# The April 18th Last Second Turbo Tax Club!



## TwoFiddyMile (Mar 13, 2015)

Whos in?
Ill be the founding member.


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## UberTaxPro (Oct 3, 2014)

You could always start the "File an extension on the 18th Club".


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## TwoFiddyMile (Mar 13, 2015)

UberTaxPro said:


> You could always start the "File an extension on the 18th Club".


Ive done that before.
Trust me i have this down to an art.
Plug in deductions for 3 hours til TurboTax gives me a value i can afford to write a check for.

Trick is always never overplaying my hand.
I wont take a loss, that's suicide.
And never pad the numbers to unrealistic heights.
This year im all 1099- actually makes it much easier.


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## UberPissed (Aug 13, 2014)

I think the best advice I can give anyone is that if you are going to break the law, don't tell anyone.


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## Null (Oct 6, 2015)

TwoFiddyMile said:


> Ive done that before.
> Trust me i have this down to an art.
> Plug in deductions for 3 hours til TurboTax gives me a value i can afford to write a check for.
> 
> ...


I expect in most markets honest accounting would result in very little tax liability for Uber activities.

The only reason to fudge it is if you're intentionally trying to be a tax crook.

Filing last minute (in and of itself) is actually sound business because of the time value of money though.


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## TwoFiddyMile (Mar 13, 2015)

Let me clarify. I turn in REALISTIC numbers.
I pay them something, they only audited me once.
IRS is a tapeworm. 
Give em burnt toast and a rotten egg, its good enough for em.


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## UberPissed (Aug 13, 2014)

Null said:


> Filing last minute (in and of itself) is actually sound business because of the time value of money though.


Not necessarily true. For obvious reasons, you can get your refund earlier if you file earlier, but I am certain you are talking about those who have to pay in. You can file in mid-January electronically and still pay on April 18. If you wait until the last minute, and your return is rejected, or you have some other issue, you can potentially risk having an untimely filed tax return.

That may have significant long-term implications. E.g., in the 7th Circuit, an untimely filed return (even if one day late) is never dischargeable in bankruptcy.


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## UberTaxPro (Oct 3, 2014)

TwoFiddyMile said:


> Let me clarify. I turn in REALISTIC numbers.
> I pay them something, they only audited me once.
> IRS is a tapeworm.
> Give em burnt toast and a rotten egg, its good enough for em.


What did they audit you for? Correspondence or in person? How did you make out with the audit?


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## TwoFiddyMile (Mar 13, 2015)

UberTaxPro said:


> What did they audit you for? Correspondence or in person? How did you make out with the audit?


At the time, i had filed late for a year i was leasing a taxi medallion in Boston.
The $23,500 deduction was a bell ringer to them.
I was able to find at least 40 weeks of money order stubs, they said it was justified.
It was face to face they got me done in 2 1 hour meetings.


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## Null (Oct 6, 2015)

UberPissed said:


> Not necessarily true. For obvious reasons, you can get your refund earlier if you file earlier, but I am certain you are talking about those who have to pay in. You can file in mid-January electronically and still pay on April 18. If you wait until the last minute, and your return is rejected, or you have some other issue, you can potentially risk having an untimely filed tax return.
> 
> That may have significant long-term implications. E.g., in the 7th Circuit, an untimely filed return (even if one day late) is never dischargeable in bankruptcy.


Of course, I'm referring to those who have a net payment. Though, if you have substantial refund due, you probably handled your taxes wrong throughout the year anyway. Alternatively, came into certain credits or deductions that were not anticipated or change in income, etc.

I owe just under $1k. Enough to dodge the penalty (and no, not cooking the books).


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## UberTaxPro (Oct 3, 2014)

Filing and paying on the last day is not good advice for anyone self employed owing more than $1000. The time value of money argument doesn't work when you're paying 1/2 of 1% per month of the money owed starting in April of the tax year(when first estimate is due) and risk exposing yourself to other penalties.


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## Null (Oct 6, 2015)

UberTaxPro said:


> Filing and paying on the last day is not good advice for anyone self employed owing more than $1000. The time value of money argument doesn't work when you're paying 1/2 of 1% per month of the money owed starting in April of the tax year(when first estimate is due) and risk exposing yourself to other penalties.


You're reading too far into what I said.

Give Ceasar what's his when you're supposed to. If you can legitimately delay paying then do so.


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## TwoFiddyMile (Mar 13, 2015)

Oh trust me i wont owe $1000.
BTW, does TurboTax turn in how many changes you made to your tax forms to the IRS?
Im callous, but still a little paranoid.
Sometimes i think TT works hand in hand with the government.


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## naplestom75 (May 3, 2015)

TwoFiddyMile said:


> Whos in?
> Ill be the founding member.


