I wish this had come out earlier Bill; like last year! I got clobbered this year all because my financial “advisor” didn’t advise me about my tax liability by leaving my money in an IRA instead of moving it to a MM acct and reclining the tax bill then. So I’ve moved, and not only got a ginormous tax bill BUT I got hit with not filing estimated taxes! Hell, I’ve never had enough money to even consider doing such! What a cluster! To add insult to injury, the IRS still hasn’t paid me what they owe me for 2022. I’ve been dealing with THAT for a year now. Needless to say, I’m beyond PO’ed.
Yes, over the years I have occasionally filed for a late return. However, once my SS# was stolen (and I’m pretty sure I know how it happened) and the monies owed me went to someone else - I now do my best to file early. IRS provides me with a PIN # every year to use now to ensure that no one else can use my SS# to file their taxes.
While I do keep property documents, it's not necessarily to document the price I paid, since that's already a public record; go to Zillow or Redfin or Realtor.com, and you can often find the last sales price of the property.
All good advice Bill. Especially not ignoring the letters. The IRS doesn’t call or email, they send a letter. Then they knock on your door if you ignore them long enough. Responding to a letter is much less stressful I’m sure, and no, I don’t know because I ignored a letter but because a friend had the job of going to visit.
This was an amazing article. Great clarity and loved the collaboration.
I'm an early bird... & believe I've always had all my documents. I was a small business owner... Never want to see notices from the IRS... never have
I of course followed the pet ownership/abandoned link. So sad
And Memphis - no surprise, except perhaps now New Orleans no longer the top?
I wish this had come out earlier Bill; like last year! I got clobbered this year all because my financial “advisor” didn’t advise me about my tax liability by leaving my money in an IRA instead of moving it to a MM acct and reclining the tax bill then. So I’ve moved, and not only got a ginormous tax bill BUT I got hit with not filing estimated taxes! Hell, I’ve never had enough money to even consider doing such! What a cluster! To add insult to injury, the IRS still hasn’t paid me what they owe me for 2022. I’ve been dealing with THAT for a year now. Needless to say, I’m beyond PO’ed.
Yes, over the years I have occasionally filed for a late return. However, once my SS# was stolen (and I’m pretty sure I know how it happened) and the monies owed me went to someone else - I now do my best to file early. IRS provides me with a PIN # every year to use now to ensure that no one else can use my SS# to file their taxes.
While I do keep property documents, it's not necessarily to document the price I paid, since that's already a public record; go to Zillow or Redfin or Realtor.com, and you can often find the last sales price of the property.
All good advice Bill. Especially not ignoring the letters. The IRS doesn’t call or email, they send a letter. Then they knock on your door if you ignore them long enough. Responding to a letter is much less stressful I’m sure, and no, I don’t know because I ignored a letter but because a friend had the job of going to visit.