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  1. #1
    ABW Ambassador
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    Any Other Tax Procrastinators Out There?
    Like me, who wait to almost the last minute. I never realized how many indys i have after having to go to each site and login.

  2. #2
    Resident Genius and Staunch Capitalist Leader's Avatar
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    Like me, who wait to almost the last minute.
    I'm waiting longer than you, it seems...I'll probably do mine this weekend. And, of course, I won't actually send them in until April 15th!
    There is no knowledge that is not power. ~Hemingway

  3. #3
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    My first year i had to get an extension because i had no idea how to do this, i always did the 1040EZ over the phone. Last year the accountant got done on the 14th, i think i gave it to him a week prior. This year the accountant gets a little over 2 weeks to work his magic. Just finished the income part, now finishing the business expense part, trying to find every cent of expense so my quarterly ain't so bad. But i will be paying Uncle Sam more this year, hopefully i'll be paying him a lot more next year

  4. #4
    Moderator MichaelColey's Avatar
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    I did a really rough run-through shortly after the first of the year. Next year, I'll be doing them shortly before the end of the year so I can make any necessary adjustments to avoid the AMT.

    I'll be doing mine sometime in the next week or two, but they won't be mailed in until 4/15 because there will be a big check in the envelope. Of course it'll clear the bank on 4/16 (it's amazing how efficiently they can deliver and process checks!), but I'm not going to let Uncle Sam have my money until the last possible minute.
    Michael Coley
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  5. #5
    Analytics Dude Kevin's Avatar
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    We have to pay taxes on this stuff? And can I write off the 30 hours I spent on the phone with Kanoodle belittling their service as bad debt since I was giving them consultation they will never pay for? (or listen to for that matter.)
    Kevin Webster
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  6. #6
    affiliate emeritus missdonna's Avatar
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    It isn't even April yet. What do you mean, last minute?
    Affiliate Marketing - The hardest easy money I ever made.

  7. #7
    Troll Killer and best Snooper!
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    Nope. All done.

    Don't get me wrong, hubby and I are both procrastinators. I was nervous as to whether my estimated tax payments were enough to cover my income so I wanted to get the whole tax filing thing over with just in case there was bad news. Well, we're getting a small refund from the IRS, but I owe the state a grand.

    How do you guys calculate how much to send for estimated taxes? I send a check every month that's based on the previous month's earnings. I calculate it at between 30 and 40 percent and use a nice round number somewhere in that range.

  8. #8
    Moderator MichaelColey's Avatar
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    Here's how I do my estimated taxes:

    Before the first quarterly payment is due, I estimate my earnings for the year. I run that through TurboTax to see what I estimate my tax liability should be for the year.

    Next, I look at the minimum I'll owe. You'll want to look at the rules to make sure, but generally, it's the smaller of 100% of the previous year's tax liability or 90% of the current year. For instance, if you owed $40,000 last year and you anticipate that you'll owe $60,000 this year, you only have to pay $40,000 in estimated taxes throughout the year to avoid a penalty. (You'll owe the rest on 4/15.)

    I always pay the minimum, quarterly. For instance, $10,000 per quarter in the example above. I save the rest and earn some interest on it. I always have a big bill due on 4/15, but I figure it's better to hang on to it and earn some interest than to give an interest-free loan to the IRS.

    I don't recommend doing this unless you're really disciplined with your money. 4/15 can be pretty heart-wrenching with a big tax bill for the previous year, the first quarterly estimated tax payment, and the SEP IRA contribution all coming due at the same time.

    Also, keep in mind that the quarterly estimated tax payments aren't due every three months. They're due on 4/15, 6/15!!!, 9/15!!!, and 1/15.
    Michael Coley
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  9. #9
    ABW Veteran Mr. Sal's Avatar
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    For instance, if you owed $40,000 last year and you anticipate that you'll owe $60,000 this year, you only have to pay $40,000 in estimated taxes throughout the year to avoid a penalty. (You'll owe the rest on 4/15.)
    I wish I had that problem.

  10. #10
    Half Crazed Mommy stephfoster's Avatar
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    I still haven't done mine either. With the baby things have just been too busy. Have to quit using that excuse soon and just get them done anyhow, though.

  11. #11
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    Damn, i forgot to list the most basic expense, tax payments. Went in to get my taxes and the lady told me to guess my first payment. I guessed and it was 4 times my guess. They're redoing that part now.

  12. #12
    Moderator MichaelColey's Avatar
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    I just finished mine up this afternoon. They'll go out in the mail tomorrow, with a hefty check.
    Michael Coley
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  13. #13
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    Just had a heart stopper this morning.

    Got my package back from my accountant in cleveland. I owed a sizeable chunk of cash. Way, way more than I thought. I was thinking I was so screwed, then i noticed he didn't account for the quarterly payments I had made. Seems I forgot to mention those in the package I sent him - oops!

    Everything is fine now, it is the amount I thought it would be, no problem. but this morning it was one of those heart stopping, flush faced panic feelings. haven't had that feeling in a long time.

    15 signatures and 7 checks later, i am relaxed.

    Chet

  14. #14
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    Exact same thing, didn't put down the quarterly payments i made. After they took that into account my quarterly is even less than i thought. Made 50% more in 2004 than 2003 and am only paying about 20% more in taxes

  15. #15
    Chick with Brains Tracy's Avatar
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    I ran my taxes through turbo tax in January, and made enough of a quarterly payment by January 15 so that I only have to write a check for $754 tomorrow (I mean today). Why pay before I have to?

  16. #16
    ABW Ambassador erninator's Avatar
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    Thumbs up
    No procrastination here. I got my extension mailed on the 14th instead of waiting until the 15th like I usually do. I'm on top of it!
    ~Ernie

  17. #17
    Chick with Brains Tracy's Avatar
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    Yes, erninator, but the big question is did you mail a check for taxes due even if you didn't complete your return? If you have to figure out how much you owe and pay it by April 15th anyway, might as well get it all out of the way.

  18. #18
    ABW Ambassador erninator's Avatar
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    Yes, I mailed them a check, a big one. I figure the percentage I paid last year and apply it to this years income figure. Took me about 5 minutes. I have multiple businesses, partnerships & other things to report. April 15th falls in the high period in my seasonal business and after working 14-16 hours a day 7 days a week I don't have the mind to crunch numbers until August.
    ~Ernie

  19. #19
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    were taxes due, or something?
    Last edited by Adam Ward; April 16th, 2005 at 09:30 AM.

  20. #20
    ABW Ambassador Packy's Avatar
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    My taxes were done by 2:00pm yesterday and mailed by 3:00. I got home and had the feeling I was forgetting something. Then finally DUH! I forgot all about the estimates having to be mailed out also I wish they would change the estimate date to May or something instead of the same day we pay the overall taxes.

  21. #21
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    I wish quarterly meant quarterly. Got tripped up on that once.

  22. #22
    Moderator MichaelColey's Avatar
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    Quote Originally Posted by TrustNo1
    I wish quarterly meant quarterly. Got tripped up on that once.
    Yeah, me too. 1/15, 4/15, 6/15, 9/15.
    Michael Coley
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  23. #23
    ABW Ambassador Packy's Avatar
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    Quote Originally Posted by TrustNo1
    I wish quarterly meant quarterly. Got tripped up on that once.
    Same here. Last year I ended up sending the second payment on July 15th. The gov't always did ave fuzzy math

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