April 15 / Tax Day ( Actually April 18 this year )

4/6/2022 6:43:15 PM

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. :-(.

31 comments

Latest

Warrior15

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3 years ago

Tax Man. I have fat fingers.

twentyfive

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3 years ago

I sold my business in 2020, so I had no taxable income for last year, nor do I expect much taxable income for next year as well, I think I don’t need to worry about taxable income until I have minimum required distribution in two more years when I turn 70.
My accountant will handle most of that paperwork for me anyway

twentyfive

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3 years ago

^ P. S. I know that’s humble bragging but it feels great.

shailynn

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3 years ago

Ever since Trump added the standardized deduction it screwed me. I went from getting a few thousand back most years to owing around 3k every year. I know if I made some changes to my tax withholdings I could avoid writing that check but it’s a pain in the ass so make the changes so for now I just write the check.

Cashman1234

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3 years ago

My tax situation got too complicated several years ago. I had to get an accountant. Now, I just blame my yearly check to the IRS on him. It’s no fun, but it is better than going to jail.

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.

gammanu95

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3 years ago

This may be the last year I get a refund. Every year I manage my deductions and withholdings to work my way into the lowest achievable tax bracket. If the socialists in the government get their way and successfully pass legislation which increases the tax burden on those of us who already foot more than 50% of the bill... Well, I'm too young to retire, but selling the practice should result in a nice chunk of change. Which I would have to pay taxes on. Fuck.

Cashman1234

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3 years ago

There’s only a few givens in this world - death, taxes, and SJG posting useless drivel.

I guess if you have a good enough accountant it might make reading SJG’s drivel less annoying?

magicrat

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3 years ago

25....the RMD isn't required now until you turn 72

rickmacrodong

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3 years ago

Gammanu, are you a doctor? You have your private practice? That is some good money to blow on clubbing!

skibum609

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3 years ago

I do my own taxes and Tax Day is the worst day of the year. Pay, refund, it always sucks. This weekend is ruined because of it.

twentyfive

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3 years ago

@magicrat
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.

crosscheck

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3 years ago

I always cut a check (well two actually, Fed and State), so not a fan...

whodey

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3 years ago

I usually get mine out of the way in February so that I don't have to waste a potentially nice weekend in April stuck doing my return. Most years I can work it out to be pretty close to $0 owed or refunded at filing time. This year I got a small federal refund and owed the state a little bit. In the end my federal refund covered what I owed to the state plus about $300 extra.

motorhead

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3 years ago

I’ve never been much of a procrastinator- except when it comes to house cleaning - so I usually get it done in early March.

san_jose_guy

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3 years ago

Extension form, for final reckoning, but not for paying.

SJG

mark94

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3 years ago

I manage my taxable income ( mostly capital gains and dividends ) to minimize my taxes. By doing that, taxes are pretty simple. A little planning up front means fewer headaches at the end of the year.

san_jose_guy

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3 years ago

Planning up front yes, and I assume then accounting kept up to date.

SJG

ATACdawg

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3 years ago

Like the last few years since we both retired, it will be a wash. Love TurboTax!

shadowcat

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3 years ago

My tax man has been doing my returns since 1988. He only lived 5 minutes from me and our kids went to school together. His wife has been my real estate agent too. I could probably due my returns myself but he doesn't charge me much and I enjoy our get together once a year. Both refunds deposited in my checking account in February.

shailynn

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3 years ago

SJG don’t act like you’re filing taxes on anything - you didn’t even have internet access for an entire year.

Cashman1234

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3 years ago

Shailynn - SJG’s tax insights are as relevant as his strip club insights!

DoctorPhil.

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3 years ago

Mr. Mark sez => “I manage my taxable income ( mostly capital gains and dividends ) to minimize my taxes. By doing that, taxes are pretty simple. A little planning up front means fewer headaches at the end of the year.”

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

skibum609

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3 years ago

^ This mentally ill asshole collects SSI and SSI isn't taxed.

Icee Loco (asshole)

•

3 years ago

You can get around paying taxes lulz

skibum609

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3 years ago

^ I don't come from communities where being a criminal is to be admired. Democrats feel that way.

Tetradon

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3 years ago

"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 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.

CandymanOfProvidence

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3 years ago

What skibum609 means is he doesn't come from a community where committing street crime is to be admired, but committing white-collar crime is the standard! Grift any little old ladies of their retirement funds recently, ski?

jackslash

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3 years ago

You can write off those sugar babies and strippers on your taxes. Every year I tell the IRS how much I gave to Charity.

Jascoi

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3 years ago

for me the shit hits the fan in April.

drewcareypnw

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3 years ago

My tax guy is a loon, but he gets the job done. It’s money well spent as far as I’m concerned.