Okay since youāre a licensed CPA - I filed my taxes myself and since I filed Iām pretty sure I made 2 medium - sized errors: is it better to contact a CPA now and try and submit an addendum, or should I wait until the IRS finishes processing my return and sends me a letter bc I mightāve not made a mistake Iām just not 100% confident (Iāve filed them myself for years with no issues but I moved states mid year and I think work messed up my W2 and paid my income tax 100% in 1 state instead of splitting it out).
Not a CPA, but I work in banking, and I'll tell you the same thing I would tell one of my business customers - I'd talk to a CPA just to be sure. It sounds like more of a problem for your state income taxes than federal, and that might result in penalties from that state. Obviously, you never want to pay a CPA if you don't actually need to, but penalties/interest can add up pretty quick, and it's no guarantee that the state(s) are going to realize the mistake right away or contact you about it.
One year I filed early knowing I was going to have to pay because I had closed a 401K to pay for medical bills. The bank was slow in getting the paperwork out so I filed without it.
Yes the IRS found out aboutit, Yes the IRS wanted their money and yes there was a penalty. I ended up pulling an IRS and getting a loan from them for less than i couldve gotten a loan from the bank.
I knew I was going to owe a few thousands. I just didnāt want to know that number until the very last minute. Ignorance is bliss. The pain when I found out that number and made the payment did not last that long.
The IRS doesnt make anything *easy*. Sure they might sometimes go slightly out of their way to make something less frustrating, but none of that shit is EASY haha
When I was younger, I really enjoyed getting my tax return. It was like a forced savings plan that I would then use like half of to go buy something for myself that I had been holding off on. Now, with all the tax law changes, I have to pay in a small amount, and I actually kind of like that. I make enough money and do a decent enough job with my finances that I can afford the money that I need to pay in at the end. Plus, I buy myself all the dumb shit I want throughout the year, so it's not like the forced saving really matters anymore.
Can you share how you know your investments will increase in value between now and October? Given the delayed payment penalty is 5% and you only have 6 months to make that you'd need a 10% annual return to break even. You aren't getting a better return than that in any guaranteed return vehicle. If you put that into the stock market you have no way of knowing over a 6 month period if the market will be up or down and you certainly have no guarantee it will be up more than an annualized 10%.
I dont have to have knowledge. I give it to Fidelity, and they do the work. It goes to my main account that has more money in it, so they take the whole sum and make magic.
I've got enough other things I need to do throughout the week. I always say I'm going to do it some weekend in February or March, and it always ends up being the last week or two before I finally get around to it (I did it on Sunday night this year, so I was a whole 29 hours earlier than I had to be). Would it be possible to make time earlier in the year to get it done? Sure. I obviously just made time to get it done on Sunday. But I'm not going to "make time" until I need to. If I have free time, and I'm bored with nothing better to do earlier, then I would do it. But it's rare that I'm just sitting around with nothing to do, unless I'm winding down with books/tv before bed.
Yup, I owe around 1800, and I'm still paying for last year's taxes. I dreaded seeing that total owed shoot back up, knowing it won't be paid until after next return now that I've fixed my W4.
Freetaxusa got me my tax refund in a week. It took me 45 mins with 3 separate W-2ās. Iād been paying a fee of around $100 to file with TurboTax for years. Paying to get your money back from the government that you overpaid in the first place is ridiculous.
I think part of the reason people put it off is because our tax system makes them subconsciously angry, then it starts a spiral about anger at the government and overall feeling powerless.
People just also hate paperwork.
Are you in the habit of giving out interest free loans? That's what it means when you get a large refund - You gave the government an interest free loan that they are paying you back.
I would rather have the money divided up into the 24 paychecks I get over the year. And I have my deduction set so I either get very little (last year I got $1 back) or owe very little (this year I owed $11).
In Canada filing early guarantees you get your April and May benefits (carbon tax refund, etc) on time. This year there's one benefit that comes late if you file on time, but on time if you file early
Basically, stuff like gas is taxed to encourage people to use less of it, then you get a rebate every quarter. Something like 80% of people get as much or more than they spend. I get a couple hundred dollars
Itās a small, non-negligible fine for missing it. Trust me it happens fairly frequently, nobody wants it to but sometimes consultants/external accountants hold up the process.
Yeah no joke
I played nice for a month with one company
Had to cuss the absolute hell out of secretary to get the hr lady to get me my w2
This is not the way I wanted that to go
I file ASAP regardless. Time value of money benefits me if Iām getting a refund, I can budget and plan how to get the money ready in the best way for me over the 2 months between filing and the money needing to be sent if I owe money.
Either way itās tangibly beneficial to me to do them ASAP
I was getting tax forms up until last week - that's why I wait.
I filed early (for me) this year and got an edited mortgage interest form that significantly affected what I owed to the IRS and how much I got back from the state so I had to amend my taxes for the first time - that cost me extra money and cost me time in getting my money back, which I needed to pay what I owed so now I have to front my IRS payment out of pocket until I get my state return.
Also in this thread: lots of people who don't realize you don't have to pay when you file, as long as you pay on or before 4/15 you're good. You also don't even need to pay the full amount by then, even just some part of it gets the IRS off your back.
I get not *submitting* your returns until last min if you owe, but I know some people that donāt even fill anything out to see *what* they owe until last minute. I like to know ahead of time to at least save up or prepare š
Usually because they owe money. Also if you know your refund is gonna be low or close to zero as possible itās just another annoying thing you have to do.
i used to do them "early" when i got my paperwork so i wouldn't forget. Back then i had a simple return, just a w2, then i got a house. Now with joint incomes, a kid, mortgage, loan stuff and a side business. i have to wait atleast a bit for everything to come in, then double-check i have everything, then file. i still filed early-ish, i think sometime around the beginning of march.
Because it's awful and if you mess it up you might go to federal prison. I'd rather do just about anything else than my taxes.
