Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Procrastinating on taxes after ER
Old 03-27-2014, 01:13 AM   #1
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,668
Procrastinating on taxes after ER

Tomorrow is my one year anniversary for hanging it up at work. I haven't even started my taxes yet even though I usually have already received a refund by this time of year. I'm curious if anyone else finds themselves procrastinating more after ER on taxes or anything else they used to do promptly?
__________________

__________________
Dash man is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-27-2014, 03:45 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,615
I guess I always procrastinated, so no change. Years ago, I got a corrected 1099 in the summer, so ever since I wait until April 14 or so to file my extension request and then file my return in October. That way I don't have to worry about a late 1099 causing me to file an admended return.

Another thing I wait on is the "check engine light" in my car. I let it go for about a year before I do anything about it.
__________________

__________________
LOL! is offline   Reply With Quote
Old 03-27-2014, 06:06 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,446
No.

The opposite as after ER I had the time.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is online now   Reply With Quote
Old 03-27-2014, 06:20 AM   #4
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,668
Quote:
Originally Posted by audreyh1 View Post
No.

The opposite as after ER I had the time.
I think having the time is part of my problem. I don't have to "fit" it into my schedule, so i put it off.
__________________
Dash man is offline   Reply With Quote
Old 03-27-2014, 06:27 AM   #5
Thinks s/he gets paid by the post
Brett_Cameron's Avatar
 
Join Date: May 2011
Location: South Eastern USA
Posts: 1,010
I procrastinate on taxes after ER as well.
__________________
All that glitters is not gold. -G. Chaucer, W. Shakespeare
All that is gold does not glitter. -J.R.R. Tolkien
Brett_Cameron is offline   Reply With Quote
Old 03-27-2014, 06:29 AM   #6
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,406
Ben Franklin said "If you want something done ask a busy person"

I don't procrastinate, but I do take my sweet time to do things. When working I didn't have time for leisure and since retiring have tried to make up for it.
__________________
MichaelB is offline   Reply With Quote
Old 03-27-2014, 06:30 AM   #7
Thinks s/he gets paid by the post
Dash man's Avatar
 
Join Date: Mar 2013
Location: Limerick
Posts: 1,668
Quote:
Originally Posted by LOL! View Post
I guess I always procrastinated, so no change. Years ago, I got a corrected 1099 in the summer, so ever since I wait until April 14 or so to file my extension request and then file my return in October. That way I don't have to worry about a late 1099 causing me to file an amended return.
We get a corrected 1099 most years in early March, so we're usually safe to file by then. I don't recall ever getting one later than that. Since I'd have to do my taxes to make sure I didn't owe anything before April 15, I'd just as soon file them and get it over with...unless I find myself procrastinating even more with the risk of paying penalties if I owe.
__________________
Dash man is offline   Reply With Quote
Old 03-27-2014, 06:55 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,854
Quote:
Originally Posted by audreyh1 View Post
No.

The opposite as after ER I had the time.
Same here, but not just because I have the time. As an early retiree, I pay nearly all of my tax payments via estimated taxes so I am monitoring my taxes throughout the year. By the time I get to late January of the following year, I already know what my tax return will look like. If I am not itemizing my deductions, as is the case for my current 2013 tax return, I don't have to wait for my 1098 form to arrive, only the 1099s.

I always owe several hundred dollars (no sense intentionally overpaying my estimated taxes just to get a refund LOL!) so I don't actually finalize my draft version until the end of March or early April (as in, around NOW) after my March monthly dividends arrive.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 03-27-2014, 07:58 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,958
Quote:
Originally Posted by audreyh1 View Post
No.

The opposite as after ER I had the time.
Me too. I've always done ours as soon as I have all the "paperwork," usually the first or second week in Feb. I almost always owe, by design. Retiring hasn't changed how I treat taxes at all.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 03-27-2014, 08:06 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,582
Quote:
Originally Posted by LOL! View Post
Another thing I wait on is the "check engine light" in my car. I let it go for about a year before I do anything about it.
Bad idea.
I think you should take care of that immediately. A small square of black electrical tape will fix the problem in under a minute.
__________________
braumeister is online now   Reply With Quote
Old 03-27-2014, 08:06 AM   #11
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,065
When working I usually tried to get mine done by the end of March. Now that I'm retired I try not to wait beyond the end of February. Earlier filing also reduces your chances of identity theft and having someone file a false return for a big refund, something that has apparently become a very big problem.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 03-27-2014, 08:18 AM   #12
Full time employment: Posting here.
VaCollector's Avatar
 
Join Date: May 2007
Posts: 544
I was an accountant in my w*rk days and had NEVER missed a deadline for filing my personal taxes…until…

Last year, I actually filed an extension…no real reason other than laziness…and then almost missed that deadline

Not gonna be much better this year
__________________
VaCollector is offline   Reply With Quote
Old 03-27-2014, 09:04 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,387
The opposite for me. When I was working I would normally file just before the deadline.

