I'm still waiting on my 2021, and 2022 refunds
this post was submitted on 02 Feb 2024
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What type of wages? W2? 1099? Or self employed? Or something the regular person or even upper middle class wouldn't even know about :)
Both, opposite side man, I'm broke. They're giving way more money than I put in
You could have just estimated your income taxes ahead of time and saved enough to pay it before the due date, but why risk jailtime when there is automatic tax withholding available to you?
It's worse when you're operating a business and you have to pay quarterly estimated taxes.
Eh, you generally don't get jail time for late payment. Tax agencies are more interested in getting the money than putting people in jail and people don't make money to pay off what they owe when they're in jail.
You get charged interest for late payment, but it's at a very reasonable rate. The government can borrow money at better interest rate than is available to most people after all.
The big no-no is lying on your tax forms. That's something they might put you in jail for. But even then they're likely to prefer fines over jail time. Because they want that money.
People that go to jail are either Al Capone who the government just wants to get for anything, or people that continuously try to defraud the government on their tax forms. Sometimes it's people who straight up refuse to pay their taxes, but even then they'll try to garnish their wages to get the money. But if that mechanism isn't available, then that can result in jail time.
Me:
- Gets a bill for my tax return.
- Pays said bill.
- 3 months later; government refunds me the interest from that bill.
Am I winning?
i got 63 dollars back :D
I got a notice this year that I got about $95 in interest from over paying taxes. It's the first time I've gotten something like that, I don't remember if it was state (CA) or fed.
Surely the list of countries/governments that don't ever even bother to give their citizens a tax return is much longer than the ones that do.
here in Mexico there's an app and website from Hacienda (Treasury) they calculate your tax return automatically. I tried it 2 years ago and they're still working on "returning" my taxes
In my country you just don't overpay taxes.
What percentage of those are ones with competent tax-funded programs that actually provide value to their citizens? Cause in the US I don't see shit
While this might be correct, I disagree with this as a philosophy.
A) most people in this country don’t have cash reserves to pay an underpaid tax bill.
B) most people don’t have the investment acumen to properly invest monies not withheld on taxes to benefit from not paying as much on their income.
C) They just spend the money because most Americans live paycheck to paycheck, and because A and B.
So for most people I would say that judicious overpayment of tax on the W4 resulting in a minor or modest tax refund is probably better all-around. That money will go right back into the economy or pay off some debt.
It also shields you from human error, the IRS already knows what your taxable income is (assuming your employer correctly withholds it for you). Its much less stress to file with an error in your favor than in theirs. If you own them they will hunt you to the ends of the earth and make you resolve it, but if they owe you they just send you a check and call it a day.
It kind of feels like a year-long savings account. Once a year, we have enough money to do something like pay for new gutters.
Yep. We tend to view it the same way. The return is pretty small most of the time, but it’s something.
It's was a funny way for me to think about it. I don't really mind the easy taxes are now
That’s cool. However I think some people take this philosophy seriously and set themselves up for a problem. Figured my 2¢ wouldn’t hurt.
This assumes tax return is because of over-withholding. If you're like me with a young family and low-ish income you pay $0 in federal taxes and get a bunch back for EIC, child tax credits, etc. I'm just excited because I'll be able to fully pay off some of the debts that have been hanging over me and largely not shrinking at all next month
I'm gonna be straight. In reality I'm absolutely fine with taxes. It's just funny to think about it as in the meme.
My employer sells "stocks" to employees that don't show anywhere and you can only sell them back to the company after two year. Exchange also isn't immediate. Company chooses the date.
They really want people to buy those things and are heavily campaigning for it.
They also give a small amount of these stocks as bonuses to people that have performed well.
When I say to people that buying those "stocks" just gives the company free loan, they look at me weird.
Yes, stock is basically a loan to the company. Sure, if a company always new it was going to grow at a certain rate and life were guaranteed they could give everyone an exact raise....
Instead they say "here is a bonus, its built on a gamble. Here's is monopoly money that might be worth 10% more in two years, or maybe the company will be bankrupt and you will be unemployed."
Would it be better to get a cash bonus or a raise of similar value? Sure.
doesn't show up somewhere
Oh look, it's a scheme.
You're 99.5% sure getting screwed over
Do these socks appreciate or pay a dividend?
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