Wednesday, April 15, 2015

Tax day

So today is the deadline to file your federal tax return.  For whatever reason, many states' deadline is the end of the month.  I don't know why they don't just make them both due the same day, but whatever.

Our taxes are pretty complicated so we don't prepare them ourselves.  We own 2 rental properties, we own a 3rd property with another couple, and I'm self-employed so there are WAY too many deductions, prorations, etc for our comfort range.  But we have a good accountant we've worked with for years so I summarize our income, expenses, deductions and such on spreadsheets and email them to him.  I scan and email our W2 forms, 1099 forms, etc too so I've not actually seen our accountant in probably 15 years.

So our returns are filed and the checks are in the mail - literally.  Since no tax is taken out of my real estate commission checks I pay estimated quarterly tax and then always end up paying more by tax day. While its the same amount of tax either way, it always hurts to write out those checks to the IRS and state for thousands of dollars.

1 comment:

Biki Honko said...

LOL! I can't believe you haven't seen your tax guy in 15 years! How funny!!

We too end up writing Uncle Sam a big payday every 4/15. We sold our rental, and the children have grown and flown off to their own nests, no nice cushy deductions for us, sigh.