In retirement I am doing Roth conversions to the top pf the 15% tax bracket so in order to do that I essentially have my tax return done in late December before I do my Roth conversion for the year. I realize I could do a generous Roth conversion and then recharacterize any excess, but I'm not very keen on recharacterizations and the complications they create.

So for my return I just plug in the data as the forms come in in place of the estimates I had as of late December (most are spot on). I filed on March 5th and each return had a small overpayment that I applied to 2014. I would have filed earlier but we were away from home until the end of February.

That and I have the time to do it now so I have no good excuse.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is online now   Reply With Quote
Old 03-27-2014, 09:20 AM   #14
Thinks s/he gets paid by the post
 
Join Date: Jul 2012
Location: Mississippi
Posts: 1,878
No change. I never file until the 15th, probably because I never get refunds.
__________________
rbmrtn is offline   Reply With Quote
Old 03-27-2014, 09:23 AM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 7,882
Back while w*rking, I'd get a big jump on taxes and get that done early, not knowing how busy I'd be come April. In ER, was still doing taxes early, but one year did so before getting all the 1099's and the other before a corrected 1099. So now I wait until at least March to start.

For this year, my taxes are already done and filed and set April fools day as when to have the payment taken from my checking account.
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
easysurfer is online now   Reply With Quote
Old 03-27-2014, 09:40 AM   #16
Full time employment: Posting here.
sailor's Avatar
 
Join Date: May 2005
Location: Atlanta suburbs
Posts: 881
I'm always procrastinating, because I get corrected 1099 all the times.
I just had one came with different qualified dividends amounts for IJS, IJR and VEU.
Also I don't file before March 15, because of potential of 401k plan failing top-heavy tests and getting refunds of your own contributions.
__________________
sailor is offline   Reply With Quote
Old 03-27-2014, 08:24 PM   #17
Full time employment: Posting here.
 
Join Date: Jan 2008
Posts: 882
Pretty consistent - normally file in late September/early October. Have been doing this ever since I was an expat and never had the paperwork to file early.
__________________
jebmke is offline   Reply With Quote
Old 03-28-2014, 08:28 AM   #18
Recycles dryer sheets
SteveL's Avatar
 
Join Date: Aug 2005
Posts: 380
Since we don't have pensions or other income which has taxes withheld, we have to pay estimates. I use TTax to model taxes so I can be close. Since I know what my tax situation is, and I am not getting a refund or I have to pay a little, there is no hurry. This way there is more time to read about all the folks struggling to get their refund......
__________________
Retired -- 2001
SteveL is offline   Reply With Quote
Old 03-28-2014, 09:04 AM   #19
Full time employment: Posting here.
BTravlin's Avatar
 
Join Date: May 2010
Posts: 994
Had always done it by early to mid February prior to ER but have definitely procrastinated this year. Just got everything out yesterday. Too many fun things to do other than taxes!
__________________
Wherever you go, there you are.
(In other words, no whining!)
BTravlin is offline   Reply With Quote
Old 03-28-2014, 11:30 AM   #20
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,822
Gosh no, I don't procrastinate more about doing taxes now that I am retired, compared with when I was working! Doing taxes is a big milestone for me each year, now that I am retired.

This year I did both federal and state income taxes on February 3rd, the day after receiving the last document I needed, and received my tiny refund from the IRS on February 10th. Louisiana is way behind and didn't send my even more miniscule state refund until March 3rd.

When I was working, I probably would not have even realized that I had all the documents needed until later in February. Too many distractions.
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Being a lazy, procrastinating slob can lead to higher efficiency. thefed Other topics 34 11-16-2010 03:34 PM
Taxes, Taxes. Taxes mickeyd FIRE and Money 1 02-09-2008 01:18 PM
Taxes after ER tnedator FIRE and Money 0 03-12-2007 08:17 PM
updated 1099s after filing taxes maddythebeagle FIRE and Money 6 03-16-2006 04:05 PM
I Bond return after taxes mark FIRE and Money 17 10-31-2005 07:01 PM

 

 
All times are GMT -6. The time now is 06:36 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.