Tax Season

MrKennethTKangaroo
Posts: 8867
Joined: Sat Mar 28, 2015 3:50 pm

Tax Season

Postby MrKennethTKangaroo » Mon May 03, 2021 2:24 pm

I'm using an accountant for the first time ever and just got an estimate on how much I'll owe them for preparing my taxes...$1200-$1500...


that seems like...a **** lot. I went to an accountant because I exercised ISOs and wanted to help figure out what the full tax responsibility was (I knew I was going to owe AMT) but otherwise my tax situation is very straightforward. Single, own a house, one source of income, no dependents, no deductibles, etc.

not really sure what to do here. I feel like I got very overcharged. I guess my only recourse is to pay them and then never use them again?
Look at it this way, the base rate you are going to pay to do it yourself is $120 or so to use turbo tax for your federal + state. So your incremental cost is somewhere between $1200 and $1400 bucks really. It might only be 5 hours but stock options are complicated sht and there is a lot of different rules for different types. It sucks to pay that much for a few hours of work but you might as well get it right, take the "L" as far as the cost for them to prepare the return, and take the rest of the bucks, go bet on idiotic stocks, then complain about it in the investment thread.

willeyeam
Posts: 24911
Joined: Wed Mar 25, 2015 12:49 pm
Location: Carey Price is Washed

Tax Season

Postby willeyeam » Mon May 03, 2021 2:44 pm

Yes. 5 hours to research and ensure it's right is reasonable and now you have the piece of mind that you're good

mac5155
Posts: 8918
Joined: Wed Mar 25, 2015 12:47 pm

Tax Season

Postby mac5155 » Mon May 03, 2021 3:24 pm

Now someone answer my question for free, dammit

MrKennethTKangaroo
Posts: 8867
Joined: Sat Mar 28, 2015 3:50 pm

Tax Season

Postby MrKennethTKangaroo » Mon May 03, 2021 3:49 pm

I have no idea

mac5155
Posts: 8918
Joined: Wed Mar 25, 2015 12:47 pm

Tax Season

Postby mac5155 » Mon May 03, 2021 5:36 pm

Preciatecha

Beveridge
Posts: 3358
Joined: Wed Mar 25, 2015 6:17 pm
Location: Punxsutawney

Tax Season

Postby Beveridge » Mon May 03, 2021 6:27 pm

It's supposed to be like the first two. No take backs.

mac5155
Posts: 8918
Joined: Wed Mar 25, 2015 12:47 pm

Tax Season

Postby mac5155 » Mon May 03, 2021 10:01 pm

It's supposed to be like the first two. No take backs.
Da real MVP... Thanks dawg.

willeyeam
Posts: 24911
Joined: Wed Mar 25, 2015 12:49 pm
Location: Carey Price is Washed

Tax Season

Postby willeyeam » Mon May 03, 2021 10:04 pm

Yeah mac there's no taking it back. Make it rain homie

mac5155
Posts: 8918
Joined: Wed Mar 25, 2015 12:47 pm

Tax Season

Postby mac5155 » Mon May 03, 2021 10:25 pm

Boom. Checks in the mail

MalkinIsMyHomeboy
Posts: 18023
Joined: Wed Mar 25, 2015 1:45 pm
Location: (=^_^=)

Tax Season

Postby MalkinIsMyHomeboy » Wed May 05, 2021 1:57 pm

my tax bill is pretty high and I'm going to pay it back late. I understand that there's a late payment penalty (0.5% of the taxes owed per month) and an interest owed. The interest rate is 3% plus the current federal rate. I'm try8ing to find what the current federal rate is...the best I can find is here, where it's 0.13%: https://www.irs.gov/pub/irs-drop/rr-21-08.pdf

is that correct? so my interest calculation will have an interest rate of 3.13%?

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