LABJ FORUM – Is There a CPA in the House?
Tax time can be a pressure cooker. For those who use the shoebox method of accounting, April 15 can creep up even faster. Tax software has made the chore easier for do-it-yourselfers, and tax cuts have eased some of the financial burden. But the promise of a refund check isn’t always enough of an incentive to shift procrastinators into action. So the Business Journal asks:
Have you filed your taxes yet, and have the tax cuts helped?
Lisa Hughes
President
Steinbrun Hughes Executive Search
No. But I haven’t forgotten about it. We usually file about a week in advance. We have an accountant. I review it, but I haven’t been focused on it yet. We’ll probably pay less this year because of the tax cuts. I file a corporate tax return and a joint return with my husband. If they got rid of the federal marriage penalty, it would be fabulous. It’s certainly fun to pay less taxes.
Kevin Caliup
President
E-World Strategy
I have not. I’m changing tax preparers, and the new preparer is reviewing all the old stuff, since I have a new corporation that formed in 2002. I had another business that I dissolved, so I had complicated taxes. My preparer hates me now. But I pay him. The jury is still out whether the tax cuts will benefit me. Tax laws and benefits favor business owners and investors, and I’m moving over to be a business owner instead of a self-employed sole proprietor. There are tax benefits to me being a corporation.
Teri Bialosky
President
Print Technology Inc.
I’m married to a CPA, and we always have our taxes done at the beginning of January. If I don’t have my stuff filed by Jan. 5, he starts screaming. He strongly discourages going on extension. I never go on extension. He does my company and he does our personal income taxes. We’re very in favor of the tax cuts. It was a small change, but positive nevertheless.
Nancy Hansen
Regional Manager, Los Angeles & Texas
Russell Stephens LLC
Yes, electronically. My tax preparer is in Florida. The money comes back so much faster when you file early. I did that last year too, and I got the money back in about two weeks. Usually I don’t get money back, so I was really glad to get something back. This year, what I get back from the federal government, I’ll be giving to the state. I’m from Texas and lived in Florida, and both have no personal income tax, so I’m biased against taxes. The tax cuts will be neutral for our family. The only thing beneficial was the increase in the child-care reduction.
Fred Chyr
Vice President
Marketing & Admissions
Mt. Sierra College
No. It seems like every year I try to do it early, but end up filing on the 14th or 15th. For the first time ever, I had to file for an extension last year. There are always higher priorities that seem to come up, and it just gets postponed. Last year, I didn’t owe money, I got a refund, so it wasn’t in my benefit to extend. I don’t know yet if the tax cuts will be beneficial to us. My wife is a teacher, and last year the state removed a tax credit for teachers. I think they’re reinstating it this year. For me, the money is not at issue for filing on time. It’s a matter of priorities and time.
