Wednesday, November 23, 2016

It's Nearly Thanksgiving, So of Course I'm Working on Taxes

2015 Federal (1040X) and California (540X) returns
The only thing worse than slogging through one's tax return is having to do it twice in the same year. And how was your weekend?

When the envelope arrived in June from the Subchapter S Corporation, I opened it eagerly---would it be another profit distribution? The balloon deflated when I saw the revised Form 1120S (K-1). The changes were material, and amended 2015 tax returns would have to be filed.

The amended returns had to be mailed in before the filing of the 2016 tax returns next April due to changed carryovers from 2015. After five months of procrastination, I worked through the adjustments. Over a dozen schedules were affected. (It's amazing and frankly alarming how many different calculations involve Adjusted Gross Income.)

The (small) refunds provide some solace, but as I've said before I'd support tax simplification in a heartbeat even if it meant that I'd pay more.

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