Well...I said elsewhere EVERYONE should file for a “delay” for your taxes....it doesn’t cost anything....except...my brain seems to be reminding me now, that you’re supposed to pay an “estimated” amount.....hhmmmmm....any tax accountants here?
goodnesswins wrote:Two problems. First, most taxpayers get refunds, they don't have to pay anything when they file their returns. And delaying just lets the IRS keep your money interest free for longer.
Well...I said elsewhere EVERYONE should file for a “delay” for your taxes....it doesn’t cost anything....except...my brain seems to be reminding me now, that you’re supposed to pay an “estimated” amount.....hhmmmmm....any tax accountants here?
Second, if you do owe money, when you file your extension (Form 4868, Application for Automatic Extension of Time To File U.S. Income Tax Return), you are supposed to include your estimated amount due. If you underpay at that time, you'll owe taxes plus interest and penalties (unless you're nominated to a cabinet post, where the penalties will be waived).
The best bet for this is to file Form W-4 and claim exemption. There's a place on the form for this. I'm not sure what the penalties are for claiming exempt status if you don't meet the requirements. And your company might discourage you, refuse to participate or even rat you out to the tax man.