Comments on: 15 Reasons Why You Shouldn’t File Your Taxes the Last Minute http://moneyning.com/tax/15-reaons-why-you-shouldnt-file-your-taxes-the-last-minute/ A personal finance blog where we share insights on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom! Sun, 12 Feb 2012 00:07:22 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: bruch http://moneyning.com/tax/15-reaons-why-you-shouldnt-file-your-taxes-the-last-minute/comment-page-1/#comment-62495 bruch Fri, 09 Dec 2011 05:59:34 +0000 http://moneyning.com/?p=2293#comment-62495 You must be 17 years old then because if you have income that's taxable then you would be in trouble! You must be 17 years old then because if you have income that’s taxable then you would be in trouble!

]]> By: Ed http://moneyning.com/tax/15-reaons-why-you-shouldnt-file-your-taxes-the-last-minute/comment-page-1/#comment-57291 Ed Wed, 09 Nov 2011 17:36:18 +0000 http://moneyning.com/?p=2293#comment-57291 What is wrong with this? 1. You are telling us that you do not have the discipline to put the money aside during the year. 2. Your math is wrong - $100/50 = $2. 3. There is no 20% marginal tax rate; they are 10, 15, 25, 28, etc. 4. The interest rate for this quarter is 3% and the same for the 1st quarter of 2011. The 2 middle quarters - 4%. In the past, it has been as high as 10% (it is adjusted every qtr) What is wrong with this? 1. You are telling us that you do not have the discipline to put the money aside during the year. 2. Your math is wrong – $100/50 = $2. 3. There is no 20% marginal tax rate; they are 10, 15, 25, 28, etc. 4. The interest rate for this quarter is 3% and the same for the 1st quarter of 2011. The 2 middle quarters – 4%. In the past, it has been as high as 10% (it is adjusted every qtr)

]]> By: Ed http://moneyning.com/tax/15-reaons-why-you-shouldnt-file-your-taxes-the-last-minute/comment-page-1/#comment-57287 Ed Wed, 09 Nov 2011 17:17:30 +0000 http://moneyning.com/?p=2293#comment-57287 Form 4868 extends the filing deadline to Oct 15. It was changed from Aug to Oct about 6 years ago. Form 4868 extends the filing deadline to Oct 15.
It was changed from Aug to Oct about 6 years ago.

]]> By: j http://moneyning.com/tax/15-reaons-why-you-shouldnt-file-your-taxes-the-last-minute/comment-page-1/#comment-56734 j Sun, 06 Nov 2011 15:42:38 +0000 http://moneyning.com/?p=2293#comment-56734 I guess I'm in trouble, I haven't filed for 17 years! :) I guess I’m in trouble, I haven’t filed for 17 years! :)

]]> By: Richwood7 http://moneyning.com/tax/15-reaons-why-you-shouldnt-file-your-taxes-the-last-minute/comment-page-1/#comment-56073 Richwood7 Wed, 02 Nov 2011 04:08:57 +0000 http://moneyning.com/?p=2293#comment-56073 Number 3 "you're making an interest free loan to the government" is the stupidest one of all. If you are getting back $50,000 maybe that is true but say it is $5,000. That means you have averaged $2,500 over the year. At 5% interest (trying finding that now!) it means you have lost out on (drum roll here).....$125! Now assume you are in the paying 20% in marginal tax rate so you pay $25 of that back to the government. Now you have $100 or less than $1.00 a week. Compare that to getting $5,000 back and using it to pay property taxes, a vacation, buying 100 shares of a $50 stock. I used to use mine to pay my property taxes. Number 3 “you’re making an interest free loan to the government” is the stupidest one of all. If you are getting back $50,000 maybe that is true but say it is $5,000. That means you have averaged $2,500 over the year. At 5% interest (trying finding that now!) it means you have lost out on (drum roll here)…..$125! Now assume you are in the paying 20% in marginal tax rate so you pay $25 of that back to the government. Now you have $100 or less than $1.00 a week. Compare that to getting $5,000 back and using it to pay property taxes, a vacation, buying 100 shares of a $50 stock. I used to use mine to pay my property taxes.

