Tax day is coming up. Have you done your taxes yet? What service did you use?
I'm running a small startup and I'm not sure how I should do my business's annual return. Last year I used TurboTax, but this year I think it'd be easier to get a professional to help me instead.
Thoughts?
Already done.
Canada here desu
Got a $50 tax refund ;-;
>>1167000
Depends on your revenue levels. If it's just a couple hundred thousand or less just file like you did last year.
>>1167009
thanks. My revenue is $0, lol.
On a related note, does investment capital get taxed? Like, if I do a seed round and get 100k, do I need to pay taxes on that? I searched around online but for some reason I couldn't find any clear answers on this.
I filed Jan 23rd. My grandma sent me a letter a week ago saying she had taken out stocks in my name and I need to claim them because she cashed them. It's like $1,540. What's worst case?
A few places said it's on her since I didn't get the money, others said I should do some long complex process because it's in my name.
>>1167000
I did mine and my mom/dads taxes with IRS approved fillable forms.
I used TurboTax as well, finished my taxes this past weekend. Got about $1,300 back for my refund.
>>1167000
If you have your own business you should be incorporated and pay a professional. Too late for this year but set up an appointment sometime after April and start preparing for next year.
>>1167396
how would I go about finding such a person? Are there some big firms with good reputations?
Can't go wrong with TurboTax. Took like 15 minutes and got a $1000 refund. How do people owe extra taxes if they are a regular jackoff and don't own a buisness?
>>1167955
Working as a freelancer for a company that reports your earnings. Uber driver, lots of software companies, construction, cleaning. These companies treat actual employees as independent contractors so they don't have to pay SS and Medicare on them so when tax season rolls around they have to pay their portion and the employee portion which comes to practically 50% of their earnings out of pocket with no withholdings.
> used Turbotax for 4 years
> never a problem
> this year turbo tax keeps adding a form to my return that says I had a farm and that farm lost $3,000
> Call TurboTax 4 times
> Spend a total of 15 hours on the phone with TurboTax
> Finally the rep just tells me to file it anyway, TurboTax will protect me if the IRS questions it
> The system would not let me digital file so I had to mail off the paper copy
I already got the package back from the IRS asking for signatures and proof of various income. So I completed it and mailed it back.
Think my return is gonna get fucked this year.
Thanks Obama.
>>1168102
Why did I laugh at this in moderate loudness?
>>1168110
Oh, it's a riot.
>>1168134
This sounds like something out of a sitcom.
I could imagine Kramer suggesting Jerry use turbotax and then him sitting on the phone with them all day trying to figure out why the fuck it added a farm.
>>1167018
>investment capital get taxed
Depends. Are you turning over a portion of the business ownership in exchange for money? Then no, that's capital. Is it a loan? Then no, it's a fucking loan. Are you on a crowdfunding website where you exchange your product, service, or something similar for their money? Then yes, that is income. So what kind of money did you get?
>>1167217
You better file, because if the sale is under your social security number, then the IRS is going to send you a letter saying you owe on the sale of the stock (which are almost always reported to the IRS now). Except they won't have figured in the cost basis, so the tax will be far more than if you were to do it on your tax return reporting the cost basis. Also tell your Grandma she's committing fraud if she doesn't give you the money and she better tell you right fucking now what else she has in your name or else you're gonna call the cops.
Also you're probably in the 0% capital gains tax bracket (if your regular tax bracket is in the 10% or 15%). At most it'll be 15% (you're probably not rollin' in the big bucks).
Just file it now. It's be easier. Amends aren't bad. Just file your amend, and use software so it figures capital gains correctly.
>>1167955
You can go wrong with TurboTax. I've seen many people fuck up their own tax returns with TurboTax.
>>1168102
What the fuck is wrong with you? How do you fuck up this bad?
>>1167000
I filed my own using Lacerte like a boss.
>fucking Intuit products
>please make fun of me
>>1168139
Nailed it. It's exactly like an episode of Seinfeld.
>>1168144
Ah, thanks, it was capital.
Lots of people are hyping up the crowdfund thing but the legal ramifications aren't clear enough for me to want to risk it. Especially these newfangled crowdfunds where you sell equity -- no thanks.
My tax situation isn't complex enough to warrant something like Lacerte, but I appreciate the input. Seems like you know your shit. Are you an accountant?
>>1168102
....you printed and mailed a form you knew wasn't applicable? I don't think you could possibly be more autistic
Haven't filed yet. I wait until the last week or two because I owe somewhere around $550 (I only claim myself and make 50k)
>>1168139
Then Jerry wearing overalls and pretending to have a farm when the IRS calls.
