Death and Taxes, 2016 version

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#ICanHitADraw
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Got an extra three days to get your tax returns filed and I e-filed mine today.

I always procrastinate because I think I might owe, but I haven't owed since 1992. Getting back more than I would like, but it almost pays for my house and car insurance, which is due in the middle of May. I think I have to come up with about $400 to make up the difference.

I use H&R Block Premium because it's what I need since I am self-employed. Free to e-file Federal and $19.95 to file Kansas.

Had my least amount of business expenses on my mileage, as I am down to 1,407 miles driven for my insurance business. My first year, 2010, I was over 20,000 miles for business mileage.
 
Hate doing taxes. And still haven't yet...
 
We do ours in February. Since my wife switched jobs, we've been trying to figure out the right amount to withhold - we were at least closer this year, but still ended up getting more back than we'd like to have.
 
Ended up filing mine about 10 days ago. When they were initially done by my tax preparer, it had me owing about $13k between federal and state. Since I had a lot of unusual stuff with an inheritance, I thought there would be a good chance I would owe for 2015. I damn sure wasn't going to just pay that much without a fight though. So I researched a few of the items on my return myself. The first thing I found almost immediately was that some redeemed stock options were not handled properly which chopped off about half the liability. The other thing required a little more work because Regions Bank screwed up the conversion of a Roth IRA distribution I received as part of the inheritance. They had coded it as a traditional IRA distribution which meant the entire $30k was taxable income to me and no taxes were withheld at time of distribution. I was fortunate enough to go into a branch and deal with an individual who really cared about helping me resolve this issue. She was able to see that my sister's half of the distribution was handled correctly but mine was not. She reached out to the appropriate people at the corporate office and boom, the 1099 was corrected and non of the distribution was taxable income. In the end, we got back about $2500!
 
Taxes are a waste of my time and hard earned money. When I'm in a higher tax bracket than the POTUS and make a fraction of his advertised earned income. Something is wrong.
 
Taxes are a waste of my time and hard earned money. When I'm in a higher tax bracket than the POTUS and make a fraction of his advertised earned income. Something is wrong.

+1 TRUTH!!!
 
did our's in Feb/Mar. I had to wait on a few bits of info from various investments but filed in early March. had our refund in about 1 week. I try to get this done early each year. I had 1 run-in with the IRS back in 1983 because I procrastinated on my filing. never again.
 
Preach T2GRN18!!
 
I won't file until C.O.B. today.

quote-it-s-your-money-you-paid-for-it-george-w-bush-113-26-59.jpg
 
Taxes are a waste of my time and hard earned money. When I'm in a higher tax bracket than the POTUS and make a fraction of his advertised earned income. Something is wrong.

Our whole system is screwed up, people getting more back than they paid in.

Not to mention they can't manage what is stolen from us in a responsible manner.
 
Taxes are a waste of my time and hard earned money. When I'm in a higher tax bracket than the POTUS and make a fraction of his advertised earned income. Something is wrong.


Sounds like you need a better tax preparer

But I will say the government needs reform to save money --- the budgetary process and how they encourage departments to waste money is a travesty and leads to higher taxes and higher deficits. We also need a simpler tax system.
 
Did mine two Saturdays ago on FreeTaxUSA.com as I have for at least 6 years now. Had our Federal Refund back Last Thursday. Quick turnaround! It was different this year since my wife and I were married in August. Lots of odds and ends to look and review together, but we got it done. Thankful for a refund, although it was quite a bit less than I would have gotten on my own with education credits and such. But that's okay. I'll keep her around. :act-up:

Still waiting on the Illinois tax refund... I'm guessing that'll be a while #BrokeA$$State
 
Sounds like you need a better tax preparer

But I will say the government needs reform to save money --- the budgetary process and how they encourage departments to waste money is a travesty and leads to higher taxes and higher deficits. We also need a simpler tax system.

Nah, it's a case of small businesses getting the BOHICA
 
I got 875.00 back from the state, I owed 375.00 to Federal so the $500.00 surplus is paying for the supplies for my bathroom remodel.
 
Broke even this year. Nothing due nothing back.


Sent from my iPhone using Tapatalk
 
I know taxes can be frustrating and upsetting, but like the bumper sticker reads--work hard, millions are counting on you.
 
Got my refund from state this past week, and used part of it to pay my federal taxes which went into the mail today during lunch. The remainder is going towards our house down payment.
 
For all those getting refunds, you're welcome

There are plenty of hard working folks out there who simply over-withhold and get a small-to-large refund at the end of the year.
 
I pay someone to do my taxes, and it will probably stay that way forever.

~Rock
 
There are plenty of hard working folks out there who simply over-withhold and get a small-to-large refund at the end of the year.

Oh I know, I'm just one of those guys who gets fisted by liberal social policy and mismanagement. No harm intended.
 
Ended up filing mine about 10 days ago. When they were initially done by my tax preparer, it had me owing about $13k between federal and state. Since I had a lot of unusual stuff with an inheritance, I thought there would be a good chance I would owe for 2015. I damn sure wasn't going to just pay that much without a fight though. So I researched a few of the items on my return myself. The first thing I found almost immediately was that some redeemed stock options were not handled properly which chopped off about half the liability. The other thing required a little more work because Regions Bank screwed up the conversion of a Roth IRA distribution I received as part of the inheritance. They had coded it as a traditional IRA distribution which meant the entire $30k was taxable income to me and no taxes were withheld at time of distribution. I was fortunate enough to go into a branch and deal with an individual who really cared about helping me resolve this issue. She was able to see that my sister's half of the distribution was handled correctly but mine was not. She reached out to the appropriate people at the corporate office and boom, the 1099 was corrected and non of the distribution was taxable income. In the end, we got back about $2500!

This just proves our tax code is too complicated... Too many deductibles. You shouldn't, by chance, almost get screwed out of money.
 
“The hardest thing in the world to understand is the income tax.” — Albert Einstein
 
Taxes are a waste of my time and hard earned money. When I'm in a higher tax bracket than the POTUS and make a fraction of his advertised earned income. Something is wrong.
Hahaha I am such a fan of you.
 
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