# Getting ready to not pay my taxes...



## Montana Rancher (Mar 4, 2013)

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.


----------



## Montana Rancher (Mar 4, 2013)

Old SF Guy said:


> 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.


----------



## Inor (Mar 22, 2013)

Montana Rancher said:


> 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!


----------



## Rigged for Quiet (Mar 3, 2013)

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.


----------



## PaulS (Mar 11, 2013)

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.


----------



## csi-tech (Apr 13, 2013)

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.


----------



## Just Sayin' (Dec 5, 2013)

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?


----------



## Nathan Jefferson (May 11, 2013)

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.


----------



## Piratesailor (Nov 9, 2012)

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.


----------



## Montana Rancher (Mar 4, 2013)

Just Sayin' said:


> 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.


----------



## Inor (Mar 22, 2013)

Montana Rancher said:


> 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.
> ...


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!


----------



## Just Sayin' (Dec 5, 2013)

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


----------



## Piratesailor (Nov 9, 2012)

Just Sayin' said:


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


That's correct.


----------



## Ripon (Dec 22, 2012)

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


----------



## KNUBBS (Oct 20, 2013)

Montana Rancher said:


> Ok
> 
> 2014 is going to be a very volatile time.
> 
> ...


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!


----------



## Chipper (Dec 22, 2012)

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.


----------



## Montana Rancher (Mar 4, 2013)

Ripon said:


> 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?)


----------



## PaulS (Mar 11, 2013)

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)


----------



## Boss Dog (Feb 8, 2013)

Montana Rancher said:


> Ok
> 
> 2014 is going to be a very volatile time.
> 
> ...


I'm getting money back, so I'm filing as soon as possible (for the same reason).


----------



## Ripon (Dec 22, 2012)

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.


----------



## slewfoot (Nov 6, 2013)

Old SF Guy said:


> I just don't agree to banking on a collapse of any kind. Anyone can file an extension to see if some new rule falls through the grind in the few months between April and Oct...but to expect some financial ruin to save you? forget it. Old uncle Sam knows where his bread is buttered and it ain't the uber rich...it's the middle class and he will be after you with a microscope if you try to buck him. No financial collapse is going to happen in the next 6 months because we still have a damn credit card that works. So forget 2013 taxes....pay them and get ready for 2014. If an EMP happens...it don;t matter what you paid or what you have or what you owe....your broke either way so nothing lost in paying. If it's a hack of the financial system...well all the money is gone anyway so nothing lost again. Folks...just get in the mind set that the money is what you must pay until the SHTF then it's the investments that are not electronic or money that matter...it's the things that are valuable. Maybe a case of scotch, a gun, a deer, a pig or something you can eat, drink, shoot or screw..
> The end state is this...Render unto Caesar what is caesars...pay the damn bill and focus on whats important. Show me a dollar that I can eat and I'll change my mind.


Some Intelligent thinking thrown into the mix.


----------



## Pir8fan (Nov 16, 2012)

The extension is for filing only. A reasonable estimated amount due must be paid by 4/15. The extension is not an extension for paying.

D McKenzie, CPA


----------



## Deebo (Oct 27, 2012)

I just filed. We have this W2 express. I love it. I also have used turbotax for about 5 years, so all I do is update and verify.
I will be getting a small refund. It will be used on precious metals. Mostly steel, with names like Smith and Ruger.


----------



## PalmettoTree (Jun 8, 2013)

Montana Rancher said:


> Ok
> 
> 2014 is going to be a very volatile time.
> 
> ...


Extensions do not free you from paying your taxes by 15 April. I doubt you will be charged interest or penalties because of size and odds.

What are you talking about "401k/retirement bail".


----------

