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Had my first look at my taxes and the new forms today.

Still missing a few tax related documents so no way to know how well off or how bad things might be. Should have the forms soon so figured might as well get started its not like I can do much else for the next few days with windchill's going from the -30 to -40 to -50 and in some places near by -60+. And temps in the 40's on Sunday????

Anyone else that does their own taxes started yet?

Ed

reible wrote:Had my first look at my taxes and the new forms today.

Still missing a few tax related documents so no way to know how well off or how bad things might be. Should have the forms soon so figured might as well get started its not like I can do much else for the next few days with windchill's going from the -30 to -40 to -50 and in some places near by -60+. And temps in the 40's on Sunday????

Anyone else that does their own taxes started yet?

Ed

I have all of the required documentation/forms and have completed the first pass at the Federal calculations. The State waits until I am through with the Federal. This first look leads me to believe that my tax obligation is going to increase about $500 over last year. Don't understand! Must do a close recheck of the numbers. I'm on fixed income and my COLA didn't increase that much. I just hope that the Administration does do another "tax reduction"! I can't afford it.

Got started. Got mad. Had to take a break. The wife keeps track of all our expenses. Every year I have to wade through the cost of bird seed and dog food to get to medical costs. Ah well, she's a great cook.

Sent out W2s, did payroll, unemployment and sales and use taxes last weekend. Corporate taxes sometime in the next few weeks and then I can start in my taxes. The family knows to go somewhere else, like shopping when I'm doing taxes because of the anger.


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Gene Howe wrote:Got started. Got mad. Had to take a break. The wife keeps track of all our expenses. Every year I have to wade through the cost of bird seed and dog food to get to medical costs. Ah well, she's a great cook.

I made a few simple spread sheets for those things. One for mileage and one for expenses which only amount to dental since we are on medicare and Tricare for Life so no copay's or out of pocket for medical and the prescriptions are free from the base pharmacy. They keep a running total and I update them when the event happens.

I keep a big spread sheet for our checking account and I used to have to go through it manually every year. That got really old so hence the spread sheets for the tax deductible items.

My wife used to do taxes but we have a CPA do them now. With two rental properties in California and some other things it just works better. We get the previous years work package from him and fill in the current numbers. My wife does all that and I supply here with the numbers from the spread sheets. Not saying there are not some tense moments at times but it works.

Got my interest number from the bank with all the CD's etc. so another one I could add in but still missing quite a few things like my retirement #'s and a few other interest amounts. They should be here in the next few days if they comply with having them shipped out by the 31st.

Just wondering how all this will come together with all the changes. Personal exemption is now $26600 for us, no other way for us to go as we have so little other deductions possibilities.

About ready to bite the bullet and take the rest of my money out of my 401 which seems to be loosing money every year, my return this year was -1.8% ???? how and the heck can they manage that. Have to take money out anyway due to the 70-1/2 year deal so I might just get it over with this coming year.

Ed

reible wrote:Got my interest number from the bank with all the CD's etc. so another one I could add in but still missing quite a few things like my retirement #'s and a few other interest amounts. They should be here in the next few days if they comply with having them shipped out by the 31st.

Just wondering how all this will come together with all the changes. Personal exemption is now $26600 for us, no other way for us to go as we have so little other deductions possibilities.

About ready to bite the bullet and take the rest of my money out of my 401 which seems to be loosing money every year, my return this year was -1.8% ???? how and the heck can they manage that. Have to take money out anyway due to the 70-1/2 year deal so I might just get it over with this coming year.

Ed

Yes, my tax guy said that (26,000). We shall see. The house is paid off but we still have mortgages in California and with upkeep on the rental properties and travel to California we can still show a loss for tax purposes. We don't have as many deductions as before. One thing I did notice when we checked my wife's 1099 for her CSRS retirement was that the withholding was a lot less.

We owe every year so if we owe less this year then taxes went down. Time will tell.

I don't have a 401 but we have are money in variable annuities. Since 2008 they have been doing great. Then last year hit. The first time the year ended up negative (big time). Since we don't depend/use that money I just leave it there. Our guaranteed government retirement checks fund our retirement just fine. I had to take money out of one of are annuities last year 70 1/2). Yes you pay the taxes but I just put the remainder in another investment account. Then when you take it out later there are no taxes. Well, except for the interest it earned.

Keep the faith. My comments earlier were premature and wrong!

I have my second pass at the taxes done. I get a refund this year. Small though it is, I don't have to write a check.

Just hope that the final numbers check doesn't ruin the euphoria.

My numbers look like I'll be paying a decent amount less with the new rules. Thank you, Mr. Trump.
I get about a 40% cut in taxes this year just like they said would happen.

Wife finally deciphered her chicken scratches. Only one expense made a difference in state taxes. But, we're done until next year.
Our income rose a bit but, we still got a refund from both state and feds. Not mad any longer.