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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: Great Moments in Tax Preparation Date: 4/14/2008 12:00 PM
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A friend was in from Chicago this weekend for his annual tax prep visit. Aside from the fact that we got to my house at 1:30 Saturday morning (thank you, American Airlines) and I had my penultimate VITA session Saturday afternoon, it was a lovely weekend.

After I had dealt with everything he brought I had a couple of questions. Both his mortgage interest and real estate taxes seemed way low. There was also a sizeable "V" code amount on his W-2 that I couldn't explain from what I had in front of me.

The W-2 problem was easy. He was missing the records from when he exercised options. It will be more or less a wash, but if we don't deal with it now it will bite like crazy later when the overlooked 1099-B surfaces in underreporter.

On the property front, his mortgage was sold yet again, and the 1098 he brought reflected only 2 months. This time the mortgage wound up with his bank, and he routinely throws their correspondence in a pile since it's usually yet another credit card offer.

Left at 5:00 a.m. this morning to take him to the airport. His assigment for today is to mail a 4868 and find or get duplicates of the missing information. Mine is to turn the guest room back into an office and take a nice long nap.

Phil
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Author: dougdoogle Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100303 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/14/2008 12:37 PM
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...and take a nice long nap.

Sleep tight, Phil. The 15th cometh.

Doug

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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100305 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/14/2008 1:29 PM
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The 15th approachest and the procasinators are starting to crawl out of the woodwork.

My favorites from this year:
1.) On April 9th we helped my MIL file her returns, send the taxes due, and make the first estimated tax payment. She asked why she was filing her income tax so early.

2.) Last night a friend left a voice mail asking if I had tax software for this year.

Debra

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Author: 4aapl Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100307 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/14/2008 1:49 PM
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1.) On April 9th we helped my MIL file her returns, send the taxes due, and make the first estimated tax payment. She asked why she was filing her income tax so early.

IMO that's a valid question on her part. Why send in money early, especially for both taxes and estimates.

...but I'm finishing my taxes today, after estimating in January that I'll owe 6 figures due to the long term and short term sales late in the year. I satisfied the safe harbor rules for last year, and so far have a loss for this year, so am not worried about estimated taxes yet.

Aaron

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Author: maracle Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100311 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/14/2008 2:12 PM
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IMO that's a valid question on her part. Why send in money early, especially for both taxes and estimates.

Is it wise to rely on the postmark being legible? I doesn't seem like allowing a few days for the mail is unreasonable.

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Author: pwhitten Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100312 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/14/2008 2:19 PM
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I guess I'm one of them procasinators. I bought Turbo Tax Home and Business in January. So why am I spending all day today working on our taxes? Everyone in my family except one has used my computer and my software to do their returns, and they all got their refunds weeks ago.

The one exception is my brother, whose only income is Social Security. He asked me to file for him [he claims he's computer illiterate] when he found out that he could get the tax rebate. SO, for 6 weeks, he's been bugging me. I finally got so tired of his b*tching that I did it for him - wouldn't you know, it only took me 20 minutes.

Maybe tomorrow I'll look around and see if there's a local chapter of Procrastinators Anonymous :) Or maybe I can put it off until next week . . .

Peg
Should be done by dinner time, if all goes well. Now if I can just get DH to cook tonight.

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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100317 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/14/2008 3:01 PM
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IMO that's a valid question on her part. Why send in money early, especially for both taxes and estimates.

Is it wise to rely on the postmark being legible? I doesn't seem like allowing a few days for the mail is unreasonable.</i?

You don't need a legible postmark. All you need is a dated certified mail receipt. You get that at the Post Office when you mail the letter. That's your proof of filing and payment.

Ira

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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100323 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/14/2008 5:06 PM
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IMO that's a valid question on her part. Why send in money early, especially for both taxes and estimates.

1.) I am not going near the post office this week. Her returns needed to be weighed and appropriate postage applied which we did at the post office. (efiling is not an option for the Trust returns.)