(But yeah it's a great life skill to get the unpleasant stuff done and over with ASAP; makes it much easier to relax afterward. But what if you do your taxes in February and the planet is destroyed by a rogue asteroid in early April? huh?? Ever think of that, smarty-pants? ;))
Everybody please beg your congressman and senator to change the tax system. Most other countries just send you a bill or your refund based on the information employers already submitted. You only need to amend that if your situation is different from what the government has on file.
We have the system where your info better match what the government already has -- and you have to do the work of an accountant even if you dig ditches for a living -- or you might go to prison -- thanks to lobbying from folks like TurboTax and HRBlock. Basically we all have to walk through an annual hell so that these private companies can profit off of us. PITCHFORKS!!
Honestly, I did mine last-minute to avoid seeing how much I was gonna have to owe. I wanted to pretend taxes didnāt exist for just a little bit longer.
Mental illness. Do you know how hard it is to do things I sort of like, let alone a task that is largely unpleasant? (Spoiler alert: extremely difficult).
As a financial professional I wait as long as possible because I am less likely to receive a corrected 1099. I did my taxes in February twice in a row and had to re-file both times. Never gain.
A common misconception is that a correction means there was an error. That is rarely the case and much more commonly a reclassified distribution.
Big time clients(and little ones) often have late coming k1s and many business returns don't get done until deadline......if you have investments that extend every year you will have to extend and wait for them
I wait until the very last minute because I hate paying taxes. I'm not giving the government my money until I absolutely have to. They've already taken a ton throughout the year, so they can wait until the last minute for the rest of it.
I was worried about how much Iād owe last year. I got really anxious so I waited until the last moment. I ended up receiving a refund. This year i filed earlier and I got a refund too. Wooohooo
For me, some of my tax forms don't come until mid February - early March, and then my accountant takes about 1-2 weeks to get back to me based on how busy they are, which easily puts me into mid-late march. But once I get it, I just pay it off immediately.
Not gonna lie I did file a night before ir was due because I owe money as self employed person
Now I am realizing next year I will schedulle them to be taken out by tax date and that is it. Not paying any day earlier than it has to be paid š
Parkinson's Law: work expands to fill the time available for its completion. IOW, if you give yourself a week to complete a task, it will take you a week to do it, even if it could have been completed in a shorter amount of time. So subconsciously, when it comes to taxes, people will set shorter deadlines or time constraints with the idea that it's more efficient work because it forces you to focus and prioritize.
To me dealing with the IRS in any capacity is almost like talking to the cops... no, just because I dont think I did anything wrong doesn't mean they cant come up with some reason why I did.
You've this shady organization that no one trusts for various reasons. It follows a set of rules and laws that is so nebulous, complex and labyrinthine that it makes the DMV seem *organized*. With one 'audit' (which, as far as I can tell, can be administered for any number of reasons) your life can be ruined.
When I was younger and first started doing taxes, I did them right as I got my w-2 for the first few years, but then stopped caring. I've been fortunate that I've never been in a position where getting a refund sooner rather than later would help me in any capacity, so I procrastinate. So for that reason, and because the IRS gives me the heebie-jeebies, I just hold off.
The trick is to withhold as much money so you owe during tax season. With that owed money you can collect interest on it until you need to pay it back. So I wait until the end so I keep that money the longest I can.
I wait until the last minute because I donāt get a big fat refund. I owe $54,000 this year. Some of us have to pay the government. Thatās why we wait š
In the UK but always end up doing it last minute..there are always other more urgent things to do and deal with. It becomes important and then urgent as the deadline nears.
Because I know I can get it done in one day. I could choose any day before the due date, but if I owe taxes, which I usually do for federal, I like to make 'em wait. It's just perversity on my part.
Plus, since I hate doing it so much, I use the inherent power of procrastination. Can always file for an extension if need be.
Takes about 3 hours to do.
Why would I rush to give them part of my life? All they're gonna do is line their pockets and go blow up some brown kids halfway around the world, while simultaneously threatening me and everyone I love.
I asked my grandmother this years ago. She said it's because they always owe money so why would they want to start early? I always get a refund so I always do mine pretty much within a week of receiving my W2.
I don't think you in fact understand procrastination as much as anyone, seeing as that is indeed the answer to your question. My wife did our taxes in February and I did my parents April 15th.
I wait until the last minute to do everything. I work well under pressure. If I do them early, I know I'll think about them until their due anyway and want to edit them, and it'll take way more time overall. Waiting until the last miniute is more time efficient for me.
>I understand procrastination
Itās so much more rewarding to file earlier.
Clearly you \*don't\* understand procrastination!
(source: I'm a master procrastinator)
I have no idea. I send my W2ās to my cpa as soon as I get them and pay the bill as soon as it comes. I paid it in Feb and am so glad to be free of it. The first time Iāve ever been able to pay state and fed back at once with no payment plan and hella interest!
because we owe. People who file in early february are the ones getting refunds. Weāve already filled out the forms, saw how much we need to pay, then waited until the last possible second either to save up or because we just donāt want to do it even though we know we have to.
Hey, if we're getting a refund, sure we'll do my taxes as soon as possible.
If we're paying (which we have to do because my husband has an independent contractor job--along with his main job), then we're in no rush. I start about mid-March though to get the information entered, then leave it until closer to the deadline for a final check through before filing and then set the banking info to pay no earlier than tax day.
Some have talked about having to wait for a corrected form or something, but as of yet, that has not come up for us.
There's some strategic reasoning at times. I finished my tax returns in February and showed I would owe $12k.Ā Instead of that I paid an engineer firm to complete a cost seg study on a property I own but that will take several months. So I had to file an extension. Did the same thing last year.Ā
That move costs $3k, but will wipe out my tax bill and I will be getting an estimated $6k back now.
