TAX DAY Part Deux

[BamaNation]

Just a reminder that today is the revised filing day. You have a few more hours to file an extension if you aren't ready yet. Good luck!

Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed | Internal Revenue Service

IR-2020-58, March 21, 2020 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

www.irs.gov

A CPA's Guide to the New Later Tax-Filing Deadline

Wondering how the July 15, 2020, extended tax-filing deadline affects you and how to make the most of it? Check out this FAQ with CPA Riley Adams.

www.kiplinger.com

 

[BamaNation]

For the first ~20 years of marriage, Mrs. BamaNation and I filed an extension every year b/c she's a CPA and, even though she wasn't doing taxes, she was in the middle of busy season with her Big 4 accounting firm. This year we finished our tax prep on Sunday. That's the earliest we have ever finished before a filing deadline of any kind. However, I'm fundamentally opposed to paying the gov't more than a handful of hours before it's due if we owe... and we owe.

 

[DzynKingRTR]

For the first ~20 years of marriage, Mrs. BamaNation and I filed an extension every year b/c she's a CPA and, even though she wasn't doing taxes, she was in the middle of busy season with her Big 4 accounting firm. This year we finished our tax prep on Sunday. That's the earliest we have ever finished before a filing deadline of any kind. However, I'm fundamentally opposed to paying the gov't more than a handful of hours before it's due if we owe... and we owe.

I have always owed state taxes. Federal it depends on the year. I hate getting a "refund" because it angers me to no end. I hate knowing they had my money all this time when they shouldn't have.

 

[BamaNation]

Georgia residents should always consider doing the Georgia Goal Scholarship. Basically, you pay a portion of your state taxes up front in the year and get a charitable contribution deduction for having done so when you file your state tax return. It helps pay tuition for deserving kids whose families can't afford it to attend top private K-12 schools throughout the state. You determine which school your contribution goes to.

It is limited to $2500 donation for families and up to $10K for S-corp & LLCs & partnerships; and more for C-corps. So, you're still paying your GA taxes owed, but getting a tax deduction on the amount contributed. (The contributed amount may be lower than the max if there are more donors than the total amount allowed by the GA legislature each year.) We've done it for 7 or 8 years and I think it was less than the max for 2 of those.

I know of a number of families who have been helped in this way which many times then allows them to compete for top college scholarships for after they graduate.

Talk about making a huge impact:

• Through May 31, 2020, GOAL has awarded 41,229 scholarships worth $160.8 million to 16,980 students.
• The average value of the scholarship awarded to each student has been $3,899, with the balance of tuition costs being paid by scholarship families together with other financial aid provided by the participating private schools.
• Since inception, the average adjusted gross income ("AGI") of the scholarship recipient families (as adjusted for family size) has been $27,689.
• GOAL has awarded over 50% of its scholarships to families with an AGI of less than $24,000 and approximately 90% of its scholarships to families with an AGI of less than $48,000.
• 45.74% of GOAL scholarship awards have been provided to minority recipients.

 

[Bazza]

Sent mine in today.

I always wait until the last day.

Used the new form with bigger print too - for old timers like me!

 

[BamaNation]

We do ours in TurboTax. I submitted it last night around 9p. About 930, I got a text saying Fed was rejected and b/c Fed was rejected, GA was rejected. Took me a few minutes to figure out the culprit: The IRS IP PIN had been entered incorrectly. So, had to find that again and re-enter and re-submit. It was accepted before midnight. Whew.