60+ year old thread.

I pay my millions quarterly through their system (OK so it is a lot less than that - LOL) - I have it on auto pay each month. Their system is called EFTPS (Electron Federal Tax Payment System) makes life a ton easier and my CPA has access to manage my filings at the end of the year. It keeps me honest

 

Hope today went well for you mike. I had the second Pfizer shot on Saturday. Had a little soreness at the injection arm on Sunday but it subsided on Monday. Arm felt well today.

When the boss gives you all the crap jobs it means you are in fact good at what you do. Too bad the boss is a jerk about it.

 

Afternoon all:
And here I thought the senior guys got the gussy jobs, we called them "in plant pensions" at the steel!
You must have been a bad boy Mike, or as stated, your boss is a jerk!!!!

My income was and is all over the place, the one that got me irked was when I was sending in quarterlies that were in line with my estimated earnings, and at the end of the year it would jump due to a buyout or there were decent capital gains to be had, the IRS than penalized me for not having enough of a percentage paid prior.
I had posted this before, how the heck am I supposed to anticipate an end of the year windfall that I wasn't counting on!!!
I had mentioned this to my tax preparer, she said that the IRS no longer penalizes anyone who runs into that situation.

 

That surprises me as well. I too am all over the map as far as my business income is, I pay myself a set salary (the same every year) so the business can ebb-n-flow as I too get paid infrequently and you never know the bottom line until the end of the year. If I get paid for a piece of business that is outside my projection I adjust that quarters payment to the IRS threw the portal. I have never been penalized for adjusting in the same period as the income was received in? I did set-up my business as an LLC C-corp so I don't get double dinged in taxes. When I was just an LLC I made too much one year that caused me to pay personnel taxes on top of corporate taxes - I think the Gov changed the limit you can make as a LLC but when I started it was anything over $60K changed how you paid taxes as a LLC. (at least that is how it was explained to me back then)

So at the end of the year I (usually) have to pay additional taxes for the business and after that I usually take a dividend based on the overage of projected income. I deal a lot with Gov contracts now that you first have to win which makes it hard to project what to expect. One year I may get one then the next year I could win three awards (2019) which really throws a wrinkle into the tax payments - I do adjust my monthly payments if I know early enough what I am awarded but a lot of the contracts of late have bee third and fourth quarter pieces of business... 2020 I paid my monthly taxes based on my annual salary but the business took in $0000 as all the Gov contracts we were bidding on canceled just prior to being awarded due to COVID.

Probably more than you wanted to know - sorry

 

Hear you Mike, may be a different situation though being in business.
If I could, as well as many others, I would just send in minimal during the first 3 quarters, and then send in the big one for the last quarter, keeping the money invested, THEY DON'T LIKE THAT!!!!
There's another one that I run into: as long as I have at least as much tax paid in as last year, I can owe any amount without paying a penalty, it's the following year that I need to watch out for and make sure I either get a refund or owe them very little.
Often joke about you need to be half a lawyer and half an accountant to get by anymore.

 

Sorry, Boats, I was assuming you were making quarterly payments as a business - I am not familiar with personal tax estimates - you can still use the EFTPS system if you think it might help. It is set up for business and personal tax payments monthly or quarterly..

 

Well, of course, it's river walleye time!
High and going higher, probably muddy as heck also.
Normal is around 5.8' at this gage.

 

Thanks Mike
Just looked at EFTPS, other than eliminating the vouchers (for both Fed. and state, because we also have a 3.07% state income tax), and having to physically mail them out I don't really see any advantage for me, I still need to do the "how the heck much do I need to send them calculations", which can be a moving target throughout the year, that's what drives me nuts!!!!

 

Evenin.
So far so good.
Touch sore but nothing like the first one.
A little more tired than usual but it was a slow day and that usually makes it worse.
So far so good..

 

This is what I do, and my estimated tax if any, is sent in one single payment at the beginning of each year.

 

Good morning, all!

We are in for a day of rain continuing overnight and then some snow tomorrow morning - starts to warm up again after Friday. Welcome to the wild weather of NE PA.

I spent another 3 hours behind the field mower clearing out a tree line and opening up the view from our back porch. Now I need to get out the chainsaw and tackle the stuff that was too big for the field mower. Hopefully, I can get the old chipper to start!!

Not much planned for today. Probably spend some more time working on the U.S. Grant bio.

Stay safe!

 

Morning.
Sleep ok.
Actually slept on the shot arm I think.
Haven’t checked for a fever but, I don’t think I have one.

