Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 3
Procrastinators seem to be noticing that taxes are due next week. None that we know can claim that COVID is the reason they haven't filed taxes.

For us, this year was complicated because besides our own return there were two estates with associated trusts and a new Special Needs Trust. We started supplying CPAs with data in March and have filed all of the returns. If I had waited, I would be in significant stress now and the CPAs (because of the various estates and trusts there are 3 CPAs involved and I use H&R block at Home for a couple of the simple returns) probably wouldn't have time to process them.

Yesterday, a relative texted that they needed their K-1s. They were mailed in March. Copies were encrypted and emailed. I normally help one relative file their taxes and they are promising the final information "soon". The friend who knows I have tax software had me enter most of her data in April when she thought taxes were due but as always didn't have a cost basis for the stock that was a forced sale due to a merger. She had an estimate to make a tax payment but probably hasn't and likely has spent the money anyway. Every year she pays under withholding penalties. Probably on July 15th she will be at the library to get online access to pay the state. Because of a one time stock forced sale she is required to pay the state electronically and hasn't gotten around to asking for an exemption because it was a one time event.

It is nice to be watching and not a participant.
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.