Discussion:Filing your own return
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Discussion Forum Index --> Tax Questions --> Filing your own return
| 30 March 2006 | |
| Does anyone besides me wait until October to file their own return? Just trying to find out if I'm really a procrastinator or a lot of preparers are so burnt out dealing with other people's headaches that they wait and keep it in the back of their mind all summer and fall until the very last deadline creeps up to them. | |
| 30 March 2006 | |
| Well, I learned. Mine's the first one done, usually. This year #2 or 3... :( And I don't do extensions either. Why waste pretty summer days when you can waste uglier ones? | |
| 30 March 2006 | |
| I'm with you JR1. I have never done an extension. My summers are spent sitting by my pool with the cordless phone near by in case I am needed by one of my monthly clients. I have sent numerous emails this year trying to get the procrastinator's info to me so I can finish. I don't want to be burning the midnight oil 2 weeks from now. I'm ready to be done and start golfing!!!!!!! | |
| 30 March 2006 | |
| Yes, JR1 I like those summer days too. So because I have the top eschelon of clients, they usually call around August 7 so I can get their returns done by Aug 15 except I always go on vacation that week and they never remember that and are oh so shocked that I won't be around but are always agreeable to file that 2nd extension so I have my summers not spent doing taxes, but my September is busy and I've forgotten everything since April. So I like your way better but you have to have a better class of clients to do it your way. And I do love my guys as disorganized and nonfunctional as they are. They pay well and are a lot of fun. Anyway thanks all for answering the question. | |
| 30 March 2006 | |
| December 31 deadline for me. I can't get mine done in January so there aint no way it's taking the place of revenue paying clients prior to 4/15. And once 4/15 hits, about 700 1040's and 75 biz returns later - I'M DONE!!! EXHAUSTED, BURNT OUT, ETC ETC!!! I'm a tournament water skier so it's time to play until about November and then try to wrap things up when the weather gets bad. So before I know it, and gotten enough motivation to even do my own (after finishing the extensions one by one in order of the clients that keep bugging me the most) it's almost 12/31 and then it's time to do it all over again....... crazy cycle, but I love it! Work like a dog when the weather's bad and hardly work the rest of the year. | |
| 30 March 2006 | |
| I am so jealous ScottCPA! I hope one day I have so many clients.
Anyway, just starting my own business, so I had time to do my return and get my refund early in february. | |
| 30 March 2006 | |
| Refund? I'd do mine early too if I got a refund! But, my policy has always been to take care of all my paying clients first, and then I start working on my own (so far, it's always been Oct 15th)And then, on October 16th, the other part of my business starts it's busy season (UPS shipping) I've gained 20 pounds, and forgot what it feels like to lay by the pool, get a tan, play golf, etc. I work like a dog all year long, but the up side is I bring my dog to work every day (she's my "greeter"), and the year just flies by for me! (250 individuals, 50 businesses, sole proprietor with 1 assistant). | |
| 30 March 2006 | |
| Scott you have at least two of the traits of the most successful entrepreneurs 1) work hard and play just as hard 2) You pay yourself first. That's the way to get it done.
I do my return as soon as I get the last of the info (usually my investment K1). It doesn't matter if it's Feb or March, I just get it done. It is a reportable offense to file late. I don't like to think about it, so I just do our return. | |
| 30 March 2006 | |
| My biggest reason is a growing older mind which can't remember...oh, what was I saying..? Oh, yeah, that's why I file early. I file early right? | |
| 5 October 2009 | |
| Correct me if I'm wrong but as long as T/P is due a refund, there is no penalty for filing after 10/15/09 for 2008 Return? | |
Death&Taxes (talk|edits) said: | 5 October 2009 |
| If audited and the change is greater than the overpayment, a late filing penalty may be assessed. | |
| 5 October 2009 | |
| Dude7707, careful with things like FBAR and 5471's though. The penalty for late filing those, even if due a refund, is steep. | |
| 5 October 2009 | |
| I usually call my extenders in the summer and badger them into coming in. I am always "out of town" the first 2 weeks of October. Around here, I would much rather be inside working on a 1040 that outside getting heat .exhaustion | |
Harry Boscoe (talk|edits) said: | 5 October 2009 |
| October, what year? | |
| 5 October 2009 | |
| If audited and the change is greater than the overpayment, a late filing penalty may be assessed.
UNDERSTAND, THAT IS ALWAYS A POSSIBILITY....SO THAT CAN BE COMMUNICATED AS AN ISSUE WHEN NOT HAVING ALL THE INFO TO FILE THE T/P'S RETURN....ANOTHER REASON TO FILE ON TIME!
Dude7707, careful with things like FBAR and 5471's though. The penalty for late filing those, even if due a refund, is steep. - AGAIN A POSSIBLITY EVEN THOUGH UNLESS I'M AWARE OF FOREIGN INVESTMENTS EXCEEDING 10K THIS WOULD NOT BE AN ISSUE AS I UNDERSTAND IT OR AM I OVERLOOKING SOMETHING? MOST OF THE T/P'S INVESTMENT'S ARE HELD AT SMITH BARNEY WHERE MOST IS IN US SECURITIES, BONDS, AND MUTUAL FUNDS. $767 REPRESENTS FOREIGN INCOME FOR 2008. | |
| 6 October 2009 | |
| For those pros who use e-file, the IRS checks each year to make sure we file on time. | |
| 7 October 2009 | |
| Dude ,
I am like you in that I try my best to get return completed by October 15 but as a last resort if the client is expecting a refund and has just given me the return to complete I won't stay up till midnight to get it done. I do inform client of the repercussions Other concerns if filed after October 15 is that you can't E-file, NOL carry backs for small business and elections that must be made by due date including extensions. | |
