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As with most people running businesses...wanting to do IRA conversions / deduction / contributions / paying forward taxes and expenses (or not)
Did my estimated taxes in Nov / Dec. (as always)
since I owe (as always), I will complete U.S. taxes on 15 April.
Waiting until April 15th to complete and submit your filing simply because you owe is short sighted. You should file as soon as you possibly can and if you owe you can wait until 4/15 to pay reducing the possibility someone files a fraudulent return on your behalf
I am waiting for my 1099s. I wish they also had to be provided by January 31. With computer records today, the investment firms should no longer need the additional time.
I agree- I'm in the same position. I've done some approximations because I needed to get my Estimated payments for 2018 as accurate as possible, plan for the (likely) extra amount I'll owe and also make appropriate estimated payments for 2019. Looks like my taxes will be about 20% higher under the new laws with very little difference in income. I already had enough deductions (property taxes, mortgage interest, etc. that cannot be timed) to itemize, and the loss of the personal Exemption and the Miscellaneous deduction is not offset by the lower tax rates.
Quote:
Originally Posted by Lowexpectations
Waiting until April 15th to complete and submit your filing simply because you owe is short sighted. You should file as soon as you possibly can and if you owe you can wait until 4/15 to pay reducing the possibility someone files a fraudulent return on your behalf
See above. I wish I could. Some of my forms won't be available till mid-February with possible revisions after that.
I agree- I'm in the same position. I've done some approximations because I needed to get my Estimated payments for 2018 as accurate as possible, plan for the (likely) extra amount I'll owe and also make appropriate estimated payments for 2019. Looks like my taxes will be about 20% higher under the new laws with very little difference in income. I already had enough deductions (property taxes, mortgage interest, etc. that cannot be timed) to itemize, and the loss of the personal Exemption and the Miscellaneous deduction is not offset by the lower tax rates.
See above. I wish I could. Some of my forms won't be available till mid-February with possible revisions after that.
I have roughed in the taxes for our business, but I am still waiting for my W2, which usually shows up first week of February. It should take me about 30 minutes to finish them off.
Based on preliminary estimates I'll save about $1400 in income tax under the new tax law v the old one. My taxes are simple and I take the standard deduction/exemptions and live in a no income tax state. In real life this really had no impact on my spending habits. I guess it did soften the blow of making $3k less than the year before.
Just did mine the other day using TurboTax, and it looks like not much changed over last year... I'm getting about $700 back from state, and $200-something from federal that the IRS will keep (since I have a balance owed from years ago). Slight increase on the state refund, but that's probably because my income went up by approx $8000.
I'm in California, btw, and just above our local median income. So I'm not sure if that puts me in the "higher bracket?" If so, did my tax burden get bigger or smaller? I have no idea, lol.
Just did mine the other day using TurboTax, and it looks like not much changed over last year... I'm getting about $700 back from state, and $200-something from federal that the IRS will keep (since I have a balance owed from years ago). Slight increase on the state refund, but that's probably because my income went up by approx $8000.
I'm in California, btw, and just above our local median income. So I'm not sure if that puts me in the "higher bracket?" If so, did my tax burden get bigger or smaller? I have no idea, lol.
Not sure why you would get a bigger refund as your income went up. Did any tax laws in California change? California taxes are HIGHLY progressive and graduated brackets so that doesn't really make sense unless something else changed.
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