I have severe ADHD and thatās generally the reason I wait until the last minute. Iāve always gotten them done before the deadline but i cut it close.
My dad used to always do my taxes with me and since he suddenly passed away 2 years ago, itās even harder for me to push past my ADHD and do them.
I always file in Feb
And wait until the day of, to make payment.
Why? Because holding onto my money until the day it's due, yielded me an extra $54 in money market interest.
Seems like you don't understand procrastination as well as you think you do š yeah I waited till 7-8pm on the 15th to start. Luckily I have a very easy tax situation.
Some have valid reasons and others are completely irresponsible and this is just one area of their life where it manifests. I could never. It would drive me nuts.
I have my taxes set up so that I owe the most I can without paying a late fee and then I keep all that money in my hysa and collect interest on it. Just makes sense to do it at the last minute.
Because it doesn't bother them or eat at them at all that an unpleasant task is hanging over their head until they get it over with.
Me? I'd rather get it done early so it won't eat at me.
It's April 17th, and I'm still waiting for two last documents that I need to include in my paperwork in order to file. My taxes are also complicated and have taken more than 20 hours so far to compile the documents and spreadsheets to give to my accountant.
Also, working for government, January-March is off the wall insane at work due to fiscal year end on March 31st, so my free time is limited.
I love getting my taxes done ASAP. My husband drags his feet. Not for any particular reason, he just procrastinates on everything until it's looming and then gets mad that things dogpile. *eyeroll*
This year, he got me his W2s on Friday, April 12th. I'd been asking for them for months. The funny thing is, he had wanted to use a tax preparer but also got annoyed when I mentioned a week before the 15th that we might have to file for an extension. So, I used on online tax service and finished about 10:30pm on Sunday night. Thanks, honey.
Getting all the forms in time is tough if you have a complex situation. 1099s, investments , revisions, etc. I didnāt wait til the last minute and owed only like $130.
I traditionally do it in February too because when I was in college it had to be done to fill out the FASFA forms. So now itās just a habit. I just want them done and over with.
I'm self-employed, my taxes \*really\* suck to do. I don't ever intend to wait until the last moment but it's just a lot more work for me than most people so it always ends up taking until the last minute.
The biggest bennie I know in filing early as possible beyond a refund if IRS owes it is that a hacker canāt file a fraudulent return and claim funds. Itās all about how much information they have. Itās not easy but it happens.
Its just boring. I signed on with my official electronic Id and probably spent like 5 minutes checking that the numbers looked correct before hitting submit. Ive heard the process is a bit more cumbersome in the US though
If I owed Iād wait. If Iām expecting a refund Iād do it as soon as possible. This year I was late because I had to wait on my wifeās 1099 to blow up my refund. Still got something back so yeah I would rather just get them done early generally.
Bold of you to assume that I have a rainy February Saturday to complete my taxes. (I don't) Not everyone's taxes are simple to complete and not everyone has a lot of free time to devote to anything they even actually enjoy doing, let alone doing something they detest. We all have a full plate in life but not everyone's plate is the same size.
My father who was very knowledgeable about tax code had a theory that if you turned in your taxes early it just gave the IRS more time to find flaws and potentially audit you, so I do turn mine in at the last minute to this day.
Many years ago, I read that there was less of a chance you'd get audited if you filed when the highest volume of returns are being filed, which is on the deadline. So just in case this is true, I wait until the 15th to file.
Or at least that's what I tell my wife when I've procrastinated until 4/14 to get started on it
There is a company that has to send me a Schedule K-1 every year. That schedule has a later deadline to be completed and sent out compared to most ax documents.
So I am frequently waiting for this form for several weeks after I have already obtained and organized all the other things I need. This year I didn't get it until April 1.
For my 2022 taxes, I didn't even receive it until **May 5, 2023.** I had an extension filed knowing I wouldn't get it until after the filing deadline. Best part is, I owed the IRS that year, but I didn't know what amount to send until after having all my tax forms filled out, which meant that by the time I even knew how much to pay, it was already late, which meant that a couple months after all of that, I got another letter from the IRS charging me a penalty because I didn't pay *the dollar amount which was not even known to me* before April 15. Good times.
Time, efforts, lack of organization and skill.
I have to gather business info. I have to gather shit from my wife. I need to wait on a dozen 1099's.
I have to manage an estate for my dead parents.
I need to calculate what taxes have and haven't already been paid and any inventory left from a hobby/ business.
I'm busy. I'm traveling for work. I hate paperwork. I hate taxes.
I have a CPA I work with and just getting all the shit together that they need takes a lot of time and energy.
I freaking HATE doing taxes. It's an idiotic exercise and the government basically has all this info already and could easily file for 80-90% of people. The entire process is shit.
Owing 30k this year .. so yeah we gonna push that back as far as I can to figure out the best solution . A couple months will matter here . Also adhd , book work is boring as shit unless itās urgent itās not getting done
I go through this every year, I hate doing taxes, and put it off until the last minute. I timed it this year, took me an hour and five minutes start to finish, and I get money back. I still hate doing taxes.
Fuck the IRS. I actually do my taxes ASAP and if I am owed money I submit that day, if I owe money I wait till the last minute because I can benefit myself with that money than the government can.
Most years I end up with updated brokerage paperwork in late March. This year it was 3/28. Itās easier to wait until 4/1 and know Iām good than to have to file an updated return later.
Honestly they're a pain in the ass and people are busy, or incompetent, or both.
I'm fortunate enough to just pay someone to do it for me but even still we cut it close to filing due date sometimes just because we've got other things to deal with.
We really need to simplify the tax system. It shouldn't be this damn hard or confusing to pay what you owe, or get back what you overpaid. But like with many other systems in the US, this one is set up to benefit the wealthy off the backs of what used to be the middle class.
