FYI on Filing taxes

[Majicmike]

Most of you may already know but it can’t hurt to go over this again.
The deadline for filing with NC and the Fed has been moved to July 15. There is no Penalties for paying or filing late with the IRS. There is no penalty for filing on July 15 or before with the state but if you owe taxes the interest will accrue starting April 15. Thanks Gov Cooper, that helps me a lot.
We have our taxes prepared in Feb. I never mail them a dime until April 15. Though I had some borrowed time this year.

 

[Bailey Boat]

"Borrowed Time" that's funny Mike, as we all know time marches on and as always I had mine back from my CPA in late March but withheld filing and paying until about 30 minutes ago. I like to sleep at night and couldn't until the "deed" was complete.
What's pushing me right now is 1st qtr 2020, One of my clients hasn't paid and I know the instant I file it they will....

 

[Button Pusher]

I always owe IRS and NC a small amount, I make them wait for it until the deadline.

 

[turkeydance]

agree with button pusher.

my wife is our family financial expert.
she withholds pretty close to the minimum.
we get a small refund or owe a small amount.
she finished up this afternoon.
we owe feds: $81, NC owes us: $161.

 

[GymB]

I just put together the packet for my accountant about 2 hours ago, probably gonna be late this year.

@Bailey Boat as a cash basis taxpayer if he pays you now it’s second quarter revenue anyway, and if you’re an accrual basis taxpayer you boom revenue as billed less the bad debt reserve, so in either case no need to wait on your quarterly.