So, who has done their taxes?

[UteStar]

So, it is Monday, April 14th. Who has done their taxes? Who is waiting to drive out to the Airport mail center at 10pm on Tuesday to turn them in on time?

[Jeff Lebowski]

Just filed for an extension.

[TripletDaddy]

If you are sure you are getting a refund, dont worry about it and file late. No reason to rush to file by tomorrow at midnight.

And if you are going to owe, penalties are pretty minimal.

The whole rush to the post office thing is vastly overrated.

[landpoke]

Who the hell does their own taxes? You must be poor.

[Indy Coug]

I got my refund the 1st week in February.

[BYU71]

Just got an e-mail from my CPA. I owe Federal and will get some back from the State.

This year was very, very painful. I need to spend more time on internet boards.

[bluegoose]

I just got the dreaded phone call from the CPA last night. As he put it, the good news is I made more this year than last. The bad news is, my quarterly tax estimates did not even sniff how much I actually owe.

[Surfah]

I got my refund the 1st week in February.

Me too.

[DrumNFeather]

My wife and I visted a tax bracket we won't likely see again for a long time...so we owed, but got a little bit back from the state, and should get some in June or whenever the money is supposed to come from Bush's plan.

[Spaz]

Got my tax return in February as well. The new baby & our mortgage surely benefited us in terms of taxes. I've since adjusted my exemptions so we shouldn't see that kind of return again anytime soon.

[Indy Coug]

I despise owing, so I tweak my W-4 to give me a high likelihood of getting a return without having too much over withheld.

My state return was exactly $0.

[BYU71]

I despise owing, so I tweak my W-4 to give me a high likelihood of getting a return without having too much over withheld.

My state return was exactly $0.

I call bull. Your state return was exactly $0 because you fudged some of your deductions so it would come out exactly to $0.

[Indy Coug]

I call bull. Your state return was exactly $0 because you fudged some of your deductions so it would come out exactly to $0.

I don't claim I purposely rigged it ahead of time to come out to $0, it just worked out that way.

[TripletDaddy]

I call bull. Your state return was exactly $0 because you fudged some of your deductions so it would come out exactly to $0.

There are BNA software suites that actually allow you to do this, assuming you are entering info at least quarterly. The average person does not use this brand of software, though, as it is really expensive.

For a person to have a zero liability, they usually have to have a serious understanding of expected inflows and expenses for Q4.

It isnt common, but it is definitely possible.

While possible that he has zero liability, what is more likely is that Indy is just lying again.

[BYU71]

I don't claim I purposely rigged it ahead of time to come out to $0, it just worked out that way.

It may have, but I can tell you as an auditor (private sector) way back when, if something turned out like that the suspicion flags go up.

Can you imagine the odds of hitting your estimated payments right to the button with what you owed.

Now if I was in the 7% state bracket and owed $70 bucks, what is the harm in kicking in an extra $1,000 in expenses and have it come out even.

[Indy Coug]

There are BNA software suites that actually allow you to do this, assuming you are entering info at least quarterly. The average person does not use this brand of software, though, as it is really expensive.

For a person to have a zero liability, they usually have to have a serious understanding of expected inflows and expenses for Q4.

It isnt common, but it is definitely possible.

While possible that he has zero liability, what is more likely is that Indy is just lying again.

I think it was just a mathematical fluke.

[UtahDan]

I just got the dreaded phone call from the CPA last night. As he put it, the good news is I made more this year than last. The bad news is, my quarterly tax estimates did not even sniff how much I actually owe.

I will be moving into the realm of quarterly estimates next year. Oy.

[TripletDaddy]

I think it was just a mathematical fluke.

I was only messin' anyway.

But it is possible.

For example, someone who gets paid a few times a year (or once a year) may not plan on any income in Q4 at all. If you have already paid-in estimates to cover any potential interest income on holdings, then zero balance can be a reality.

Although as 71 says, it is not common.

[cougjunkie]

I filed an extension, I just did my taxes from 2005 and 2006, so I am at least two years out on 2007. Yes I will owe.

[DrumNFeather]

I filed an extension, I just did my taxes from 2005 and 2006, so I am at least two years out on 2007. Yes I will owe.

Is there a general reason as to why people wait or file an extension? (Like a benefit of some kind?) or do they just do it because that option is available to them?

[il Padrino Ute]

Who the hell does their own taxes? You must be poor.

Exactly.

My best friend since junior high school is a CPA and has his own tax and accounting firm. I just shove everything into a box and take it to him to figure it out. He's a genius. (It also helps to have 4 kids).

[Jeff Lebowski]

Is there a general reason as to why people wait or file an extension? (Like a benefit of some kind?) or do they just do it because that option is available to them?

Unresolved issues on a K-1. Accountant and attorney are too busy to deal with it now.

[cougjunkie]

Is there a general reason as to why people wait or file an extension? (Like a benefit of some kind?) or do they just do it because that option is available to them?

I usually do it because I dont want to pony up the 8k I owe.

[TripletDaddy]

I filed an extension, I just did my taxes from 2005 and 2006, so I am at least two years out on 2007. Yes I will owe.

You do realize that an extension is only an extension to file, not to pay? If you owe for 2005 and 2006, you will have to pay penalties.

[cougjunkie]

You do realize that an extension is only an extension to file, not to pay? If you owe for 2005 and 2006, you will have to pay penalties.

I already paid those penalties and my 2005 and 2006 taxes. I send in an estimated tax payment when I file my extension, I was just joking with Drum, like you said earlier the penalties are pretty minimal.

I try to send in estimated tax payments quarterly.

[BYU71]

Is there a general reason as to why people wait or file an extension? (Like a benefit of some kind?) or do they just do it because that option is available to them?

I was told there is less likely an audit of an extended return. I have no idea if the person is right.

[nikuman]

I've had mine done since February (save NJ, which are done but need to be sent off tomorrow).

I am also on somebody's radar screen for an audit, probably. I would not be surprised.

[il Padrino Ute]

Unresolved issues on a K-1. Accountant and attorney are too busy to deal with it now.

I have problems with a K-1 every year, though it's almost always waiting for an accountant to get it to me. I'd love to be able to fire the accountant who is responsible, but because it has nothing to do with me and everything to do with my wife and her family, there is nothing I can do. :mad:

[hyrum]

I was told there is less likely an audit of an extended return. I have no idea if the person is right.

This is consistent with what I have heard. I read that the IRS picks returns out as they come in and by the time they get to early April they have pretty much maxed-out the returns that they can handle in a year. So filing in the last week also decreases your chances. That said, if yours comes in with some big red flag deduction they are probably not going to ignore it -- plus the automated checks that they do (comparing w2's, 1099's, etc).

[RockyBalboa]

I did mine online last night when I got home from work.

I hate doing my taxes, and usually wait until the last minute. Oh well, I won't complain since I'm getting a decent chunk of change back.

[FarrahWaters]

Finished and filed them at 10:30 last night. I hate doing taxes, and might cave in one day and hire someone.

The good news is that I was expecting to owe, but it turns out we're getting a little bit of a refund.