IRS - Tax Day

Yeah , but I should know better than set the Table for those that don’t possess the Restraint I have ..

 

Dammit man! Burn gas like a real man. There are people depending on your constant usage. People like me.

 

I forgot to copy my accountant on an email with an interest figure and now have to file an extension. Does anyone know if you still have to pay estimated taxes to avoid penalties and interest? I sent my accountant an email but I'm guessing he's pretty busy.

 

To my knowledge, filing an extension extends your time window to submit the paperwork, it does NOT extend your time window to pay.

 

Yep, you need to pay what you owe when you submit the extension.
If you underpay, there will be interest on and penalties for the underpayment. Its best to toss in a bit too much than underpay. You'll get interest on the overpayment when they send it back after you file the full return.

 

EV's still burn fossil fuels. It just happens when they turn gas into electricity rather than in the vehicle when you drive.

EV's are very handy for local trips, especially if you are in a decent sized town or larger (>100,000). Most everything you do in a day is doable on one overnight charge.
Works best if you have a L2 charger installed at home.

 

Way I see it, not the worst thing in the world when this happens to me. It usually means investments exceeded expectations.

 

Update: I filed my taxes last week, just got a letter from the state saying I was wrong and actually get close to a 1k refund? If I didn't know what was going on before, now I have absolutely no clue.

 

Just made the payment online. I hope I get some of that back but I'm doubting I will. Hard to complain much though, we have it pretty damn good in the old US of A!

 

As a W2 employee there is almost nothing you can do besides make less.

 

Max your 401K contributions and have a larger mortgage are about it. I abandoned that ship when I was 28 years old. No way I was letting go of 40% of my paycheck.

 

The standard deduction for a couple in 2025 is $30,000, so you have to get to that before you make any difference.

@motion A small business is definitely the most tax advantaged option in the United States.

 

We just give our tax info to our tax lady and she takes care of all of it. The feds are giving some back and the State of WI is taking a little of that. Our new State, FL doesn't take any. I love our tax lady, she treats us like family. I need to send her some money or something cause she refuses to bill us.

 

BMW i3 with range extender. Aluminum and composite fab is great for corrosion resistance, APU for extended range, solid car. And a low mileage one still under warranty as a PZEV for $10-14k last I checked.

 

Owning my own LLC has been a godsend for taxes. I make a profit, and each year it gets a little more dicey, but having a place to legally house a lot of costs has been great. I recommend it to everyone.

 

Claim Zero on both State and Federal.
Make an adjustment payment in Nov/Dec.
Max out 401K
Any/all losses in the market.

Other than that, not too much unless you have an LLC and can run expenses through that. (I had an LLC for my racing, so track days, race fees and tires were costs of the business).

 

working on the 401k and my wife does want a bigger house.

start an LLC and run stuff through it? Could be fun

gotten more info from the beeb than the big accountants the family business uses. I decided I was done with them this year anyway. I’m an interns busy work to what they have going on