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IRS #4444915
06/29/17 12:30 PM
06/29/17 12:30 PM
Joined: Jul 2015
Posts: 3,772
MD
AirgunSavant Offline OP
AirgunSavant  Offline OP
Joined: Jul 2015
Posts: 3,772
MD
A buddy of mine was so happy that for the first time ever in his 60 years he got a refund check from the IRS
in 2015. Today he called me sounding very sad. They now want him to pay $9K for 2015 tax errors.
Nice- my kind of luck. This is the first time he ever filed an extension for 2016. I'm guessing that made them look into his affairs........
I don't want to get on the wrong side of the IRS!

Re: IRS [Re: AirgunSavant] #4444920
06/29/17 12:35 PM
06/29/17 12:35 PM
Joined: Nov 2008
Posts: 12,543
NH
supton Offline
supton  Offline
Joined: Nov 2008
Posts: 12,543
NH
If he wanted a check back... he could just overpay. I don't like how the system is set up (I'd rather state I want x dollars removed from each check, not y deductions), but I do recall saying that I could have more taken out for taxes if I wanted.


2011 Toyota Camry, base, 2.5L/6MT, 163k, hers
2010 Toyota Tundra DC, 4.6L/6AT, 144k, ours
1999 Toyota Camry LE, 2.2L/4AT, 190k, his
Re: IRS [Re: AirgunSavant] #4444932
06/29/17 12:48 PM
06/29/17 12:48 PM
Joined: Feb 2012
Posts: 3,870
NEUS
Bandito440 Offline
Bandito440  Offline
Joined: Feb 2012
Posts: 3,870
NEUS
If he got a refund in error, the error was the fault of whomever prepared his return.

When people get legitimate income tax refunds, it's because they were overpaying all year and giving an interest-free loan to the Tresury Dept. Everyone's goal should be to have their tax return come as close to zero as possible.


'14 Grand Cherokee EcoDiesel
Rotella T6 5w-40 & OEM filter
Re: IRS [Re: AirgunSavant] #4444933
06/29/17 12:49 PM
06/29/17 12:49 PM
Joined: Apr 2012
Posts: 5,158
MA
Wolf359 Offline
Wolf359  Offline
Joined: Apr 2012
Posts: 5,158
MA
Originally Posted By: AirgunSavant
A buddy of mine was so happy that for the first time ever in his 60 years he got a refund check from the IRS
in 2015. Today he called me sounding very sad. They now want him to pay $9K for 2015 tax errors.
Nice- my kind of luck. This is the first time he ever filed an extension for 2016. I'm guessing that made them look into his affairs........
I don't want to get on the wrong side of the IRS!


I never understood why people were happy to get a refund. That means you made an interest free loan to the government and then got your money back. It's better the other way, owe some money that means you got an interest free loan from the government as long as you're not paying a penalty.

Re: IRS [Re: Wolf359] #4444969
06/29/17 01:18 PM
06/29/17 01:18 PM
Joined: Mar 2014
Posts: 3,268
NJ
Leo99 Offline
Leo99  Offline
Joined: Mar 2014
Posts: 3,268
NJ
Originally Posted By: Wolf359
Originally Posted By: AirgunSavant
A buddy of mine was so happy that for the first time ever in his 60 years he got a refund check from the IRS
in 2015. Today he called me sounding very sad. They now want him to pay $9K for 2015 tax errors.
Nice- my kind of luck. This is the first time he ever filed an extension for 2016. I'm guessing that made them look into his affairs........
I don't want to get on the wrong side of the IRS!


I never understood why people were happy to get a refund. That means you made an interest free loan to the government and then got your money back. It's better the other way, owe some money that means you got an interest free loan from the government as long as you're not paying a penalty.


You really don't understand this? If people were disciplined enough to save x dollars each paycheck then you'd be right but most are not and getting a check for 4 figures in the spring is a good thing. And if you owe the IRS too much money, they penalize you. I like getting a refund.


Without data you're just another person with an opinion. W. E. Deming

2003 Corolla 250,000 miles
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Re: IRS [Re: AirgunSavant] #4444990
06/29/17 01:37 PM
06/29/17 01:37 PM
Joined: Dec 2003
Posts: 9,801
Florida, Cape Coral
Eddie Offline
Eddie  Offline
Joined: Dec 2003
Posts: 9,801
Florida, Cape Coral
I try to figure my tax load as close to zero as possible. I don't like the idea of using the IRS as a savings account without getting paid interest. Sounds like the topic starters friend needs to get profession tax help. Ed


CX5 Touring 2.5L :-)
Re: IRS [Re: AirgunSavant] #4445007
06/29/17 01:55 PM
06/29/17 01:55 PM
Joined: Dec 2006
Posts: 4,219
Port Orange, Florida
Panzerman Offline
Panzerman  Offline
Joined: Dec 2006
Posts: 4,219
Port Orange, Florida
Or be a deadbeat and get a Earned Income Tax Credit.
My sister-in-law consistently gets back three times what she pays in tax every year.
I don't think alot of people realize the poor, they not only don't pay taxes, they take from the kitty.



2006 Dodge Ram 2500 Hemi 4x4
2016 Dodge Challenger Scat Pack
Re: IRS [Re: AirgunSavant] #4445012
06/29/17 02:01 PM
06/29/17 02:01 PM
Joined: Jun 2003
Posts: 17,362
Deplorable in apple valley, ca
Chris142 Online content
Chris142  Online Content
Joined: Jun 2003
Posts: 17,362
Deplorable in apple valley, ca
My tax person made a huge mistake on mine in 2012. Added an extra zero to my reported income...that took forever to fix plus I got several letters requesting payment I didnt have etc..


