Don't Forget your Quarterlies, Due Today

[Time2]

I did, until 15 minutes ago. Realized I don't have enough in checking. I made a transaction from Vanguard to my bank, but I'm afraid it will be to slow, so moved $10k from our Heloc to the checking so I could send the money via EFTPS. Hopefully it is only a 3 or 4 day loan.

I was hoping I would make it until December before I needed to put more money into checking. Darn Taxes!

[Souschef]

I schedule the entire tax year's quarterlies through EFTPS and the similar CA site. All I have to do is make sure there is enough in my checking account to cover it.

[Time2]

Quote:

Originally Posted by Souschef I schedule the entire tax year's quarterlies through EFTPS and the similar CA site. All I have to do is make sure there is enough in my checking account to cover it.

I'll eventually get around to that, and I normally keep plenty in my checking, but I was down to my year end low and it would have bit me.

[Sunset]

Quote:

Originally Posted by Souschef I schedule the entire tax year's quarterlies through EFTPS and the similar CA site. All I have to do is make sure there is enough in my checking account to cover it.

+1

And I love that they send a reminder 3 days in advance to say a payment will happen.
Time enough to move money or cancel it, if skipping the Country

OP - If you schedule it for the year, they notify you about upcoming payments.

[audreyh1]

Quote:

Originally Posted by Souschef I schedule the entire tax year's quarterlies through EFTPS and the similar CA site. All I have to do is make sure there is enough in my checking account to cover it.

Same here. Was pulled this morning.

Quote:

Originally Posted by Sunset +1 And I love that they send a reminder 3 days in advance to say a payment will happen. Time enough to move money or cancel it, if skipping the Country OP - If you schedule it for the year, they notify you about upcoming payments.

Yes, I love the notifications. They just started this a couple of years ago and it’s a great confirmation. They also confirm when you initially schedule payments.

I actually switched to a savings account where I keep a higher balance.

I did cancel a payment once. I realized last year that I had already overpaid taxes for 2022, so I skipped Jan.

[Time2]

Quote:

Originally Posted by Sunset +1 And I love that they send a reminder 3 days in advance to say a payment will happen. Time enough to move money or cancel it, if skipping the Country OP - If you schedule it for the year, they notify you about upcoming payments.

Good to know!
Now, should I opt in for auto bill pay, for all my other bills
I had a $9.99 charge on my credit card for what I thought was a subscription for access to one group or another, the vendor name was not very descriptive. I racked my brain trying to remember what I was still paying for, as I thought I had cancelled everything. Finally figured out it was for an IPTV provider I have.

[MarieIG]

Thank you Time2. Mine went to the post office on Sunday. I try to pay a bit early.

[W2R]

Quote:

Originally Posted by Souschef I schedule the entire tax year's quarterlies through EFTPS and the similar CA site. All I have to do is make sure there is enough in my checking account to cover it.

+1

I had forgotten that anyone ever paid quarterlies without using EFTPS. Thanks, Audreyh1 for posting about EFTPS many, many years ago since that's where I learned about it. I think I might have paid my quarterlies without EFTPS maybe once at the very beginning but for me EFTPS is the way to go.

I just keep enough in my checking account at all times (to cover it any day of the year), and then I don't even have to make sure there is enough there to cover it. Sort of like not bouncing checks. All I need to do is set up EFTPS and the similar Louisiana service each year when I am doing my taxes.

Yep, just now checked and both got paid today.

[MarieIG]

Quote:

Originally Posted by W2R +1 I had forgotten that anyone ever paid quarterlies without using EFTPS. Thanks, Audreyh1 for posting about EFTPS many, many years ago since that's where I learned about it. I think I might have paid my quarterlies without EFTPS maybe once at the very beginning but for me EFTPS is the way to go. I just keep enough in my checking account at all times (to cover it any day of the year), and then I don't even have to make sure there is enough there to cover it. Sort of like not bouncing checks. All I need to do is set up EFTPS and the similar Louisiana service each year when I am doing my taxes. Yep, just now checked and both got paid today.

