MarketWatch- People who are staring at a federal income tax bill are getting a bit of a breather, now that the Internal Revenue Service has set May 17 as the new deadline to pay 2020 taxes and file a return during this tumultuous tax season.
But gig workers, freelancers and self-employed small business owners can’t relax completely.
April 15 is still the deadline to send in estimated tax payments, the IRS confirmed Wednesday. That means these folks have a May 17 deadline to settle up their 2020 federal taxes, but they also have an April 15 deadline to pay one-fourth of their projected 2021 federal tax bill.
“Talk about confusing, for not only the tax professional community, but also for individual taxpayers,” Barbara Weltman, founder of Big Ideas for Small Business and the author of “J.K. Lasser’s Guide to Self-Employment.”more
Farmers deadline is March 1st. No extensions.
Lucky everyone else.
Trump vs. Biden on Taxes:
https://1.bp.blogspot.com/-Uy3xPdqIkIM/YElKfqJWi0I/AAAAAAAAtYg/euUCp2E09IAA5JNuTQDNuznbGQSQWWhXQCLcBGAsYHQ/s937/6.png
Barbara Weltman:
The extensions are for filing by those who are very likely to have had tax money withheld and already sent to the govt. The hard deadlines are for those who are expected to pay taxes to the govt right-by-damn-NOW.
Confusing? What’s confusing about FUCK YOU AND GIMME GIMME?
Between deductions and different sources of income and healthcare and constantly increasing tax complexities it’s basically impossible to estimate taxes. And I’m just an average goof. Screw’em, bill me and charge me interest and a penalty. In the end it’s cheaper than trying to calculate it.
It’s still theft, not matter when they do it.
Eliminate the payroll deduction. Make everyone write a check every quarter. There would be a revolution in three months. It is amazing how many people think their refund is the government giving them money.