April 15 / Tax Day ( Actually April 18 this year )
Warrior15
Do you dread tax day OR are you looking forward to a big refund OR are you indifferent to the actual day because you filed that EZ form back in February ?
I was an accounting major in college. So as soon as I took tax accounting, I thought it was my obligation to do the forms myself. And I was lucky enough to have income from a few different sources so I always had a few Schedules that I needed to do each year. I've made estimated quarterly payments since I was about 19 years old. Now, I don't dare try to do my taxes myself. I've got trusts, and partnerships and LLC's. I'd be in jail in no time if I tried to do it myself now. I have had the same Tax accounting firm work for me for years that tells me how much and when to pay those quarterly payments. But those estimates are only good if my income is in the range of what is expected. The bad part of making more money than you expect is that the Tax Nan wants his cut. Someone has to pay for all that Stimulus that happened lhe last two years. I have a Home Equity Line of Credit on my Homestead house for this very purpose. So I know I'll have enough available cash to make that last minute payment.
2021 was a good one for me business-wise. And my accountant is working on my tax forms right now. I am in utter fear for that phone call or email. They may take my Sugar Baby money from me. :-(.
I was an accounting major in college. So as soon as I took tax accounting, I thought it was my obligation to do the forms myself. And I was lucky enough to have income from a few different sources so I always had a few Schedules that I needed to do each year. I've made estimated quarterly payments since I was about 19 years old. Now, I don't dare try to do my taxes myself. I've got trusts, and partnerships and LLC's. I'd be in jail in no time if I tried to do it myself now. I have had the same Tax accounting firm work for me for years that tells me how much and when to pay those quarterly payments. But those estimates are only good if my income is in the range of what is expected. The bad part of making more money than you expect is that the Tax Nan wants his cut. Someone has to pay for all that Stimulus that happened lhe last two years. I have a Home Equity Line of Credit on my Homestead house for this very purpose. So I know I'll have enough available cash to make that last minute payment.
2021 was a good one for me business-wise. And my accountant is working on my tax forms right now. I am in utter fear for that phone call or email. They may take my Sugar Baby money from me. :-(.
Comments
last commentMy accountant will handle most of that paperwork for me anyway
I have been slowly liquidating some old portfolios with 30 years of gains. It’s miserable, but I’d rather take the hit now. Hopefully, it will be less uncomfortable when I retire.
I guess if you have a good enough accountant it might make reading SJG’s drivel less annoying?
I had seen that a while back I just forgot, but I planned it out that I have enough to cover it all until age 70 then I’m claiming my SS so I’ll get the max, at that point I’ll need to see where I’m at and I’ll revise my plan if it’s appropriate.
SJG
SJG
Next year should claim the elephant you owe me as a trophy for kicking your ass in the debatey-debates as a deduction. All you have to do is acknowledge that I kicked your ass and then go get the fucking elephant and send it to me.
NEL-ER-PHANT
NEL-ER-PHANT
NEL-ER-PHANT
I keep meticulous records and get it done early.
I'm closest to Whodey--a few lines of business make it complicated, but I pay estimated taxes so pay/refund are as close to a non-event as possible.