Posted on 12/03/2023 12:21:35 PM PST by ChicagoConservative27
“I don’t have time every 3 months to sit out and do taxes.”
It’s NOT every 3 months.
It’s 3 months, 2 months, 3 months, 4 months.
They sent me a tax bill for $300,000 for: a 1099 that belonged to someone else and called a stock sale done at a loss as having zero basis.
They’re f—g idiots and crooks.
I’m assured it will go away but it’s a tremendous PIMA and I have to pay my accountant for their stupidity and malice.
IIRC-—Quarterly payments are based upon 90% of your prior year’s tax burden.
IF your taxes last year were $20,000 total, then your 4 quarterly payments would have to be at least $5000 each.
the only people that might have trouble with this estimate are Athletes who have turned pro since last year.
I BELIEVE the current NO TAXES LIMIT on gifts is $15,000.
Making a “loan” of $10,000 subject to IRS interest rates would be foolish.
IF you are “loaning’ $$$ to another family member with expectations of repayment-—do a private agreement that you get the principal back-—as a ‘GIFT’ also.
Maybe so but my modest CDs pay 4.75% and 5.20%
THANKS-—
What is 2023???
2023 Gift Tax Exclusion is $17,000.
2024 Gift Tax Exclusion is $18,000.
In a change of CPAs, I may have overstated my income last year. A neighbor says I can’t change or adjust it.
Shirley you jest.
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