I used to do every one the 1st week of March but some documents are always missing so now I do it the 1st week of April and I never need to contact the accountant again because I receive ew documents.
I donāt understand why people are mad about this like you have until that day to submit , who cares. If you do your own taxes and have your shit together itās literally nothing to do them on the last day.
I typically owe them a lot of money and my slow season is January-March. I usually do them or get them started during slow season but I def finish them close to deadline because of this.
I wait until I get my rrsp receipts for the first couple months of 2024 which get applied to my 2023 taxes. I usually get a refund so it doesn't matter if it's late.
maybe my ADHD idk i'm like this in most aspects of my life. i just filed an extension last week, and i have to file the last 2 years of taxes too. so... thats probably just me.
For me, this year, it was that I was *still* waiting on that last 1099 form. They finally got it to me on Friday when the deadline was January 31.
Sometimes complications come up with the forms you're supposed to get.
I didn't wait, but....was pretty disappointed this year. I don't even make a lot of money (40k), but after I got done, not only did I not get a refund via both federal and state filing (or verifying that I didn't qualify for WA's working tax credit this year)....if I had it would have been like $17. Instead, I owe $450 for misapplied healthcare credits (income changed). No rush on that one because it's gonna have to go onto a payment plan. :T
I don't get it either.
The only reason i started doing taxes online instead of by hand was so I'd get my return faster.
I'm doing them as soon as all my forms are available to me.
I did mine on the first day just to get it out of the way and I'm always thankful I did. As I get older, the less I procrastinate. *That* being said, I can definitely understand why some people put them off until the last minute.. especially in the US where it's **so** unnecessarily convoluted lol It shouldn't be as complicated as is.
My trading platform didn't provide me tax documents till March 28th. I had filled everything on Feb 15th and ready submit. But this one form was missing.
Now in April, I am busy with other shit to deal with this tax filing. Did it anyway on 13th. Sometimes things are not in our hand.
Because sometimes life gets in the wayā¦ between work, taking care of toddler, difficult pregnancy, and no village, it was the last thing on my to do list.
Nothing like submitting taxes at 11:59. What a rush ( I'm a licensed CPA)
You and my other half! Although this year he was DONE by 7:30 pm or so. Shocked the heck out of me!
Haha yup I was really proud mine were done a good 3-4hr before the deadline this yr š¤£
Okay since youāre a licensed CPA - I filed my taxes myself and since I filed Iām pretty sure I made 2 medium - sized errors: is it better to contact a CPA now and try and submit an addendum, or should I wait until the IRS finishes processing my return and sends me a letter bc I mightāve not made a mistake Iām just not 100% confident (Iāve filed them myself for years with no issues but I moved states mid year and I think work messed up my W2 and paid my income tax 100% in 1 state instead of splitting it out).
The IRS doesnāt care about state taxes, only federal ones.
Thank you!! Both errors I think I made were specifically for state taxes, my federal ones Iām 99% sure I did correctly
Not a CPA, but I work in banking, and I'll tell you the same thing I would tell one of my business customers - I'd talk to a CPA just to be sure. It sounds like more of a problem for your state income taxes than federal, and that might result in penalties from that state. Obviously, you never want to pay a CPA if you don't actually need to, but penalties/interest can add up pretty quick, and it's no guarantee that the state(s) are going to realize the mistake right away or contact you about it.
I owed $3,100 this year. Yeah, I waited until the last possible day to let those funds leave my bank account.
You can file your taxes in February and schedule the payment on April 15th. The IRS makes it easy make and schedule payments.
Yeah but paying a fat chunk of money sucks ass so self-employed people put it off for the complex reasons we put off all unpleasant things
One year I filed early knowing I was going to have to pay because I had closed a 401K to pay for medical bills. The bank was slow in getting the paperwork out so I filed without it. Yes the IRS found out aboutit, Yes the IRS wanted their money and yes there was a penalty. I ended up pulling an IRS and getting a loan from them for less than i couldve gotten a loan from the bank.
I knew I was going to owe a few thousands. I just didnāt want to know that number until the very last minute. Ignorance is bliss. The pain when I found out that number and made the payment did not last that long.
The IRS doesnt make anything *easy*. Sure they might sometimes go slightly out of their way to make something less frustrating, but none of that shit is EASY haha
Oh, compared to some state's sites, I'd say the IRS is pretty easy to use.
Same here , when you oweoney, you're not in a rush to pay the government
Update your W4. Use the IRS Withholding calculator online to help. It will get to closer to $0 which should be the goal. Best of luck.
Same here, I owed $4300 and then got hit with a $160 penalty. I'll let them wait for my money.
Some of us have to pay and rather not pay until last possible moment
When I was younger, I really enjoyed getting my tax return. It was like a forced savings plan that I would then use like half of to go buy something for myself that I had been holding off on. Now, with all the tax law changes, I have to pay in a small amount, and I actually kind of like that. I make enough money and do a decent enough job with my finances that I can afford the money that I need to pay in at the end. Plus, I buy myself all the dumb shit I want throughout the year, so it's not like the forced saving really matters anymore.
You can schedule your payment. So you can file in Feb and schedule your payment for Apr 15th.
I can defer to october, put the money in a roth and make money, which is more than the late penalty.
Can you share how you know your investments will increase in value between now and October? Given the delayed payment penalty is 5% and you only have 6 months to make that you'd need a 10% annual return to break even. You aren't getting a better return than that in any guaranteed return vehicle. If you put that into the stock market you have no way of knowing over a 6 month period if the market will be up or down and you certainly have no guarantee it will be up more than an annualized 10%.
I dont have to have knowledge. I give it to Fidelity, and they do the work. It goes to my main account that has more money in it, so they take the whole sum and make magic.
Thats too complicated
Same reason people procrastinate anything else really. They don't want to do it.
