Tax Preparation - General

[SoulBiter]

Finished my taxes..... will be paying this year for the first time in a long time.

Oh and for anyone that thinks those that have significant income don't pay their fair share in taxes....

We might differ on our definition of "significant income"

Our Federal tax liability even with me putting 20% of my income into tax deferred retirement accounts and my wife putting 6% away was over 40K$.

[Skyweir]

Hahaha then the next Elohimfest you rich fuckers should be ok travelling down under .. it will save me the cost of the trip up north.

Me and my AUD hundred dollars a week if Im lucky lol

[SoulBiter]

Rich!? Its all in perspective.

We are in our best earning years as we move closer to retirement. Its not like we earned this kind of money for the last 35 years with summer homes by the lake and millions stashed away.

[Skyweir]

Thats very true .. before retirement my husband and I had a joint income of AUD180k now we are lucky if we make a hundred a week.

But our money is in our property .. thats our retirement right there... my old folks nursing home. Theyll drag me out when Im dead.

My kids joke, as kids are wont to do .. that theyll put us in a nursing home when that time comes ... not on your life. Ill die right here. If Im too old to work the property or the animals .. Ill be forced to sell them off. Nature can reclaim the land .. but I will stick it out in my home till my dying breath.

[samrw3]

One more advice - please - pretty please - do not get a refund anticipation loan[RAL]. For those that do not know this is basically marketed as getting your refund in advance through some tax preparer.

Please read this before considering getting one if you were tempted:
https://credit.org/2018/02/16/why-refun ... -bad-news/

Especially read sections "How RALS Cost taxpayers" and "The problem with interest free loans"

Some [partial] quotes:
"Some RALs can also carry high-interest rates with APRs often hitting triple digits. Wisconsin Department of Revenue warns that RAL costs could eat away 10% of your total tax refund"

"Fee free RALs and similar refund advances are basically a marketing expense to get you in the door. Companies don't mid breaking even or even losing some money processing loan application fees because they'll sell you other services. The National Consumer Law Center reports that tax preparation services land transparency and "often refuse to provide firm price quotes ahead of time." It is nearly impossible for a consumer to tell whether the company makes up RAL fees by padding or adding other costs. Some companies also provide the refund advance amount on a prepaid debit card, which can have associated fees for certain transactions. Offering a card opens an easy avenue for the company to promote other services, loans or lines of credit"

[aliantha]

Did my taxes today. It was sucky, but not as sucky as I'd feared. And I'm getting a refund, so there's that.

This year's wrinkle was having to file two state returns as well as the federal return, since my brother bought me out of our mother's house in Indiana last January.

[Sorus]

This year's wrinkle was having to file two state returns as well as the federal return, since my brother bought me out of our mother's house in Indiana last January.

Glad that's finally all settled.

[aliantha]

This year's wrinkle was having to file two state returns as well as the federal return, since my brother bought me out of our mother's house in Indiana last January.

Glad that's finally all settled.

Thanks! You have no idea how glad I am. This was the last piece of it.

[Skyweir]

A new chapter awaits Ali

Congrats on the refund AND the end of a difficult period.

[aliantha]

A new chapter awaits Ali

Congrats on the refund AND the end of a difficult period.

Thanks, Sky.