Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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Still have tax due in a few days...
Still have tax due in a few days...
How does the US tax system work? Does a business pay at the start of the new year, and citizens pay in April?
You can file to extend documentation to October, if you want, as long as you paid 100% in April.
Corp: by the 15th day of the third month following the tax year (March 15 for calendar year).
LLCs-flowthrough to individual tax if single member, then there are franchise taxes (TX-in May).
Last year I had to pay a bit, then they hammered me with high estimated payments and now it looks like I overpaid.
Impossible to get it right (either you have paid too much or too little almost every time).
I have decided to pay too much on purpose every year since I got into BTC. No worries that way.
I filed my 2020 taxes in Oct 2021 with a six month extension from April 2021.
They are yet to refund me 4292 + juice say 4400 last year my fed refund came in June of 2021. This year it may come later say July.
But I do paper returns to deliberately slow everything down. If I had done online return in Oct I would have been paid around Dec 2021. They pay high interest rates than a bank does so I am hoping they refund me in August or Sept.
Oh I did file extensions for state and fed. So I do not file until Oct 2022 for 2021. I also paid estimated tax for 1st quarter. With btc and other mining my business I can roll profits into gear and pretty much write my own ticket as to what I report as profit.
Last year I added a lot of gear to offset taxes.