Home Work from home Tax Yr 2021 enjoyable and pleasure

Tax Yr 2021 enjoyable and pleasure

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Tax Yr 2021 enjoyable and pleasure

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A Form 1040 with a sticky note reminder that it's tax time!

Taxes are upon us. Once more.

I assume all of us have motive to be grateful when we now have the earnings to be taxed, however I doubt many people would put submitting tax returns excessive on our lists of nice methods to spend time.

I am not an early filer, however a minimum of I am an on-time filer now. I used to kick the can to this point down the highway that I might run up in opposition to the prolonged submitting deadline. Progress is progress!

(No less than we get an additional weekend to file this yr! )

As we get into tax season 2022, most of our taxes are just like final yr’s. Right here are some things of curiosity about this yr’s for us.

Right here we go ….

Persevering with with HRBlock.com

We have used HRBlock.com for years and shall be persevering with with it for this yr. We have gotten used to the rhythm of find out how to enter issues and it goes fairly rapidly.

There’s the occasional “bizarre factor” about my holdings that makes it needed for a tax professional to assessment the taxes, and this yr I’ve already hit the tripwire on that one (a international firm with bizarre reporting on the Okay-1.)

General it does make issues simpler and I can file the federal and state electronically, which time-stamps my submitting date. I have never discovered an affordable different for our pass-through returns, so the previous two years I’ve filed by mail and saved proof of mailing in order that I might get the penalties eliminated.

(Hopefully, it is going to be pointless to deal with it this yr; my penalties happened as a result of the IRS bought actually backed up in the course of the pandemic. I have never gotten the letters from them but; hopefully, I will not.)

When you work with the IRS, I’ve discovered that they will work with you. They waived over $1,500 in penalties resulting from me lacking the change within the due date of Type 1065 since I had been good prior and known as them promptly once I bought the letter.

Submitting my daughter’s taxes

My daughter will get to file taxes this yr, due to her summer season swim teaching job.

I came upon as we speak that the simplified kind I keep in mind, the 1040EZ, is now not a factor. Tax Yr 2017 was the final yr that it was in power.

So, I get to make use of the total 1040 on her. Since she had a single job and a single interest-bearing checking account, I am going to in all probability do that one by hand. (Really, she will do that one by hand and I am going to assist her 🙂 )

Persevering with to trace my crypto transactions

The IRS continues to ask about your cryptocurrency exercise (beneath penalty of perjury, after all.)

Most of my cryptocurrency exercise for 2021 entails buying it moderately than promoting it, although I did have a number of transfers that had been taxable occasions. The first one was buying some Energi that I used for staking.

I take advantage of Kubera for monitoring my portfolio worth (together with cryptocurrency and extra). It pulls the worth instantly in from Coinbase, which is good.

In for an enormous photo voltaic credit score

On the finish of final yr, we bought a photo voltaic power system from Ion Photo voltaic. (When you’re keen on studying extra about our system, let me know within the contact kind and I will be glad to share!)

Renewable power usually comes with some good tax incentives. For ours, we’re eligible for a 26% federal tax credit score. That is good for programs put in by means of 2022, and a 22% credit score applies to programs put in in 2023.

Very grateful that the federal government helps us pay to run our meter backward!

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