Posted by DellaCa on 2/21/06 4:46pm
Msg #98752

Crying a river and paying my taxes

I was surprised I have to pay as much as I do. Wondering if she knew what she was doing.She is a notary 2 other notarys in the office but not one of them knew about the notary fee being exempt from se tax. Boo Hoo

Reply by SatomiCO on 2/21/06 4:50pm
Msg #98753

Re: did you pay quarterly taxes throughout the year? n/m

Reply by Glenn Strickler on 2/21/06 4:52pm
Msg #98755

I feel your pain. I always go through shock and a three day drunk after I finish my taxes. Even with the exemption for notary fees, the 13% se tax snuck up on me as well and it's suprising how fast it adds up. And the government will tell you they don't have enough money. BTW, any of the tax software will ask if you are a notary or not and enter the notary fees separately.

Reply by Glenn Strickler on 2/21/06 4:53pm
Msg #98756

OK I should have said ...

a tday drunk each quarter ......

Reply by Cornerstone Signing Service, Inc on 2/21/06 6:40pm
Msg #98786

The IRS has been a sore spot for me for years--after being audited several times. I've finally found an exellent CPA firm who is very reasonable on their fees and do an excellent job. The people in this office are wonderful--some used to work for the IRS and others are tax attorneys. My husband has 2 businesses, I have one and we have a farm. We live in Arkansas and our accountants are in Huntsville, TX. You might want to give them a call--I don't imagine you'll be disappointed. If Richard isn't available, ask for Dorothy. Not trying to advertise, only trying to help! Good luck! Please call me if you wish. Susan Hutchins 501 279-0101

Richard Ohendalski
The Legacy Group
PO Box 6007 (1423-D Brazos)
Huntsville, TX 77342

936 291-3603 telephone
936 295-6199 fax

Reply by SignerCA on 2/21/06 4:59pm
Msg #98757

Anyone take a loss in their first year? n/m

Reply by Becca_FL on 2/21/06 5:06pm
Msg #98760

Re: Anyone take a loss in their first year?

Last year I ended up getting $12.00 back after all of my expenses. This year, I'm scared to death to find out what I owe. It will have to wait until I move into my house, I'm closing on Monday.

Reply by DellaCa on 2/21/06 5:27pm
Msg #98765

Re: Anyone take a loss in their first year?

So can you use milage and other expenses?

Reply by Charm_AL on 2/21/06 5:30pm
Msg #98768

Della, if it's not too late, get to a CPA!... n/m

Reply by calipat on 2/21/06 5:44pm
Msg #98772

Re: Della, if it's not too late, get to a CPA!...

Della,
Charm is correct!! If not too late get to a CPA. I hve been doing this for 2 years and the first year was okay. Last year she figured it both ways with my husband and w/o. It was better to file separately, we still got a refund off of his and I basically broke even. You really need to get a very good CPA. I put mileage and all expenses including oil changes and tires and all expenses for supplies, cell phone, part of home expenses light, phone, internet etc, Every little thing counts. Of course you need to keep good records and receipts hope you did. If not then this year is a learning experience for you.

Reply by JanetK_CA on 2/21/06 6:40pm
Msg #98787

Re: Della, if it's not too late, get to a CPA!...

For your automobile, you're not supposed to use both mileage AND actual expenses. The IRS mileage allowance is supposed to be in lieu of actual expenses, so like someone else here said, you need to choose one or the other. Otherwise it's double dipping... It doesn't hurt to keep track of both, though. That way, a good tax professional can tell you which is the better option for you, although it's probably pretty obvious once you add up the totals. I heartily agree with you on all other points.

Reply by DellaCa on 2/21/06 7:27pm
Msg #98791

Re: Della, if it's not too late, get to a CPA!...

I would think it would be too late to go to someone else ( cpa ) The papers are ready to sign.

Reply by SatomiCO on 2/21/06 7:32pm
Msg #98794

Re: Della, if it's not too late, get to a CPA!...

Della,
I would definitely get a second opinion from a CPA. Just because the papers are ready to sign, doesn't mean you have to sign and mail them. From what you say, it doesn't sound like the tax preparer is doing you justice.

Reply by taxpro on 2/22/06 10:36am
Msg #98914

Re: Della, if it's not too late, get to a CPA!...

