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Discussion Starter · #1 ·
Ok

2014 is going to be a very volatile time.

I expect a bank bailout or at least a 401/retirement bail in in the first 6 months.

SO if I owe taxes for the 2013 period, I am thinking of filing extensions until October to see if the system holds up long enough to collect what I owe.

Opinions? I hope you have considered this.
 

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Discussion Starter · #2 · (Edited)
Definitely at least file an extension...to not do so would be catastrophic. It is perfectly legal and allows time for other to complain and get laws changed. but also puts you in a smaller pool of folks for potential audit...be ready for that. or better yet use a reputable tax attorney/organization to sign off and certify your return lessoning the risk the IRS will attack you knowing they will face an attorny equally as trained in the BS that is our TAX CODE
I have used the same CPA for about 20 years, and I fully understand what your are saying. I have Several corporations, LLC's , Sub S's, etc that take advantage of the growth opportunities that are afforded to my by the current tax law (or in other words deductions)

But my MO is I always file and pay my taxes as late as I can so I feel for me it is as expected and good plan.

FYI I don't cheat on my taxes, I run a sound ship and can justify all my enterprises.

My point is..

You do NOT have to file your return on April 15th... With the proper paper work you can extend it out into the fall and I am guessing the currency will collapse before then.

If it doesn't you will owe a slight penalty but even that amount will most likely be recouped verses inflation for the same year.

Think about it.
 

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I have used the same CPA for about 20 years, and I fully understand what your are saying. I have Several corporations, LLC's , Sub S's, etc that take advantage of the growth opportunities that are afforded to my by the current tax law (or in other words deductions)

But my MO is I always file and pay my taxes as late as I can so I feel for me it is as expected and good plan.

FYI I don't cheat on my taxes, I run a sound ship and can justify all my enterprises.
Always file an extension. ALWAYS. It is your patriotic DUTY to not pay your taxes until the last possible instance. - Even though we do have to pay them, remember, they use your taxes to restrict your own freedom. If you can cost them a few bucks on interest by paying late without penalty - do so. Your accountant will say that any taxes owed must be paid by 4/15 to avoid penalties. But if they really sharpen their pencil, they can avoid those too.

Income taxes, although they are Constitutional, are absolutely against the Founders ideals. It is your obligation as a real American to avoid or delay them within all measures of the law. Eff 'em!
 
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I took a stand last year. My balls and bank account are still bruised and battered. That fight ain't over, even though it will likely cost me more in legal fees than what I will/can get back.
 

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I will file as I always do but In the last few years I have had no "taxable" income. I was told last year that although my income is more than high enough to require me to file that I didn't have to unless I had "taxable" income.
 

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I paid Obama plenty so far this year. I anticipate a little refund and he'd better pay it on time or I'm attaching penalties and interest.
 

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Ok, let me get this straight...

I've filed for extensions several times in the past, but my CPA has always told me that I have to pay the estimated tax by 4/15. Am I missing something here?
 

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While filing an extension is good, I wouldn't hold my breathe waiting for a currency collapse sometime next year. We still have a few more painful years left, the dollar won't be the first to go - the yen, euro and/or the BRIC currencies will go like dominoes.

Then the dollar will limp along for a few years while others fall and then eventually the dollar will go - with the majority of people begging for someone to save them and that someone will most likely be from the world bank(or similar) pushing SDRs or a new world currency.
 

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Unless you know your getting a refund.. I want it now. Lol.

Retired now but used to receive a K1 from my firm. I was a partner. It took until about July to get them issued and until October or November for my accountant to get it all filed.
 

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Discussion Starter · #10 ·
Ok, let me get this straight...

I've filed for extensions several times in the past, but my CPA has always told me that I have to pay the estimated tax by 4/15. Am I missing something here?
You are correct if you owe taxes you need to pay them by 4-15 or pay a penalty and interest on the late payment. I feel a couple reasons not to pay up front.

1. put the money in Silver and I expect it will go up by next fall.
2. The dollar will default and I won't have to bother paying them.

Worst case I will pay them in the fall like I always do and nothing has changed and I owe a little penalty and interest.
 
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You are correct if you owe taxes you need to pay them by 4-15 or pay a penalty and interest on the late payment. I feel a couple reasons not to pay up front.

1. put the money in Silver and I expect it will go up by next fall.
2. The dollar will default and I won't have to bother paying them.

Worst case I will pay them in the fall like I always do and nothing has changed and I owe a little penalty and interest.
Damn straight! Plus, not having your money for almost a whole year longer hurts them a lot more than a little penalty and interest hurts you!
 

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Ok, so basically I don't have to pay the estimated taxes on 4/15, and just pay a penalty and interest in Oct?
 

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I'm confused....you see something happening between now and 10/15/14 that would change what you pay? How so?
 

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Ok

2014 is going to be a very volatile time.

I expect a bank bailout or at least a 401/retirement bail in in the first 6 months.

SO if I owe taxes for the 2013 period, I am thinking of filing extensions until October to see if the system holds up long enough to collect what I owe.

Opinions? I hope you have considered this.
Honestly, I am not knowledgeable when it comes to taxes. Can one file for an extension if they are not an entrepreneur? What are the benefits of doing this, other than delaying the forced forfeiture of my capital?

Thanks!:D
 

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I'll get mine in as soon as possible to get "MY" money back. That way I can take the worthless money and buy some more supplies before the collapse.

But in your case I agree keep the funds in the bank and draw interest as long as possible.
 

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Discussion Starter · #17 ·
I'm confused....you see something happening between now and 10/15/14 that would change what you pay? How so?
Let me sound out a few scenarios...

A bail in of the banks, retirement accounts and a bank closure. (OK that is a lot of scenarios but they are all valid points)

A collapse of the banking system

A war in the middle east leading to a crash in the banking system.

A hack of the financial system or the Government computers.

Martial Law

EMP or a national grid shut down

Martial law (oh did I mention that already?)

Government / bond defalt

Martial law (are you seeing a pattern?)
 

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Good luck on the evade and escape MR! I hope you're right because then my property taxes might disappear too. (well, it's worth hoping for)
 

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Ok

2014 is going to be a very volatile time.

I expect a bank bailout or at least a 401/retirement bail in in the first 6 months.

SO if I owe taxes for the 2013 period, I am thinking of filing extensions until October to see if the system holds up long enough to collect what I owe.

Opinions? I hope you have considered this.
I'm getting money back, so I'm filing as soon as possible (for the same reason).
 

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Well thanks for the honest answer. I just don't see them happening. A hack, EMP, or some kind of terrorist event could be at any second. I would bet that next year at this time our economy is no better or worse than now.
 
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