Discussion in 'Off-topic Zone' started by Phoenix, Apr 17, 2011.
Just filed...do I win?
Nope, I file tomorrow
Im still getting mine ready :laugh2: :laugh2:
I filed Thursday. It always takes us a long time because we have to file the ranch partnership's return and our business stuff before we can do our personal stuff, anyway.
And im not filing at all which means i guess i win....at least until the IRS puts me in prison.
I filed, but haven't paid yet...does that count?
I lose.....I have filed mine and already have my refund
Same. Refund was direct deposited almost two months ago.
Same. My taxes where filed the first day you could file.
If you owe money then paying at the latest possible time is the best use of your money so you do win. =)
I have a tax professor that hasn't yet filed his taxes for tax year 2009, and the government owes him about an $8,000 refund from that year. I like to tell him he needs to go back and review the time value of money chapter from our accounting textbook. :laugh2:
That's why I waited till the bitter end to file, because I knew already I'd be owing...
Get a good tax guy and he can set you up (calculate proper withholdings) where you never owe when you file. (I don't mean one that will cheat on your taxes)
a good tax guy should explain to you that with the nature of inflation, you want to owe the maximum amount that doesn't produce a penalty.
I know exactly what you mean, but to most people; (people living check to check) that becomes a bad idea. The safest thing to do is pay what needs to be paid without owing or getting a refund each year.
While inflation and time value of money make cost-free borrowing from the government attractive, I think most people would just rather not have the psychological impact having to come up with a large sum of cash immediately every spring to pay the tax man.
It's not that...it's that Life Events during the year meant that I knew what was waiting for me on Tax Day due to losing a house to foreclosure, new job, moving, company not withholding state tax, things like that...
I always file the extension...so it will be many months for me.
The estimated taxes paid are always close enough that I don't get penalized for waiting.
Give us a much lower, but flat, income tax (12-13%) and get rid of the loopholes!
You would get far less free-loaders on both ends of the tax scale and revenues would go up.
The US has the most progressive tax code in the world--the low end rates and high end rate are radically different....yet some say they need to be even further apart (carzy, imo). Not enough people pay taxes on the low end (30% pay NO tax) so there is no ownership whatsoever in spending. Far too many on the highest end don't pay enough due to loopholes (not due to rates being too low).
Noticed a mistake in my return this weekend, so now I have to file an amended return.
Then you might win after all.
I did it about 2-3 weeks ago, for myself and my parents. This is the first year I can't be claimed as a dependent, so my parents felt it on their taxes owed.