2016 Income Tax Talk

[deleted member]

Is that a homosexual reference?

 

[Marbleyes]

I never pay quarterly. Will gladly pay that small penalty every April. Fuck the man!

Can't tell if you are serious or joking but if you are serious then why would you do that? I have to pay quarterlies and it sucks but I'd rather pay 6-8 grand every quarter than coming up with the full amount at once and paying a penalty on top of that. Interest rates suck from the bank right now anyway so it's a net loss to do that. If I remember right the federal penalty is 1% and the state is 10% penalty I believe.

 

[eyexer]

You need income to claim the full earned income not? I ran through h&r and if you had no or under 4k income you didn't get much back on the EIC.

correct. the schedule is rather strange. The lower your income the lower your payout. It continually increases as your income increases until it plateau's and then it slowly goes down with increased income. It targets a very specific income range.

 

[Captain Ahab]

Can't tell if you are serious or joking but if you are serious then why would you do that? I have to pay quarterlies and it sucks but I'd rather pay 6-8 grand every quarter than coming up with the full amount at once and paying a penalty on top of that. Interest rates suck from the bank right now anyway so it's a net loss to do that. If I remember right the federal penalty is 1% and the state is 10% penalty I believe.

Penalty is a pitance. I do the same as springers. I'd rather control my wad to the very end.

 

[Marbleyes]

Penalty is a pitance. I do the same as springers. I'd rather control my wad to the very end.

I work around a lot of people who do what you and espringers do and they say the same thing you are saying. I guess I differ because I would rather keep more of my money in the end. It may only be a few hundred dollars but I'd rather keep it than just give it away. To each their own.

 

[MathewsZman]

I bet you wish this was one of those "that's what she says moments, huh " ��

 

[shorthairsrus]

Penalty for not making estimates is based on the interest rate. 3,%. Keep in mind it is charged based on the due dates of your quarterlies.

 

[deleted member]

On 20k, it amounts to a few hundred each year. I like to think I make that few hundred back a couple of times over throughout the year by keeping in in my pocket til the last minute.

 

[Captain Ahab]

I work around a lot of people who do what you and espringers do and they say the same thing you are saying. I guess I differ because I would rather keep more of my money in the end. It may only be a few hundred dollars but I'd rather keep it than just give it away. To each their own.

I don't just let it sit in savings.

 

[NDwalleyes]

I do my own but I have an accounting degree and have had a tax background so I don't feel I'd benefit from paying someone a few hundred to do them for me. I've never had an audit issues or mistakes come back. The big issue is not having any deductions. The kids are grown, the house is paid off, and we don't have enough other deductions to claim anything other than the standard deduction.[/QUOTE]

This is where we are in life...running out of deductions.

 

[LBrandt]

Yep, sucks when you run out of deductions. When you get older, if you still don't have a business to play with about all you have left is health issues and you don't want that. Plus the amount you have to spend on docs before some kind of deductions kick in is unreal.

 

[db-2]

I do not pay estimate taxes every quarter and yes I get a letter with a penalty. However I am over 65 and do have a slight disability so I do not have to pay quarterly. But me and IRS fight every year about this and in the end I send a check for around 200 to them and then in time they send a check back to me for a few pennies more than 200. So out of spite I will continue to do this. This last time it took more than a few months to get the funds back for 2015 and the last letter for about the 10 time they needed another 45 days for my 2014 refund of a 195 dollar penalty. And I will continue to still refuse to send in quarterly. Db

 

[db-2]

Saturday got a letter from the IRS and they are sending the last refund of 216 dollars for the penalty they charged me for two years ago.
now I will imagine when I do my 2016 taxes I will get a letter again for not estimating taxes in 2016. I wii pay in the end after they threaten to take my first born from me and then one day they will send a refund. Db