Are tax returns a scam

[me just sayin]

you get tax refunds so much faster these days that it is not worth getting those loans.

 

[Sajo]

It's funny you mention that Jonny, a week after I filed with a well known tax website my bank sends me an email for a %15 discount with them. Little late folks, LOL.

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[Jonny Kansas]

you get tax refunds so much faster these days that it is not worth getting those loans.

Federal, yeah. We've already spent that/put a chunk in savings. Still waiting on the state to deposit.

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[Jonny Kansas]

It's funny you mention that Jonny, a week after I filed with a well known tax website my bank sends me an email for a %15 discount with them. Little late folks, LOL.

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Happens to me every year the past few years. Sometimes it's the site I use, sometimes it's another reputable service.

I thought about trying Credit Karma's supposed ACRUALLY free service this year, but decided against it.

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[me just sayin]

forgot about state, they have gotten slow. took almost a month to get mine and it used to be less than a week. claim it was to prevent identity thief. IMO, if it is going the same account as in past years, and you filed the same way as in past years, there should be no reason to doubt.

 

[kodiak799]

I rather give them an interest free loan during the year than have to pay a huge amount at the end of the year.

And you pay a penalty if you end up owing more than like $500. But if you have investment returns or some other source of income, you can also make a quarterly prepayment to avoid penalties for underpaying.

 

[PereDroid]

I paid over 2 grand last year. There was no extra penalty.

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[JandN2639]

And you pay a penalty if you end up owing more than like $500. But if you have investment returns or some other source of income, you can also make a quarterly prepayment to avoid penalties for underpaying.

Actually, that’s not quite correct. You owe a penalty if you pay estimated taxes, underpaid, *and* didn’t pay at least as much as the year before’s total tax due.


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[JandN2639]

Some things to remember:

1. The IRS is exempt from due process.

2. This means its staff are not accountable for delays, wrong information, etc.

3. Even if the IRS’ unexplained error leads to someone’s underpayment, that person or organization owes not only the amount due, but daily interest on that amount. Good luck trying to get the interest back.


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[Sajo]

I think the best thing we can do is educate the younger generations on how W2 exemptions work, and how that affects whether you get a return or owe more. I am amazed all the time at younger people that have never been educated on the subject and have the impression that everyone receives a refund every year...no matter what.

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[Jonny Kansas]

I think the best thing we can do is educate the younger generations in how W2 exemptions work, and how that affects whether you get a return, or owe more. I am amazed all the time at younger people that have never been educated on the subject and have the impression that everyone receives a refund every year...no matter what.

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Definitely need more life skills courses in school that covers things like this. My dad did everyone's taxes for years. It wasn't until I moved a thousand miles away that I began trying to figure it out on my own. Had I been smart, I would've at least sat down with him when he was doing mine through high school & college.

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[kodiak799]

Actually, that’s not quite correct. You owe a penalty if you pay estimated taxes, underpaid, *and* didn’t pay at least as much as the year before’s total tax due.

Yeah, but the point I was making was additional estimated payments so you DON'T underpay.

Forget that the govt doesn't pay interest. If you overpaid $2000, you lost out on $250 in stock market gains last year. I would think that's enough money for most people to care about.

 

[kodiak799]

I think the best thing we can do is educate the younger generations on how W2 exemptions work, and how that affects whether you get a return or owe more. I am amazed all the time at younger people that have never been educated on the subject and have the impression that everyone receives a refund every year...no matter what.

Sad part is, I took tax accounting and have a degree in finance from a good undergrad. I never knew, until a few years ago after a google search, that you could put whatever number of exemptions you want. I always thought you were limited to your number of dependents, and that it was illegal to take more.

 

[Jonny Kansas]

Sad part is, I took tax accounting and have a degree in finance from a good undergrad. I never knew, until a few years ago after a google search, that you could put whatever number of exemptions you want. I always thought you were limited to your number of dependents, and that it was illegal to take more.

Yeah, that one always seemed weird to me, people who'd claim a bunch for a good part of the year & then change it close to tax time. Still don't get that.

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[JandN2639]

Sad part is, I took tax accounting and have a degree in finance from a good undergrad. I never knew, until a few years ago after a google search, that you could put whatever number of exemptions you want. I always thought you were limited to your number of dependents, and that it was illegal to take more.

I’m surprised too! Our accountant never mentioned that. Do you have a source for this?


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