Tax due date is October 16 for 2022

[Bill Dufour]

Warning for most in California the date for state and federal taxes is October 16. Make sure you have paid your 2022 taxes by then if you skipped April 15.
Bill D

[Rick Potter]

We are working hard to get there by the 16th. First, there was the Covid thing, so we got the extension, then the computer program the wife uses for taxes is no longer supported, or accepted by our tax man and she had to get and learn a new program, and went through every receipt for the year again.

Next, three weeks of rolling visitors from our son and family kept her from concentrating. Then, the printer/fax we have crashed, and we bought a new one, and now at the last minute the whole family got flu like creeping crud (except for me). Finally, she managed to send the final papers to our tax man for checking and submission yesterday.

All while keeping two great grandkids three days a week and home schooling one of them, along with helping a 91 year old sick brother with doctor visits and such.

Whew, we (she) made it. Just in time for my birthday on tax day.

[Jim Koepke]

My habit of getting taxes filed before April 15th was started many years ago. Though there were a few years in my early days of tax paying someone convinced me we didn't have to pay California taxes. That is another fun story.

Candy & I have always over withheld on our earnings. This has been a help in some years when we had extra income from sources other than our jobs.

After getting married my Mother In Law did our taxes. She did taxes for a lot of people and knew what she was doing.

Now we use H&R Block. Take all of our paper work in, sit or go for a walk, it is usually done electronically… Easy peasy and it is done.

I've had co-workers, friends and family tell me, "paying on time is crazy" or "over withholding is dumb." Well usually we get a refund, which is nice, even though we haven't been needing it for years. A few years ago we owed taxes because of a real estate sale. We didn't over withhold enough to cover that.

One co-worker told me he got fined for over withholding. The IRS doesn't penalize people for over withholding. It may be a quirk in the California tax code that does. My recollection is my refund was taxed in the year after it was earned. When this was mentioned to my tax preparer about how that money was counted and taxed in the previous year they didn't have much of an answer for me. It was a small amount. One problem is my tax prep is done in Washington and the income was from California. The last few years the California Franchise Tax Board has reduced my electronic refund and then a few weeks later sent me a check for the rest. I think that has something to do with the lag in time between retirement income paper filing and trust fund paper filing. This is probably we get our taxes done as soon as we can after we have all of our paper work.

This year we will likely also have to write a check to the IRS due to a trust being dissolved.

jtk

[Bill Dufour]

If I sell stock I send in estimated taxes on the capital gain. So I send in about 20% of the gain from the sale. I send it in the same quarter it is sold. I send in about 70-% of the federal payment to the state for their estimated taxes.
BilLD