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Holding off on making anymore quarterly tax payments.

October 17, 2023 02:16AM
With what is happening in the middle east, another government default might happen....I'm holding off on making another quarterly tax payment. I've already paid about half I owe. I also think the 1099 issue will make a mess of filing for many and the IRS will be overwhelmed.

Edited 1 time(s). Last edit at 10/17/2023 02:17AM by johnb974.
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More About Payment
October 17, 2023 04:02AM
Take care of your delinquent debts yet?
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October 17, 2023 04:07AM
@boridi wrote:

Take care of your delinquent debts yet?

That judgement ends in 2025. I can't afford to pay them.
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October 18, 2023 12:34PM
I don't believe there's ever been a time in US history that this has happened.
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October 18, 2023 06:01PM
Would you be able to create a paper trail of the filing? Even if something went awry with the fed or the IRS, you would have filed and could prove that. Could this be better than failing to file?

My garden in England is full of eating-out places, for heat waves, warm September evenings, or lunch on a chilly Christmas morning. (Mary Quant)
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October 18, 2023 06:58PM
There is no “issue” with 1099s. They will not overwhelm the IRS. Many submitted taxes have multiple items that are included on the form. As long as the tax form is filled out correctly and includes all your income (If you got a 1099 or not.) there should be no issue.

Also, anything to do with taxes and the IRS……. Responsibility to file correctly is alway on the individual filer, NOT the IRS.

Edited 1 time(s). Last edit at 10/18/2023 10:02PM by yoya301.
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October 18, 2023 11:07PM
I'm not sure what you expect to happen but it's going to be worse for you than for the rest of us if you pursue that course.
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October 19, 2023 12:47AM
HUH?
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October 22, 2023 04:17AM
@johnb974 wrote:

With what is happening in the middle east, another government default might happen....I'm holding off on making another quarterly tax payment. I've already paid about half I owe. I also think the 1099 issue will make a mess of filing for many and the IRS will be overwhelmed.

John, I advise you to pay your estimated tax payments timely.
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November 15, 2023 08:11PM
Just saw this thread. What will happen is if you have paid incorrectly you will face an additional penalty and interest for the period of time you missed. With all the quasi legal sounding justifications you seem to want to convince yourself are legal in all aspects of your life, and even after others say no, this tactic of yours might get you on the audit list. Most people do not want to shine an IRS light on themselves. So all those little things you have decided are legal will be scrutinized more closely.
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November 15, 2023 10:22PM
The problem is, I had a friend send me $9000 as a gift to my PayPal business account. If I pay estimated taxes on that I will over pay. The gift is not taxable. I now have to prove it was a gift.
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November 15, 2023 10:26PM
Have you friend provide a letter stating so and notarized.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.
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November 16, 2023 01:15AM
@walesmaven wrote:

Have you friend provide a letter stating so and notarized.

I have the e-mails showing the amounts and it's a gift. This is the mess making pay apps report 1099's.
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November 16, 2023 02:58AM
John I certainly agree with you there about a confusing mess. 2023 will be the first year when I have earned over $600 for any one company and most of my companies pay thru paypal. So I am expecting to get a 1099 from them this year and perhaps also from the msc. It will be interesting to see if paypal includes all my reimbursements. I intend to ignore whatever I get in 1099's and just use my own careful records. But yes, if the reason for paying estimated tax is a gift, then that makes a big difference. I do not have a business account with paypal. The msc just pays into my everyday personal account. That account has the potential to have much more than business income coming into it so there must be some code or something when a business payment takes place thru a paypal account. Otherwise how do they know your friends are not just paying you back for laying out the amt of the dinner bill? I guess I will find out this year.
@johnb974 wrote:

@walesmaven wrote:

Have you friend provide a letter stating so and notarized.

I have the e-mails showing the amounts and it's a gift. This is the mess making pay apps report 1099's.
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