully predict that NJ will do well on income tax revenue this year due to higher MAGIs from many folks not being able to itemize their full SALT.
 

Planit

Cyburbian
Messages
11,301
Points
32
I'm upset. Our accountant emailed me this morning explaining that she is filing an extension for us because she has not completed them. We gave her all the information the first week in March (as we always have). There was a litany of excuses, but they will be done before the end of Wednesday.

Guess I'll be looking for another accountant.
 

AG74683

Cyburbian
Messages
5,344
Points
19
We got money back, but not as much as last year. We did better with the itemized deductions and other past rules.
Same here. It was maybe 400 dollars less. My return from the feds was like 840 something (usually 1,100 or so) and my return from the state was around 140.
 

Planit

Cyburbian
Messages
11,301
Points
32
I'm upset. Our accountant emailed me this morning explaining that she is filing an extension for us because she has not completed them. We gave her all the information the first week in March (as we always have). There was a litany of excuses, but they will be done before the end of Wednesday.

Guess I'll be looking for another accountant.

All done now with a combined refund of about $1000. Now what can I buy ...
 
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