Income Taxes

[W. Gray]

I don't think anything has been said on the forum about this subject since it has hit Kansas.

Did I miss something during my working years?

Was it okay for me to not pay all my income taxes unless, or if, I were to run for public office and then, and only then, gladly pay up any amount owed including interest?

And, was it okay for me to put the blame on Turbo Tax if someone asked?

[Wilma]

I was thinking along those lines, too, Waldo.  People that have their taxes done for them can always blame the preparer, but it is still the responsibility of the taxpayer to see that they are done correctly and contain all the information that is required.

I don't know about Turbo Tax.  It should ask for all information and the taxpayer is responsible for putting in the correct information.

I think it is just fine to blame the preparer as the preparer should be up with the regulations and know the client well enough to ferret out the information needed.

[Diane Amberg]

In some cases I'm sure it's deliberate, but the tax codes for businesses now are so complicated that I can see how errors could be made. My deductions change from year to year and it's hard to keep up.

[Lookatmeknow!!]

I don't even try!!!  That's why I pay for someone else to do my taxes!!!   3 businesses, and personal stuff, way to complicated for me.  I just keep the books for them all!!  But while we are the subject of taxes, does anyone know any good tax people, I might be looking for a new tax person next year.

[Tobina+1]

If you're referring to the KS Governor and her admittance of tax issues, yes, it seemed odd to me, too.  But I agree with Diane that tax codes change so much and so often that even the best tax preparer may mess up.  Especially when you're dealing with someone who has political income, political fundraising, etc.  She may not have realized that her taxes were wrong until some of the other cabinet candidates had issues, and then maybe she had her people review them again for mistakes.  Better to find them on your own and admit to them than to have someone else find them and think you're hiding them.  Like the HR Block commercials say... 4 out of 5 taxes are wrong!   

Angie; I use the local service, Sunny Acres (formerly Kathy's tax service).  The Floyd's did a good job for us this year.  Not that I know any different, but they're very nice and friendly and helpful and will explain anything to you when you ask.  They seem to take special interest in your account (maybe some people don't like this, but I do), and remember things from year to year.  Some people don't like "locals" knowing how much money they make or how much taxes they pay, but I can't imagine these people going out and gossipping about someone else's business... especially when they know it would hurt their own business if they lost a customer.

[greatguns]

Marva Blair, CPA at Atlanta, Kansas is excellent and rather fast.  The phone number is 620 394-2441

[Lookatmeknow!!]

My only problem with some of the locals is whether they know about the income tax part of our businesses.  I need someone that knows about the farming part and the daycare.  The other is our rental business, which isn't a money maker by no means.  Well, I should say that none of them are money makers, more of hobbies!!! So, they wouldn't have anything to talk about anyways!!

[Tobina+1]

Well, I guess my thought is that if someone is going to operate a tax service in an agriculture community, that they would know something about doing taxes for agriculture.  I don't know about the rentals or daycare and if there are special considerations for that, but I would say that from my experience, Sunny Acres does TAXES, so they should know (or know where to find the info) for any kind of taxes.  It's not like my previous tax preparer who actually did investing and insurance, and did taxes on the side just to help out his customers.  It was like pulling teeth for him to try and prepare my taxes for filing in 2 states (at the time I lived in KS and worked in MO)!  He openly admitted he hated doing taxes and just did it to appease his customers (didn't make me real confident in the guy, either).

Another good thing about locals is that they DO know what you do throughout the year... Oh, remember you were in the paper for donating this?  Oh, remember our county received a tax break for FEMA (or whatever the case may be).

You've heard my soapbox before about keeping business local, and I try and adhere to that myself as much as I can.  But when it comes to your business... it's YOUR business, so do whatever makes you feel more comfortable and confident in the services you're getting!      

[Wilma]

A person that is in the business of preparing taxes has to keep up on everything pertaining to taxes, or go out of business.  There are actually seminars each year to help them with the newest things.  Tax preparation is a business, just as day care or farming or anything that brings in an income.  The person operating the business is going to do everything possible to make it profitable.  And that includes keeping up with the laws, etc.

Each year when I receive my booklet, I read the New This Year section first to see what is new that pertains to me.  I don't try to keep up on anything that I don't use, but I am not in the business for anyone but me.  Then when I fill out the forms, if I find something new, I research that, just in case.

Each of you should be aware of what your preparer needs to do your taxes and make it part of your regular bookkeeping to be sure it is there.  Then it isn't such a problem for you or your preparer when the time comes to do the taxes.

[Diane Amberg]

Nicely said, W.