Question for those more experienced than I. With so many folks losing their jobs last year and the pause on ss/med taxes I think many more people will owe money this year. I typically end up paying around 4K each year and estimate it will be much higher this year. If we are living with a false government and dc is a foreign and hostile entity wouldn’t something need to happen prior to tax day? TIA and truly looking to get opinions. I’ve been thinking about his for awhile, but haven’t seen conversations on it as is yet.
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We always owe a lot of money as well. I find it interesting that tax day has been postponed by a month. I never pay before the deadline but this time around I'm taking it down to the last minute. The thought of my hard earned money going to pay for illegal immigrant hotel rooms (and that's just the tippy top of the iceberg) makes me sick to my stomach.
File an extension and let it shake out
You still have to pay your estimated taxes on time. Only the actual filing can be extended.
Good to know. I guess you just have to kick the can down the road and eat the interest and penalties from paying later. That is, if they remain a functioning aspect of our gov.
I aint givin em a fuckin dime
How do you avoid it? Seriously asking.
I was a commission based job and typically got a sizable amount back. However, I was let go in June of last year. Been on unemployment and have had to take money out of 401k (a couple of times) allowable under covid rules. I couldn’t hop back in to a job right away because I have twins that just started kindergarten. Luckily I live where they go to school in person, but have to pick them up at 2:10 and didn’t have aftercare help right away. Luckily we’re doing ok. But seriously wondering how all the above will affect if I owe or what.
With the unemployment exemption, assuming your withholdings are straight on your retirement distributions, you'll be fine.
I sure hope so! Thanks for the encouragement and positiveness
I'm taking my sweet ass time this year. I'm probably going to end up owing a fortune, but I really wouldn't solicit tax advice from here.
Lol it’s not about tax advice - it’s about speculating as to whether thing will happen to rectify 2020 before tax season is finished.
I have an accountant for tax advice ?
For those caught in this trap, extensions, extensions. For the next 20 years if it takes that long. Get out of it now, read and study, most common folks do not need to play these games. However, if you take or accept things from them you may owe on those things. Fear no Boogie Man. Just read your w-4 the answer is right on it for the average man/woman. If you are employed by someone, they have to adhere to the filled out w-4, if not tell them to 1099 you. If you do not understand this whole mess or gibberish, why are you participating in it. Cause Bob down the street said to, your boss said to. Most business owners know nothing about any code, little on understand it. It is BS.
*An extension of time to file your return does not grant you any extension of time to pay your taxes.
https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return
I owe just like every year. I never give them more ron play with during the year.
With my withholding, they already got mine for the year, however, I did file as they owe me a refund. If they did withhold any of yours, and, if DC is a foreign government, then good luck trying to get any back.