Taxes

pmanton

pmanton

Final Approach
PoA Supporter
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I filed my tax return on the fifth, and the refund is already in the checking account.
I had expected a long delay but was nicely surprised.
 
pmanton said:
I filed my tax return on the fifth, and the refund is already in the checking account.
I had expected a long delay but was nicely surprised.
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obviously you didn't do a paper return

(24 months and counting...)
 
Bob Noel said:
obviously you didn't do a paper return

(24 months and counting...)
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Your return may have disappeared in the mail. Call the IRS and see if they received it. If they have not, they are charging interest and penalties, which are very hard to remove. Been there, done that.
 
geezer said:
Your return may have disappeared in the mail. Call the IRS and see if they received it. If they have not, they are charging interest and penalties, which are very hard to remove. Been there, done that.
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thanks.

Actually, I have talked to an IRS person a couple of times (both times it was a friendly voice on the phone). I know they have the return, last I checked it was bouncing between 2 groups... sort of like a race condition... but more like you-take-it-no-you-take-it-first.
 
asicer said:
A failure to properly calculate your withholding.
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I have extra taken out of my payroll because I don't know what my dividends are going to pay during the year and those don't have taxes taken out. So unless you can predict what dividends are going to be...
(I wouldn't be posting this because I would have made so much trading I'd be associating with a higher class of people. :D )
 
asicer said:
A failure to properly calculate your withholding.
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or the type of income has a required withholding well in excess of your tax liability.
 
Some of the Schedule K's I don't even get until late September. I don't expect this year to be any different.
 
I'm taking a big hit. While I safe-harbored my estimated payments, capital gains last year are a beast and I'm going to owe.
 
EdFred said:
I have extra taken out of my payroll because I don't know what my dividends are going to pay during the year and those don't have taxes taken out. So unless you can predict what dividends are going to be...
(I wouldn't be posting this because I would have made so much trading I'd be associating with a higher class of people. :D )
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I use estimated taxes to account for this. Q4 is always impossible to predict. But estimated taxes allow a payment on Jan 15.

This year I’ll owe a metric ton… so I’m not doing my taxes until April :D
 
kaiser said:
I use estimated taxes to account for this. Q4 is always impossible to predict. But estimated taxes allow a payment on Jan 15.

This year I’ll owe a metric ton… so I’m not doing my taxes until April :D
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Well I got back less than 5k from the feds - and I'm not going to miss the $0.25 in interest I would have earned on it during the year and I owed the state a little over 3 hundred, and I'm alright with that.
 
I think once you’re vetted as a taxpayer, they fire off the refund.

If the numbers are messed up, they’ll get to you in 18 months or more.
 
I have to wait for the big boys to calculate mine. Actually, they're currently waiting on me. Hopefully next year I'll be back to filing my own.
 
Jim K said:
What's a refund?
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It's the money you loaned the government so they could get interest off it while they had it. I avoid them like the plague.

To EdFred: Yeah, it's not a lot of interest, but it's the principle!
 
pmanton said:
Nope E filed
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I've been efiling for a lot of years, but I'm tempted this year to file a paper return because they're so slow to process returns, the money won't disappear from my account for a lot longer.
 
judypilot said:
I've been efiling for a lot of years, but I'm tempted this year to file a paper return because they're so slow to process returns, the money won't disappear from my account for a lot longer.
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don't bet on that. They process checks pretty quick...
 
Bob Noel said:
don't bet on that. They process checks pretty quick...
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Yep, the depositing of the checks is independent of doing anything with your return itself.

I'm always impressed how fast the mail goes from my local post office to the IRS service center compared to just about any other mail.

A line on taxes from one of my favorite plays:

GRANDPA: Suppose I pay you this money--mind you, I don't say I'm going to pay it--but just for the sake of argument--what's the government going to do with it.
IRS: Why, the government gives you everything. It protects you.
GRANDPA: What from?
IRS: Well--invasion. If you Foreigners might come over here and take everything you've got.
GRANDPA: Oh, I dont think they're going to do that.
IRS: If you didn't pay an income tax, they would. How do you think the Government keeps up the Army and Navy? All those battleships...
GRANDPA: Last time we used battleships was in the Spanish-American War, and what did we get out of it? Cuba--and we gave that back. I wouldn't mind paying if it were something sensible.
IRS: Sensible? Well, what about Congress, and the Supreme Court, and the President? We've got to pay them, don't we?
GRANDPA: Not with my money--no, sir.
 
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