Andrew Financial Services Durango: $700 For K1 and 1099s

I’m not a tax professional. I don’t know that much about taxes. I have to deal with a K1 (for a company that doesn’t make me money) and I freelance all my work, so I have to deal with 1099s. I guess that makes me a little bit more savvy than other people my age, but I’m by no means an expert. Hell, I don’t even bother saving receipts and shit for tax writeoffs. My time is valuable and that just seems way too tedious for me. In fact, as far as I’m concerned, I don’t pay enough taxes for it to really be relevant. My taxes this year, for both K1 and 1099s were ballpark $800; $100 to the state of Colorado and $700 to the feds.

Really, I should be saving any receipts that can be used as a write off for the tax preparation, as it appears that the tax prep is just as expensive as the actual taxes themselves.

 

Ridiculous Expenses Come From IL on Eight State Composit?

As mentioned above, I am by no means a tax professional. I don’t know how to file a K1 and I don’t know how complex a multi-state composite is. What I do know is that nothing was supposed to change since last year with the K1. I believe my tax preparation costs have always been around the $300 range, so it really shocks me that a single state can be more expensive than the entire multi-state composite and W2s (former years it was W2s and not 1099s).

 

I Was Advised Not To Pay Andrews Financial Services

So of course I’m bitching about this. Laughing at it, more than anything else. It seems like the way of the world anymore; Get screwed over on everything. I’m so conditioned to it, that how can I be angry? Besides, I’m a freelancer, I know I’m going to get raped during tax time. I expect that to be through the actual taxes and not the tax prep costs, however.

There are people I have talked to in the financial sector that found this to be crazy and ridiculous. They were the first people to ask; “You didn’t actually pay them, did you?”. These people are investment professionals, and not tax professionals, but I imagine there’s some level of overlap within the two verticals.

The second group of people that advised me not to pay Andrews Financial Services, LLC was people who had much more complicated finances than me. All I’ve got is 1099s and K1. I’ve talked to people with mortgage payments, K1, W2, tax write-offs and more. My finances aren’t that complicated, I’ll agree with that. The fact that these guys are shocked makes me question the charges.

The other people that found these charges to be outrageous are other members of my family who have to file similar K1s for the same company. These are also people with more complicated finances. Most of them have families, dependents, different revenue streams, ect. They all offered me referrals to their accountants in the midwest, which I’ll probably take them up on next year.

 

Dump Stock or Learn To Do My Own Taxes

This year was going to be the year I learned how to file taxes myself. Just like every other year, that got shot down when life got too busy and I found myself having to travel outside of the state due to family issues.

Upon seeing how expensive the tax preparation fees were, I immediately emailed the CFO of the company I’m invested in and requested that all stocks be liquidated and all future K1 tax liability with it. If I’m going to be invested in a company that doesn’t pay, I shouldn’t have to get raped by tax professionals every year.

Turns out the company isn’t in a position to buy me out. So, now I need to holler at family members and see if I can’t get someone to personally buy me out, or I’m stuck with this stupid tax liability.

I guess I have a full year to figure out what I’m going to do with my tax situation. One thing I know for certain; After all the surprised reactions I got when I disclosed how much my tax preparation expenses were, I’ve decided that I will never work with Andrews Financial Services again.

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