Have to access the situation again after a another couple of rounds of coffee.
Not working today and I’m thinking I did good on that decision.
Grandson daycare closed this week.
So Carol and I have to run to get him to school and pick him up.
She has Wednesday’s off.
So took today off in case she had to “DR” me..

Have a blower to reassemble I think if I feel ok.
Have a request from another member for some help so I’ll be sitting my butt in front of the computer
and getting some info for him.

So definitely not going to be a couch potato day.
That’s ok I’m not a very good potato..

 

Glad to hear you are feeling OK, Mike!! You have never seemed like the couch potato type to me so it's good that you've got some projects ahead of you for today.

We added a new coffee machine to the household yesterday. The old one was throwing warnings and trying to fix it was just not worth the cost. So, we ordered this one a few days ago.




When I had the DR Field Mower out yesterday, it seemed that it didn't want to move as quickly as usual but got better over time. I need to spend some time looking at it - assume there is a belt drive and the belt is probably work. It's done some hard work over the past 15 years. We all get slower as we age.

 

We have a few buttons on ours but not the “reprogramming the house” like that.lol

Yea if those are belt drive you maybe on the right track to check them.
I always add some baby powder to new belts.

 

Ran my small engines yesterday...siphoned the remaining gas from the snowblower and ran it till dry. Then ran the generator and powered the house for 20 minutes...haven't lost grid power since I got the generator last spring......but, I am ready if we do...

 

Good Morning

Good drive in from trailhead Tue evening. Open field area was a little sloppy and required some finesse to get through. Danny drifted off the trail at one point and dug into the fluffy deep stuff. Stitch used a snatch line to get him back on the trail. Beautiful weather with light flurries when we pulled onto the property. I'll whip up some biscuits and gravy for our breakfast after daybreak, then we'll get after more trees.

Have a fine day everyone.

so glad to read this .

 

Carl: I feel your pain with the estimated tax. Ten years ago I took an inheritance out of stocks and mutual funds and purchased an Annuity with a couple of riders. To date I have earned an average of 10% since inception. I have to start to take money out of the Annuity this coming December and I will have the taxes paid be part of the distribution just as I do with my IRS withdrawals. Not as much fun directing my buys and sells but I will not complain about the results.

The hearing doctor was an eye opener yesterday. Ys I need a hearing aid but I learned so much about about how hearing works and your head is built. I have to go back after I have a wax buildup in one ear removed. I scheduled the wax removal at the same time as my annual physical on April 9th. Till then I will continue to use ear wax removal twice a day in the clogged ear and once a day in the ear that we cleaned out.

My new pellet grill came yesterday. You get what you pay for with free assembly. I was hoping I would be wrong but I was not disappointed. I will send pictures to the ACE hardware store manager today. Who ever put the grill together needs to be shown the errors so the person does not make them again. It could be a newer employee that needs a little more guidance. I am not mad just disappointed.

 

Good Morning Everyone.

Located my vet, she had left the old practice and went to a new place. The old vet is two minutes from the house; the new one is 20 minutes but much easier to deal with. Took up all afternoon.

My skid plates have shipped. I have Caliraised rock sliders and RCI skid plates. Watching the videos, it looks like they both use the same frame locations. Something tells me it might be a challenge or a few longer bolts needed. Rock sliders weigh much more, so I'll do those first, then the skids.

I should have gotten the fuel tank skid. We punctured a hole in the Audi Quattro's gas tank and used a bar of soap to plug the hole. It worked to get us home. Ya, mental note "Add skid plate to the gas tank."

 

Good morning all,

Snowed most of the day yesterday but little accumulation, most just soaked into the ground - good stuff. Cold this morning, single digit cold but will warm up the next five days. More melt down and soaking into the ground - the more it soaks the better...

Going over the neighbors later to get the low down on feeding their cats while they are gone. His dad is in a hospital in Green Bay (they are from the UP and the closest hospital couldn't take his father). They are driving to go see him, his father is in his 80's.

Have a great and safe day,

 

Mike: I used to get those "poop" jobs myself - and later became the one giving them out!

It seems to be a rule, those who will deal with situations on their own (low maintenance) - think and work simultaneously within the rule book - get sent to deal with the crap. I got sent all over with a basic command "get this settled and come back when you're done". The fellow who held the job before me (for 25 years and more) could tell awful stories about world travel on ships and trains.

Much later, I lessened my own work load by having a fellow working for me, who could go do the same. I'm sure he didn't really like to return from timbuktu and get a ticket to outback wherever. However, he proved he could "get things settled" - and I wouldn't have to sweat the outcome!