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| Peanut M&M's helped during the ordeal. |
By July 15th we had done 99% of the work. However, we filed the three-month extension to scrounge for more charitable and business deductions in the pile of credit card receipts.
After a few hours I quit, since at most I would be able to come up with a couple of hundred dollars of tax savings.
I did take the time to fill out Forms 2210 and 5805, the estimated-tax underpayment worksheets for the U.S. and California, respectively. The 2019 balances due on July 15th were sizeable, but our income was skewed to the 4th quarter, not smoothed throughout the year which is the default assumption for the underpayment penalty.
If taxpayers receive a lump of income in the fourth quarter, they couldn't have been expected to know ahead of time when making earlier estimated-tax payments, so the tax code allows them to pay as they go. (There is an estate-tax joke in there somewhere.)
I've been enjoying the feeling of relief from the burden. Next week I'll start compiling the information for the 2020 returns.
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