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Procrastinators Rejoice!


Road Runner

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4 hours ago, Road Runner said:

Actually, this kind of pisses me off.  I got my taxes in about two weeks ago, but as it turns out, I could have waited and worried about getting them in for at least another month.  :(

It is quite a balancing act - the sweet joy of procrastination versus the satisfaction of getting something done. 

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We just filed.  We must have done something wrong because we are getting a return this year.  The wife got a couple of big bonuses.  I was afeared that they would put us over the edge and we would have to pay taxes, but they taxed the living shit out of those bonuses.  I guess that saved us.

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3 hours ago, Prophet Zacharia said:

I’ll assume that means I have an extra month to submit my payment as well? From one year to the next I went from having a large refund to needing to make a large tax payment, all without a new tax law taking effect or any changes to my withholdings.

 :ban:

Things like this are why I max my withholding. Happened to me several years ago. Had no idea it was going to happen and it put us in quite a fI any bind for a while. 

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3 hours ago, Prophet Zacharia said:

I’ll assume that means I have an extra month to submit my payment as well? From one year to the next I went from having a large refund to needing to make a large tax payment, all without a new tax law taking effect or any changes to my withholdings.

 :ban:

https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

Quote

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.

Fro the IRS website, although formal guidance is still to be issued.  This differs from filing for an individual extension.

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This Fox Business News article discusses some taxes that don't get an extension including estimated tax payments that are owed by 4/15

 

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That's because the automatic extension applies to individual returns and payments for 2020 that were initially due on April 15, the IRS said Wednesday. It does not apply to 2021 estimated-tax payments, which are used to pay levies in quarterly installments on income that is not subject to withholding, such as earnings from self-employment, alimony, dividends and capital gains.

 

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15 hours ago, Further said:

I especially like when I put something off for a week or so and the need for it disappears, had I done it, it would have meant nothing.

My old boss, the retired Marine Colonel had a term for that. “OBE” Overcome By Events.  

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3 hours ago, Parr8hed said:

The wife got a couple of big bonuses.  I was afeared that they would put us over the edge and we would have to pay taxes, but they taxed the living shit out of those bonuses.

Our HR person always sends out an e-mail prior to any bonuses asking if we want to change our withholdings for that period.  I usually just let whatever they choose be what happens, so taxes withheld are likely higher and an extra 401k contribution is made, but I'm never good at choosing a better option.  It does "save" the day from a avoiding a bigger tax payment in April, but that "theoretically" should be my goal.  However, I don't mind owing a couple grand, but when it gets to be many grand, that is no fun. 

5 hours ago, Prophet Zacharia said:

From one year to the next I went from having a large refund to needing to make a large tax payment, all without a new tax law taking effect or any changes to my withholdings.

Non-income related deduction differences - charitable donations, other deductions, or less into 401k?

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3 minutes ago, Razors Edge said:

Our HR person always sends out an e-mail prior to any bonuses asking if we want to change our withholdings for that period.  I usually just let whatever they choose be what happens, so taxes withheld are likely higher and an extra 401k contribution is made, but I'm never good at choosing a better option.  It does "save" the day from a avoiding a bigger tax payment in April, but that "theoretically" should be my goal.  However, I don't mind owing a couple grand, but when it gets to be many grand, that is no fun. 

Non-income related deduction differences - charitable donations, other deductions, or less into 401k?

Yea, we typically run pretty close.  Rarely pay, mostly getting about a grand or refund.

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