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27 members have voted
Anyway, I got to wondering about when others get around to doing this drudge work, so I thought I would start this poll. I have placed it in the off-topic/off-topic category, though it may be relevant to gambling depending a bit on the extent to which you report your winnings.
Many years ago, I was nerdy enough that I would prepare my draft return on January 1, then just wait to receive the W-2 and other documents. Later, I had a job where the figures on my W-2 didn't match the pay stubs I had been collecting all year, so I didn't have the figures to work with on New Year's Day. Eventually, I just started being lazy like most everyone else, but I have never yet filed late or filed for an extension. I have been using computer tax software starting with my return for 1994.
What kind of filing schedule are you on this year?
However, I don't actually FILE the documents until April 13th or April 14th. I enjoy not giving the government their money back until the last possible moment. (I always owe... I don't get a refund. I plan it that way. I'm one of those who likes the government to give me an interest free loan each year, rather than the other way around.)
Not like years before I had this system where I would spend 3 or 4 hours putting it all together a day or two before my accountant appointment.
Quote: Baccaratfrom79Finished on Feb 8th and a week later did the 1040X for the $17K W2-g for 2013 I conveniently forgot about. Wow, hate w2-g's, never again.
I did the same thing. I did this year's return as soon as I had my docs. We get a refund every year. I am completely OK giving the government a loan. I can do a lot more with 6k at one time than I can with a few hundred ea check month and we are poor so it is hard to just save that money.
We also conveniently forgot to include a w2g last year so the irs sent me a letter l
last month. I did that right away as well.
A Co worker of mine gets a refund every year. She has not filed last year's yet because she is that lazy.
Quote: GWAEI did the same thing. I did this year's return as soon as I had my docs. We get a refund every year. I am completely OK giving the government a loan. I can do a lot more with 6k at one time than I can with a few hundred ea check month and we are poor so it is hard to just save that money.
We also conveniently forgot to include a w2g last year so the irs sent me a letter l
last month. I did that right away as well.
A Co worker of mine gets a refund every year. She has not filed last year's yet because she is that lazy.
If the letter says "CP2000" up in the right side, you have many months, they are just telling you to straighten it out. If its something else, then worry a bit. A 1040x with a new schedule should squash it???
I am trying to decide whether to change my withholding or not for this year as I anticipate a refund again next year...not sure it is enough to matter on a monthly basis at this point and there will one less dependent the following year, so it will start to equal out again. Maybe I will just let it ride...
Quote: WizardI pay somebody to do both my personal and corporate taxes.
I just realized an error in my earlier post -- there was one year that I paid someone to do my taxes rather than doing them on my own computer. I had moved from GA to NC in January and learned way too late that state tax withholding from my pension was being sent to Georgia that entire year instead of to North Carolina, even though I had told the pension payer about my change. I was afraid I would be in trouble for not having paid any withholding or estimated taxes at all to NC as the year went on. Maybe I would have figured it out on my own eventually, but the tax service figured out there was no problem at all -- I only needed to pre-pay at least as much as my previous-year's NC tax, which was zero. Now I pay NC estimated taxes.
I think that the tax service charged by the page or by the form. This year, my federal return wound up being twelve pages. That's made up of four forms and three schedules. Plus the state return. And it turned out that I took the standard deduction rather than itemizing on Schedule A (after entering all of the data for itemizing). I don't know what those returns would have cost to prepare with a tax service. I paid $55 for the software and would probably have needed to do most of the work I did just to get my info organized for a tax service. Otherwise, I likely would have paid a tax service quite a bundle to get things organized for me.
Perhaps 12 pages isn't very much for a federal form to some of you. Maybe I should have started a poll asking how long everyone's individual tax returns are.
I need moar deductions!!
Quote: teddysThis tax year, as a 1099 employee, I have to write a BIG check to the IRS. I ran through my taxes and did not like what I saw, so I filed for an extension. I have until October 15 to file. But interest accrues on the liability at the Federal Funds Rate + 3% until then, so I have an incentive to get them in earlier rather than later.
I need moar deductions!!
A few years ago, I was paid a lump sum as a consultant and owed a huge amount on it come tax time. You might consider asking the IRS for a payment plan, as I did; filed on time, and paid monthly until it was done.
Quote: teddysThis tax year, as a 1099 employee, I have to write a BIG check to the IRS. I ran through my taxes and did not like what I saw, so I filed for an extension. I have until October 15 to file. But interest accrues on the liability at the Federal Funds Rate + 3% until then, so I have an incentive to get them in earlier rather than later.
I need moar deductions!!
Be careful. The 3% is probably in addition to a 0.5% penalty each month for not paying by April 15. You can avoid the penalty by paying at least 90% of your liability by April 15.
I'm in the same boat this year, but I have most of the money saved right now. Fortunately, I don't owe much of an underpayment penalty because my liability was far lower last year.
Quote: EdCollinsI always finish it as early as I can, after I've received all of the documents needed. I like to get it out of the way, and I'm one of those who actually enjoys the process of doing my taxes.
However, I don't actually FILE the documents until April 13th or April 14th. I enjoy not giving the government their money back until the last possible moment. (I always owe... I don't get a refund. I plan it that way. I'm one of those who likes the government to give me an interest free loan each year, rather than the other way around.)
This is smart and usually I try to do the same. I underestimated some income this year though, so I ended up getting a refund. So I filed right away and got my refund last week! Gotta adjust that W-4 for next year...when I owe I do the same as you and don't pay until the last minute.
Quote: EdCollinsI always finish it as early as I can, after I've received all of the documents needed. I like to get it out of the way, and I'm one of those who actually enjoys the process of doing my taxes.
However, I don't actually FILE the documents until April 13th or April 14th. I enjoy not giving the government their money back until the last possible moment. (I always owe... I don't get a refund. I plan it that way. I'm one of those who likes the government to give me an interest free loan each year, rather than the other way around.)
Its not their money. It's your money. I understand paying taxes out of fear of repercussions. But understand it's nothing but extortion. No different than paying protection money to the mob.
Quote: ThatDonGuyI had to wait until early March because that's when Charles Schwab was fairly convinced that there wouldn't be any subsequent corrections to the numbers it sent me concerning my mutual funds.
Quote: AcesAndEights... I ended up getting a refund. So I filed right away and got my refund last month!
Gotta be careful with that early filing, because of such things as ThatDonGuy mentioned. This year I received notice from Merrill Lynch on February 19th that I had received a dividend of more than $1,000 last year that they hadn't reported on the earlier forms they sent me.
No, they didn't send me any cash at all. Back in February 2014, I received a stock dividend (additional shares put into my account) that was originally reported as tax exempt, but then on 2/19/15 they informed me that it was now to be considered an ordinary dividend and taxable income. If I had filed early and gotten a refund, I would have needed to file an amended return and send some money back to them. It seems that most every year some "Important Tax Document" that I receive is later amended.
Quote: DocGotta be careful with that early filing, because of such things as ThatDonGuy mentioned. This year I received notice from Merrill Lynch on February 19th that I had received a dividend of more than $1,000 last year that they hadn't reported on the earlier forms they sent me.
No, they didn't send me any cash at all. Back in February 2014, I received a stock dividend (additional shares put into my account) that was originally reported as tax exempt, but then on 2/19/15 they informed me that it was now to be considered an ordinary dividend and taxable income. If I had filed early and gotten a refund, I would have needed to file an amended return and send some money back to them. It seems that most every year some "Important Tax Document" that I receive is later amended.
That sucks; so far none of my investment accounts have sent me any late forms. I actually made a typo in my first post; I got refund last week, not last month.