I have a separate, dedicated "tax account." I had been keeping more than enough in that account -but got annoyed at them paying next to no interest and bought treasuries to earn interest. More work for me but . . .

[RunningBum]

Yep, scheduled in advance, got the email notification it was coming, and I also put an entry for each payment in my spreadsheet checkbook at the start of the year (spaced down to where I think it will fall) to make sure I've got the money to cover it.

[CardsFan]

As others, I scheduled in advance. The email reminder prompts me for the state payment (MO won't let you schedule in advance)

I normally have enough funds to cover, but the email reminds me to check.

[audreyh1]

Quote:

Originally Posted by W2R +1 I had forgotten that anyone ever paid quarterlies without using EFTPS. Thanks, Audreyh1 for posting about EFTPS many, many years ago since that's where I learned about it. I think I might have paid my quarterlies without EFTPS maybe once at the very beginning but for me EFTPS is the way to go. I just keep enough in my checking account at all times (to cover it any day of the year), and then I don't even have to make sure there is enough there to cover it. Sort of like not bouncing checks. All I need to do is set up EFTPS and the similar Louisiana service each year when I am doing my taxes. Yep, just now checked and both got paid today.

I discovered it in early 2000s, maybe by 2002, and was delighted because I was sick and tired of going to the post office and filling out the certified mail forms, and dealing with mail in general.

I made a very strong push in 2004 to automate/make electronic every last financial thing I could, because we were getting ready to RV fulltime and mail would be sporadic. We really needed to do everything possible online. We were largely successful. Really got mail down to almost nothing including cancelling all print subscriptions. And Escapees Mail Service filtered out junk mail and forwarded our mail as needed.

[audreyh1]

Quote:

Originally Posted by MarieIG I have a separate, dedicated "tax account." I had been keeping more than enough in that account -but got annoyed at them paying next to no interest and bought treasuries to earn interest. More work for me but . . .

Another option is to open a high yield savings account at one of the online banks paying decent interest and use that account. EFTPS will set up a different set of log in credentials for that account but it’s straightforward otherwise. That’s what I ended up doing.

[W2R]

Quote:

Originally Posted by audreyh1 I made a very strong push in 2004 to automate/make electronic every last financial thing I could, because we were getting ready to RV fulltime and mail would be sporadic. We really needed to do everything possible online. We were largely successful.

I have been doing this (gradually) for several years because I am 75, and becoming aware of aging. If/when major health issues pop up, I want financial things like paying bills to take care of themselves automatically, as much as possible anyway.

That came in handy a couple of years ago when I had that severe case of Covid double pneumonia in Arkansas (while traveling through on a hurricane evacuation). In the hospital ICU on every medication known to man, and also temporarily half demented due to severe Covid brain fog, I didn't need to worry about financial stuff, or paying the usual household bills, because it was all automated. Nice little test.

We'll all grow older, and I like knowing that these things will take care of themselves even if/when I can't attend to them. What a huge advantage to living in the 21st century!

[marko]

I've been supposed to pay quarterlies for over 60 years. Never have. Think of, and pay the tax bill (and penalty) once a year around April 14. The other 364 days I just couldn't be bothered....I know it's stupid but it's my personal BTD.

[Masquernom]

If you miss the deadline, can't you still just pay any time? Or make two payments the next quarter?

[tominboise]

Quote:

Originally Posted by RunningBum Yep, scheduled in advance, got the email notification it was coming, and I also put an entry for each payment in my spreadsheet checkbook at the start of the year (spaced down to where I think it will fall) to make sure I've got the money to cover it.

I do exactly the same thing in my excel check register.

[audreyh1]

It goes into Quicken scheduled payments for each quarter, each of which repeats annually, so I simply update them when I schedule the next set of payments. The Quicken scheduled payments act as a first reminder.

[Sunset]

Quote:

Originally Posted by Masquernom If you miss the deadline, can't you still just pay any time? Or make two payments the next quarter?

Yes you can, but they will probably give you a penalty. Here in IL the State will also give a penalty and they are more fanatical/unforgiving about it.

[Stormy Kromer]

Thanks for the reminder. I've been paying them so long that those 4 dates are etched in my mind.