My taxes were a brutal experience this year. As expected, my accountant had a list of items needing clarification. With the issues resolved, a large tax bill was presented. The accountant filed the taxes electronically. The money due was deducted from my bank account the next day. The IRS was not happy waiting for their money even though deductions were made from my monthly payments. I was fined. Now, I get the distinct pleasure of making quarterly payments. I thought quarterly tax payments would end when I stopped working but I was wrong. I know I should be thankful for the income upon which I’m taxed. And I am. Still, I find it aggravating that I must give the IRS the money during the year instead of holding it in a high-yield financial instrument until filing time.
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That’s bad news, but how did this happen? Didn’t you retire last year? So income should be quite a bit lower this year?
Rob – I did retired in October, 2022. I had a sizable amount of dividend and capital gain income which pushed my adjusted gross income up dramatically coupled with a loss of deductions for home office, car and other business expenses.
I paid the most I’ve ever paid this year. It was because of the rental income I get from my former house that I am renting. I know it is necessary to pay taxes, but it sure hurts when you have a tax bill that is unexpected!
MC54 – I hear ya.
I don’t understand. Did you miss the deadline to file? Why is the IRS mad? I hope you won’t be poor.
OL – I didn’t pay quarterly taxes on my investment income, which was unusually high last year. The IRS has an 8% penalty for underpayment or late payment of any estimated taxes due throughout the year, typically from people who are self-employed or entrepreneurs.
Yikes it seems like many folks are reporting having to pay taxes this year and not just a little. Hopefully you can weather this and adjust accordingly.
SPO – All is well now.