Official Tax Season Thread? vol Splash Out m8

[Zainjal26]

Got a 1099 from Paypal because I'm in MA. $6000+ sales apparently. Do I have to include it even if I'm maintaining that none of it was profit? Essentially selling off old sh*t.

Yeah I got one too because a friend was using my old PayPal for a while, shut it down after I got that 1099 from PayPal,
Had to pay back to the irs because of it, lost mad money

 

[macbk]

Feel like my fed & state refunds came through at record time this year. TurboTax

 

[freshpairs]

^ Same. Filed on a sunday, accepted next day monday. Got state that same saturday and federal the following tuesday.

 

[plansb]

refund was lower than it had been in the past, however, i would have owed had we not had a baby in 2018. My overall effective tax rate was less than it was for 2017, so i guess i came out ahead.

 

[drunken cow]

Does the Turbo Tax Home&Business cover the following

- E-Commerce business? I gotta file taxes for my amazon business (1099-K). What kind of expenses can I write off? I bought multiple label printers, a computer, printer, office supplies, desk, etc. Would it be best to do the taxes myself or go to a certified CPA that deals with e-commerce? Any recommendation in Houston?

 

[jordman23]

1st time ever that I had to pay! I was so upset. This year I will contribute more to my Employee Sponsored 401K to lower my rate

 

[jrod54life]

Does the Turbo Tax Home&Business cover the following

- E-Commerce business? I gotta file taxes for my amazon business (1099-K). What kind of expenses can I write off? I bought multiple label printers, a computer, printer, office supplies, desk, etc. Would it be best to do the taxes myself or go to a certified CPA that deals with e-commerce? Any recommendation in Houston?

as long as u got ur receipts or any form of way to track ur expenses(incase audited by tge IRS) u can technically put in any expenses incurred that is appropriate for the business so yes to all the above

 

[3900stabler]

Does the Turbo Tax Home&Business cover the following

- E-Commerce business? I gotta file taxes for my amazon business (1099-K). What kind of expenses can I write off? I bought multiple label printers, a computer, printer, office supplies, desk, etc. Would it be best to do the taxes myself or go to a certified CPA that deals with e-commerce? Any recommendation in Houston?

You can write off any expenses you deem "ordinary and/or necessary".

 

[DCAllAfrican]

Fam its so worth it. Plus i help in the audits. I actually gather potential documentation that the irs ask for if you get audited. Ill send it in.
And the most ill charge is 30-40 more just for copying expense,postage, indirect expenses, etc. My clients rarely fret over thier taxes unless they lie to me and do the most.

How are ways in which people that do their own taxes put themselves at risk for potential audits?

 

[biggie62]

How are ways in which people that do their own taxes put themselves at risk for potential audits?[/

Lying on what was reported to the IRS and their local government. Say what was reported on a W2, 1099, 1098, etc. Claiming a home office deduction. This is like a huge red flag, you better be ready to prove that. And honestly, make more than 500k per year. The governments don’t go after anyone unless they really are sure they can get a good sum of money. If they find a 10% error on someone who makes 60k big deal that is rarely worth the investigation costs. Now 10% on someone who makes a million, well that’s 100k in additional revenue.

 

[Nereyda Vuelve Por Dios]

How are ways in which people that do their own taxes put themselves at risk for potential audits?

Lying. Over estimating thier expenses. Claiming children/dependents not theirs. Varying and conflicting addresses. Mostly is also not filling out the proper tax forms tht may help you obtain more and/or owe less on income. Ie dividends.

 

[nawghtyhare]

are taxes due 11:59pm at 4/15
or 11:59pm 4/14

 

[alchemist iq]

are taxes due 11:59pm at 4/15
or 11:59pm 4/14

How can one get an extension ?

 

[nawghtyhare]

How can one get an extension ?

check a box through turbo tax

 

[alchemist iq]

check a box through turbo tax

Im going with hr block

 

[nawghtyhare]

Im going with hr block

do it urself
way easier
dont pay them bums

 

[clarkkent415]

Still haven't got my return

Completed my taxes in January.

Got a message from IRS saying they needed two documents back in March.

Sent in the requested items almost six weeks ago.

No update in my IRS profile.

SMH.

 

[plansb]

are taxes due 11:59pm at 4/15
or 11:59pm 4/14

Pretty sure they need to be postmarked by 4/15

 

[lazyj10]

By the end of 4/15 - if sending physical hard copy post mark date...not sure how the e-file factors in relative to timezone

 

[Beruseruku Desu]

Bump.

just got my W2. time to turbotax is mofo

 

[shorty doo wop]

Aye y’all so I bought jerseys for my hs basketball that I coach. Do I have to itemize deductions in order to deduct that or can I use the standard deduction as well. If I itemize I doubt I’m even close to the standard deduction.

 

[nydunkhead]

The NikeTalk CPA is reporting for duty, feel free to PM me any tax/accounting questions. I’ve helped a couple of NT bro’s if anybody doesn’t want to do it themselves or has a complicated situation I have my own firm

 

[suberzat1]

Let's not forget

 

[mvaj6]

any return going straight to nike stocks,

 

[dorien]

E filed on 1/23 using Turbo Tax, just got my Federal return deposited. now just waiting for state. better turn around time than last year. Wanted to make sure my money was right before we get on with the rest of this dumpster fire known as 2020.