Its tax time

E

eltamina

Guest

• Apr 12, 2003

• #1

Its tax time

What is your preference when it comes to payment to or refund. Some folks like to pay i.e. they are earning interest on their government's money. Some prefer refund because it is nice to receive some $ in the middle of spring. Some don't care if it does not exceed a certain amount either way. If that is your choice state the amount.

I am leaving the choices of I hate taxes, or I love to pay taxes out, because taxes is part of life.

 

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eltamina

Guest

• Apr 12, 2003

• #2

Re: Its tax time

I chose payment. In reality, no one can be that precise, so I don't mind one way or another if the amount does not exceed $1500.00.

 

L

Ladskater

Guest

• Apr 12, 2003

• #3

Re: Its tax time

Been there done that! Got the refund for once in a long while. In Canada we have until the end of April to do our taxes. I got mine done and in early as usual. Last year, I had to pay, but this year I acutally got a little return! I like getting a refund. Our Government dings us enough without robbing us blind at income tax time. Where is Robin Hood when you need him?

Ladskater

 

E

eltamina

Guest

• Apr 12, 2003

• #4

Re: Its tax time

Ladskater, I am glad you are getting a refund.

 

K

Kara Bear

Guest

• Apr 12, 2003

• #5

Re: Its tax time

I am getting a small refund this year but I have to sit down and fill out the forms this weekend. Its hard work for a arts student...too many numbers.

 

S

Show 42

Guest

• Apr 12, 2003

• #6

Re: Its tax time

I chose refund.........got it in the mail, and then mailed it back to the government......what fun!!! 42

 

R

RealtorGal

Guest

• Apr 12, 2003

• #7

Re: Its tax time

<span style="color:fuchsia;font-family:comic sans ms;font-size:x-small;">I'm an independent contractor, so I can't have anything taken out of my commission checks--if I could, I would! It's painful to have to write out those tax checks!</span>

 

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dlksk8fan

Guest

• Apr 12, 2003

• #8

Re: Its tax time

Refund- and I already got back my $$$$. Now what to spend it on

 

J

Joesitz

Guest

• Apr 13, 2003

• #9

Re: Its tax time

Even with all my medical expenses, I still pay out some if not as much as last year.

Joe

 

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Kzarah

Guest

• Apr 13, 2003

• #10

re: Its tax time

On the subject of taxes. I am going the easy form. I hope it will be easy. I usually borrow those tax programs for pc. This year I don't have one and can't afford to buy one just right now. I hope the 1040easy will be easy. My problem is that I worked for 3 Companies in the last year and one of the Companies is Canadian. Does anyone know an on line free tax service or program that can be down loaded? I went www.irs.org and all the programs had fees.
Daniel and Little Lulu

 

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eltamina

Guest

• Apr 13, 2003

• #11

Re: re: Its tax time

Are you asking whether the Canadian portion of your earning is subjected to both US and Canadian tax?

 

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Kzarah

Guest

• Apr 13, 2003

• #12

Re: re: Its tax time

eltamina
I know all of the taxes go to the US. It a company sister to Cirque Du Soleil. I pay only US taxes. The the address is in Canada. On forms, the ask for the City, State and Zip code. The Canadian address does not have a state or Zip code. Also, there are no places on the form to put in the name of the country. I know, I can do this, I just need to find out how it was done in the past.
Daniel and Little Lulu

 

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eltamina

Guest

• Apr 14, 2003

• #13

Re: re: Its tax time

Kzarah, maybe you can call the IRS
800-829-1040 number, and ask for info and help. They are generally very helpful, and they give their ID # when they answer the calls, so if they give out wrong advise/ info you can track back to the person.

I am curious but not surprise that the majority of the people prefer to have a refund check, ie losing interest $ to IRS. Why not pay them and earn some interest off IRS instead?

Who else voted for a payment preference?

 

M

mathman444

Guest

• Apr 14, 2003

• #14

Re: re: Its tax time

It's just human nature, El, don't you think? Most people are on payroll deduction and hardly notice the money that is withheld, which they never see in the first place. Then you get a nice little refund check at tax time, as if from the heavens. People don't stop to think, hey, this is just my own money I'm getting back which the government has kept from me all year. It's kind of a forced savings plan.

On the other hand if you wait till the end of the year and owe the government -- oops, I've spent all my money, now I'm broke AND I owe a big tax bill.

As for me, for some reason I always get a refund from the state and I always owe more on the federal, so I try to arrange it so that they balance out.

Mathematically-challenged-man

 

D

DORISPULASKI

Guest

• Apr 14, 2003

• #15

Re: re: Its tax time

I pay my quarterlies and try to avoid penalties that way. I am happies to have overpaid slightly, and if I am within $1000
I am very happy. However, I am the opposite of mathman. I usually have slightly overpaid the fed and underpaid the state(s). That's because I am never sure at the beginning of the year what state needs to be paid. You do some work for somebody in what you thought was San Francisco only to get a 1099 in January from them where they have recently reorganized, Oklahoma, which you now owe taxes to.

dpp

 

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eltamina

Guest

• Apr 14, 2003

• #16

Its tax time

So folks what is the art of arranging it just right?

If I owe, I usually owe more to the fed, and less to State. If I receive a refund, I usually receive more from fed and less from state also.

Doris why do you have to pay quarterly to avoid penalty? I heard about that, but never understand why?

 

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Grgranny

Guest

• Apr 14, 2003

• #17

Re: Its tax time

I don't remember why but I have to pay quarterly, they give me no choice. I should get a refund - don't remember ever getting one before - but talked to my CPA and we decided just to leave it there for now but I don't understand at all how some of you are saying you get interest from the IRS? Of course, my brain isn't functioning even as well as usual for some reason right now. I suppose I would get 1% interest in my bank account but that would hardly amount to anything.
It also seems unreasonable to me that the bank will only pay one percent when it would sure cost a lot more to borrow.

 

H

heyang

Guest

• Apr 14, 2003

• #18

Re: Its tax time

GrGranny,

When people are referring to interest, they mean the interest they would have earned if the money was in the bank instead of paid to the government. Technically, we are giving the government an interest free loan on an taxes overpaid.

As far as banks paying you 1% interest and charging other people 5% to borrow money, that's how banks make money.

 

G

Grgranny

Guest

• Apr 14, 2003

• #19

Re: Its tax time

I know that's how they make their money but I know of no bank that charges a mere 5 percent.

 

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guinevere

Guest

• Apr 15, 2003

• #20

yea payment!

I don't mind paying, as long as it's within $100. I have 3 part-time employment jobs, and I'm self employed on top of it, so I have to wait until the end of the year to see how it's going to go - I've been nailed really hard in the past, so I tend to withold vast amounts from my employment gigs to compensate, which usually means I get a refund. One year I had to pay $45 and I was very proud of myself (even though it was totally a coincidence )

guinevere