The half a percent point is only the failure to pay penalty. You are also paying interest on the unpaid amount too. The interest use to not be a big deal because interest rates were low. Now that the federal reserve has increased the interest rate not paying is not advisable anymore. I think that rate was around 8% in 2024 on top of the half a percentage point.
Hey tax people Do I pay capital gains taxes on the sale of my house if the proceeds are greater than 250k or if the profit is >250k? Tia gbr nfm
Well it just got worse and extrapolated every year as the income machine goes brrrr. So I'll be annoyed come 4/15 when I do it all last minute and enjoy my savings I got to keep over the prior 15 months
Yeah whatever it has been has always been super low. I just put money aside for it knowing it is coming even though it seemingly gets higher and higher bc of Joe Biden and the Dems, probably
You might be paying way more in interest than you realize is what I am telling you. I am a CPA and I do this for a living. Either way be careful because it is way more expensive now in high interest rate environment to not pay on time.
I file, pay 15k online, then the IRS sends me a countless mena letters for 237 and I eventually pay it. I'm not saying you're wrong, but I don't know where the Interest would come from
I was already this year bc a SSN was wrong on the new free tax site and it rejected, but it went to spam folder. The. I saw it and waited another month and tried to pay in like June but my CC rejected for some reason, so then I paid in like July or something idk
The interest might be baked into your payment once you file around 10/15 and you don't even realize some is interest and not all is federal taxes.
Schwab wont have my 1099 ready until February 28th. Someone with a bigger brain is going to need to explain this to me as to why this isn’t instant. I’m not some day trader closing a trade every day.
legit shaken by the idea of having my budget so mismanaged that I can't afford a tax bill that I apparently manage to get every year
Filed mine yesterday. Got about 1% back as a percentage of AGI. Close enough to not worry about messing with the withholdings again.
Got $1600 back, within 3% of my tax liability. Last year I owed $300. Suck on that nerds who can’t figure out their withholding.
I'm owed $23k this year. Last year I owed $15k. Two years ago I owed $30k. I need to figure out this whole tax thing
I have used it the last 2 years. It told me I owed money this year so I tried Turbo Tax to double check and it was unfortunately correct.
my parents got 5 figures in a refund. weird circumstance led to it (mid-year retirement, still paid estimated taxes based off previous years income, etc) but never seen that before.