Author Topic: Filed my own business taxes!  (Read 1572 times)

MustachioedPistachio

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Filed my own business taxes!
« on: January 25, 2023, 06:01:31 PM »
Shout out to @SeattleCPA for encouraging me to do this on my own. Thank you for the nudge!

E-Filed the 1065 partnership return and it was ACCEPTED! Woohoo!

(doesn't mean it was right...but...woo!)

That's all. :) Not many folks IRL would really give a hoot about this type of badassery.

cool7hand

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Re: Filed my own business taxes!
« Reply #1 on: January 26, 2023, 07:34:22 AM »
Impressive. Most impressive.

Omy

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Re: Filed my own business taxes!
« Reply #2 on: January 26, 2023, 08:08:49 AM »
Congrats!

I used to be afraid of all things taxes, but it gets easier with age. I remember being scared that I might get audited in my 20s when my taxes were ridiculously simple. It all seemed so intimidating, so I went to an accountant and SHE made a mistake that I corrected before mailing in my return. After that, I decided to do them myself. Each year they got slightly more complicated, but also easier because I knew what to do from the previous year.

Then one day I received a notice that I owed the IRS $1600 more than I had sent in. After having a little panick attack, I did a little digging and realized I HAD made a mistake...but that it was in MY favor. I wrote a response, amended my return, and they sent me a check for $2200+interest. That was the day I officially got over my fear of doing my own taxes.

At some point I will hand it over to an accountant because I'm not going to trust an older version of me to get it right and be able to defend it if I'm audited.

RWD

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Re: Filed my own business taxes!
« Reply #3 on: January 26, 2023, 08:44:11 AM »
Awesome, nice work! Badassery indeed

nouseforausername

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Re: Filed my own business taxes!
« Reply #4 on: January 27, 2023, 06:06:23 AM »
It all seemed so intimidating, so I went to an accountant and SHE made a mistake that I corrected before mailing in my return. After that, I decided to do them myself. Each year they got slightly more complicated, but also easier because I knew what to do from the previous year.

Well done. I think of it as being the world's foremost expert on my own tax liability. No one will ever care about or know about my own situation better than me -- so why not DIY or at least be a well informed consumer of professional services.

SeattleCPA

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Re: Filed my own business taxes!
« Reply #5 on: January 27, 2023, 06:27:18 AM »
Shout out to @SeattleCPA for encouraging me to do this on my own. Thank you for the nudge!

E-Filed the 1065 partnership return and it was ACCEPTED! Woohoo!

(doesn't mean it was right...but...woo!)

That's all. :) Not many folks IRL would really give a hoot about this type of badassery.

:-)

Possibly or probably the return includes mistakes or missed opportunities. But business owners need to do cost-benefit analysis.

And it doesn't make sense to pay $2K to save $1K. Or even $2K. And especially not $100 or $200.

I think the big takeaway here, given the shortages of tax accountants and the capacity issues at most CPA firms, is to keep your financial structure and financial profile simple as long as you can. Maybe forever.

Omy

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Re: Filed my own business taxes!
« Reply #6 on: January 27, 2023, 06:48:08 AM »
I've always appreciated your responses to tax questions, @SeattleCPA. It has helped me become more confident in doing our taxes. Just recently I was trying to figure out how to show the IRS that I've been paying interest on EE bonds annually instead of when I cash them out. I was going to ask the question in the forum's tax section, but before I asked I thought "what would SeattleCPA do?"

So I pulled up the appropriate IRS publication, read the confusing section 4 times, and filled out my Schedule B with confidence.

SeattleCPA

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Re: Filed my own business taxes!
« Reply #7 on: January 27, 2023, 03:08:48 PM »
I've always appreciated your responses to tax questions, @SeattleCPA. It has helped me become more confident in doing our taxes. Just recently I was trying to figure out how to show the IRS that I've been paying interest on EE bonds annually instead of when I cash them out. I was going to ask the question in the forum's tax section, but before I asked I thought "what would SeattleCPA do?"

So I pulled up the appropriate IRS publication, read the confusing section 4 times, and filled out my Schedule B with confidence.

Okay. That's funny. Very nice. Have a good weekend. You made my day. Seriously.

sonofsven

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Re: Filed my own business taxes!
« Reply #8 on: February 21, 2023, 08:34:59 AM »
Good job!
 I haven't done my business taxes in 20 years.
The problem (ahem) is that tax season coincides with spring salmon season, and because I have my priorities straight I pay someone about $800 to do them for me while I go fishing.
Also, I'm a huge procrastinator.

Dicey

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Re: Filed my own business taxes!
« Reply #9 on: February 21, 2023, 09:23:00 AM »
Nice to see an update from you, @MustachioedPistachio! I hope your shoulder is fully healed and that you and @Adventine are loving life.

@SeattleCPA, count me as another one of your fans. I am deeply appreciative of the support you provide to fellow mustachians.

lhamo

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Re: Filed my own business taxes!
« Reply #10 on: February 21, 2023, 12:24:06 PM »
Me, too!  I had filed my taxes myself for years as an expat, but was kind of scared to do it in 2017 with our huge capital gain on our Beijing apartment sale.  I did get quotes from a few CPA firms, but decided the hourly wage for doing it myself was too good to forego.  I splurged a bit extra on the guaranteed audit support from the tax software company.  Kept all my documentation.  Saved myself roughly 2k by doing it myself.  No audit yet, knock wood!

Adventine

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Re: Filed my own business taxes!
« Reply #11 on: February 23, 2023, 10:52:35 AM »
Nice to see an update from you, @MustachioedPistachio! I hope your shoulder is fully healed and that you and @Adventine are loving life.


Thanks @Dicey! A lot's going on right now but we should be back to enjoying the slightly-chubby-FIRE life soon :D