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Old 02-08-2021, 02:00 PM   #1
Half Smoke
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IRS memories

....................



back in the day I used to do my taxes on the kitchen table by hand with the IRS booklet and their confusing forms

before software and computers capital gains taxes were higher

it was very complicated to figure out capital gains obligations accurately with their instructions on their forms - at least for me back then

I gave up - I just winged it for many years - I basically took a guess on the very, very low end

I'm about 100% sure I was wrong on the low end and they never came back at me about it





maybe they couldn't figure it out either



.....................................(~:\







*
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Old 02-08-2021, 04:24 PM   #2
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Back when I was in high school, we had a week or two where they brought in a tax consultant and taught us how to do income taxes. So my Dad, who owned several income properties in addition to working as an Ironworker, made me his tax guy. The 2nd year doing them I told him he couldn't deduct certain things for his business, or at least not the amounts he was claiming. He said put it down, meaning deduct it. These arguments were pretty heated.

The next year I went away to college, and he did them himself. The IRS informed him he owed around $500 more, and that was sizable number back then. Mom sort of did a "he told you so." So he laughed about it, but he never did them himself again. The following year, he was pleased to get about 350 back, so it almost evened out.

I'm still doing my own with different online software. At one point I also owned income properties and used to go away to our cabin for the whole weekend to get them done and keep my family safe from the language that was being used.
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Old 02-08-2021, 07:56 PM   #3
JustRalph
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With all this Covid crap, you should see us preparing our taxes.

If anybody has applied for the ERTC tax credit.....fill me in how?
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Old 02-08-2021, 08:28 PM   #4
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Quote:
Originally Posted by JustRalph View Post
With all this Covid crap, you should see us preparing our taxes.

If anybody has applied for the ERTC tax credit.....fill me in how?

The Employee Retention Credit? You should be able to take it as a credit against your Medicare/SS taxes on your Form 941. There is a worksheet to figure how much it is.

If you are trying to get an Advance on it, there is a different form
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