My CPA apparently is.


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## UberTaxPro (Oct 3, 2014)

TwoFiddyMile said:


> Oh trust me i wont owe $1000.
> BTW, does TurboTax turn in how many changes you made to your tax forms to the IRS?
> Im callous, but still a little paranoid.
> Sometimes i think TT works hand in hand with the government.


Wouldn't be the best thing for their business that's for sure! They would do better to resist the government and make it public like Apple does.


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## TwoFiddyMile (Mar 13, 2015)

UberTaxPro said:


> Wouldn't be the best thing for their business that's for sure! They would do better to resist the government and make it public like Apple does.


I agree.
If i ever got audited because i fudged around with my schedule C worksheet numbers it would be the last year i ever purchased their software.


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## TwoFiddyMile (Mar 13, 2015)

Done!
So freaking easy, they are allowing milage deductions for owner ops now.
Maybe they always have, but the last time i filed i did so as a corporate multiple cab owner and had to itemize.
Unbelievable! With my ACTUAL miles driven, i would have taken a loss.
Shaved some numbers so i owed something, dont want either an audit or to be declared a hobby.


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## UberTaxPro (Oct 3, 2014)

TwoFiddyMile said:


> Done!
> So freaking easy, they are allowing milage deductions for owner ops now.
> Maybe they always have, but the last time i filed i did so as a corporate multiple cab owner and had to itemize.
> Unbelievable! With my ACTUAL miles driven, i would have taken a loss.
> Shaved some numbers so i owed something, dont want either an audit or to be declared a hobby.


If you have ACTUAL RECORDS take the loss and sleep well. I wouldn't worry about the hobby thing.


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## TwoFiddyMile (Mar 13, 2015)

UberTaxPro said:


> If you have ACTUAL RECORDS take the loss and sleep well. I wouldn't worry about the hobby thing.


Next year.
"Someone I know" may have neglected to file last year, this needed to be a textbook tiny payout year.


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## thomas1955 (Jan 2, 2016)

UberTaxPro said:


> If you have ACTUAL RECORDS take the loss and sleep well. I wouldn't worry about the hobby thing.


Had the IRS declare my computer consulting business a hobby years ago, so the next year I did this, they accepted it too. I took all my consulting hobby earnings and then was able to deduct all hobby costs, and this includes monies spent on all hobbies, ie hunting, fishing, bike riding ect. Got a big tax refund too. Business expenses are limited to that specific business, hobby income is off set by hobby costs, and you were allowed to use any hobby costs, not just the hobby that had income. Did this several years in a row till 911 and the aftermath, then just shut down my consulting business.


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## TwoFiddyMile (Mar 13, 2015)

Im kinda digging legit cab driving.
Allow me to explain.
The Verifone CC/integrated meter computer system logs all income, my franchise company sends weekly invoices and sends 1099-MISC at the end of the year.
I had two company affiliations last year plus a supplimental cc proccessor 1099-K.
For a century, taxi companies were percieved to be lying about income, because we were.
With all this documentation, the IRS can go [email protected]#$% itself- too legit to quit.


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## UberTaxPro (Oct 3, 2014)

TwoFiddyMile said:


> Im kinda digging legit cab driving.
> Allow me to explain.
> The Verifone CC/integrated meter computer system logs all income, my franchise company sends weekly invoices and sends 1099-MISC at the end of the year.
> I had two company affiliations last year plus a supplimental cc proccessor 1099-K.
> ...


Today is the deadline for 1st estimated tax payment for 2016.


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## Just one more trip (Jun 14, 2015)

Counting mileage I lost $3500 driving Uber for 6 months. My accountant reduced my mileage to Uber on-trip mileage and it changed me to a small profit. That allowed some other deductions which moved me into a refund instead of paying. I guess an accountant using turbo tax can be a good thing.


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## UberTaxPro (Oct 3, 2014)

Just one more trip said:


> Counting mileage I lost $3500 driving Uber for 6 months. My accountant reduced my mileage to Uber on-trip mileage and it changed me to a small profit. That allowed some other deductions which moved me into a refund instead of paying. I guess an accountant using turbo tax can be a good thing.


Why didn't you use all the mileage? Did you have a mileage log?


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## Just one more trip (Jun 14, 2015)

You would have to ask the accountant. When he added all the mileage it threw me into an Uber loss and that took away some other credits. I had four streams of income for 2015 so I am not sure what interactions were at work.


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## UberPissed (Aug 13, 2014)

Just one more trip said:


> You would have to ask the accountant. When he added all the mileage it threw me into an Uber loss and that took away some other credits. I had four streams of income for 2015 so I am not sure what interactions were at work.


EITC Fraud. Perfect!


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