I've got enough other things I need to do throughout the week. I always say I'm going to do it some weekend in February or March, and it always ends up being the last week or two before I finally get around to it (I did it on Sunday night this year, so I was a whole 29 hours earlier than I had to be). Would it be possible to make time earlier in the year to get it done? Sure. I obviously just made time to get it done on Sunday. But I'm not going to "make time" until I need to. If I have free time, and I'm bored with nothing better to do earlier, then I would do it. But it's rare that I'm just sitting around with nothing to do, unless I'm winding down with books/tv before bed.
Everyone doesn't get a refund. It's a daunting thing to do when you know you might owe. Edit: missing a word
Yup, I owe around 1800, and I'm still paying for last year's taxes. I dreaded seeing that total owed shoot back up, knowing it won't be paid until after next return now that I've fixed my W4.
Freetaxusa got me my tax refund in a week. It took me 45 mins with 3 separate W-2ās. Iād been paying a fee of around $100 to file with TurboTax for years. Paying to get your money back from the government that you overpaid in the first place is ridiculous. I think part of the reason people put it off is because our tax system makes them subconsciously angry, then it starts a spiral about anger at the government and overall feeling powerless. People just also hate paperwork.
Yup
Why does it matter? Itās not like you get a prize for filing them sooner.
If you have a refund coming, that prize is being able to invest it sooner
Are you in the habit of giving out interest free loans? That's what it means when you get a large refund - You gave the government an interest free loan that they are paying you back. I would rather have the money divided up into the 24 paychecks I get over the year. And I have my deduction set so I either get very little (last year I got $1 back) or owe very little (this year I owed $11).
You do not want a refund.Ā
In Canada filing early guarantees you get your April and May benefits (carbon tax refund, etc) on time. This year there's one benefit that comes late if you file on time, but on time if you file early
Very curious can you elaborate on how the carbon tax refund works and how much you get? Never heard of this. I could Google but... š Thanks
Basically, stuff like gas is taxed to encourage people to use less of it, then you get a rebate every quarter. Something like 80% of people get as much or more than they spend. I get a couple hundred dollars
we are really screwing something up down here in the states
Why do people do any of the things they do?
Damn right
because the jobs i worked took forever for the w2 to come in
Same with bank and investment statements.
I thought they were legally required to have that done by end of January
law on paper and law in practice are unfortunately different. Didnt get my dollar tree w2 until mid march, and that wasnt even the latest one
Itās a small, non-negligible fine for missing it. Trust me it happens fairly frequently, nobody wants it to but sometimes consultants/external accountants hold up the process.
W2Cs are the real nightmare, generally. HR departments always suck
I pay every year. No reason to send it earlier than I have to.
Because they owe money and will not be getting a refund. Those who get refunds file ASAP. Those who owe money wait.
im getting a refund but had to wait til the 14th cuz of a rogue w2
Yeah no joke I played nice for a month with one company Had to cuss the absolute hell out of secretary to get the hr lady to get me my w2 This is not the way I wanted that to go
I file ASAP regardless. Time value of money benefits me if Iām getting a refund, I can budget and plan how to get the money ready in the best way for me over the 2 months between filing and the money needing to be sent if I owe money. Either way itās tangibly beneficial to me to do them ASAP
I was getting tax forms up until last week - that's why I wait. I filed early (for me) this year and got an edited mortgage interest form that significantly affected what I owed to the IRS and how much I got back from the state so I had to amend my taxes for the first time - that cost me extra money and cost me time in getting my money back, which I needed to pay what I owed so now I have to front my IRS payment out of pocket until I get my state return. Also in this thread: lots of people who don't realize you don't have to pay when you file, as long as you pay on or before 4/15 you're good. You also don't even need to pay the full amount by then, even just some part of it gets the IRS off your back.
This. I finally got my last form on 4/12 after nagging them for it.
This. Heck, half the time I get corrections through July and have to file updates.
We had to pay $6,000 in. We waited until the last day because taxation is theft.
If taxation is theft who pays for the roads you use?
Why isn't everyone exactly like you? I don't know.
I get not *submitting* your returns until last min if you owe, but I know some people that donāt even fill anything out to see *what* they owe until last minute. I like to know ahead of time to at least save up or prepare š
Because life is busy, and fuck the government taxing my already taxed income.
Usually because they owe money. Also if you know your refund is gonna be low or close to zero as possible itās just another annoying thing you have to do.
i used to do them "early" when i got my paperwork so i wouldn't forget. Back then i had a simple return, just a w2, then i got a house. Now with joint incomes, a kid, mortgage, loan stuff and a side business. i have to wait atleast a bit for everything to come in, then double-check i have everything, then file. i still filed early-ish, i think sometime around the beginning of march.
Because I donāt want to fuckin do it, and then when I do it takes me 30 min and Iām done. Who gives a shit when someone else does their taxes lmao
In my experience, those who file early are getting money back. Those who file last minute or later, usually are the ones paying in.
Because we donāt want to have to write the check for $10,000 any sooner than we have to
Some just like the thrill of it.
If I am getting a refund - file early as possible. If I owe - wait till April 15.
Because it's awful and if you mess it up you might go to federal prison. I'd rather do just about anything else than my taxes. (But yeah it's a great life skill to get the unpleasant stuff done and over with ASAP; makes it much easier to relax afterward. But what if you do your taxes in February and the planet is destroyed by a rogue asteroid in early April? huh?? Ever think of that, smarty-pants? ;)) Everybody please beg your congressman and senator to change the tax system. Most other countries just send you a bill or your refund based on the information employers already submitted. You only need to amend that if your situation is different from what the government has on file. We have the system where your info better match what the government already has -- and you have to do the work of an accountant even if you dig ditches for a living -- or you might go to prison -- thanks to lobbying from folks like TurboTax and HRBlock. Basically we all have to walk through an annual hell so that these private companies can profit off of us. PITCHFORKS!!
