Fairfax County General :
Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
If you have not prepaid your IRS tax forms, take note
Posted by:
New 1040, Tax Extension?
()
Date: April 09, 2019 12:58AM
https://federalnewsnetwork.com/agency-oversight/2019/04/as-deadline-approaches-irs-projects-historic-volume-of-tax-filing-extensions/
QUOTE -As deadline approaches, IRS projects historic volume of tax filing extensions
By Jory Heckman @jheckmanWFED , April 8, 2019 7:01 pm
Senate Finance Committee ranking member Ron Wyden (D-Ore) said the IRS, faced with more tax help questions and a “more complicated” filing season this year, expects to receive an unprecedented 14.6 million requests for filing extensions before the tax season deadline. - END QUOTE
If you have not yet looked at nor filed with the IRS by April 15 next Monday, take note. The 1040 has completely changed this year, though a number of the other schedules are the same. One critical item, the checkbox for Health Care coverage is on the 1st page on the spouse information line. If you are not married, you can easily miss that, and end up paying a penalty, even though you had qualifying health care coverage. Lot of other changes on the 1040 form which everyone uses the shorter same 1040 form (no 1040-A, no 1040-EZ) In the last week, this is going to create confusion and will take more time to prepare your return, which is reason why many more are filing for extensions (still must pay your best estimated tax due by April 15).
For self, I filed the federal return on January 28, but for VA State waited until February 16, when the state legislature passed a tax reform law. For one, the standard deduction for 2019 if filing estimated taxes by May 1 increased from $3000/$6000 single/married to $4500/$9000. Taking the extra time to do things right, both refunds I received timely as usual.
Also of course, any tax preparation software you had for doing your 2017 return, is way worthless now doing your federal return this year, unless you get an update for it.
QUOTE -As deadline approaches, IRS projects historic volume of tax filing extensions
By Jory Heckman @jheckmanWFED , April 8, 2019 7:01 pm
Senate Finance Committee ranking member Ron Wyden (D-Ore) said the IRS, faced with more tax help questions and a “more complicated” filing season this year, expects to receive an unprecedented 14.6 million requests for filing extensions before the tax season deadline. - END QUOTE
If you have not yet looked at nor filed with the IRS by April 15 next Monday, take note. The 1040 has completely changed this year, though a number of the other schedules are the same. One critical item, the checkbox for Health Care coverage is on the 1st page on the spouse information line. If you are not married, you can easily miss that, and end up paying a penalty, even though you had qualifying health care coverage. Lot of other changes on the 1040 form which everyone uses the shorter same 1040 form (no 1040-A, no 1040-EZ) In the last week, this is going to create confusion and will take more time to prepare your return, which is reason why many more are filing for extensions (still must pay your best estimated tax due by April 15).
For self, I filed the federal return on January 28, but for VA State waited until February 16, when the state legislature passed a tax reform law. For one, the standard deduction for 2019 if filing estimated taxes by May 1 increased from $3000/$6000 single/married to $4500/$9000. Taking the extra time to do things right, both refunds I received timely as usual.
Also of course, any tax preparation software you had for doing your 2017 return, is way worthless now doing your federal return this year, unless you get an update for it.
Re: If you have not prepaid your IRS tax forms, take note
Posted by:
The sky is falling
()
Date: April 09, 2019 01:04AM
Of course, Fox News, CNN, local news outlets, etc. will wait until this weekend April 13-14 to make this top news, saying the sky is falling, the sky is falling. So glad you shared this now on Fairfax Underground, giving 6-7 days heads up.
Re: If you have not prepaid your IRS tax forms, take note
Posted by:
nog hauler rider
()
Date: April 09, 2019 07:48AM
And... it's all Trump's fault everyone waited til the last fucking minute.
Re: If you have not prepaid your IRS tax forms, take note
Posted by:
Donald ruins everything
()
Date: April 09, 2019 08:41AM
It's Trump's fault that we have to go through any of this shit at all. Tax Cuts for the Rich have never worked before and have petered out already this time, leaving only worsening income disparity and massive budget deficits behind. Fiscal conservatives HATE "debt and spending" except when their guy does it. Bunch of morons and transparently hypocritical assholes!
Meanwhile extensions have been around for many years. Sixty seconds and a black pen to fill out Form 4868 is all you need. Used to be just four months, but it's now long been that it gives you an extra six months to get the forms filled out and filed. But if you end up owing extra tax in October, you'll pay penalties on the shortfall. You can pay extra bucks now along with the 4868 if you suspect that you are underwithheld.
Meanwhile extensions have been around for many years. Sixty seconds and a black pen to fill out Form 4868 is all you need. Used to be just four months, but it's now long been that it gives you an extra six months to get the forms filled out and filed. But if you end up owing extra tax in October, you'll pay penalties on the shortfall. You can pay extra bucks now along with the 4868 if you suspect that you are underwithheld.
Re: If you have not prepaid your IRS tax forms, take note
Posted by:
So much for tax cuts
()
Date: April 09, 2019 10:00PM
We wound up owing almost $20K this year, despite having zero exemptions. Accountant friend tells me this is common: the withholding tables are all screwed up. Well done. Really a boon.
Re: If you have not prepaid your IRS tax forms, take note
Posted by:
Dem candidate #87
()
Date: April 09, 2019 10:04PM
So much for tax cuts Wrote:
-------------------------------------------------------
> We wound up owing almost $20K this year, despite
> having zero exemptions. Accountant friend tells me
> this is common: the withholding tables are all
> screwed up. Well done. Really a boon.
The rich need to pay more taxes.
-------------------------------------------------------
> We wound up owing almost $20K this year, despite
> having zero exemptions. Accountant friend tells me
> this is common: the withholding tables are all
> screwed up. Well done. Really a boon.
The rich need to pay more taxes.
Re: If you have not prepaid your IRS tax forms, take note
Posted by:
Pointer outer of things
()
Date: April 09, 2019 11:33PM
Trump already issued the order not to collect the not having insurance penalty, so don't worrry about that.
Re: If you have not prepaid your IRS tax forms, take note
Posted by:
Im' drumk a,gain
()
Date: April 09, 2019 11:35PM
& i'L'l probly be drumk every day fro th nex week, so I aint' gonn'a' fil no taxis nohow cuz I don't care cuz Im' drumk & iya bor unorotsmy sbtgpq