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SE Tax Deferral

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  • GastroMastro
    replied
    Originally posted by funkmstr47 View Post
    Prepping my taxes for this year and wondering if there is any reason to NOT defer SE tax. I have the money to pay now, but thanks to some peculiarities with a business savings account it would earn a worthwhile amount of interest just sitting in my bank til December. Anyone else in this scenario and are there any downsides to taking the deferral?
    I am in this scenario. I decided not to do it to avoid hassle factor. Will you need to report it later? How will you prove your later payment in December was for your 2020 SE tax deferral and not for your 2021 est taxes? Too many unknown. Not for me.

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  • funkmstr47
    started a topic SE Tax Deferral

    SE Tax Deferral

    Prepping my taxes for this year and wondering if there is any reason to NOT defer SE tax. I have the money to pay now, but thanks to some peculiarities with a business savings account it would earn a worthwhile amount of interest just sitting in my bank til December. Anyone else in this scenario and are there any downsides to taking the deferral?
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