]]> By: Jamie http://moneyning.com/tax/15-reaons-why-you-shouldnt-file-your-taxes-the-last-minute/comment-page-1/#comment-54112 Jamie Tue, 18 Oct 2011 12:53:47 +0000 http://moneyning.com/?p=2293#comment-54112 I gotta say guys - I hate filling in tax forms :) I gotta say guys – I hate filling in tax forms :)

]]> By: Vazir Mukhtar http://moneyning.com/tax/15-reaons-why-you-shouldnt-file-your-taxes-the-last-minute/comment-page-1/#comment-40618 Vazir Mukhtar Sun, 13 Mar 2011 03:52:21 +0000 http://moneyning.com/?p=2293#comment-40618 You might want to factor in age as reason to have someone else, a CPA who specializes in taxes, for example, file your returns. Now this isn't to say "Blow a wad on having your taxes done," but some of us who remember when FDR was president still have the smarts to make money but lack what it takes to use TurboTax or one of the other computerized tax forms. You might want to factor in age as reason to have someone else, a CPA who specializes in taxes, for example, file your returns. Now this isn’t to say “Blow a wad on having your taxes done,” but some of us who remember when FDR was president still have the smarts to make money but lack what it takes to use TurboTax or one of the other computerized tax forms.

]]> By: Jeremy Wood http://moneyning.com/tax/15-reaons-why-you-shouldnt-file-your-taxes-the-last-minute/comment-page-1/#comment-40068 Jeremy Wood Wed, 02 Mar 2011 16:58:22 +0000 http://moneyning.com/?p=2293#comment-40068 IRS - Last year, I filed my taxes along with the $8000 first time home buyer credit on Feb 3rd. I got my tax refund in August and the homebuyer credit in November... they added $120 in interest payments. Over the course of those 9 months, I called the IRS at least twice a month( the people on the phone dont have much information) and even wrote my Representative in the House twice. I just kept getting a letter saying "We are still reviewing and you will hear back in 30 days". ~30 days later the same letter would come.... Filing early doesn't always help. my next door nightbor filed in April and got it back in 4 weeks... IRS -

Last year, I filed my taxes along with the $8000 first time home buyer credit on Feb 3rd. I got my tax refund in August and the homebuyer credit in November… they added $120 in interest payments. Over the course of those 9 months, I called the IRS at least twice a month( the people on the phone dont have much information) and even wrote my Representative in the House twice. I just kept getting a letter saying “We are still reviewing and you will hear back in 30 days”. ~30 days later the same letter would come….

Filing early doesn’t always help. my next door nightbor filed in April and got it back in 4 weeks…

]]> By: Jared http://moneyning.com/tax/15-reaons-why-you-shouldnt-file-your-taxes-the-last-minute/comment-page-1/#comment-39665 Jared Tue, 22 Feb 2011 15:49:37 +0000 http://moneyning.com/?p=2293#comment-39665 The IRS offers a free service called VITA (Volunteer Income Tax Assistance). If you make under a certain amount you could qualify to have your taxes done for free by a volunteer certified through the IRS. Check out: http://www.irs.gov/individuals/article/0,,id=219171,00.html to get a list of the closest site to you. The IRS offers a free service called VITA (Volunteer Income Tax Assistance). If you make under a certain amount you could qualify to have your taxes done for free by a volunteer certified through the IRS.

Check out: http://www.irs.gov/individuals/article/0,,id=219171,00.html to get a list of the closest site to you.

]]> By: Jim http://moneyning.com/tax/15-reaons-why-you-shouldnt-file-your-taxes-the-last-minute/comment-page-1/#comment-39655 Jim Tue, 22 Feb 2011 12:26:15 +0000 http://moneyning.com/?p=2293#comment-39655 Next time, look into filing Form 4868, which will extend the time to file the actual return to sometime in August. Next time, look into filing Form 4868, which will extend the time to file the actual return to sometime in August.

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