Bonneville America Forums Forums Off Topic Discussion Forums Lounge I'm a big dummy

Well the new year rolled around and got up, decided to go online and pay my bills I was procrastinating to do and found my tax bill. Doh! should of been paid yesterday so I could deduct it off of my 07 income taxes. crud. At 2600 usd, how much is that gonna cost me in deductions?
this is gonna be expensive.

mike

Just send a check in today with Dec. 31 as the date, no worries

Wow, thats a bad mistake. About a 500% swing savings vs. loss in that deal. Sorry to hear that.

That would work Mark but would not hold on audit. The receipt is the date the money went not the date on the check. I would try it.

OK Lamont.

Sometimes there are special rules regarding tax payments. Year assesed etc.

You may have a payment date until 15 April to be able to deduct the previous years tax payments.

Check out the IRS site, and/or talk to a CPA.

IRS site

The tax code is riddled with example. You have to have paid it. You file on April 15 but its for all money in and out for the previous calendar year. If it didn't go out in that year you cant take it.

Example from tax site FAQ: "It has to be a personal property tax, not an excise tax, in order to deduct it. Deductible personal property taxes are only those based on the value of personal property such as a boat or car. The tax must be charged to you on a yearly basis, even if it is collected more than once a year or less than once a year. To be deductible, the tax must be charged to you and must have been(((((( paid during))))) ((((((((your tax year))))))). Taxes may be claimed only as an itemized deduction on"

I don't see any prohibition from taking it on the next years taxes added to the current taxes he pays on time next year. That way its kinda like only lending the government 500 bucks for two years at 0 interest.

Ooh, I was afraid of that. Ain't I a nice guy lending the government all that money for free? I am worried about how much I'm in for.

mike