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We get an accountant to do our tax, but I still do the lists etc for our rental properties manually. This may well stress the accountant but if I switch to a spreadsheet I will be stressed, so the accountant just has to put up with me doing it the way I have always managed it.
The lists are the thing, and I end up very proud of them! I would also be stressed by doing a spreadsheet. Last year I entered everything into Word docs because I had injured my dominant hand and my couldn't write.
I did purchase QuickBooks and thought that would help, but it didn't because everything is not automated to draw from.
I have said it before but with EVERYTHING being computerized right now, I think it would be possible for government to just issue you an "invoice" or a refund payment, with the right of people to contest it by filling out an "old way" 1040, etc. with documentation if they don't agree.
Of course, the downside would be that would probably mean a lot of people employed by firms like HR Block that cater mainly to the working and middle class would go out of business.
Yes, it would be wonderful - our system is so antiquated. It really is asking a lot for everyone to have to go to so much trouble to file paperwork once a year.
oh, and taxes aren't that big a deal now that i own only one property and qualify for free aarp tax preparation at my local library, thank goodness. Whenever a "tax thing" arrives in the mail, i just stick it in a folder and then bring the whole thing to my appointment. Everything else is like walking through wet cement, though!
And you say if you notice you're making mistakes, it will be time to stop - but that's just the thing - I can't ever stop because it has to be done and no one else can do it. That's why I wondered how other old people handle these tedious chores when they "can't" do them anymore. I've never heard any old people talking about this, but everyone has to pay taxes.
I was attempting to keep the topic less specific than taxes, but the thread is obviously sticking to that. I guess my response to ^^ would be to say when you realize you aren't handling the work, that's when you take yourself by the scruff of the neck, give yourself permission to relinquish control, and hire someone else to do it.
I watched my father go through this. He was always very meticulous about his financial life and made so many aspects of it more complex than they needed to be (IMHO). He chased interest rates, dividend deals, bank perks, shuffled pennies back and forth, dabbled in real estate and other investments (very conservatively), spent months preparing for his upcoming tax filings every year, but still ended up buried in paper, scrambling, and pulling all-nighters on April 14. On April 16 he'd start all over again on the next year's work.
He liked to impart his knowledge. He taught me about personal accounting and tax prep and I did appreciate that. Those are independent adulting things every person should know something about. One lesson I learned was unintentional: a quiet hatred of accounting and money maintenance. Of course, refusing to face one's basic financial realities makes no sense, creates unnecessary drama, and makes everything even more hateful so I learned to keep things simple and deal. Whenever I'd come for a visit, I could count on at least one half-day long accounting lecture. He'd collar me in his office and explain in great detail where his every penny could be found and why. I dreaded the lectures, but it was a matter of affection and respect to listen. I knew I'd have to take over bits and pieces eventually and then deal with his estate. I'll never forget sorting through all his financial records preparing for probate. Nearly 1200 lbs of his cherished paper ended up shredded by a truck-mounted recycler. All I needed to put his affairs to rest filled about 1/3 of a banker's box.
After observing his, I chose to keep my own financial life as simple as possible. I don't worship money. It's a means to an end, not an end in itself. Sure, I might miss some tax loophole, not earn top dollar on my money, or not choose to take advantage of some opportunity, but there were so many other things I'd rather spend time doing in my mind it was more than a fair tradeoff. Of course, keeping one's mind in the game is a good thing, but the day I realize I'm messing up ordinary tax filings they're going to be farmed out to a pro. So far, I've only gotten a pro involved once...while probating the estate of the man who taught me to do it myself. Kind of ironic!
Last edited by Parnassia; 02-03-2024 at 03:04 PM..
I stage my tax prep a little. As various 1099s or dividend/interest statements start arriving in the new year I shove them in that tax year's electronic folder. I haven't had enough to itemize for a number of years so don't bother keeping that sort of information. Of course, all this used to be paper, but I've used the IRS free electronic filing option ever since it started. If something arrives hard copy, I scan it and store that file in the same folder.
Once tax prep starts, the work gets divided up. I learned many, many years ago not to wait until April 14. Once a day's task is finished, I get to drop it and do something more pleasant.
The first day I create my IRS user ID and read through their updates, changes to see what might apply, and save a copy of their instructions for the current tax year. This might take 5 minutes, it might take longer, but once that's done, I'm done for the day.
