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re: Tax Filing Extension

Posted on 4/10/24 at 4:38 pm to
Posted by baldona
Florida
Member since Feb 2016
20624 posts
Posted on 4/10/24 at 4:38 pm to
quote:

so I usually pay quarterly estimates.


BTW, any overpayment of your taxes will just be applied to your 2024 estimate taxes.

I'm not a CPA, but I do this routinely (I don't like to give the government a free loan but it happens).

Your CPA is supposed to be 90% of last years I believe or close. So say you paid $10,000 last year, they will probably tell you to pay at least $9,000 this year.

If you actually only owe $8,000 then the $1000 will be applied to your 2nd or 3rd quarterly estimated payment when you actually do file.

I punt and extend every year. I'm a small business and January and March are my busiest months so I just prefer to put it off and not think about it. One benefit, is that you can actually add to your retirement accounts up until you file. Not a 401k that's pre-tax, but a Roth you can and any post tax.
Posted by Weagle25
THE Football State.
Member since Oct 2011
46249 posts
Posted on 4/10/24 at 11:04 pm to
quote:

BTW, any overpayment of your taxes will just be applied to your 2024 estimate taxes.

Doesn’t have to. You can still choose to have it refunded. Usually it’s just easier to apply to next year instead of fooling with waiting on the check just to issue another one.

Depends how big your refund is and how much estimated tax you need to pay.
Posted by LSUFanHouston
NOLA
Member since Jul 2009
37235 posts
Posted on 4/11/24 at 11:40 am to
90% rule expires April 15th each year. From that point forward, if you owe any money, you will pay late interest and penalties, unless the April 15th deadline was moved due to a disaster.
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