It's not too late. Even if you have signed and mailed the forms, you can amend up to three years later. You should take all the deductions you're entitled to take! You should call a tax professional immediately! I'd suggest a CPA or Enrolled Agent.

Reply by Cherilyn_CO on 2/21/06 5:41pm
Msg #98771

YES!

ACK-Get thee to a CPA pronto.

Reply by Becca_FL on 2/21/06 5:45pm
Msg #98775

Heck Yes! n/m

Reply by Cherilyn_CO on 2/21/06 5:00pm
Msg #98758

Did you write everything off?

I just did my taxes last night and I had quite a bit to write off. My income only ended up to be about $2000.00 which was a lot less than what I made.

Mileage was my major write off, but also I expensed all equipment that I bought this year, including my fax machine, digital camera, and printer. The home office expense was a pretty good deduction too.

If you don't think she knew what she was doing, you may want to have someone else check it out. Did you go to a CPA?

Reply by DellaCa on 2/21/06 5:26pm
Msg #98764

Re: Did you write everything off?

Cherilyn she told me I can either use my mileage which was high or use expenses as supplies not both. She did a joint return for us so what my husband usually gets back they keep and I still pay.
As for the question above No I did not pay quarterly this is my first year and I had no clue about the tax end of it.

Reply by Cherilyn_CO on 2/21/06 5:40pm
Msg #98770

Re: Did you write everything off?

For your vehicle you can either take the standard mileage deduction or actual expenses. However, all supplies (paper clips, computer stuff, etc) get written off-two totally separate things.

Are you saying that you only wrote off your mileage, and nothing else?

Reply by O/Cnotary on 2/21/06 8:31pm
Msg #98803

Why not deduct both? They are both legit expenses!!!! n/m

Reply by JanetK_CA on 2/21/06 10:38pm
Msg #98820

Why not deduct both? They are both legit expenses! Unless...

Unless you are talking about auto expenses. See my post above on this. Otherwise, I totally agree. I like to work with a tax preparer who uses organizers so I just have to fill in the blanks. And for those who are new to completing a Schedule C, it helps to know what categories to track.

Reply by cmd_NH on 2/21/06 5:29pm
Msg #98766

Re: I feel your pain....

My husband and I are both self employed...3 schedule C's....got some unexpected income in December, no more kid exemptions this year (lost two at once...ouch!) and now we will pay for it. I am ready for that two, three, four day binge(unfortunately we don't drink)...and my husband's motto "Pay it and smile, nothin else you can do". I just don't feel like smiling at the moment!

Reply by TD_CA on 2/21/06 5:45pm
Msg #98773

Re: I feel your pain....

I too had to pay taxes! This is my first year that I had to pay and I used every possible deduction plus I have an accountant! Oh well.......

Reply by DellaCa on 2/21/06 7:28pm
Msg #98792

Re: The sad thing is

this year I had all my equipment to use as deductions next year I won't.

Reply by John_NorCal on 2/21/06 7:44pm
Msg #98797

Re: CPA's

I keep seeing all the references to getting a CPA. In my opinion CPA's are great at what they do, and I am not knocking them in anyway. But the truth be known, in many CPA firms, the person doing the actual tax preparation is a tax preparer, like me. I'm licensed by the State of California and I prepare taxes in a CPA office. I interview many people for their returns and I prepare basic returns and some not so basic. I just finished up a return with a Sub Chap S corp, with k-1's and with 3 property sales involved. This person lived in S.C. and files in Montana. My point here is that you need a knowledgeable preparer, not necessarily one with all the answers but at least the resources to find the answer to your question. If your preparer seems to be lost in the fog, then maybe you see the light and move on to someone else. You don't necessarily have to pay CPA fees for basic tax returns.

Reply by Blueink_CA on 2/21/06 8:17pm
Msg #98801

Re: CPA's

My tax guy is an Enrolled Agent and he is AWESOME!!! My quarterly estimated tax payments are right on; always get a refund, not a large amount, but I never dread April 15!!!

Reply by John_NorCal on 2/21/06 8:46pm
Msg #98805

Re: Enrolled agent

There you go! That's what I mean. I'm working on my EA, The office that I'm with has all the educational resources available, and they'll pay up to $1,000 per year for for me to attend educational seminars, etc.

Reply by Charm_AL on 2/21/06 9:32pm
Msg #98811

Re: The sad thing is...Della..

If you've already sent it in, you can always amend, I believe you have three years to do it.