Happy Tax Day, bitches

[Willie99]

I'm sleeping in tomorrow, can't wait

and then I can start gambling again (at least I can spend more than 5 minutes thinking about it )

 

[Albatross]

Extension for me.

Btw.....heard an interesting stat......65% of Washington DC residents receive 100% of their salaries from tax money. Crazy we have become so dependent on taxing for income.

 

[cgarn]

Not for us Canadian CPAs

 

[Willie99]

tax tip of the day, something appropriate for the due date

file your returns, even if you owe money and can't pay, or file an extension and tell the IRS you owe the money, especially if you owe a lot

here's the reason, if you owe 10k and don't file a return or and extension that says you owe 10k, then the late filing / payment penalty is 5% per month for 5 months, or 25%

if you file the return or a valid extension and don't pay, the penalty is only 1/2 % per month for 5 months, or 2.5% total

if you owe 10k, you reduce your max late filing / payment penalty from $ 2,500 to $ 250

so tell them you owe the money

 

[EasyMoney]

Yeah, happy tax day. I'm sure the IRS will enjoy cashing the $5,312 check I just sent them to go along with the money they have been taking out/ i've sent them throughout the whole year as well.

I guess someone has to pay for the people that don't pay any taxes right.

 

[SgtLanquel]

I guess someone has to pay for the people that don't pay any taxes right.

I greatly appreciate your subsidies. Thanks to your support, I have - since Jan 25 - taken three strokes off my already cheating golf handicap

Sincerely,

donnie trump

 

[Jstack34]

Yeah, happy tax day. I'm sure the IRS will enjoy cashing the $5,312 check I just sent them to go along with the money they have been taking out/ i've sent them throughout the whole year as well.

I guess someone has to pay for the people that don't pay any taxes right.

Awww so sad....

 

[Jstack34]

tax tip of the day, something appropriate for the due date

file your returns, even if you owe money and can't pay, or file an extension and tell the IRS you owe the money, especially if you owe a lot

here's the reason, if you owe 10k and don't file a return or and extension that says you owe 10k, then the late filing / payment penalty is 5% per month for 5 months, or 25%

if you file the return or a valid extension and don't pay, the penalty is only 1/2 % per month for 5 months, or 2.5% total

if you owe 10k, you reduce your max late filing / payment penalty from $ 2,500 to $ 250

so tell them you owe the money

You don't even need to tell the IRS you owe money, just send in an extension with federal withholding/estimated liability and you should be fine. We just say est. liability = federal withholding and never a problem

 

[EasyMoney]

I greatly appreciate your subsidies. Thanks to your support, I have - since Jan 25 - taken three strokes off my already cheating golf handicap

Sincerely,

donnie trump

Now thats funny

 

[Willie99]

You don't even need to tell the IRS you owe money, just send in an extension with federal withholding/estimated liability and you should be fine. We just say est. liability = federal withholding and never a problem

it'sa

it's a problem if you actually owe a lot of money my friend, they can say your extension was invalid and then assess the 25% penalty instead of 2.5%

it happens, and it's a risk not worth taking

I'd rather err in the opposite direction, say you owe more than you do, no downside at all in doing that

 

[Jstack34]

it'sa

it's a problem if you actually owe a lot of money my friend, they can say your extension was invalid and then assess the 25% penalty instead of 2.5%

it happens, and it's a risk not worth taking

I'd rather err in the opposite direction, say you owe more than you do, no downside at all in doing that

Have done it for hundreds of people each year for the the last 5 year and have never had that happen once. Most big 4 accounting firms follow the same practice.

Either way, your method can't hurt, but i just have never seen this issue

 

[DNoonan]

It's extension filing day in the noonan house!

I am more of an October filer....against the grain baby

but i do pay quarterly estimates (when I remember)

 

[CoachCB]

I've had to pay the last 3 years....but got the biggest return of my life this year, unexpectedly. Very surprising, and I gladly accepted it. I have a hell of an accountant; 11.7% effective tax rate!

 

[drpugilist]

hold up. so willie is a real accountant?

extension for me as well

 

[TomGshotput]

This year it was much more enjoyable than usual to pay taxes, knowing it will be the last year ever that Americans ever have to overpay supporting of all the liberals who steal our tax money so they can live on welfare

 

[JoeShmoe]

I haven't filed taxes in 6 years but I don't owe the IRS anything. I have lived out of the US for 6 years and there is an exception if live/work out of the country of like $100k. And I never made close to that. But I might be in for some hell when I do go back.

 

[aceduecetrey]

This year it was much more enjoyable than usual to pay taxes, knowing it will be the last year ever that Americans ever have to overpay supporting of all the liberals who steal our tax money so they can live on welfare

Please be true!!!!!!

 

[Willie99]

I haven't filed taxes in 6 years but I don't owe the IRS anything. I have lived out of the US for 6 years and there is an exception if live/work out of the country of like $100k. And I never made close to that. But I might be in for some hell when I do go back.

you should file your returns, since it's the law, and taking the foreign earned income exclusion is pretty easy

as far as getting into trouble, I highly doubt it