I have a house closing coming in April and want to save on some cash. Just did a rough math and looks like I owe ~7k to IRS for 2022.
Can I delay filing my taxes to like May or June? How bad is the penalty and anything concerning with this approach?

likeuplifting
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Pay your tax on time. Paying a penalty for late payments is a bad idea

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File your taxes and choose a payment plan.

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You can opt for monthly payments for upto 6 months instead of 7k lump sum. That is what i did last year

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Sounds like you aren’t ready to buy a house

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Your house closing personal financial Statement will have a spot for money owed to the IRS. Unless you lie, it is coming up anyway.

Hmmmm, I’m trying to remember something our lender did at closing 15 years ago. We had agreed on a lower house price but in exchange for paying full price, the seller paid the closing costs so we had extra $ in the bank just a slightly larger loan. So see if you can tack the closing costs onto your loan and not pay out of pocket? Sorry, it’s stressful having both happen in the same month.

Yes 💯. Thanks

Thanks folks. Payment plan and doing a lump sump is a good idea. I should be able to pay it upfront but don’t want to take up any extra headache with closing and stuff

More Posts

Outside of SWE, which roles at FAANG would surpass MBB comp?

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Guys... The variable component in SAP labs.... % of total Target cash... How is this paid annually... For example.. if i join in September... When can I expect this and is it paid based on number of months i worked in the financial year?

Kindly provide more clarity.

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MBB & Kearney Folks,
I just went through LinkedIn and i figured out that mostly all of you are from either of IIM Ahmedabad, Banglore or Calcutta. It kinda demotivated me and have lost hope to even think that i can be a part of MBB someday as i am from tier 2 IIM.
My dream job was to work with MBB as a consultant. Currently, i am serving notice period with more 30 days left to end and trying hard to get any call from MBB but still awaiting. Any guidance please?

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Any tips on actually getting a recruiter on LinkedIn to respond? I take that extra step to find and reach out to recruiters for companies like Apple, Microsoft, GS, BofA and I just get my message read and ignored. Was told all my life to take initiative and take the extra step especially as it relates to work and getting a new job. Doesn’t seem to apply. My female friends on colleagues seem to always get replies though 🤔

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Recommendations on apps to use for the gym? Looking for programs that will tell me what machines to use, at what intervals, etc for a week of workouts

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Do they decorate for the holidays where you work? I work at a pretty large hospital and they do the eaves and the trees outside, but I'm thinking of making some paper snowflakes and maybe getting a mini tree for the nurses station. Good idea? I don't want to offend anyone just thought it could bring some holiday cheer as corny as that is.

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Where do you buy good quality T-shirts? I’m getting a promo and it’s time I graduate from Target.

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LEK just gave 10% raises to all junior staff to match MBB 🤪

likesmart

EY Deloitte Genpact Newco Need Job Referral, Thanks in Advance

Post Photo
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Awarded Inc. Magazine's Best Workplaces 2022!

AccountingDepartment.com is the leader in outsourced virtual accounting services for businesses - and our family is growing! Perhaps your next career adventure awaits! DM me with any questions.

https://jobs.jobvite.com/accounting-department/jobs/#/p/list

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Between the pandemic and the rise in mass shootings/general violence, has anyone else been thrown into an existential crisis?

likesmart

Not sure if this is the right bowl to ask but is anyone here willing to case with me? Have an upcoming interview with BCG. No pressure, only if you have time and if you want to help someone get through case interviews :) currently in the UK!

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Who based in North America is looking for a business development role?

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What is the max salary to be expected at SM level in PWC or EY?

likefunny

From “The Skilled Facilitator,” this mindset listed here, is what the author determines as the LEAST effective mindset and approach, for accomplishing Group goals, does this sound familiar? 😆

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To Google peeps, I've an upcoming interview on Cognitive Ability. Could anyone shed some light on what kind of questions that may be asked? Thank you!

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Snickerdoodle Cookies - Anyone have a good recipe they normally use that they can share?

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If you leave the firm within a year of receiving your bonus from the CPA or CISA, do you get to keep the bonus?

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Working for casual apparel clients and need to dress more trendy casual. Need recommendations on nicer jeans and shirts to fit the part so I can stop the dress shirt tucked into jeans and dress shoes

Additional Posts in Personal Investment Chatter

Investment newbie - QQQ vis vanguard? .2 expense ratio. Is this higher (than other platforms) bc not a stock or vanguard fund? Stupid to invest thru vanguard or literally no difference?

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Has anyone avoided getting a real estate agent to negotiate a lower price/credits worth the commission while buying a house? How did you go about managing the transaction?

Adding money monthly, in the long run, wealthfront or s&p 500 ETF?

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I'm single and don't plan on any big investments for at least 2-4. Got $20k+ sitting in my credit union savings acct that I'd like to put elsewhere. Advisable to put it in a mutual fund?

Net worth just crossed $500k!

likeuplifting

Looking to invest $30k but only for a year before I want it liquid again. Any advice on what to do with it? Prefer safer options but want to make a little more than it sitting in savings

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What are the tax advantages of contributing post-tax to your 401k up to the $55k limit after you’ve reached the $18.5k pre-tax limit (if your employer offers post-tax contributions)?

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I have 5K leftover to invest after retirement accounts. Should I put it in individual stocks, index funds, crypto or a combination of all 3?

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Decent cryptos to invest in other than btc and eth?

likefunny

I booked profits from the stock markets around Christmas 2020 thinking that there will be correction which will let me re-enter positions. Now I am FOMOing while sitting on a pile of cash for thr last 2 months. Please suggest the best way forward? Wary of mistiming market moves but also don't want inflation to eat away assets.

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Relocating to AZ. Neighborhood recommendation for a family with a kiddo please. First looked into Scottsdale but out of our price range. Need to commute to Phoenix. How is Peoria or Glendale? Safe?

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Do you incorporate your values into your investment choices? If so, how?

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Noob question:
Is it redundant and unnecessary to invest in both VTI (Total Stock Market Index) and VOO (S&P 500 Index)?

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I have about 10k to invest. Should I just go all in on VTI or VOO?

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Anyone here get paid bi-weekly but budget on a monthly basis? How do you account for the lack of cash flow until the month with the third paycheck hits?

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Got my first regular paycheck at the new job at 145k vs 110k and its not nearly as much more as I thought it would be - is that normal? Feeling discouraged and like I need to make significantly more to really move the needle

likefunny

Earnings for this week..!!

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Thoughts on investing retirement accounts in a highly leveraged index fund? Would like to be more aggressive than a standard S&P 500 index fund but don’t want to pick out individual stocks. Good or bad idea?

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I have a Rollover and SEP IRA alongside my current 401k.

My Roth account has the lowest balance because historically I've taken the tax deduction for pre tax contributions to the SEP and Rollover.

I understand if I contribute the money to Rollover and then backdoor to Roth, I will pay tax pro-rata based on the contribution percentage of total Rollover/SEP account balance (majority tax on funds that have grown).

Q: Can I open another traditional IRA solely for the purpose of the backdoor?

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