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Taxes

So I told you I am considering taking a swing at doing my taxes this year. I begin this tax season by getting my forms together and reviewing last year’s return. Still haven’t made my decision.

My tax return for last year, counting all schedules and miscellaneous forms, was 21 pages long. As far as backup, there were four 1099’s, a pair of W-2’s, a P&L statement for the business, and a form 5498. The statement from my stock broker was 11 pages long.

This year, there will be five 1099’s, four W-2s, the P&L statement (which I still haven’t finished), and the 5498. I also won’t get the stockbroker statement until after February 15. I do know I had about two thirds as much in capital gains as 2020, but thanks to some carryover losses that I can no longer take advantage of, I will wind up owing more capital gains taxes than I did last year.

For today, I think that I will be completing the P&L statement for the year. Joy. I would have to do that, whether or not I use an accountant.

3 replies on “Taxes”

The thing that makes a good tax CPA worth their salt is when they know the forms that get you more breaks. Forms that may not be indicated on the ones you know about. BTDT

I’ve been paying a CPA and Enrolled Agent to do mine since about 1995. It’s worth every penny and deductible to boot.

The printed, signed copy was over 1/2 ” thick.

One of the best parts is that she keeps track of the multi – year stuff so I don’t have to…

n

After several bad experiences, I put doing my own taxes in the same class as representing myself in court.

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