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  1. JimTaxes

    Personal question, kind of

    Everyone, thank you for your comments. Every tax season I go through this but this year has been worse. Even before tax season ended, I felt this coming on, this time around April 10th as I knew what was going to happen. I wish it was as simple as taking on other tasks, taking a break, going on vacation, making plans, etc. There is more involved. I wish it was that simple. There are some other issues that go beyond accounting, payroll, taxes, and work load that I have to deal with, fight against. I deal with some pretty painful OCD and anxiety issues. In tax season those other issues do not go away but somehow I can push them aside, or at least press on in spite of them. Tax season gives me a challenge, sort of like Sara said, preparing for and running a marathon. I prepare for this marathon if you will starting in November and December. I only mention the following comments as these steps are part of my preparation, the marathon, and then what I am left with. It all starts in late December really. I know 1040 season starts late January and really heats up February. For me to be ready for that onslaught I have to get everything else done by late January. I do a lot of companies books, payroll, and taxes. sort of like controller or part time CPA for companies.. By end of January I need to have so much done. 1099s, W2s, 1065s, 1120Ss, 1120s. The first thing I concentrate on is W-2s. With the help of Medlin Payroll, which I have been a customer for approx. 25 years I can get most of my payroll clients W-2s done in December.. .. but even then it is much more than W-2s.. there are the 941s, state and local reports, unemployment returns. etc.. So I like to have all W-2s done by New years day and am working on these through Christmas and New years holidays. 1099s, I can get most of those done by early January as I have monthly Peachtree activity for my business clients.. After January 1, I concentrate on business returns.. I can prepare a 1065, 1120, 1120S before I can a 1040 as I have the data by doing monthly or quarterly accounting. For all of this to work I almost need perfection, from everything to scheduling clients not rescheduling, clients not missing data, etc. Even the weather.. a snow storm could lead to clients rescheduling. In spite of my other struggles my clients really like me and my service. Most don't know about the struggles I face. I just tried here to give a little background on my preparation and what other issues I face, without going into details on those as a courtesy as I did start the topic and felt I owed a reply to those asking about me and how I am doing. it is just not taking every ounce of strength to get through tax season with the work load but with the other issues that I have to deal with I feel like I ran more than a marathon and more like one of those ultra-marathoners. I am trying to shift gears into post-tax season life now. Though the tax season crunch may be over, other issues remain that never seem to go away and make post tax season in many ways more difficult than tax season.
  2. JimTaxes

    Personal question, kind of

    Thank you.. I am really struggling these last couple of days, but felt it coming on even before that, getting worse to the point of feeling hopeless.
  3. JimTaxes

    Personal question, kind of

    Personal in the sense that really impacting me.. kind of, meaning this is so tied up with the busy tax season and the interconnection between me as a person and the grind of tax season.. I work most days in tax season, backing out maybe an hour and a half for breaks, dinner, exercise, trying to unwind, from about 7:45 am to maybe 10:30 pm. Sunday i try and not do much work and saturday maybe from 8 am to about 4 pm and again about 10 pm for another hour or two after that. This starts in late january though really heats up mid February.. but between 1099s, payroll, W-2s and payroll taxes, company accounting, business returns and then of course 1040 season it is a whirlwind.. during this process keeping my business clients going with their books.. I get really motivated for it and love the challenge and all the excitements.. That leads me to my question.. Is anyone else having some struggles now, after tax season.. I mean I feel really dejected.. I have never had such a good tax season.. over 1,000 returns including business returns, no major mixups, no files lost, no real snafus, clients love me, new referrals.. I felt it coming last week before the end.. anticipatory let down... last two days have been really tough for me.. really feeling so dejected, out of sorts, defeated even.. i have 60 returns on extension, business accounting to do, some classic cars for a hobby but I don't feel like doing any of those things. road are full of salt here so the cars cannot come out.. don't feel like doing anything.. am i alone in this quagmire sinking?
  4. JimTaxes

    Retrospective look at 2017 tax filing season

    oh yeah.. usually use mileage method.. for those with actual those are often work trucks with 100% business use, like electrician's work truck, total = business
  5. JimTaxes

    Retrospective look at 2017 tax filing season

    i enter total miles.. sometimes i estimate.. does not impact the actual tax deduction
  6. JimTaxes

    Retrospective look at 2017 tax filing season

    1099-DIV from mutual funds.. most often do show foreign source income.. I can almost picture in my mind an American Fund with foreign and it did not show foreign source income.. I can picture an Edward Jones 1099 where it does show, wayyyyyyyyyy in back
  7. JimTaxes

