Tax Season General

Still need to do mine this week. I like to wait until April because having to file an amended return due to an amended form is garbage.

Also reminder to /biz/nessmen that Q1 taxes are also due the same day as the annual tax return.

Do you guys generally file it electronically or on paper?

My returns never get more complicated than a 1040 and Schedule D so I usually just paper file instead of getting jewed out of money for shit like Turbotax, especially for state returns.

>>1929290
Electronically. Paper would be tedious with my situation.

Also, TaxAct is way cheaper than Turbotax, especially if you have capital gains.

>>1929290
If your returns are that simple just do free TurboTax. Should have filed already though.

Maxed out my RRSP and they increased the territorial cost of living to $11/day, so I wound up with $7800 back. Not sure where I'm putting it yet.

I can go with my 10% mortgage prepayment to knock about a year off that, drop it into this year's RRSP and get myself about 40% there, max out my TFSA, or pay myself back into my RRSP or TFSA that I borrowed against for the mortgage. Pretty much just balancing time frames at this point.

>>1929266
I'm stuck paying about $1k because I did a bunch of freelance work that wasn't taxed at the time. I knew it was coming but it still sucks because I am used to getting refunds. I know that economically it is better to owe a little money than to get a refund though.

Sold a house. Part of the mortgage got paid off. I got about $28k in a check. I didn't pay taxes that year. But I haven't received anything from that year. This was in late 2015. Anything I need to look up on?

>he doesn't optimize his taxes so his refund is extremely small, but positive

Pleb

>>1929534
Actually, the optimal situation is to have to owe as much money as you can without being hit with an underpayment penalty.

Before anyone says it, no, I don't mean not trying to minimize your overall tax bill. Don't be dumb.

>>1929514
Was it your primary home that you sold?

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FUCK I FORGOT ABOUT TAXES NO FUN FOR ME TODAY

>>1929563
You still have weeks. If it takes you more than a day or two to do your taxes, you're either "special" or you have a guy that does your taxes for you.

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>>1929578
>or you have a guy that does your taxes for you.

yes, and i imagine he'll be filling for an extension since he didn't even bother reminding me

>>1929548

No. It was a rental.

>>1929266
KPMG charge me $6,200 to compile my 80 page dual residency tax return and I don't even earn that much money
>When you work from home for a foreign company and are paid into a foreign bank account
>When you have bank accounts overseas
>When you have managed funds overseas
>When you work 3 jobs
>When you also worked 1 job actually in USA
>1040
>Schedule B
>1116 x 3
>6251
>8621 x 7
>8959
>8938
>12 pages of 'supplement to form XXXX'
>I do the FBAR myself

The foreign country's return is only about 15 pages because
>Not the IRS
>Not making a mountain out of a molehill
>Not obsessively tracking every citizens last dollar
>Not taxing worldwide income

Yeah I'm kinda pissed but it is what it is.

>>1929596
If you had gains you were supposed to claim them, if you took a loss you can carry forward a portion which would help you on your 2016 tax return.

when do i get my money back

where I live they passed a new law where you have to itemize and pay tax on every online purchase.

who thought that was a good idea?

>>1929882
Yeah... that sounds dumb. Why not just have a sales tax at the point of purchase?

Got 1.8 k back. Felt bretty good.

>>1929887
I dunno. They made a law specifically target Amazon last year but I guess now they want everything.

I guess the state doesn't feel like they can adequately ensure every online retailer collects taxes and its easier to go after me.

Honestly, what right does the state have to collect taxes on it though? the transaction has absolutely nothing to do with them. I would understand the state the seller is in collecting taxes before the state of the buyer.

>>1929960
Sales tax is on the buyer though. It has to do with the state because you live in the state.

>>1929266
>tfw started new job
>useless hr cunts put me down for 3 deductions for some reason
>owe $100
>got a 1099 MISC for some volunteer work that I can't deduct
>now owe $271

JUST

>>1930162
You didn't fill out the form w-4 yourself?

>>1930213
Yep, they just entered it wrong. Cunts.

>>1929266
If I work remotely, is it considered working out of state? Say I live in Florida but do work (from my home) for a company based out of New York. Do I need to file a NY tax return?

>>1930240
Did you receive a W-2?

>>1930017
sales tax is levied on the basis that a business uses the resources of the state to conduct business. It's on both in that its levied against each sell, but really its a tax on business.

>>1930302
1099-MISC

Due to some capital losses and larger than normal itemized deductions, I got $4500 back federal. Which is nice.

>>1930240
Does your company withhold NY state tax?

If yes, yes you need to file NY state tax in order to claim back the taxes paid as you are not a resident of the state for tax purposes.

If no, no you don't need to file as they haven't withheld anything.

>>1930312
I assume it's probably going to be whatever state your company's address will be in the Payer section, considering that the state taxes withheld will correspond to that respective state.

So if it has a NY address, you're likely going to have to file a NY return.

>>1930240
Read the "Who must file" section of the New York IT-203 Non-Resident instructions.

>>1930325
Noice. What's the limit on capital losses again? 3000?

>>1930351
Yes sir. Tax loss harvesting FTW.

>>1930345
>>1930351
>>1930368

Yet another reason bagholding is silly.

I owe ~$1000, oh well it means I'm earning more money.

Next year I can deduct whatever I spent on tax software correct?

If I have only realized capital net losses will that lower my overall bill? Or would it only apply to some situations (don't want to buy turbojew premium if I don't need to) and didn't really see a straight answer online.

If I have capital net losses that I don't report would the IRS care if they back tracked your cost basis and found you didn't report (only losses) that year?

And does anyone here manually file online, through freefillableforms? Is this the actual government website. Looks like a shitty eastern european scam site.

>>1930700
>Next year I can deduct whatever I spent on tax software correct?
Only if you itemize and provided it is greater than 2% of your AGI.
>If I have only realized capital net losses will that lower my overall bill?
Yes.
>Or would it only apply to some situations (don't want to buy turbojew premium if I don't need to) and didn't really see a straight answer online.
If you're not going to use to use a program, then read and follow the 1040 and Schedule D instructions. Its surprisingly simple. You don't need a program/account until you get into the weird stuff.
>If I have capital net losses that I don't report would the IRS care if they back tracked your cost basis and found you didn't report (only losses) that year?
I don't understand.
>And does anyone here manually file online, through freefillableforms? Is this the actual government website. Looks like a shitty eastern european scam site.
Its not technically a US government website, but it is their authorized website. Don't know anymore about it than that as I don't use it.