OT/MISC Who is done with their taxes in time?

[ainitfunny]

Ypi know if it wasn't your primary residence the 259k exemption doesn't apply, right?

It was my primary residence, till I sold it in mid December.

 

[ainitfunny]

I got a extension and paid my quarterly for the first quarter of this year. It's $1000 every quarter and usually a extra $1000 including compliance cost. Yes I pay on average $5000 a year just in FICA and compliance taxes.

Our actual income(includes spouse) is less than $50k a year.

Fined for being independent individuals. Because we pay a additional $40 to $50k a year in state, federal, county and city taxes.

Vary disturbing.

But way less than when I employed people and paid my self more wages. For over 17 years I paid double of what I pay today. Not including the fica taxes I collected and paid for my men.

How is it possible, to have to pay 5,000 on a mere
$50,000 income?

 

[Wildwood]

I almost always get on the extension list.

 

[ainitfunny]

Had to pay, so I waited until the 15th.

If you have to pay, it's wise to not just give them
the interest on the money, before you owe it.

 

[KFhunter]

I had expected to pay, so in just under the wire

My cpa charges me for extension so I avoid that

 

[ainitfunny]

Did mine in February. Had to give the Rat Bastards $2500 more. Went ahead and paid it then just so I didn’t have to think about it.

There is that. Sometimes the peace of mind
is worth far more than than the few bucks in
interest.

 

[ainitfunny]

I almost always get on the extension list.

Not procrastinating are we?
That's my biggest life failure.
Putting off everything till the last dog is hung.
(I wonder where that saying came from?)
It's stealing time from what should be done,
to do what you'd rather do.
Which ends up making more and harder work
when you finally get around to doing what you should do
Like mowing the grass only once a month, or doing the
Dishes or laundry when there's no clean dishes or
underwear left.
But yard sales, fishing, and making lures won't wait.
I exaggerate. ( a little)

 

[Publius]

We had ours done two weeks ago wife was still dealing with her moms taxes who passed away last year and wife had to do an addendum to her taxes and mom is paying for it.

 

[West]

How is it possible, to have to pay 5,000 on a mere
$50,000 income?

A good rule of thumb and ask any CPA....

For every dollar you make as income, 15% ++ goes to the United States Treasury for one's mandated FICA contributions. This is for self employed people.

People who are employees only pay on average half of that directly. Or seen on your pay stubs. But the employers on your behaves matches the contributions and pays for being compliant. So in reality even employees pay 15% ++ by lower wages less jobs etc.... just in FICA taxes. Not including a butload of other payroll liabilities and state taxes.

 

[West]

Not procrastinating are we?
That's my biggest life failure.
Putting off everything till the last dog is hung.
(I wonder where that saying came from?)
It's stealing time from what should be done,
to do what you'd rather do.
Which ends up making more and harder work
when you finally get around to doing what you should do
Like mowing the grass only once a month, or doing the
Dishes or laundry when there's no clean dishes or
underwear left.
But yard sales, fishing, and making lures won't wait.
I exaggerate. ( a little)

For me it's not procrastinating. It's the idea that our current currency will fail right after I do my end of the year taxes. For me that means about 40 hours of organizing, categorized and filing. So my CPA only has to plug in the numbers. The monies is not such a big deal to me as the labor to be compliant.

Really dislike working and paying to pay my taxes for free.

But do it, because I have to.

 

[Slydersan]

LOL - I always owe some amount and wait until a couple days before the 15th to file (via Turbo Tax). Imagine my surprise this year, on Saturday, when I hit the "Submit" button, walk out to my living room, turn on the TV and see that Iran has launched missiles at Israel. I thought to myself "Figures, the world is about to end and here I am doing my "civic duty."

 

[Redleg]

Did ours end of March. Got my refunds from state and feds- within two weeks.
That's fastest I ever got my refunds. Usually get state back first in a couple of weeks and feds take almost a month.
Scary.

 

[mechanic 217]

A prepper, no doubt.

Nah, when I owe them , the taxes get done the first week of April, when they owe me, the taxes get done as soon as all the paperwork is ready, its that simple.

 

[Wildwood]

Not procrastinating are we?
That's my biggest life failure.
Putting off everything till the last dog is hung.
(I wonder where that saying came from?)
It's stealing time from what should be done,
to do what you'd rather do.
Which ends up making more and harder work
when you finally get around to doing what you should do
Like mowing the grass only once a month, or doing the
Dishes or laundry when there's no clean dishes or
underwear left.
But yard sales, fishing, and making lures won't wait.
I exaggerate. ( a little)

Nope...back in the day, my accountant told me you were less likely to get audited if you got an extension and since we get money back most of the time, it didn't matter. On the other hand, I'm not above a little procrastination and back in the day, before computers, my taxes were a horrific chore. I'm that person who takes every single little deduction and goes over everything twice, sometimes three times lol.

The second year we had to do long form taxes, we were audited and even though we didn't have to pay more in, it was beyond traumatic and we did have to pay the accountant a hefty sum for all his work. The whole experience left a mark.

 

[Haybails]

Finished ours Saturday night the 13th.

I'm not bragging, but, I'm a relatively intelligent individual . . . but, when it comes to doing the taxes every year - I have no interest and therefore no desire. So, every year, and I AM embarrassed to admit this, I haven't the faintest idea what I'm doing. I just fill in boxes and click next until it says, "your done, submit this pile and go to bed". LOL

HB

 

[Terrwyn]

Finished ours Saturday night the 13th.

I'm not bragging, but, I'm a relatively intelligent individual . . . but, when it comes to doing the taxes every year - I have no interest and therefore no desire. So, every year, and I AM embarrassed to admit this, I haven't the faintest idea what I'm doing. I just fill in boxes and click next until it says, "your done, submit this pile and go to bed". LOL

HB

That sounds about right.

 

[33dInd]

I did
I di
In February

 

[ainitfunny]

I did
I di
In February

I'd say "the early bird gets the worm" but if you had to pay
That takes on a whole new meaning!