Worst OT: Tax Day

Submitted by UMProud on

Well today is the day tax returns are due...how did you do this year?

 

Unexpectedly I owed several grand and am very unhappy.

 

J.

April 18th, 2017 at 9:08 PM ^

How is writing a check a defeat?  Paying a penalty is a defeat.  Writing a check just means that you held onto your cash a little longer -- I don't see a problem there, as long as you're expecting it and plan properly.  I'd hate to get hit with an expensive bill that I didn't anticipate. :-)

M-Dog

April 18th, 2017 at 9:14 PM ^

Most of it is that I'm just plain lazy and don't feel like writing a check and figuring out where to send it.  

They take enough of my time already just filing the taxes.  

I like to draw the line.

 

Huma

April 18th, 2017 at 11:40 PM ^

Of course - if you don't need an accountant then don't waste money on it. Regardless, though, the goal should be to pay the minimum amount each period/quarter to avoid interest or a penalty and pay the remainder at the end. Not some made up +/-250 rule. There are reasons to deviate from this, such as not wanting to have to worry about putting money aside for future tax payments.



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evenyoubrutus

April 18th, 2017 at 8:17 PM ^

You all do know your tax return isn't really due until October 15th, right? Also, if you owe taxes, then pat yourself on the back for not giving the government an interest free loan.

M-Dog

April 18th, 2017 at 8:31 PM ^

Yeah, let's talk about Speight vs. Peters instead.

I heard that Peters got a bigger refund than Speight, despite everybody thinking that Speight had the system down and would get the bigger refund.

I'm thinking that Peters is the go to guy now, but others think one good filing season is too small a sample size and Speight's refund consistency over the last couple of seasons is what really counts.

S.G. Rice

April 18th, 2017 at 8:30 PM ^

Standard extension filed, along with the standard check for thousands of dollars.  

 

if bank_account > 0

  then execute TRANSFER_BAL_TO_UNCL_SAM

  else repeat

       LOL_POVERTY

    until IRS_SATISFIED = TRUE

rice4114

April 18th, 2017 at 8:31 PM ^

So the guy is getting back $10k in taxes. I know he is just putting out the bait but I have to bite anyway. 

"You know you are giving the government $10k of your money to hold onto for nearly a year."

He repsonds 

"No we do it on purpose so we get a huge reurn for my birthday (In April)"

He also doesnt wear a seatbelt and just hopes someone says something about it.

Anyway sometimes being the best at arguing makes you do dumb things.

 

bronxblue

April 18th, 2017 at 10:39 PM ^

To be fair, sometimes people get returns due to unexpected life events. And some people just find it easier to pay more so they don't get audited. As someone who has had to write checks to the government the past couple of years due to income changes, an interest-free loan to the government isn't always the worst.

Wendyk5

April 18th, 2017 at 8:35 PM ^

Well, I got an automated call from the "IRS" saying that they were bringing a law suite against me. Spelling there is correct. Law suite. So I guess I'm scared?

Sopwith

April 18th, 2017 at 9:24 PM ^

if it's a threatening phone call from the IRS, it's a scam even if correctly spelled. IRS doesn't make threatening phone calls, it sends threatening letters. I had to go over and over and over this with my parents, who came damn close to sending one of these scams money last year. Evidently, this scam works frequently enough to make the calls worth it.

bluesalt

April 18th, 2017 at 10:55 PM ^

It may change. In one of the recent budget compromises, Congress essentially told the IRS to use debt collectors, a practice they had eschewed in the past so as to not cause confusion. I don't if they've started actually using any at this time, but when they do, I imagine some phone calls will be real, opening the door wide open for scammers.

turtleboy

April 18th, 2017 at 8:41 PM ^

I usually have my family's preparer work his magic for a reasonable price, but this year was a very simple return, so I e-filed for free. H&R has a very well designed website, provided me with a link to last year's info via the IRS website, and I got my return through direct deposit. Did it on my phone in my underwear, in about a half hour, can't complain at all.

House Mother

April 18th, 2017 at 8:40 PM ^

Computer died just as I started using Turbo Tax. Switched to iPad but it wasn't as easy. Had to send money., too. Not the best tax season. But hey, went to Spring Game on a beautiful day so the week-end wasn't an entire loss. I've coined this the year of The Agony and the Ecstasy.

M-Dog

April 18th, 2017 at 8:50 PM ^

I actually worked for the IRS as a tax compliance consultant - sorry guys - for a couple of years.

The first thing you learn, beside the fact that a lot of people cheat on their taxes big time almost as a sport, is that the tax code is so complicated not for economic reasons, but because it's the knobs and levers that congress uses to shape / cajole the behavior is wants.

If they just wanted to optimize income while maintaining economic growth, it could be a ton simpler.

My favorite data element they used was the "Dangerous Taxpayer Indicator".  It has to suck to be the first guy to figure that out each time.

The actual IRS people are pretty apolitical in general.  Some are quite nice.  They know you hate them, but it's just a job.

 

 

 

Sopwith

April 18th, 2017 at 9:34 PM ^

but if we had 10x more of them, we might very well get to pay less taxes. Every IRS inspector you hire brings a hell of a lot more back from cheats than their salaries and benefits cost. If compliance were higher (which could also happen from simplification), revenue goes up without having to raise rates. You could even go revenue neutral and drop the rates.

But it's always easy to make the IRS the whipping boy (and I would love to brandish the whip sometimes) but in truth, it makes no sense to cut their staff. Only ends up hurting all the people who don't cheat.

160 IQ

April 18th, 2017 at 8:49 PM ^

Income tax was started by the privately owned "Federal Reserve Bank."  It is actually unconstitutional that this secretive organization exists.  FRB also earns interest on all money in existense.  To learn more ready The Creature From Jekyll Island.  Good book.