Hi, everypony, and welcome to another episode of Twilight Tries!
Now before I get going with today’s episode, I feel like I should say something about it. What I’m going to be trying today is something I know most ponies find tedious and unpleasant, so some of you might not find it as interesting as some of the other things I try on this vlog.
Having said that, if you end up wanting to skip this episode, I’ll understand. Besides, I’m really only doing this as part of my vlog because it’s a first for me anyways.
Anywhoo, today on Twilight Tries I’ll be trying to…
*SIGH*
…do my taxes.
For those of you who weren’t immediately turned off by that and are still watching, allow me to explain.
You see, ever since I was old enough to have to file taxes I’ve done so by hiring a tax accountant to do it for me because that what everypony in my family has done. In fact, my parents, brother, and I have all used the same tax accountant, Tax Exempt. I guess you could say she’s our family accountant, or at least she was.
See, when I went to take all my tax forms to her in Canterlot last week, her office was deserted. She didn’t leave any kind of note on the door or apparently even say anything to anypony about leaving, she just…disappeared without a trace.
Pretty strange, right? I mean, why would a tax account just suddenly disappear like that? I hope she’s okay.
Anyways, with Tax Exempt gone and pretty much every other tax accountant in Equestria already too busy to take on any new clients, I’ve more or less been forced into a position where I have to do my own taxes. But I’m not really worried, I pretty sure I can handle it. Frankly the only reason I was using a tax accountant in the first place was because I didn’t feel like spending the time it takes to do taxes, not because I felt I couldn’t do them on my own.
So, yeah, that’s why I’m doing my taxes for the first time today. If you’re still watching after that lengthy explanation, then thank you.
Welp, I’ve got a Form 1040, all my various income tax forms, and copy of the ETC, or Equestrian Tax Code, right here so I might as well get started.
Here we go!
*SIGH*
It feels weird acting enthusiastic about taxes, even if it is for the sake of entertainment.
Okay, so the first thing I need to do is enter the information from my Wage and Tax Statement, or W-2, onto the Form 1040.
Let’s see now, W-2, W-2...
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Um, I’m not finding a W-2 in my income tax forms folder. I have a W-2G, but no plain-old W-2. Why don’t I have a W-2?
I know I should have received one by now, we’re well past the date where all tax forms needed to be sent out, it would’ve come in the mail already.
Hmm, hang on a moment while I check the ETC about the W-2.
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Oh, well isn’t that interesting.
So according to the ETC, because I’m a princess my income is reported on Form 1099-G and not a W-2.
Geez, you think the Form 1040 would have made mention of that somewhere.
Let’s see now, 1099-G…Ah-ah, got it!
Well, as long as I have the form for reporting my income tax that’s the important thing. So just let me write all this information down on the Form 1040.
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Wait. If the W-2G isn’t my income from wages, then what is it income from?
Eh, I’m not going to worry about that right now.
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Okay, that does it for my income from wages. Now we move on to income from other sources, such as interest and dividends, all of which should be reported on, um…hold on.
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Ah, interest and dividends are reported on…more 1099 forms.
Great.
I’m just going to pull out every form in my folder that has a 1099 on it, give me a sec.
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Alright, aside from the 1099-G from earlier, I gave three other 1099 forms; a 1099-INT, a 1099-DIV, and a 1099-MISC.
Hmm, I get what the 1099-INT and 1099-DIV are for, but what is this 1099-MISC? There seems to be some kind of code on it; ‘S829’
Let’s see if the ETC knows what that is.
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Ah, here it is; S829, income received through foreign gifts.
What?!
The gifts I received from Ember and Prince Rutherford are taxable?! Those were just gifts from friends, not gifts from foreign dignitaries!
How did the Equestrian Revenue Service even know about them, it’s not like I ever declared them or anything.
Ugh! I guess it doesn’t really matter though, does it? It’s on an official tax form so I have to include it on the Form 1040.
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Aaaaaand with those taxable gifts accounted for I now owe the ERS, or Equestrian Revenue Service, 172 bits.
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This is only going to get worse, isn’t it?
Yep, it just keeps getting worse.
Every time I enter some income that wasn’t from wages the total number of bits I owe goes up. I’m now at 561 bits that I have to pay to the ERS, and I still have some forms I have haven’t entered into the 1040 yet.
You know, every year I took my taxes to Tax Exempt I never had to pay anything, I always got a refund. I guess she knew some loopholes that I don’t or something.
*SIGH*
Let’s just keep going.
Okay, it looks like this section is looking for a number of different forms. Let me see is I have any of these.
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Ah-ha, this section is looking for a W-2G, which I have, and is income from…gambling?
I don’t gamble, why in Equestria would I receive a tax form for gambling?
Unless….
Starlight! Did you use my identity to register for one of those poker websites…again?!
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Well it’s not my fault you keep getting kicked off of them!
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It is a problem because I’m getting taxed for your winnings!
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Ugh, look, we’ll talk about this later. Right now just tell me what your loses were so I can write them off.
Okay, I’m done with all the income stuff and am moving onto the credits and deductions. Hopefully this part helps ease the 1243 bits I supposedly owe, which I should note is mostly because of Starlight’s gambling winnings.
But let’s see what expenses I can deduct. I’m sure as a princess there are at least a few things I can claim.
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I don’t qualify for any of these deductions or credits.
Are…you…KIDDING ME?! I AM A PRINCESS OF EQUESTRIA, HOW IN THE HELL DO I NOT QUALIFY FOR ANY OF THESE?!
WHO COMES UP WITH THESE STUPID TAX LAWS?!
*DEEP BREATHING*
I’m sorry for getting so upset like that, it's just that I don’t understand some of this.
I mean, you’d think at least some of the basic expenses of running an entire country would be tax deductible, but apparently not.
*SIGH*
You know what? Maybe I just wasn’t looking hard enough. Maybe I can find some little loophole by taking my time with this.
Let’s see now.
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No, I didn’t have any non-reimbursed healthcare expenses.
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I didn’t have any personal casualty losses either.
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Ah, here we go, dependents! I can claim Spike as a dependent!
I mean, I’m not 100% sure if her qualifies as a dependent, but considering he lives with me rent-free and I don’t pay him for being my assistant I’m pretty sure he qualifies.
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Yes! Now I only owe 482 bits!
That’s still not ideal, but at least it’s not as bad as it was earlier. Plus like I said, most of what I owe is because of the fact that Starlight gambled under my name, and I’m going to make sure she compensates me for that.
At any rate, it looks like I’m almost done here, just a few more sections to go.
Aaaaaaand, done!
Phew, I’m glad that’s over with.
So I didn’t have anything for those last few sections and I still owe 482 bits to the ERS. It’s not great, but it’s not terrible either.
Well, I can say with a fair amount of confidence that my first time doing my own taxes was also my last time doing my own taxes. I was able to do them like I thought, but clearly I don’t know enough about the tax system to find loopholes and such to avoid having to pay.
First thing tomorrow I’m going out and finding a new tax accountant for next tax season.
Anyways, I hope this episode wasn’t too boring, and as always, thanks for watching Twilight Tries!
See you next time!