OK, so how is this fair?

[Lumberg]

IF, upon calculating your taxes, you find that you have overpaid, you get a refund of the exact amount by which you overpaid, regardless of the amount.

If, upon calculating your taxes, you find you have underpaid, if you underpaid by a significant amount, you owe a penalty.

How I come I don't get some kind of "reward" when I overpay?

How come it's OK for the IRS to get an interest-free loan from the taxpayer, but the taxpayer cannot choose to pay his annual tax bill in full on the due date?

 

[vewyphishy]

Who said anything about being fair?

 

[gawntrail]

Why is the sky blue?

Why is water wet?

M. Gipson :lookup:

 

[moki]

Taxes aren't about fairness. Welcome to the machine.

 

[Lumberg]

OK.

Death and Taxes.

 

[gr8full2day]

The Imperial Federal Government at its finest....must control the masses!!

 

[Triple_D]

Just another way for "The Man" to keep you down

 

[CoventryCat86]

Actually, it's your EMPLOYER who benefits. They typically don't pay the Government your witholding until they give you your 1099 in January of the following year.

Also, YOU have the option to adjust your withholding up or down anyway you want so it's really your choice.

Personally, I'm all in favor of having the withholding a little on the light side so I owe each year. This way I get to use MY money over the course of the year instead of my employer (now I MY case this is all a make-believe situation since I haven't had a full-time job in over two years BUT, in my fantasy world....).

I hit it just about right this year, I get $10.01 back from the feds :thumbs:

Gee, what should I do with my BIG tax refund? Anyone got any ideas?

 

[vewyphishy]

Actually, it's your EMPLOYER who benefits. They typically don't pay the Government your witholding until they give you your 1099 in January of the following year.

Also, YOU have the option to adjust your withholding up or down anyway you want so it's really your choice.

Personally, I'm all in favor of having the withholding a little on the light side so I owe each year. This way I get to use MY money over the course of the year instead of my employer (now I MY case this is all a make-believe situation since I haven't had a full-time job in over two years BUT, in my fantasy world....).

I hit it just about right this year, I get $10.01 back from the feds :thumbs:

Gee, what should I do with my BIG tax refund? Anyone got any ideas?

Put down a down payment on a new Jag!

 

[Fast4Dr]

I hit it just about right this year, I get $10.01 back from the feds :thumbs:

Gee, what should I do with my BIG tax refund? Anyone got any ideas?

I'll sell you a RAG :thumbs:

 

[cigarsarge]

Start an IRA. :sign:

 

[Maggs44]

How come it's OK for the IRS to get an interest-free loan from the taxpayer, but the taxpayer cannot choose to pay his annual tax bill in full on the due date?

You can fill out a W-4 form with your employer and have them take less witholding from your paycheck. If your refund is say $1200, have them withold $25 a week less. As long as your witholding is reasonable, there shouldn't be any problems.