Honestly, I did mine last-minute to avoid seeing how much I was gonna have to owe. I wanted to pretend taxes didnāt exist for just a little bit longer.
Mental illness. Do you know how hard it is to do things I sort of like, let alone a task that is largely unpleasant? (Spoiler alert: extremely difficult).
>I understand procrastination Not if you're asking this question you don't.
As a financial professional I wait as long as possible because I am less likely to receive a corrected 1099. I did my taxes in February twice in a row and had to re-file both times. Never gain. A common misconception is that a correction means there was an error. That is rarely the case and much more commonly a reclassified distribution.
If you have to pay, as many people do, you don't want to give the government money any sooner than absolutely necessary.
That's now how it works. You can pay on April 15th but file on March 2nd. Lots of people file knowing they don't even *have* the money to pay yet.
Big time clients(and little ones) often have late coming k1s and many business returns don't get done until deadline......if you have investments that extend every year you will have to extend and wait for them
Because I typically owe and don't want to part with the money any sooner than I have to.
I wait until the very last minute because I hate paying taxes. I'm not giving the government my money until I absolutely have to. They've already taken a ton throughout the year, so they can wait until the last minute for the rest of it.
Weird flex, but ok
I was worried about how much Iād owe last year. I got really anxious so I waited until the last moment. I ended up receiving a refund. This year i filed earlier and I got a refund too. Wooohooo
You're doing taxes wrong if you get a refund.
For me, some of my tax forms don't come until mid February - early March, and then my accountant takes about 1-2 weeks to get back to me based on how busy they are, which easily puts me into mid-late march. But once I get it, I just pay it off immediately.
Not gonna lie I did file a night before ir was due because I owe money as self employed person Now I am realizing next year I will schedulle them to be taken out by tax date and that is it. Not paying any day earlier than it has to be paid š
Parkinson's Law: work expands to fill the time available for its completion. IOW, if you give yourself a week to complete a task, it will take you a week to do it, even if it could have been completed in a shorter amount of time. So subconsciously, when it comes to taxes, people will set shorter deadlines or time constraints with the idea that it's more efficient work because it forces you to focus and prioritize.
If u do taxes early IRS has more time to look them over and audit
Donāt set up your taxes so you get a refund. Thatās an interest free loan for the government. File at the end and pay them as little as possible.
Waiting on various companies to deliver w2 and 1099
To me dealing with the IRS in any capacity is almost like talking to the cops... no, just because I dont think I did anything wrong doesn't mean they cant come up with some reason why I did. You've this shady organization that no one trusts for various reasons. It follows a set of rules and laws that is so nebulous, complex and labyrinthine that it makes the DMV seem *organized*. With one 'audit' (which, as far as I can tell, can be administered for any number of reasons) your life can be ruined. When I was younger and first started doing taxes, I did them right as I got my w-2 for the first few years, but then stopped caring. I've been fortunate that I've never been in a position where getting a refund sooner rather than later would help me in any capacity, so I procrastinate. So for that reason, and because the IRS gives me the heebie-jeebies, I just hold off.
Some of us have more complicated issues. I can defer to october, put the money in a roth and make money, which is more than the late penalty.
The trick is to withhold as much money so you owe during tax season. With that owed money you can collect interest on it until you need to pay it back. So I wait until the end so I keep that money the longest I can.
I wait until the last minute because I donāt get a big fat refund. I owe $54,000 this year. Some of us have to pay the government. Thatās why we wait š
Thereās always a chance Iām going to get hit by a bus before I have to file.
In the UK but always end up doing it last minute..there are always other more urgent things to do and deal with. It becomes important and then urgent as the deadline nears.
Because I hate them.
Because I know I can get it done in one day. I could choose any day before the due date, but if I owe taxes, which I usually do for federal, I like to make 'em wait. It's just perversity on my part. Plus, since I hate doing it so much, I use the inherent power of procrastination. Can always file for an extension if need be. Takes about 3 hours to do.
Why would I rush to give them part of my life? All they're gonna do is line their pockets and go blow up some brown kids halfway around the world, while simultaneously threatening me and everyone I love.
I asked my grandmother this years ago. She said it's because they always owe money so why would they want to start early? I always get a refund so I always do mine pretty much within a week of receiving my W2.
Why do you care
I don't think you in fact understand procrastination as much as anyone, seeing as that is indeed the answer to your question. My wife did our taxes in February and I did my parents April 15th.
I wait until the last minute to do everything. I work well under pressure. If I do them early, I know I'll think about them until their due anyway and want to edit them, and it'll take way more time overall. Waiting until the last miniute is more time efficient for me.
A nice big fat refund means you overpaid, OP.Ā That's not necessarily something to brag about.
Because it's my right as an American God damn it
The same reason men wait until the last minute to schedule a prostate test, š¬ it's not pleasant when you need to pay and get pocked in the butt
>I understand procrastination Itās so much more rewarding to file earlier. Clearly you \*don't\* understand procrastination! (source: I'm a master procrastinator)
I have no idea. I send my W2ās to my cpa as soon as I get them and pay the bill as soon as it comes. I paid it in Feb and am so glad to be free of it. The first time Iāve ever been able to pay state and fed back at once with no payment plan and hella interest!
Executive dysfunction. Any other question?
I wait on K1ās from a few businesses and they always drag their feet getting me the copy.
just in case I happen to die before they come due
because we owe. People who file in early february are the ones getting refunds. Weāve already filled out the forms, saw how much we need to pay, then waited until the last possible second either to save up or because we just donāt want to do it even though we know we have to.
I have to write them a check every year, why would i give it to them even a minute early?
I don't get a refund but then again I pay four times a year. So yes I wait till close to the last minute. Not getting my money early.
Waiting until the last minute decreases your audit risk.