02 Wrangler durablend 10w40
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Re: IRS [Re: AirgunSavant] #4445020
06/29/17 02:08 PM
06/29/17 02:08 PM
Joined: Jun 2002
Posts: 12,521
The Motor City
Kestas Online content
Kestas  Online Content
Joined: Jun 2002
Posts: 12,521
The Motor City
It used to be you were okay if your final tax bill was within 20% of what was taken out. Now they've tightened it to 10%.

Michigan tacks a 25% penalty if you're off too much.

A long time ago it used to be that your tax was due in one lump sum at the end of the year. I guess the IRS had too many problems with people that can't set aside their money for the tax man, so they decided to have this pay as you earn system.

Over the years they've even stepped that up with the quarterly requirements, which caused unfair hardships to me personally when I cashed in my investments to buy a home. The huge capital gains on my investments became taxable and the IRS penalized me for not foreseeing that I was going to buy a home. They expected me to pay one quarter of my final tax bill five months before I decided to buy a house. I don't have that kind of crystal ball!

Re: IRS [Re: Panzerman] #4445038
06/29/17 02:29 PM
06/29/17 02:29 PM
Joined: Apr 2004
Posts: 7,742
New York
pbm Offline
pbm  Offline
Joined: Apr 2004
Posts: 7,742
New York
Originally Posted By: Panzerman
Or be a deadbeat and get a Earned Income Tax Credit.
My sister-in-law consistently gets back three times what she pays in tax every year.
I don't think alot of people realize the poor, they not only don't pay taxes, they take from the kitty.


47% of Americans pay NO income taxes and many of those get refunds.....I guess they don't use the roads or any other government services....


'Journalism is Dead'
Re: IRS [Re: AirgunSavant] #4445055
06/29/17 02:44 PM
06/29/17 02:44 PM
Joined: Oct 2009
Posts: 3,947
Ohio
L_Sludger Offline
L_Sludger  Offline
Joined: Oct 2009
Posts: 3,947
Ohio
The IRS is like any large organization. There are good people that work there too! It just has a very unpopular role in society as tax collector.


too many cars and oil combinations to list in 150 characters or less
Re: IRS [Re: Wolf359] #4445090
06/29/17 03:23 PM
06/29/17 03:23 PM
Joined: Aug 2004
Posts: 4,637
Katy, Republic of Texas
blupupher Offline
blupupher  Offline
Joined: Aug 2004
Posts: 4,637
Katy, Republic of Texas
Originally Posted By: Wolf359

I never understood why people were happy to get a refund. That means you made an interest free loan to the government and then got your money back. It's better the other way, owe some money that means you got an interest free loan from the government as long as you're not paying a penalty.


Yes, because interest rates are so great.
I think the average savings account is paying 0.06% right now. That is a whole $0.60 on $1000 over a year. Yippee, I am rich.
Sure there are some CD's and such that may pay ~1.4% now, but the money is tied up for the term of the CD, same for IRA's and other investments.
Yes you can get higher rates, but the risk greatly increases the higher you go.

I would rather get a $1000 refund than pay $10 come tax time. So I loose a dollar in interest. Big whoop.
My refund mostly goes into my savings account though. I do not use it as "found money" to waste on stuff.


1994 Honda VT1100: Peak 15w-40/PSL/2500 mile OCI
2002 Ford F150: GTX HM 5w-20/EcoGard Syn/1yr OCI
2012 Scion xB: QSUD 0w-20/CQ Blue/5k OCI

Re: IRS [Re: AirgunSavant] #4445167
06/29/17 04:43 PM
06/29/17 04:43 PM
Joined: Jul 2015
Posts: 3,772
MD
AirgunSavant Offline OP
AirgunSavant  Offline OP
Joined: Jul 2015
Posts: 3,772
MD
I don't want any IRS interaction.
No refunds and no letters! Pay and leave me alone....Yikes!

Re: IRS [Re: blupupher] #4445174
06/29/17 04:56 PM
06/29/17 04:56 PM
Joined: Feb 2012
Posts: 3,870
NEUS
Bandito440 Offline
Bandito440  Offline
Joined: Feb 2012
Posts: 3,870
NEUS
Originally Posted By: blupupher
Originally Posted By: Wolf359
I never understood why people were happy to get a refund. That means you made an interest free loan to the government and then got your money back. It's better the other way, owe some money that means you got an interest free loan from the government as long as you're not paying a penalty.
Yes, because interest rates are so great.
I think the average savings account is paying 0.06% right now. That is a whole $0.60 on $1000 over a year. Yippee, I am rich.
Sure there are some CD's and such that may pay ~1.4% now, but the money is tied up for the term of the CD, same for IRA's and other investments.
Yes you can get higher rates, but the risk greatly increases the higher you go.

I would rather get a $1000 refund than pay $10 come tax time. So I loose a dollar in interest. Big whoop.
My refund mostly goes into my savings account though. I do not use it as "found money" to waste on stuff.

Let's use componding interest to figure out what you're missing.

Starting with $1,000 and depositing $38.46 every other week instead of letting the Treasury Dept. hold onto it.

Assuming 7% annualized gains in an index fund over 30 years of a career.

You would have made deposits of $30,000 and your ending balance would be $110,373.79.


'14 Grand Cherokee EcoDiesel
Rotella T6 5w-40 & OEM filter
Re: IRS [Re: AirgunSavant] #4445196
06/29/17 05:13 PM
06/29/17 05:13 PM
Joined: Apr 2012
Posts: 5,158
MA
Wolf359 Offline
Wolf359  Offline
Joined: Apr 2012
Posts: 5,158
MA
Originally Posted By: AirgunSavant
I don't want any IRS interaction.
No refunds and no letters! Pay and leave me alone....Yikes!


Reminds me of this comic even though it's not true.

http://www.cbr.com/comic-book-legends-revealed-399/

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