2024 Tax Season Thread

[Buehler445]

It's that time.

Let's talk taxes.

[Buehler445]

Originally Posted by Rain Man

I've got two companies that owe me 1099s, and they don't get them to me by April 15th. I never had to file an extension until last year, and now I'll have to do it two years in a row because these two companies don't have their act together. I thought they were required by law to get them to me by January 31st or some such date.

Yeah, there's a deadline.

If you're claiming the income, just file them.

[George Liquor]

Got $90 from feds and owed the state $60.

A push is a win

Enjoy wasting my money feds!

[DaFace]

Originally Posted by Buehler445

There is no documentation required for anything on the return.

Closest you get is with the EITC and CTC you have to mark down what you're retaining for suppor.t

Really? I could have sworn I had to upload something in the past.

But regardless, it's weird how much of all of this is essentially done on the honor system (with the obvious caveat that they can come after you hard if you intentionally claim stuff you're not eligible for).

[Ming the Merciless]

Originally Posted by DaFace

But regardless, it's weird how much of all of this is essentially done on the honor system (with the obvious caveat that they can come after you hard if you intentionally claim stuff you're not eligible for).

It really does make you wonder. The AI involved in detecting cheaters must be pretty cool. I was talking to someone the other day and they were telling me about some of the red flags that can trigger an audit (owner draw as X percent instead of paying yourself a higher salary, like for an LLC)


and some of the lines were pretty arbitrary....


If I ever get audited , theyre gonna owe me money and it will be a huge waste of their time. I like to err on the side of caution , a la a Marty Shottenheimer tax strategy

[Buehler445]

Originally Posted by DaFace

Really? I could have sworn I had to upload something in the past.

But regardless, it's weird how much of all of this is essentially done on the honor system (with the obvious caveat that they can come after you hard if you intentionally claim stuff you're not eligible for).

Yeah, you might be right on some of that Colorado shit. And I'll admit I know ****all about that EV credit you got, but most of the shit that is attached is just other IRS forms. IRS can barely manage a 1040 much less all the supporting documentation.

Is that a federal credit you're getting or state?

[DaFace]

Originally Posted by Buehler445

Yeah, you might be right on some of that Colorado shit. And I'll admit I know ****all about that EV credit you got, but most of the shit that is attached is just other IRS forms. IRS can barely manage a 1040 much less all the supporting documentation.

Is that a federal credit you're getting or state?

The EV credit was both federal and state, but now that you mention it, I wonder if it was the state version that required me to upload something (bill of sale probably). The feds just required the VIN on the form, which I'm sure is how they're monitoring it.

The solar credit is even less detail than that. The form just asks for the address and how much it cost.

[DaFace]

Originally Posted by Ming the Merciless

It really does make you wonder. The AI involved in detecting cheaters must be pretty cool. I was talking to someone the other day and they were telling me about some of the red flags that can trigger an audit (owner draw as X percent instead of paying yourself a higher salary, like for an LLC)


and some of the lines were pretty arbitrary....


If I ever get audited , theyre gonna owe me money and it will be a huge waste of their time. I like to err on the side of caution , a la a Marty Shottenheimer tax strategy

It would be super cool if the IRS was using some sort of satellite AI to identify what locations have had solar installed. I'm confident that it exists - roofers can give you a price quote based on those kinds of systems.

But I strongly suspect the IRS isn't sophisticated enough for that kind of tech.

[jdubya]

"IRS and Satellite AI" doesnt feel right

[Ming the Merciless]

Originally Posted by notorious

It is complete and utter AIDS.

Thanks alot.



I am new to the scene... I come into the club and I date the 1st accounting software I find.


Then you assholes tell me AFTER the fact it has AIDS..


And I actually kind of liked it.


And now its ruined for me.


**** all of you!!!!


Im downthumbing all of you HARD

[notorious]

Originally Posted by Ming the Merciless

Thanks alot.



I am new to the scene... I come into the club and I date the 1st accounting software I find.


Then you assholes tell me AFTER the fact it has AIDS..


And I actually kind of liked it.


And now its ruined for me.


**** all of you!!!!


Im downthumbing all of you HARD

That's the final straw. I'm going to sneak into your house and install Lotus 1-2-3 on your computer after doing an upper-decker in the master bathroom.

[Buehler445]

Originally Posted by notorious

That's the final straw. I'm going to sneak into your house and install Lotus 1-2-3 on your computer after doing an upper-decker in the master bathroom.

Holy hell man. There must be some longstanding beef between you guys. Because the upper decker is one thing, but Lotus 1-2-3? Jeez

[Stewie]

Originally Posted by DaFace

It's weird to me that some substantial credits (solar in my case) require no documentation to claim them. I mean, I know I could get audited and that I'd have to provide it then, but you'd think I'd at least have to submit an invoice or something. Pretty sure I had to do that for my EV credit, but for my solar credit, I just type a number in the line and say

There are 85,000 new agents to pound you with a hammer if you don't do things right. They'll find you.

[notorious]

Originally Posted by Buehler445

Holy hell man. There must be some longstanding beef between you guys. Because the upper decker is one thing, but Lotus 1-2-3? Jeez

[Rain Man]

Okay, that was brutal. I've got everything in the accountant's hands other than four documents that haven't been sent to me yet. I'm glad to get that done.

[Buehler445]

It's tax time kids.

I had to realize a bunch of SE income (Not a bunch, but WAY more than I wanted). The worst part is I screwed up the calculation when I was making an estimate. I don't have penalties because it was close enough to my PY tax, but I still have to send a trainload of money in and that is painful.

Worse yet, I had to wait on a K-1 so I made an estimate payment and now have to send the trainload of money on 4-15 which is my birthday. No better birthday present than loading a train with cash and sending it to the government.

**** me.