2.) She only allows paperwork to be done Wednesday evenings. It was the last Wednesday before April 15th.

Debra

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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100324 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/14/2008 5:10 PM
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...but I'm finishing my taxes today, after estimating in January that I'll owe 6 figures due to the long term and short term sales late in the year. I satisfied the safe harbor rules for last year, and so far have a loss for this year, so am not worried about estimated taxes yet.

Aaron


We missed the safe harbor this year. Our tax payments have cleared and I am waiting to see if we will receive a bill for any additional underwithholding penalties.

Debra

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Author: 4aapl Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100328 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/14/2008 6:48 PM
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1.) I am not going near the post office this week. Her returns needed to be weighed and appropriate postage applied which we did at the post office. (efiling is not an option for the Trust returns.)

I have a postal scale and stamps, so normally I'd just check the postcalc section of the USPS website and pop it in the mail.

But we're in a smaller town, and I'd prefer a record this year, so I'll just go in early tomorrow. It shouldn't be a problem, especially if they realize it will be a busy day and just try to chit chat with everyone a little bit less than normal.

Aaron

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Author: fleg9bo Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100399 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/15/2008 5:59 PM
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Mailed off extension requests this year for the first time in a very long time. Some foreign companies in one account are having the darndest time deciding how to characterize their payouts. I got the third revised 1099 just last week only one week after the second one. Each revision has had changes to the 1099-Div and the 1099-B parts. Having a sneaking suspicion that I haven't heard the last from those guys, I calculated my tax payment based on the questionable stuff being ordinary income so there are no unpleasant surprises, so now I sit and wait. Of course they can always surprise me by finding an additional gain or changing what was a LTCG on all four 1099s into cash in lieu or something equally arcane.

--fleg

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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100409 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/15/2008 11:21 PM
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The winner for procastination is the call last night asking if I knew if they had filed their 2004 income taxes because today is the last day to file for a refund from 2004. My attempts to help the caller straighten out a tax problem were very frustrating. I have learned, you can't make someone be organized or responsible. The call tonight was that they had verified that the 2004 return was filed and had found the list of information required to complete the 2006 return.

Debra

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Author: AlisonWonderland Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100410 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/15/2008 11:47 PM
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you can't make someone be organized or responsible.

In the 1920s, a group of literary types met regularly at the Algonquin Hotel. Attendees included Dorothy Parker, Alexander Woollcott, Harold Ross (of The New Yorker), George S. Kaufman, Robert Benchley and quite a few others.

http://en.wikipedia.org/wiki/Algonquin_Round_Table

They often played word games, one of which was that someone would give a word to the group and another would have to use the word in a sentence.

Dorothy Parker was given the word "horticulture," to which she replied,

"You can lead a wh0re to culture, but you can't make her think."

~~ Alison

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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100411 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/15/2008 11:48 PM
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The winner for procastination is the call last night asking if I knew if they had filed their 2004 income taxes because today is the last day to file for a refund from 2004. My attempts to help the caller straighten out a tax problem were very frustrating. I have learned, you can't make someone be organized or responsible. The call tonight was that they had verified that the 2004 return was filed and had found the list of information required to complete the 2006 return.

I got a call at 4:30 this afternoon from an attorney friend looking for 2004 state forms (I hope for a client and not for himself - I was afraid to ask).

Ira

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 100412 of 121572
Subject: Re: Great Moments in Tax Preparation Date: 4/15/2008 11:58 PM
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The winner for procastination is the call last night asking if I knew if they had filed their 2004 income taxes because today is the last day to file for a refund from 2004.

We did three of them at VITA in the 4 hours I was there. I did one of them, and the woman kept asking whether there was anything we could do about 2002 and 2003. I thought a little tough love was in order, so I told her she had thrown away money she could probably use just because she was too lazy to get up off her duff once a year and take care of business. They don't make 'em lazier than I, but c'mon!

Phil

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