4 ms·

There’s absolutely zero chance I would trust chatGPT to file my taxes right now

joshstrange 3y ago
That's fair, though ChatGPT did better than my googling in trying to figure out what I need to file for my LLC. > Kentucky Single Member Limited Liability Company Income Tax Return: As a sole proprietorship LLC, your business income and expenses are reported on your personal tax return (Form 1040), Schedule C. However, Kentucky requires you to file a separate state tax return for your LLC income. You will need to complete and file the Kentucky Single Member Limited Liability Company Income Tax Return (Form 720S) along with your personal tax return. It's wrong, I needed to use form 725 since 720S is for an s-corp but it might have pointed me in the right direction. Instead I paid a couple hundred dollars to H&R Block and they messed up a handful of my forms and told me to "use whiteout" to remove the incorrect phone number and address they put on the form (725) and I also had to mail it in (they sent in my state/federal taxes). They said there wasn't a way to e-file 725, not sure if they were right. This year I'm just going to get an accountant (I was in a rush for my 2022 taxes).
- ajmurmann 3y ago
  I hired an independent accountant a few years ago who came recommended and had great reviews. I spent more time preparing and delivering documentation for her than I'd spent doing taxes in Turbo Tax. No new insights about tax savings or anything else distinguishable from my Turbo Tax filings came from this. However, she was very excited about my explanation of how a Mega Backdoor Roth works since she apparently hadn't known about it...
  - joshstrange 3y ago
    Thankfully I have 2-3 accountants who do taxes for family members that I trust based on their recommendations but I will absolutely but on the lookout for what you described. I've been doing my taxes through TaxAct for years but with the LLC I was terrified I was going to do something wrong. Watching the H&R Block person made it seem much more straightforward that I had worried, maybe TaxAct just sucks. I first tried to do my taxes there before giving up sure I was going to make a huge mistake (Do I need to issue a 1099 to myself? I think my LLC stuff just goes on my personal taxes but I've been making payments to the state, where do I record those? Etc.).

That's fair, though ChatGPT did better than my googling in trying to figure out what I need to file for my LLC. > Kentucky Single Member Limited Liability Company Income Tax Return: As a sole proprietorship LLC, your business income and expenses are reported on your personal tax return (Form 1040), Schedule C. However, Kentucky requires you to file a separate state tax return for your LLC income. You will need to complete and file the Kentucky Single Member Limited Liability Company Income Tax Return (Form 720S) along with your personal tax return. It's wrong, I needed to use form 725 since 720S is for an s-corp but it might have pointed me in the right direction. Instead I paid a couple hundred dollars to H&R Block and they messed up a handful of my forms and told me to "use whiteout" to remove the incorrect phone number and address they put on the form (725) and I also had to mail it in (they sent in my state/federal taxes). They said there wasn't a way to e-file 725, not sure if they were right. This year I'm just going to get an accountant (I was in a rush for my 2022 taxes).

ajmurmann 3y ago
I hired an independent accountant a few years ago who came recommended and had great reviews. I spent more time preparing and delivering documentation for her than I'd spent doing taxes in Turbo Tax. No new insights about tax savings or anything else distinguishable from my Turbo Tax filings came from this. However, she was very excited about my explanation of how a Mega Backdoor Roth works since she apparently hadn't known about it...
- joshstrange 3y ago
  Thankfully I have 2-3 accountants who do taxes for family members that I trust based on their recommendations but I will absolutely but on the lookout for what you described. I've been doing my taxes through TaxAct for years but with the LLC I was terrified I was going to do something wrong. Watching the H&R Block person made it seem much more straightforward that I had worried, maybe TaxAct just sucks. I first tried to do my taxes there before giving up sure I was going to make a huge mistake (Do I need to issue a 1099 to myself? I think my LLC stuff just goes on my personal taxes but I've been making payments to the state, where do I record those? Etc.).