Amazon Will Pay a Whopping $0 in Federal Taxes on $11.2 Billion Profits

[X Factor 1,112]

12 minutes ago, X Factor said:

I used various software and had worked a few tax seasons for H & R Block. I discovered a nearly free software for doing taxes. The Federal is free and the state is under $13 to file. I did my sister and husband taxes with multiple rental property, a like exchange property transaction and the software at https://www.freetaxusa.com was as simple as TurboTax and the H & R Block software. So if you are familiar with doing your own taxes give it a try. I have been using https://www.freetaxusa.com for more than 7 years. I haven't done multiple states with them but that shouldn't be an issue. 

 

Don't expect you can pick up the phone and call them for support. It's all by email. But for being nearly free on complex tax returns you can't beat the price.

Edited February 18, 2019 by X Factor

[Nature Boy 2.0 8,370]

Just did mine. I am getting back every penny.

[Voice of Reason 10,298]

5 hours ago, X Factor said:

I used various software and had worked a few tax seasons for H & R Block. I discovered a nearly free software for doing taxes. The Federal is free and the state is under $13 to file. I did my sister and husband taxes with multiple rental property, a like exchange property transaction and the software at https://www.freetaxusa.com was as simple as TurboTax and the H & R Block software. So if you are familiar with doing your own taxes give it a try. I have been using https://www.freetaxusa.com for more than 7 years. I haven't done multiple states with them but that shouldn't be an issue. 

I have to admit I am “hooked” on Trubo Tax.  I pay around $55-60 to compute, but mail it in paper and don’t pay extra to e-file.  It’s handy when a software remembers your previous years’ info, such as depreciation on home and rentals, and you don’t have to worry about it.  But I AM all about $free.99!!

[X Factor 1,112]

8 minutes ago, ALFKAD said:

I have to admit I am “hooked” on Trubo Tax.  I pay around $55-60 to compute, but mail it in paper and don’t pay extra to e-file.  It’s handy when a software remembers your previous years’ info, such as depreciation on home and rentals, and you don’t have to worry about it.  But I AM all about $free.99!!

 

Freetaxusa.com remembers previous year data including depreciation on rental properties, car etc and e-file is free. That is why I switched years ago.

[Voice of Reason 10,298]

44 minutes ago, X Factor said:

 

Freetaxusa.com remembers previous year data including depreciation on rental properties, car etc and e-file is free. That is why I switched years ago.

I will take a look.  Thanks!

[TBoneTX 45,288]

TAXING TIMES

    A couple of weeks after hearing a sermon on Psalms 51:2-4 (knowing my own hidden secrets) and Psalms 52:3-4 (lies and deceit), a man wrote the following letter to the IRS:
    "I have been unable to sleep, knowing that I have cheated on my income tax.  I understated my taxable income, and I have enclosed a check for $150.
    "Sincerely,
    "Taxpayer.
    "P.S.  If I still can't sleep, I will send the rest."

[TBoneTX 45,288]

IRS AUDIT
    Called in for an audit, the young man was confronted by a surly IRS agent.
    "It says here, Mr. Briggs, that you are a bachelor -- yet you claim a dependent son.  Surely this must be a mistake."
    Looking him straight in the eye, Briggs replied, "Yup; it surely was."
~~~~~~~~~~~~~~~~~~~

HARD HEART

    A new arrival, about to enter the hospital, saw two white-coated doctors searching through the flower beds.
    "Excuse me," he said, "have you lost something?"
    "No," replied one of the doctors.  "We're doing a heart transplant for an IRS auditor, and we want to find a suitable stone."

[Cyberfx1024 7,980]

23 hours ago, yuna628 said:

We went to our tax guy this weekend. Since hubby works in one state and we live in another, there's a bunch of forms to do. I'm hoping that we still have a nice refund but don't know yet. We will always owe the state we live in. My sister got significantly less this year and was pretty upset about it.

My husband still hates taxes and doesn't understand why it's so complicated.  He too hates overpaying the government in taxes, by letting them take the maximum out... as it is like an interest-free loan, but he does not have the confidence to do it any other way. I was always raised by the rule of ''you never want to owe the government'' and it is ''better to get it all back at tax time''. Whether this is really the best way, I don't know, that's how my family has always done it.... well except for the black sheep of the family that owes the IRS god knows how much by now..

I actually got about $1500 more back this year from Federal than last year which is good since we have 4 kids to worry about. While on state taxes we paid a lot more in to NC and get less back than we did in CA which is weird. 

 

But I grew up with the same mindset as you did that "it's better to not owe the government anything" in regards to taxes. What sucks 

[spookyturtle 9,465]

On 2/18/2019 at 2:09 PM, ALFKAD said:

I ran the 2210 just now.  Line 14 ended up being $642.  If I pay 4/15, that’s $23.13.  If I pay today, I only have to pay $17.38.  Looks like Turbo Tax was spot on.

 

The penalty ended up being 3.603% of the amount underpaid (90% of total tax minus what I actually paid), with a discount of 0.016% per day if paid prior to 4.15.

 

Still gonna wait and let them calculate it and send me a bill.

Which is contrary to your earlier post about putting money in a CD and earning $90 interest for the year. Now you’re giving it back

[Voice of Reason 10,298]

1 hour ago, spookyturtle said:

Which is contrary to your earlier post about putting money in a CD and earning $90 interest for the year. Now you’re giving it back

Not contrary at all.  I HAVE the money to give back BECAUSE I put more than enough of my taxes in my own pocket last year.

 

In a perfect world, $0 owed or refunded would be optimum.  But I'd rather owe a little than get a big refund.

[spookyturtle 9,465]

3 hours ago, ALFKAD said:

Not contrary at all.  I HAVE the money to give back BECAUSE I put more than enough of my taxes in my own pocket last year.

 

In a perfect world, $0 owed or refunded would be optimum.  But I'd rather owe a little than get a big refund.

But by waiting you are going to pay more. Paying today is cheaper than paying April 15.

[Nature Boy 2.0 8,370]

51 minutes ago, spookyturtle said:

But by waiting you are going to pay more. Paying today is cheaper than paying April 15.

Why?

[Voice of Reason 10,298]

5 minutes ago, Nature Boy 2.0 said:

Why?

Because that's how the IRS does it.  They charge you 0.00016 times your underpayment each day you don't pay.

[Nature Boy 2.0 8,370]

7 minutes ago, ALFKAD said:

Because that's how the IRS does it.  They charge you 0.00016 times your underpayment each day you don't pay.

So if use h and r block tax cut and electronic file the software will tell me to more later? 

[Voice of Reason 10,298]

18 minutes ago, Nature Boy 2.0 said:

So if use h and r block tax cut and electronic file the software will tell me to more later? 

Only if you underpaid your 2018 tax by more than $1000.