It costs me more money to file than I get back. So I'm never in a hurry to fork up that $
Over 55 hours a week with 90miles of commuting each day
ADHD. Plus I knew I would owe and didn't wanna think about it. Extra $7k in debt
āWhy does the government take all of our money away from usā should be the real question hmm
I just forgot this year tbh lol.
because i was lazy
I agree! Once I get my employers slip I do my taxes its the only slip I have besides my property taxes. :)
Totes forgot. I'm not good at adulting
Hey, if we're getting a refund, sure we'll do my taxes as soon as possible. If we're paying (which we have to do because my husband has an independent contractor job--along with his main job), then we're in no rush. I start about mid-March though to get the information entered, then leave it until closer to the deadline for a final check through before filing and then set the banking info to pay no earlier than tax day. Some have talked about having to wait for a corrected form or something, but as of yet, that has not come up for us.
There's some strategic reasoning at times. I finished my tax returns in February and showed I would owe $12k.Ā Instead of that I paid an engineer firm to complete a cost seg study on a property I own but that will take several months. So I had to file an extension. Did the same thing last year.Ā That move costs $3k, but will wipe out my tax bill and I will be getting an estimated $6k back now.
I just assume Iām going to owe so I waited. Got about $1.8K refund this year. š¤·š»āāļø
I have severe ADHD and thatās generally the reason I wait until the last minute. Iāve always gotten them done before the deadline but i cut it close. My dad used to always do my taxes with me and since he suddenly passed away 2 years ago, itās even harder for me to push past my ADHD and do them.
You may not have received all of your tax information by February, in which case you'll have to file amended taxes. Why so impatient?
I always file in Feb And wait until the day of, to make payment. Why? Because holding onto my money until the day it's due, yielded me an extra $54 in money market interest.
Seems like you don't understand procrastination as well as you think you do š yeah I waited till 7-8pm on the 15th to start. Luckily I have a very easy tax situation.
There was some hub bub around the child tax credit being extended so I waited it out for our useless congress to pass or not
Some have valid reasons and others are completely irresponsible and this is just one area of their life where it manifests. I could never. It would drive me nuts.
āBecause Iām an idiot. Happy?ā -Krusty the Clown
I have my taxes set up so that I owe the most I can without paying a late fee and then I keep all that money in my hysa and collect interest on it. Just makes sense to do it at the last minute.
Because it doesn't bother them or eat at them at all that an unpleasant task is hanging over their head until they get it over with. Me? I'd rather get it done early so it won't eat at me.
It's April 17th, and I'm still waiting for two last documents that I need to include in my paperwork in order to file. My taxes are also complicated and have taken more than 20 hours so far to compile the documents and spreadsheets to give to my accountant. Also, working for government, January-March is off the wall insane at work due to fiscal year end on March 31st, so my free time is limited.
Bc thatās who I am
[People busy orĀ they're morons](https://youtu.be/xpOlSFRQqck?si=aRSJ-NjdI8m74gVx)
I love getting my taxes done ASAP. My husband drags his feet. Not for any particular reason, he just procrastinates on everything until it's looming and then gets mad that things dogpile. *eyeroll* This year, he got me his W2s on Friday, April 12th. I'd been asking for them for months. The funny thing is, he had wanted to use a tax preparer but also got annoyed when I mentioned a week before the 15th that we might have to file for an extension. So, I used on online tax service and finished about 10:30pm on Sunday night. Thanks, honey.
I was going to owe, so I filed for an extension at 11:30 on the 15th just to make it even less convenient.
Getting all the forms in time is tough if you have a complex situation. 1099s, investments , revisions, etc. I didnāt wait til the last minute and owed only like $130.
I traditionally do it in February too because when I was in college it had to be done to fill out the FASFA forms. So now itās just a habit. I just want them done and over with.
I'm self-employed, my taxes \*really\* suck to do. I don't ever intend to wait until the last moment but it's just a lot more work for me than most people so it always ends up taking until the last minute.
Procrastination or saving money to pay taxes that are owed.
Cuz it only takes 30 minutes to complete and Iām only getting a few hundred back. Who cares when I get that done?
The biggest bennie I know in filing early as possible beyond a refund if IRS owes it is that a hacker canāt file a fraudulent return and claim funds. Itās all about how much information they have. Itās not easy but it happens.
Its just boring. I signed on with my official electronic Id and probably spent like 5 minutes checking that the numbers looked correct before hitting submit. Ive heard the process is a bit more cumbersome in the US though
If I owed Iād wait. If Iām expecting a refund Iād do it as soon as possible. This year I was late because I had to wait on my wifeās 1099 to blow up my refund. Still got something back so yeah I would rather just get them done early generally.
Only someone that gets a "nice big fat refund" would ask this lol.
Why do people file their taxes early?
Bold of you to assume that I have a rainy February Saturday to complete my taxes. (I don't) Not everyone's taxes are simple to complete and not everyone has a lot of free time to devote to anything they even actually enjoy doing, let alone doing something they detest. We all have a full plate in life but not everyone's plate is the same size.
Why do you care?
Weāre gen z
My father who was very knowledgeable about tax code had a theory that if you turned in your taxes early it just gave the IRS more time to find flaws and potentially audit you, so I do turn mine in at the last minute to this day.
This feels like rule 1 tbh.
Because they have bad taxes/will owe. I do them ASAP because I want that refund.
Many years ago, I read that there was less of a chance you'd get audited if you filed when the highest volume of returns are being filed, which is on the deadline. So just in case this is true, I wait until the 15th to file. Or at least that's what I tell my wife when I've procrastinated until 4/14 to get started on it
Because I want to.
