Refund arrived this week!
Filed and paid my momās return.
Almost ready to do mineā¦
Filed my wifeās and my tax returns on Sunday. Took a long time as the contents of many slips had to be inputted manually due to CRA system problems.
We got whacked badly this year due to the capital gain on the sale of our Ontario farm. That income totally wiped out our Old Age Security pension because of its income testing. Had to pay back all of our 2024 OAS income as part of our income taxes.
The IRS still hasnāt posted that I owe a balance. Return was fully accepted, no other progress.
I wonāt be surprised if by the time theyāre ready for me to set up a payment plan, Iāll just be ready to pay it in one chunk anyway. I didnāt absolutely require a payment plan, it was just going to reduce our emergency fund to almost nothing.
One Breadmaker interaction with a woman that I can wholeheartedly approve of
Finally got my state return a few days ago.
Now on to looking forward to next tax season . . .
Go study.
How do I even know what to pay now? The IRS still hasnāt posted a balance for my accepted return. Iām ready to pay it, but I understand thereās interest of something like 0.5% per month. Iām not going to manually calculate my interest and pay an amount I assume is correct without confirmation. I could just pay the original amount and wait for them to send me a bill in the mail.
Complain to your Congress critter.
You could pay what you think you owe, or most of it. That would lower interest cost, I believe, though it might complicate agreeing on what the eventual amount due is.
I think Iāll let it sit until the end of May while I accumulate some more emergency fund buffer, then pay the original amount end of month if they havenāt posted anything.
I can settle up the extra $45 or whatever itāll be after that.
I might be confusing this with a different country, but doesnāt the IRS waive interest until they come up with a number?
This is the IRS weāre talking about.
Money was due on 15 April. If they donāt get their money on time, they charge interest from that date That theyāre tardy in publishing a schedule for a payment plan doesnāt matter.
I have never heard of a tax authority doing this.
You get fined in the UK on day 1 and interest is applied.
i suspect the burden is on you from the minute it was due