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Financial Freedom => Taxes => Topic started by: Sam on September 10, 2018, 09:37:16 AM

Title: Tax Extention Deadline October 15
Post by: Sam on September 10, 2018, 09:37:16 AM
Anybody else regularly file a tax extension due to delayed K-1s etc? It feels like I'm doing my taxes twice every time I file an extension. However, I've been able to catch tax filing errors or omissions each time, which is good for the long run.
Title: Re: Tax Extention Deadline October 15
Post by: Eric on September 10, 2018, 04:40:12 PM
Yup... definitely agree with you. Just sent in revised tax returns for previous years, and just starting to go through my tax return for last year. Hoping for a simpler 2018 process next year but something tells me my return won't fit on a postcard. However, i'd settle for a USPS flat rate envelope vs. a large flat rate box.
Title: Re: Tax Extention Deadline October 15
Post by: jekamom on September 10, 2018, 06:38:57 PM
I'm about an October 5th filer.  The K1's were just completed (returns signed) end of August.  We have two businesses that are S corps, and all that flows into our personal return. 
Title: Re: Tax Extention Deadline October 15
Post by: PDXOregon on September 10, 2018, 06:58:28 PM
Late filing is good.  An entity is less likely to get audited if they file an extension.
Title: Re: Tax Extention Deadline October 15
Post by: Sam on September 10, 2018, 10:35:23 PM
Quote from: PDXOregon on September 10, 2018, 06:58:28 PM
Late filing is good.  An entity is less likely to get audited if they file an extension.

That's what I read since they already "filled their audit quota" with the normal filers. But I donno if that's true, since I've got to imagine huge tax payers tend to file an extension too.
Title: Re: Tax Extention Deadline October 15
Post by: jekamom on October 07, 2018, 07:28:03 PM
I agree with the idea that high income filers often wait, and I'm sure some part of the quota is saved for us.  But I have more time to make sure I have everything correct and documented.  I usually am within 10% or less after 4/15 of having paid what I owe, but the extra time for prep and review gives the CPA firm and I time to check and double check.  Every little bit we find reduces that tax due, which reduces the penalty.  I found a 1400 miss from the cpa (error in moving an item from S corp to K1 to personal) which saved me $1000 in taxes (fed) and made state go from owe to having a small credit applied.  It was worth more than the small penalty for paying the under/over after 4/15.  We withhold, we don't estimate fyi.
Title: Re: Tax Extention Deadline October 15
Post by: rtysmith on October 08, 2018, 07:51:59 AM
Its my dream to file on time, its never happened in my adult life (K1's)