    Retrospective look at 2017 tax filing season

    Speaking of education credits and the 1098-T, I kind of remember reading how Box 1 would start to be used.. some other items - Code V on W-2.. gains on stock options? right, requires Sch D. usually with about a break even on D, maybe small loss for fees, and for basis from 1099-B, the actual 1099-B often shows a big gain but later on in the 1099-B pages has adjusted basis! Items so rare easy to miss: Withholding tax on 1099-INT or 1099-DIV Dependent Care benefits on W-2 Can be confusing 1099-OID and accrued interest on those items Big pain, often so minuscule I don't bother with state exclusions of interest and dividends on back of 1099 INT/DIV Things I learned this year, time savers 8379s supposedly faster if mailed in separately Long term care insurance flows through to front of 1040 for Self employed taxpayer (assuming sufficient profit) on Schedule D if a bunch of sales, I scan and attach pdf. if a small amount, I code ST or LT and basis reported or not but leave date fields blank Scottrade, pulled in sales from their website.. sorry to see Scottrade go.. now TD Ameritrade Items I wish I knew more about stock options trust returns Biggest concerns for 2018 tax season 20% business deduction Media claiming how simple returns are now and most people won't need a tax preparer Biggest concern years down the road everything
  8. JimTaxes

    Retrospective look at 2017 tax filing season

    I don't even use ATX.. used to years ago.. I read here those for general tips and have posted a couple of tax questions, not program related.
  9. Few takeaways from the season with over 1,000 returns filed. Everyone has their own way of running their office and some of these comments may not be how others do things, not saying my way is the best way, just it works best for me. Tax Extenders required me to keep a list of returns on hold, kind of a nuisance but not too bad Tax Organizers - never used them, really dislike them. In fact client that use tax organizers from prior accountant or make up their own create double work.. let me work off the tax documents, 1099s, W2s, etc. Codes on W-2 - I have seen no impact, no change in return with Codes C or DD.. in times of tax crunch I have not entered Code C or DD amount.. Do those figures for those codes go anywhere or have any impact? Mileage in Schedule C. If client brings in documented business miles of 10,000 is total miles that important? Drop off or budgeting time for meeting with clients.. for years I had clients drop off and would work on return and then meet up again to finish that up.. Switched to preparing returns with client here about ten years ago.. would never go back to the drop off method. clients is here to answer questions, which almost always come up.. if something is missing, like real estate taxes we can look it up online.. client has screen facing them where they can see return being prepared. Drivers license - for tax year 2016 Ohio told me it was optional so I stopped getting that info in mid tax season last year.. Had a lot of missing DL info for tax year 2017.. should be better shape in this area for next filing season. Injured Spouse. - I found out it is quicker to send in 8379 by itself Civil Service 1099 - why can't they fill in taxable amont? W-2 verification code.. I am sure I missed typing some of those in.. how much does it really matter? 1099-Div with Foreign tax paid but not showing foreign income. Short of calling fund, what can you do besides estimate? Basis on 1099-B.. years ago was a big problem.. not too many missing basis ones this year Her kids, his kids, our kids, joint kids, his year, her year.. those can still be a messy pain. HUD statement.. why now called Closing Disclosure? ROTH on MFS. why is income limit $ 10,0000
  10. Ohio announced they are honoring 04.18.18.
  11. The Internal Revenue Service late Tuesday extended its tax-filing deadline for one day, after a glitch knocked out the IRS website for much of the day, the Wall Street Journal reported. Acting IRS Commissioner David Kautner apologized for the outage late Tuesday. The problem was apparently a hardware failure, and not a cyberattack, officials said. Earlier in the day, Treasury Secretary Steve Mnuchin said those who were blocked from the IRS site would get tax extensions.
  12. JimTaxes

    Student loan debt discharged

    I know about exclusions on debt forgiveness, including insolvency, bankruptcy, etc.. what about this exception:. has anyone used this exception? seems vague.. cannot find specifics on who qualifies Currently, the U.S. tax code provides that discharges of loans can be excluded from income if the discharge was subject to a requirement that the borrower work in a certain field for a certain amount of time.
  13. JimTaxes

    I Did 16 Returns Today With Clients Present

    everyone has their own business model.. with me, almost no chit chatting. client asks me how I am, I say welcome.. please have a seat.... lets' see what you have this year.. monitor facing them.. they can see return being built.. clients love it.. works for me... typical family return or set of returns.. 45 minute time slot. single person.. 20 - 30 minutes.. scheduled that way all day. almost every day. .if i return is more complex.. 1.5 hours.. can do rental property, self employment income, multiple states, all of those items in 1.5 hours or less. high volume.. clients must like me.. keep coming back and getting referrals.
  14. JimTaxes

    I Did 16 Returns Today With Clients Present

    all returns double checked for accuracy, responding to a thread which is of interest is not bragging, simply stating facts.
  15. JimTaxes

    I Did 16 Returns Today With Clients Present

    Other day. did 30.. from about 7:45 am to about 11 pm.. maybe two hours off for dinner and breaks