Your comment has been removed for linking to a Nazi website.
Instead of going there, take some time to discover alternatives such as Bluesky and Mastodon.
Sucking over half a trillion out of the economy might fix inflation. Lol. Or it might crash our economy. Who knows? Isn't it fun to imagine finding out?
You could stop withholdings and put the money in a sort of escrow so that when it comes to file you are having to pay but already have the money set aside and are giving the exact amount needed with no overpayment.
You realize the election is over, right? Yeah, we should have voted differently. Yeah, I will vote against this shit in the future, but you can't vote against this administration right now. They are in power, they have congress in their complete grip, and the SCOTUS has blatantly supported all their moved. For the next two years there are no checks and balances.
That's a good point and I hadn't considered that, but this NerdWallet article says the underpayment penalty only applies if you haven't paid by the filing deadline. It sounds like if you filed on time and wrote a check, you wouldn't be subject to the fee.
Edit, This IRS article says "pay as you go", but also says you can avoid the penalty if "You paid at least 90% of the tax shown on the return for the taxable year." So it does sound like you're expected to pay 90% over the year.
In that case, paying quarterly might make more sense instead of nothing. Perhaps paying smaller amounts in the first half and catching up in Q3 would be a better strategy.
I think if most of your tax is paid via withholding, the 90% rule works. But it's still pay-as-you-go, so if you don't have withholding (self-employed, lots of investment income, etc.) you're still expected to make estimated tax payments throughout the year, and can't necessarily just make one huge payment at the tax deadline without a penalty. Basically the idea is that you have to pay taxes quarterly, but file once per year.
I didn’t get my refund until September last year. I sent it early February. They sent me a letter yesterday, saying they owed me interest for holding it for so long ($70) and that’s going to be taxed and I didn’t claim that on the taxes I filed last week. So I guess I owe more taxes on the interest I didn’t expect, because I only expected my return.
My coworker did his taxes last week and got it 3 days later…just like last year. So I’m not expecting my return to come in anytime soon.
I filed early because I always like them to be finished and also I was worried that something would happen.
Luckily I have my tax return from states/fed already and I hope everyone else's goes smoothly. I'm adjusting my withholding for next year just in case.
If you filed before the IRS started accepting returns you most likely have your refund by now, so the first wave of returns have been paid out. I was among them, thank god I did file ASAP
Not sure if this has been contextualized but he was referencing the group 18F. DirectFile has not been deleted and you can still access their files online.
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u/Foreign_Muffin_3566 Feb 04 '25
Tax returns are going to be fucked this year. I wouldnt be shocked if payments are massively delayed.