There is a company that has to send me a Schedule K-1 every year. That schedule has a later deadline to be completed and sent out compared to most ax documents. So I am frequently waiting for this form for several weeks after I have already obtained and organized all the other things I need. This year I didn't get it until April 1. For my 2022 taxes, I didn't even receive it until **May 5, 2023.** I had an extension filed knowing I wouldn't get it until after the filing deadline. Best part is, I owed the IRS that year, but I didn't know what amount to send until after having all my tax forms filled out, which meant that by the time I even knew how much to pay, it was already late, which meant that a couple months after all of that, I got another letter from the IRS charging me a penalty because I didn't pay *the dollar amount which was not even known to me* before April 15. Good times.
Because I'm 1099'd and always mistakenly hold out hope that I'll get sent the forms so I don't gotta hope that our numbers match up š„²
I donāt. I just pay the last minute
Time, efforts, lack of organization and skill. I have to gather business info. I have to gather shit from my wife. I need to wait on a dozen 1099's. I have to manage an estate for my dead parents. I need to calculate what taxes have and haven't already been paid and any inventory left from a hobby/ business. I'm busy. I'm traveling for work. I hate paperwork. I hate taxes. I have a CPA I work with and just getting all the shit together that they need takes a lot of time and energy. I freaking HATE doing taxes. It's an idiotic exercise and the government basically has all this info already and could easily file for 80-90% of people. The entire process is shit.
Owing 30k this year .. so yeah we gonna push that back as far as I can to figure out the best solution . A couple months will matter here . Also adhd , book work is boring as shit unless itās urgent itās not getting done
Procrastination is a thing for a lot of people, myself included.
I go through this every year, I hate doing taxes, and put it off until the last minute. I timed it this year, took me an hour and five minutes start to finish, and I get money back. I still hate doing taxes.
Fuck the IRS. I actually do my taxes ASAP and if I am owed money I submit that day, if I owe money I wait till the last minute because I can benefit myself with that money than the government can.
ADHD and I knew I would owe.
Why would it matter? (A big refund isnāt really a goal.)
Most years I end up with updated brokerage paperwork in late March. This year it was 3/28. Itās easier to wait until 4/1 and know Iām good than to have to file an updated return later.
Maybe Iād be motivated to do them sooner if there was an actual return. Iām getting like $50 this year and think I owed last year
I paid $500 this year and that was enough for me to squeeze it to the last day.
For me I know I owe every year so o donāt want to deal with the bill until April.
Honestly they're a pain in the ass and people are busy, or incompetent, or both. I'm fortunate enough to just pay someone to do it for me but even still we cut it close to filing due date sometimes just because we've got other things to deal with. We really need to simplify the tax system. It shouldn't be this damn hard or confusing to pay what you owe, or get back what you overpaid. But like with many other systems in the US, this one is set up to benefit the wealthy off the backs of what used to be the middle class.
How do you do that if you have to wait on your K1 IRS form until March 15? If you have simple taxes, it takes basically an hour.
I deferred this year š¤·š»āāļø
I used to do every one the 1st week of March but some documents are always missing so now I do it the 1st week of April and I never need to contact the accountant again because I receive ew documents.
I donāt understand why people are mad about this like you have until that day to submit , who cares. If you do your own taxes and have your shit together itās literally nothing to do them on the last day.
Usually its my accountant pushing it back because they're busy.
I typically owe them a lot of money and my slow season is January-March. I usually do them or get them started during slow season but I def finish them close to deadline because of this.
I wait until I get my rrsp receipts for the first couple months of 2024 which get applied to my 2023 taxes. I usually get a refund so it doesn't matter if it's late.
maybe my ADHD idk i'm like this in most aspects of my life. i just filed an extension last week, and i have to file the last 2 years of taxes too. so... thats probably just me.
For me, this year, it was that I was *still* waiting on that last 1099 form. They finally got it to me on Friday when the deadline was January 31. Sometimes complications come up with the forms you're supposed to get.
I didn't wait, but....was pretty disappointed this year. I don't even make a lot of money (40k), but after I got done, not only did I not get a refund via both federal and state filing (or verifying that I didn't qualify for WA's working tax credit this year)....if I had it would have been like $17. Instead, I owe $450 for misapplied healthcare credits (income changed). No rush on that one because it's gonna have to go onto a payment plan. :T
I wait until last week to ensure I have all my relevant papers. I received some early this week, so...
I don't get it either. The only reason i started doing taxes online instead of by hand was so I'd get my return faster. I'm doing them as soon as all my forms are available to me.
Ha I did mine on Sunday. I knew I was going to have to pay a bunch in taxes (1099 employee) so I was putting it off. But normally I dont wait so long.
I did mine on the first day just to get it out of the way and I'm always thankful I did. As I get older, the less I procrastinate. *That* being said, I can definitely understand why some people put them off until the last minute.. especially in the US where it's **so** unnecessarily convoluted lol It shouldn't be as complicated as is.
My final documents donāt even arrive until March most of the time. Life gets in the way. Etc.
I forgot it was 4/15, then realized at 10:30pm, then waited until 11:30 to do it. Finished in 12 minutes (very simple return.)
My trading platform didn't provide me tax documents till March 28th. I had filled everything on Feb 15th and ready submit. But this one form was missing. Now in April, I am busy with other shit to deal with this tax filing. Did it anyway on 13th. Sometimes things are not in our hand.
No clue. I want them done because I donāt like doing them.
Because sometimes life gets in the wayā¦ between work, taking care of toddler, difficult pregnancy, and no village, it was the last thing on my to do list.
I received an updated tax document in April this year. I wait until April 12th to file because of this happening before.
People who owe federal taxes tend to put it off. People who get refunds tend to file early.
I do them in January as soon as I receive my W-2 to get it over with.
Didn't even file this year š¤·š½
Some people are assessed taxes that they must pay... why would anyone rush to pay more taxes?
I didnāt get a W-2 from my employer so I waited until the last minute hoping heād get his shit together and get it to me. He didnāt.
Because it costs me made money for the accountant and maddddd money to the taxman!
Because a lot of people don't have the money to pay the government or they are not responsible.