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Started By
Message
re: Who owes taxes this year and is waiting to file?
Posted on 2/18/25 at 2:48 pm to NatalbanyTigerFan
Posted on 2/18/25 at 2:48 pm to NatalbanyTigerFan
Even if we did that, it wouldn't be for 2024 tax year.
0
Posted on 2/18/25 at 2:50 pm to StTiger
quote:
Remove federal income tax and the military is removed.
This is a lie.
Posted on 2/18/25 at 2:53 pm to Tchefuncte Tiger
quote:
You can still file early but not pay until 4/15. Filing =/= paying.
This. You can file and not pay until the 15th.
My taxes are filed and the IRS will deduct my account on 4/15 as I have instructed them to.
This post was edited on 2/18/25 at 2:54 pm
Posted on 2/18/25 at 2:55 pm to NatalbanyTigerFan
Paid out $6k but fiance is getting back 7 thank god.
Posted on 2/18/25 at 4:40 pm to NatalbanyTigerFan
I would always wait until deadline to pay anything (opposite when owed a refund). Keep your money as long as possible and/or get it back as soon as possible.
I have not heard of anything being retro’d in for 2024. They wouldn’t have time to do it before April anyway. Amongst other things they still have to get 2017 tax cuts extended, confirmations done in Senate, and hopefully start to work most of Trump’s EO’s into the minimum requirements of the executive branch and/or the limits on what executive branch can do under the respective laws the EOs invoke. Congress needs to claw back its legislative authority from activist judges and Presidents.
I have not heard of anything being retro’d in for 2024. They wouldn’t have time to do it before April anyway. Amongst other things they still have to get 2017 tax cuts extended, confirmations done in Senate, and hopefully start to work most of Trump’s EO’s into the minimum requirements of the executive branch and/or the limits on what executive branch can do under the respective laws the EOs invoke. Congress needs to claw back its legislative authority from activist judges and Presidents.
Posted on 2/18/25 at 6:57 pm to FearTheFish
quote:
Some of you need to look into that "additional withholding" box.
Why would I give the government an interest free loan...
Posted on 2/18/25 at 7:09 pm to NatalbanyTigerFan
< owes $10,000 I took some money out of an IRA I inherited and didn’t pay taxes at the time.
Mine is sitting in a pending status.
Mine is sitting in a pending status.
Posted on 2/18/25 at 7:25 pm to Green Chili Tiger
quote:
I'm not interested in giving the government an interest free loan all year.
So instead you pay interest and penalties?
This post was edited on 2/18/25 at 7:26 pm
Posted on 2/18/25 at 7:30 pm to NatalbanyTigerFan
quote:
Who owes taxes this year and is waiting to file?
It took me a few years, but I finally got it right in 2024 and the feds are going to owe me about $200 after years of me owing thousands plus interest plus penalties. If that's how it works out then they can have that $200 "interest free loan" every year idc.
I'm an auditor and haven't been in the tax game since before the Trump tax cuts, but my pride won't let me hire another accountant to do my taxes and tax planning for me.
This post was edited on 2/19/25 at 2:33 pm
Posted on 2/18/25 at 7:39 pm to NatalbanyTigerFan
We always owe. Waiting on some 1099s before we can file.
Posted on 2/18/25 at 9:02 pm to GEAUXT
Yep and that $43k is probably after paying monthly and quarterly all year.
It never gets easier..
It never gets easier..
Posted on 2/18/25 at 9:20 pm to Cosmo
quote:
If you are 1099 and making over 200k or so you would be dumb to not funnel that through an LLC and make yourself a “W2” with proper withholdings
Depending on the business, with the newish QBI deductions, there's less of a benefit of doing a scorp election than there used to be. Can be beneficial is some cases, but not as clear cut as it used to be.
Posted on 2/18/25 at 9:25 pm to X123F45
quote:
Why would I give the government an interest free loan...
To avoid a potential 2210 penalty?
Posted on 2/18/25 at 9:49 pm to NatalbanyTigerFan
Haven’t paid taxes in years. Carry forward losses is a beautiful thing.
Posted on 2/18/25 at 10:16 pm to NatalbanyTigerFan
quote:
Should I wait to see if Trump is going to do away with Federal income taxes or what?
Ain’t happening
And if it did it won’t be for last year
Posted on 2/18/25 at 10:41 pm to Green Chili Tiger
quote:estimated payments are due quarterly to escape penalties
frick all that. I can use that money all year long to earn interest or investment income and just write a check once a year. I'm not interested in giving the government an interest free loan all year.
Posted on 2/18/25 at 10:43 pm to NatalbanyTigerFan
I owe another $7000 and frick a Dem for not wanting us to know where our money has been going
Posted on 2/18/25 at 10:44 pm to X123F45
quote:when people say this I wonder if they really have experience writing big checks to the govt. I will file my extension and get it done by June. As always.
Why would I give the government an interest free loan
Posted on 2/18/25 at 11:31 pm to BoogaBear
This is what the government likes to hear.
Posted on 2/19/25 at 5:52 am to Green Chili Tiger
quote:
I'm not interested in giving the government an interest free loan all year.
You are about to write them a check for one though
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