The Tax Man Cometh!

[dismalist]

I don't mind paying income taxes in this low tax country. I cannot deal with the forms!

[clean]

I believe that Tax Day was moved to June (maybe it is July).

I just filed!

I had been waiting for a K1 form, but somehow my Turbotax file did not get saved, so I had to redo the whole damn thing!! 

Damn!!  Taxes are not too hard, but getting the w2s and 1099s downloaded from the too many banks and stocks I hold outside of ETrade is a hassle.
But IT IS DONE!

[apl68]

It's now July 15.  So the tax man is not coming as quickly as usual.  That's good news for those who still depend on public libraries for paper forms or computer resources, and can't access them while we're all closed to the public.

[Vkw10]

My local public library is doing curbside loans of laptops, for use in smallest section of parking lot. Advertised as service for people doing taxes and unemployment applications.

Local schools issue chromebooks, preloaded with e-texts, every year. Main section of library parking had carloads of kids doing homework via library wifi this evening.

Glad I did my taxes early, using my home wifi and personal computer. I must remember to count my blessings, including not doing taxes in library parking using borrowed laptop with kids doing homework in backseat.

[hmaria1609]

Type, click, done with mine!

[clean]

REFUND ARRIVED!
Only took about 6 days, I think.

[paultuttle]

We still have to do our taxes. (We've been distracted a bit here by the coronavirus's new normal.)

Good to know that refunds can come that quickly, by the way . . . .

[ab_grp]

I have to download ours from the accountant portal and check them this weekend.  I also need to recalculate our withholdings.  It's not the most exciting weekend activity, but numbers are calming.

[Cheerful]

It's not the most exciting weekend activity, but numbers are calming.

What a lovely way to characterize the chore of doing taxes, thanks.  "Numbers are calming."  That may be just the motivation I need to get mine done. 
Next week.

[downer]

I'm wondering about: Home office decuctions for 2020. Presumably we will all be claiming this next year. Should we do any documentation while in the process?

[polly_mer]

I'm wondering about: Home office decuctions for 2020. Presumably we will all be claiming this next year. Should we do any documentation while in the process?

Most of us won't meet the requirements of "an area of the home exclusively for business" and "home as a primary place of business" since we're employed elsewhere.
https://www.cnbc.com/2020/03/26/stuck-working-from-home-it-wont-save-you-much-on-your-taxes.html

[downer]

I'm wondering about: Home office decuctions for 2020. Presumably we will all be claiming this next year. Should we do any documentation while in the process?

Most of us won't meet the requirements of "an area of the home exclusively for business" and "home as a primary place of business" since we're employed elsewhere.
https://www.cnbc.com/2020/03/26/stuck-working-from-home-it-wont-save-you-much-on-your-taxes.html

But right now those employed are working from home and may be doing so for the rest of the year. They may be employed elsewhere in a sense, but they are currently being paid to work from home.

Wouldn't it make sense for faculty to make their home offices dedicated exclusively for business -- i.e. teaching and research?

[ciao_yall]

I'm wondering about: Home office decuctions for 2020. Presumably we will all be claiming this next year. Should we do any documentation while in the process?

It has to be a dedicated, separate space that is only used for work, and realistically not anything else. So your kitchen table, the kids' playroom, etc doesn't count. You also need to be able to document separate costs.

We had a home office deduction in our old house but it worked. It was my husband's business. It was a separate cottage on our property. It was only used for his office - no TV, guest bed, holiday decoration storage, etc. The computer and desk in there were only used for his work purposes. It even had a separate phone line.

[downer]

Millions more people will be looking to claim a home office deduction for 2020. There is going to be a practical question for the IRS -- how many of them are they going to investigate? Many people I know have an office that they use for work but will put in a mattress if they have a guest staying.

Obviously if it is just a month (and we are already nearly there), then it won't be worth making the claim. But if it is 10 months, it could be worth shifting furniture around in your home to make a clear home office. It would probably be better for work anyway.

I already have a home office. Last year I just made the standardized claim for it and there was no complaint from the IRS. Though I guess the IRS can audit you several years after filing taxes.

[ciao_yall]

Millions more people will be looking to claim a home office deduction for 2020. There is going to be a practical question for the IRS -- how many of them are they going to investigate? Many people I know have an office that they use for work but will put in a mattress if they have a guest staying.

Obviously if it is just a month (and we are already nearly there), then it won't be worth making the claim. But if it is 10 months, it could be worth shifting furniture around in your home to make a clear home office. It would probably be better for work anyway.

I already have a home office. Last year I just made the standardized claim for it and there was no complaint from the IRS. Though I guess the IRS can audit you several years after filing taxes.

If you don't have an office elsewhere and it's your only place to work, then you are fine. Still, if you don't incur any extra expenses because you must have this home office, and you don't have incremental income to put against the cost, then you might be running afoul. IANAL nor CPA.