Lee B Posted July 7, 2021 Report Posted July 7, 2021 "Congress introduced bipartisan legislation aimed at changing the estimated tax payment deadlines to a uniform, quarterly schedule. Rep. Debbie Lesko, R-Arizona, and Bradley Schneider, D-Illinois, introduced the Tax Deadline Simplification Act on Tuesday. The legislation would set the estimated tax installment deadlines to 15 days after the end of each quarter, moving the deadlines to Jan. 15, April 15, July 15, and Oct. 15. It would affect individual taxpayers, small businesses, estates, and trusts." This makes a lot of sense! 6 1 Quote
Abby Normal Posted July 7, 2021 Report Posted July 7, 2021 It should be 30 days, so you pay your taxes on 4/15 and pay your first estimate on 4/30, but it doesn't matter, because this will never pass. Some accountant will calculate how much interest it will cost the government to delay the 2nd and 3rd quarter payments by a month and it will be too large of a number. Abby Downer (wah wah) 1 Quote
Lee B Posted July 7, 2021 Author Report Posted July 7, 2021 1 hour ago, Abby Normal said: It should be 30 days, so you pay your taxes on 4/15 and pay your first estimate on 4/30, but it doesn't matter, because this will never pass. Some accountant will calculate how much interest it will cost the government to delay the 2nd and 3rd quarter payments by a month and it will be too large of a number. Abby Downerbout this (wah wah) Well, if we are going to be logical about this, then I would pick dates when very few other taxes are due, because in my state all of the quarterly state and local taxes are due on the last day of the month following the end of a calendar quarter. Therefore I would pick May 31st, August 31st, November 30th and February 28th for quarterly estimated income tax payments. Quote
Lion EA Posted July 8, 2021 Report Posted July 8, 2021 cbslee: Is your order 1, 2, 3, 4, meaning 4Q2021 is due 15 October, in advance? Then the government gets the float. Otherwise, Abby sees the flaw! Quote
Lee B Posted July 8, 2021 Author Report Posted July 8, 2021 20 minutes ago, Lion EA said: cbslee: Is your order 1, 2, 3, 4, meaning 4Q2021 is due 15 October, in advance? Then the government gets the float. Otherwise, Abby sees the flaw! No, 4th quarter would be due Feb 28th instead of Jan 15th Quote
Lion EA Posted July 8, 2021 Report Posted July 8, 2021 7 hours ago, cbslee said: "Congress introduced bipartisan legislation aimed at changing the estimated tax payment deadlines to a uniform, quarterly schedule. Rep. Debbie Lesko, R-Arizona, and Bradley Schneider, D-Illinois, introduced the Tax Deadline Simplification Act on Tuesday. The legislation would set the estimated tax installment deadlines to 15 days after the end of each quarter, moving the deadlines to Jan. 15, April 15, July 15, and Oct. 15. It would affect individual taxpayers, small businesses, estates, and trusts." This makes a lot of sense! No, 4th quarter would be due Feb 28th instead of Jan 15th So, what's Jan. 15? 3Q? Quote
Randall Posted July 8, 2021 Report Posted July 8, 2021 This makes sense to me. I never understood the June & September dates. 1 Quote
Lion EA Posted July 8, 2021 Report Posted July 8, 2021 And, my clients don't get the dates, no matter how I remind them. 2 Quote
Corduroy Frog Posted July 10, 2021 Report Posted July 10, 2021 I believe the big problem preventing passage is the Sept 15th deadline, as it collects money in advance of the Govt fiscal year ended Sept 30th. Quote
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