I actually did this once and found it a little unnerving. It's nice to get the refund or payment receipt to know that it was processed rather than a return being sent off never to be heard from again.
2018 Taxes
- Thread starter Cyclone06
- Start date
I actually did this once and found it a little unnerving. It's nice to get the refund or payment receipt to know that it was processed rather than a return being sent off never to be heard from again.
For everyone stating, "I normally get a refund" or "I need to pay in", etc. etc. Those comments are not real meaningful.
The witholding changed, tax rates changed, deductions, exemptions, etc. all changed. Give us your 2017 effective rate and the 2018 effective rate. Then maybe provide your personal situation (e.g., Married-jointly, x-kids, etc.) That's the information that matters.
Full disclosure ... I can't file until I receive the 1099s which won't happen for a few more weeks so I don't know for sure how we're affected by the tax law change.
The witholding changed, tax rates changed, deductions, exemptions, etc. all changed. Give us your 2017 effective rate and the 2018 effective rate. Then maybe provide your personal situation (e.g., Married-jointly, x-kids, etc.) That's the information that matters.
Full disclosure ... I can't file until I receive the 1099s which won't happen for a few more weeks so I don't know for sure how we're affected by the tax law change.
My income increased significantly and my tax liability was less than it has been the last 3 years. Going to need to adjust my withholding so that I'm not giving the government as big of an interest free loan next year.
I guess no one else has to wait for a K-1 from Blackstone. Those people have been known to not issue the K-1 until AFTER April 15. Tell me how that is supposed to work. This is half the reason I don't want to put any money into our investment club.
Which part of trying to keep this thread out of the cave are you having trouble understanding???
I know what the law says. That doesn't mean I get it by the end of January or that they are even actually meeting the deadline. They might postmark it by the 31st, but I highly doubt it ever is in the hands of the USPS by the 31st. Looking at the calendar, I doubt they get them to the post office before Monday and it could be later.
As someone who work with regulators on a regular basis I can tell you that it is the employer's responsibility to prove they are meeting the letter of the law (reg) if ever questioned. Their responsibility is to postmark no later than 01/31 (with variances for years that the 31st falls on a non-business day).
It is not the employer's responsibility to promise delivery by a certain date. That is not how the law reads.
I never said it was. Read what I said - I don't believe they are getting it to the post office by the deadline. By the way, it is illegal for those with postage meters to post date mail. Any mail is supposed to be dated with the date it is placed in the mail stream, but we all know that rule is regularly bent. Post dating by the 31st might satisfy this law, but would be breaking postal regulations if that is not the actual date it is mailed.
Why are you making a bigger deal out of my W-2 than I am?
I was mainly reacting to your comment where you said “…I know what the law says. That doesn't mean I get it by the end of January...”
My point was simply to point out there is no requirement that you get it “by the end of January”. I didn’t see anyone saying you should (maybe I missed that?) so I wasn’t sure who or what you were responding to when you made that point. I was just trying to clarify that it shouldn’t necessarily be the expectation since that isn’t what the law requires.
OK….horse officially beaten…and acknowledging my role in helping to do so.
My ideal tax situation every year is to get an approx. $5000 - $7000 refund while not paying anything in during the year.
You may say "Mr. CPA that's not possible". To which I respond yes it is because my wife pays in withholding from her pay checks and our agreement is I get any tax refunds. Boooom.
You may say "Mr. CPA that's not possible". To which I respond yes it is because my wife pays in withholding from her pay checks and our agreement is I get any tax refunds. Boooom.
Fair enough. That part of the comment sprang from the original thing I was responding to - a guy saying that he didn't get how people could have their taxes done already. I was simply saying that I have never gotten my documents before February so I would never be able to file that early. Apparently other employers do get theirs out.
A lot of employers have gone to providing them in a electronic format on their company intranet site so that allows them to be earlier too.
By the way, I will probably be able to do the comparison thing this year. Minnesota did not change their tax code to align with the new Federal higher standard deduction thing among other changes so they are allowing filers to file standard deduction on one return and itemized on another so I will probably have to figure out my standard and itemized both.
Yeah, that would be great. However my employer is just starting to enter the 21st century. We are going to finally be able to use electronic signatures some time this year instead of having to snail mail contracts back and forth for signature.
Yup. I think ours were available online about the 15th with the hard copy coming a week or so later.
