Today is Sunday and I am again sitting at the office desk, waiting, somewhat in vain for the phone to ring. Not that that is all bad. I have two three hour shifts back to back, one of my own and one filling in for another agent. This is after a three hour shift on Friday and another one on Saturday. Saturday wasn't all bad, I got a walk in, a very nice couple who are looking to buy a home (first time buyers) they when I got home I had email messages from two old clients both of whom are looking for properties to buy. This could go very nicely (said he, gleefully counting unhatched chickens.)
Yesterday's mail also brought the audit report form the IRS - talk about fast. In a nutshell they disallowed a bunch of stuff and I wind up owing them an additional $2700 +/-. On the positive side most of it was due to my own carelessness so complaints must be directed to the face in the mirror and they will let me pay it off in 27 equal monthly installments. By the time the last payment is mailed it will be coming from my social security payments
On Saturday I was on with another agent, a very nice, and seemingly successful lady, She was on the phone trying to explain to the client why the builder was asking for an additional $500 in earnest money. Seems that when they signed the contract it contained a clause allowing the builder to ask for the additional $$$, but the builder verbally told them "don't worry we almost never ask for it." Yeah, Right!! If it's in the contract and they signed the contract they don't have a leg to stand on, verbal statements notwithstanding.
The first of the two shifts today is just ending and I have sent out a bunch of email listings to my clients, I have read the reading matter I brought.
Next item of business is to work on the course for my CE credits. I am missing 8 required credits which have to be earned before my license expires at the end of April. Not a problem, but what is lacking is enthusiasm. It is dull boring stuff, (legal updates, technology updates fair housing, etc.) but there is nothing to do but slog through it - all 60 pages of the course text.
Showing posts with label taxes. Show all posts
Showing posts with label taxes. Show all posts
Sunday, March 04, 2007
Saturday, March 03, 2007
Survival
Well I survived my audit, although I don't think I came a way unscathed. My luck was holding and the examining agent that took my case happened to be a Real Estate Agent, who was continually comparing my expenses with her own.
Her first barrage was aimed at why I was spending more money that I was making. I showed her my depleted IRA and savings accounts, and the proceeds from the refinance of my home. That put that to rest.
The second barrage was aimed at my medical expenses. She asked how old I was and seemed surprised at the answer. Then she asked about my ailments (HBP, Diabetes, high Cholesterol, Glaucoma, etc.) That put to rest the numerous doctor visits and the high drug costs.
Pictures of my home office and the utility bills put the business use of home office to rest.
All this took time, because she was looking at things by category and all my records consist of bank and credit card statements. All my bills are paid electronically through the bank, or by direct debit from the credit card companies. No checks. When she wanted to see a particular transaction record (i.e. the check to the doctor for a specific visit) I had to look thorough the bank statements and credit card statements until I found the entry.
In one sense she got the very distinct understanding that I had records of everything, but not the way she wanted them. Sorry but that is the way it was.
In the end the only thing she found was that apparently I had deducted certain items twice, due to sloppy entry into TurboTax on my part. She disallowed them, and I couldn't really argue.
I will get her report later next week. I will probably owe something, but not much because I didn't make much.
I went to COSTCO for a few items on my way home from the office - I went in for eggs, English muffins and one or two other small items. I wound up spending close to $100. Actually I got off cheap. The people on line behind me had two of those hand trucks loaded with food, small appliances, TVs, etc. God only knows how much they spent.
Her first barrage was aimed at why I was spending more money that I was making. I showed her my depleted IRA and savings accounts, and the proceeds from the refinance of my home. That put that to rest.
The second barrage was aimed at my medical expenses. She asked how old I was and seemed surprised at the answer. Then she asked about my ailments (HBP, Diabetes, high Cholesterol, Glaucoma, etc.) That put to rest the numerous doctor visits and the high drug costs.
Pictures of my home office and the utility bills put the business use of home office to rest.
All this took time, because she was looking at things by category and all my records consist of bank and credit card statements. All my bills are paid electronically through the bank, or by direct debit from the credit card companies. No checks. When she wanted to see a particular transaction record (i.e. the check to the doctor for a specific visit) I had to look thorough the bank statements and credit card statements until I found the entry.
In one sense she got the very distinct understanding that I had records of everything, but not the way she wanted them. Sorry but that is the way it was.
In the end the only thing she found was that apparently I had deducted certain items twice, due to sloppy entry into TurboTax on my part. She disallowed them, and I couldn't really argue.
I will get her report later next week. I will probably owe something, but not much because I didn't make much.
I went to COSTCO for a few items on my way home from the office - I went in for eggs, English muffins and one or two other small items. I wound up spending close to $100. Actually I got off cheap. The people on line behind me had two of those hand trucks loaded with food, small appliances, TVs, etc. God only knows how much they spent.
Wednesday, February 28, 2007
Issues
We all have issues with something, some are important, some are trivial. Most are hard to explain to someone else, but there are some which we all seem to share, and which we all seem to react to in the same way.
I speak of course about issues with authority. It starts when we are very young and our parents, guardians, sitters, etc, called is on the carpet, so to speak, for something we may or may not have done, or for seemingly no reason at all.
As we enter school, our issues with authority arise, in part,with our teachers and school administrators. After school the issues transfer to our managers, supervisors, bosses, etc.
We react the same when they call us with "that voice" to come to the kitchen, principal/dean's office, bosses office. The "voice" is almost always, stern, somewhat formal, somewhat menacing. Regardless of what we have been doing, or how, the summons brings butterflies to the stomach, a knot in the neck, a lump in the throat, and unbelievable tension until we find out the reason for the summons, or the result of the conversation. When they ask us to close the door, it is almost always bad, and it can cause instant ulcers.
Well my butterflies, etc. have been working overtime because the ultimate authority figure, the IRS has called me for a meeting - tomorrow to discuss my 2004 and 2005 tax returns.
I have probably talked about this before, and while I am not really worried about the audit, I can't rid myself of the tension, butterflies, and general high level apprehension.
I will make it through tomorrow, probably unscathed, that is if I make it to tomorrow
I speak of course about issues with authority. It starts when we are very young and our parents, guardians, sitters, etc, called is on the carpet, so to speak, for something we may or may not have done, or for seemingly no reason at all.
As we enter school, our issues with authority arise, in part,with our teachers and school administrators. After school the issues transfer to our managers, supervisors, bosses, etc.
We react the same when they call us with "that voice" to come to the kitchen, principal/dean's office, bosses office. The "voice" is almost always, stern, somewhat formal, somewhat menacing. Regardless of what we have been doing, or how, the summons brings butterflies to the stomach, a knot in the neck, a lump in the throat, and unbelievable tension until we find out the reason for the summons, or the result of the conversation. When they ask us to close the door, it is almost always bad, and it can cause instant ulcers.
Well my butterflies, etc. have been working overtime because the ultimate authority figure, the IRS has called me for a meeting - tomorrow to discuss my 2004 and 2005 tax returns.
I have probably talked about this before, and while I am not really worried about the audit, I can't rid myself of the tension, butterflies, and general high level apprehension.
I will make it through tomorrow, probably unscathed, that is if I make it to tomorrow
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