Should we be filing taxes this year, or wait until Trump abolishes the IRS and eliminates certain taxes?
My dad has been bugging me for weeks now about it, but I don't want to do it early in case new developments happen later and I miss out on potentially 1000s in refunds.
I don't think it's going to change for 2024, for 2025 sure it might change but don't give the feds a reason to throw you in jail because then your situation becomes lose lose. It's gonna take a year to see how this all begins to play out
With 2025 already underway I don’t think it would take affect until 2026.
I went ahead and filed. I figured if Trump was going to do something for this year he would have said something by now. Well before now.
Keep in mind that filing an extension when you owe taxes only gives you more time to file, not more time to pay—your payment is still due at the tax filing deadline.
File for an extension.
But I read that an extension doesn't mean you won't face fines and penalties for filing late... how will that help? I am looking for anyway I can to avoid paying this year. I'm a 1099 self employed so I'm not waiting for a refund...
If it doesn’t go through this year, your penalties and interest will be higher than any potential savings. If it does go through, you can file an amended return.
I'm waiting until close to the end.
"In his proposal, Fishback starts from the presumption that DOGE will achieve $2 trillion in cuts to the government. By taking 20% of that total savings — or around $400 billion — that may leave room for around 79 million tax-paying households to each receive a $5,000 tax refund, per Fishback’s plan."
https://www.cnbc.com/2025/02/27/trump-musk-promote-idea-of-5000-doge-dividend-checks.html
https://turbotax.intuit.com/tax-tips/tax-extensions/cant-file-by-the-deadline-top-3-reasons-to-file-a-tax-extension/L5W13Xwl0#GoTo-Who-qualifies-for-a-tax-extension-
I filed the day I got my W2, hoping the IRS is in such disarray they won't have the resources to scrutinize anything. I got my refund 2 weeks later 😂
I've been holding off also, figured I'd wait until April to file. We owe fed (but get back a little from state), so not in a big rush to file.