FusionDudeParticipantMarch 23, 2020 at 9:32 PMPost count: 58
In case you haven’t seen an official announcement:
The deadline for filing and paying your taxes has been extended to July 15, 2020. That’s good news for people like me who had a lot of taxable gains, many short-term (thanks Sean!) and owe a boatload of taxes.
If you are getting a refund, don’t delay! Call in the government’s interest-free loan and get your refund as soon as you can!Theresa OConnorParticipantMarch 23, 2020 at 9:38 PMPost count: 6
Yes, and it also applies to 2020 1st and 2nd quarter estimated tax payments for those who make those as well. No interest or penalties as long as you pay by July 15th. Check on your state’s rules. In CA, we received an extension to June 15th before the federal one was announced. Pretty quickly after seeing that the federal date was July 15th, CA adjusted their date from June to July as well. I’m still trying to get confirmation on whether the deadline to fund IRAs has been extended to July as well. I’ve read sources that say yes and sources that say no.Sean HymanKeymasterMarch 24, 2020 at 8:48 AMPost count: 806
Yeah, I’m not a believer in giving the government an interest-free loan and using it as my savings methodology. Heck no! Additionally, in some places, they’ve held refunds due to indebtedness (like in California on state refunds, etc.).
But concerning anything tax related, I’d say see your tax pro. And if you don’t have one, get one. Because if they’re any good, they save you more than your fee and find you more (legally), than you’d likely have found yourself.JOY CHENNAULTParticipantMarch 24, 2020 at 10:51 AMPost count: 9
Once again, wise words my friend. Being in the tax business and not only helping folks all over TX and multiple other states, proper advice and experience is far more valuable than the fee. The largest amount of errors come from self prepared.Sean HymanKeymasterMarch 24, 2020 at 10:57 AMPost count: 806
Thanks. Yep, I totally agree. Just like if someone spends $200ish with me each year, they should get far more benefit out of that than the $200ish dollars spent through savings of less dollars lost in down-times and plenty of dollars gained in up-times.
With any financial pro that’s worth their salt, that’s the case. Same with you in the tax business. I totally agree. I pay more for returns done by tax pros, BUT they find me more legal deductions, etc. than I’d ever have found on my own, thus MORE than being worth their fee. Agreed.curtisParticipantMarch 25, 2020 at 1:12 PMPost count: 1
This is for Joyful, Are you able to do taxes for Montana residents?? If so can we talk??
Thanks CurtisJOY CHENNAULTParticipantMarch 25, 2020 at 6:17 PMPost count: 9Jeff WParticipantMarch 25, 2020 at 9:13 PMPost count: 67Sean HymanKeymasterMarch 26, 2020 at 6:08 AMPost count: 806
I really want us to shy away from too much tax talk because that’s where we could get in trouble. It’s a touchy area, from the government’s perspective and what each person needs to do may be different according to their situation. So I’d just say that it literally pays to hire the correct tax pro and to not just do your taxes yourself. That’s my opinion and what I’ve found to be true.Perana73ParticipantMarch 26, 2020 at 7:53 AMPost count: 96
Be careful in filing too early, even if you get a refund. IRS will be using 2018 tax return information, unless you have already filed 2019 before they issue the stimulus payments to individuals. If your income was lower in 2018 it would be to your benefit to wait with the filing until they have issued the payments. Of course, you have to still meet the thresholds.
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