Taxes!!

[Andy J]

You are right on Wifezilla.I could never understand why someone wants to give the federal government a tax-free loan.People need to wake up.

I can surely handle money in a better way than the goverment.If I want to waste that money,I can certainly do it myself and probably get a little fun or satisfaction from it.

 

[abifae]

*

 

[Bethanial]

Just a side note (from a paid tax preparer ), IF you itemize, and a handful of other things, this year you have to wait until 28 Feb to file - due to the last minute extensions of some of the tax credits that were set to expire. So the systems have to be set up to handle 'em.\

And I've never owed federal, but I've owed state before.

 

[Javamama]

The 28th? Seriously?!? Way to go government
We get a large refund every year too - it just seems to work out that way even though we make all the w-4 adjustments and such. We try to take home as much as we can per paycheck. It never bothered me before, but now with states sending out IOU's we will be even more proactive to get it all in the paycheck.

 

[2dream]

Owing the IRS to me is scary. Once upon a time in a land far far away I somehow ended up owing 10 cents unknowingly to me. I think I may have transposed some numbers on a check to them. Well, apparently the IRS does not send out balance due notices until you owe them at least a dollar. However, in my case they did not notify me until the balance reached a little over 27 dollars. At which time I called and said - What the heck is this? I immediately put a check in the mail for the exact amount they said I owed. 2 years later I recieve another letter informing me I owed more money. Why, well penalties and interest on the 10 cents minus the 27 dollar payment. LOL They added more penalties and interest because it took 5 days from my phone call date to the date they recieved my payment. Yep, you guessed it. I had to pay. However, I sent them 10 dollars extra for just in case. They had to send me a check for the difference but by george I got them their money. Now I try to make sure I never owe them. I much prefer they owe me. Just to avoid the hassle I will even accept and IOU from them.

 

[FarmerChick]

You are right on Wifezilla.I could never understand why someone wants to give the federal government a tax-free loan.People need to wake up.

I can surely handle money in a better way than the goverment.If I want to waste that money,I can certainly do it myself and probably get a little fun or satisfaction from it.

read my post and you might understand why
lol

each situation is very personal on the financial front

 

[THEFAN]

I love my accountant.

If I'm getting to the point of owing that yr he let's me know what I have to do so I don't. I was going to owe this yr so I bought a truck instread. Rather give myself the money than the gub.
Yes the system is set up for self-employeed.

I'm still trying to figure out how I can right off night vision. coyotes???

 

[glenolam]

Just a side note (from a paid tax preparer ), IF you itemize, and a handful of other things, this year you have to wait until 28 Feb to file - due to the last minute extensions of some of the tax credits that were set to expire. So the systems have to be set up to handle 'em..

I do all our taxes with on-line software and just had to look this up since I usually like to have ours done by the end of January -

Here's what I found

"The Internal Revenue Service plans a Feb. 14 start date for processing tax returns delayed by last months tax law changes. The IRS reminded taxpayers affected by the delay they can begin preparing their tax returns immediately because many software providers are ready now to accept these returns.

......

The delay followed the Dec. 17 enactment of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which extended a number of expiring provisions including the state and local sales tax deduction, higher education tuition and fees deduction and educator expenses deduction.

What this means is that you can start your tax return any time you'd like, but make sure your preparer or software is updated with the law changes AND remember that even if you submit/finalize your return it won't be submitted to the IRS until Feb. 14th. :/

 

[Dunkopf]

no I disagree for my situation

I get a little over $6K back each year. I can not, will not and won't bank this "extra" $6K by myself. I already bank money from our paychecks, but I would NOT bank this extra money from this refund.

So I get $6K back and yes I am not worried that it won't be there. Sure it will lol I am more than willing to take my chance on it lol

this $6K is a blessing big time when I get that check! I cash it and roll in the cold hard cash all over my bed well, not really tho--but I sure take some wonderful beach vacations and other vacations

So for me, I will always do this and it works best for my family situation.

Between our mortgage and 5 kids at home, we always get at least 6k. Most of it is child tax credit. That's why I didn't grumble too much about the rich people getting their 3% tax break. If they would have done away with the Bush tax cuts the child tax credit would have gone away too.

We love tax time. That's when we make any needed improvements and pour some water on the credit cards before they explode.

My company never gets w-2's out before 1/31. Always right on the dot.

 

[glenolam]

I agree with both sides of the story here - I understand it's crazy to some to give the government our hard earned money for free, but also understand that for some it's really hard to take the extra $40-$100 a month and put it where you WON'T touch it. Saving is really hard for some; take my mother for example. She could make that return stretch as far into the year as she could, but never could keep a dollar in the savings account. Luckily, I've learned how to do the opposite, but my better half is on her side and thinks we should be getting back waaaayyy more than we always do. I just tell him let's have more kids!