Next, I generate attachments for the 1040 as far as possible: 1099s, peripheral schedules and worksheets that seem to apply. Most of this is just plugging the right numbers off one form into the right blanks on another.
Next, I fill in the 1040. Then stop. If I get frustrated or lose my temper (usually can't avoid it) I stop sooner and pick it up again the next day.
Then let everything ferment overnight.
Finally, everything gets checked over one last time, I cast my pearls before the swine and submit the return. Do a bit of gloating too.
Last edited by Parnassia; 02-03-2024 at 03:07 PM..
Then quit whining year after year. You are unwilling to hire help and so you do it yourself. The choice is clearly yours. You are not a victim of anything.
I was attempting to keep the topic less specific than taxes, but the thread is obviously sticking to that. I guess my response to ^^ would be to say when you realize you aren't handling the work, that's when you take yourself by the scruff of the neck, give yourself permission to relinquish control, and hire someone else to do it.
I watched my father go through this. He was always very meticulous about his financial life and made so many aspects of it more complex than they needed to be (IMHO). He chased interest rates, dividend deals, bank perks, shuffled pennies back and forth, dabbled in real estate and other investments (very conservatively), spent months preparing for his upcoming tax filings every year, but still ended up buried in paper, scrambling, and pulling all-nighters on April 14. On April 16 he'd start all over again on the next year's work.
He liked to impart his knowledge. He taught me about personal accounting and tax prep and I did appreciate that. Those are independent adulting things every person should know something about. One lesson I learned was unintentional: a quiet hatred of accounting and money maintenance. Of course, refusing to face one's basic financial realities makes no sense, creates unnecessary drama, and makes everything even more hateful so I learned to keep things simple and deal. Whenever I'd come for a visit, I could count on at least one half-day long accounting lecture. He'd collar me in his office and explain in great detail where his every penny could be found and why. I dreaded the lectures, but it was a matter of affection and respect to listen. I knew I'd have to take over bits and pieces eventually and then deal with his estate. I'll never forget sorting through all his financial records preparing for probate. Nearly 1200 lbs of his cherished paper ended up shredded by a truck-mounted recycler. All I needed to put his affairs to rest filled about 1/3 of a banker's box.
After observing his, I chose to keep my own financial life as simple as possible. I don't worship money. It's a means to an end, not an end in itself. Sure, I might miss some tax loophole, not earn top dollar on my money, or not choose to take advantage of some opportunity, but there were so many other things I'd rather spend time doing in my mind it was more than a fair tradeoff. Of course, keeping one's mind in the game is a good thing, but the day I realize I'm messing up ordinary tax filings they're going to be farmed out to a pro. So far, I've only gotten a pro involved once...while probating the estate of the man who taught me to do it myself. Kind of ironic!
Interesting. I can see how you would have that reaction being so traumatized by him related to finances.
The thing with farming out is that I already have a CPA do the actual taxes - it's the prep I'm complaining about (because I have rental properties, otherwise, it would not be a big deal). I wish I could farm it out and it made me wonder how other seniors handle chores they don't like that have to be done (that was the larger question I'm interested in).
I stage my tax prep a little. As various 1099s or dividend/interest statements start arriving in the new year I shove them in that tax year's electronic folder. I haven't had enough to itemize for a number of years so don't bother keeping that sort of information. Of course, all this used to be paper, but I've used the IRS free electronic filing option ever since it started. If something arrives hard copy, I scan it and store that file in the same folder.
Once tax prep starts, the work gets divided up. I learned many, many years ago not to wait until April 14. Once a day's task is finished, I get to drop it and do something more pleasant.
The first day I create my IRS user ID and read through their updates, changes to see what might apply, and save a copy of their instructions for the current tax year. This might take 5 minutes, it might take longer, but once that's done, I'm done for the day.
Next, I generate attachments for the 1040 as far as possible: 1099s, peripheral schedules and worksheets that seem to apply. Most of this is just plugging the right numbers off one form into the right blanks on another.
Next, I fill in the 1040. Then stop. If I get frustrated or lose my temper (usually can't avoid it) I stop sooner and pick it up again the next day.
Then let everything ferment overnight.
Finally, everything gets checked over one last time, I cast my pearls before the swine and submit the return. Do a bit of gloating too.
I've always hated doing my taxes and I usually file on a quickie short form with no deductions!
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