Chef Jim Posted April 16, 2015 Author Share Posted April 16, 2015 Yeah, it's bad alright, but I thought it was worse. I was under the impression that tax freedom day was some time in June, so this was actually a surprise to me. Throw in your NY property taxes and it's sometime in the fall. Link to comment Share on other sites More sharing options...
GG Posted April 16, 2015 Share Posted April 16, 2015 Not sure I follow the question but you have to file your return by the 15th and pay whatever. The extension is only an extension on the payment until the 15th of October when the balance is due. You sure about that? I thought that you have to pay the estimated liability on April 15th, no matter what you do with the extension. Unless you're willing to pay hefty penalties & usurious interest for the underpayment by April 15. Link to comment Share on other sites More sharing options...
DC Tom Posted April 16, 2015 Share Posted April 16, 2015 You sure about that? I thought that you have to pay the estimated liability on April 15th, no matter what you do with the extension. Unless you're willing to pay hefty penalties & usurious interest for the underpayment by April 15. That's what I've always heard - pay your best estimate by the 15th, and you get hit with penalties and interest on anything owed after that. Now when do I get to charge the IRS penalties and interest on my refund? They want me to give them an interest-free loan, but turn around and charge me 25% for keeping my own money? Link to comment Share on other sites More sharing options...
TakeYouToTasker Posted April 16, 2015 Share Posted April 16, 2015 That's what I've always heard - pay your best estimate by the 15th, and you get hit with penalties and interest on anything owed after that. Now when do I get to charge the IRS penalties and interest on my refund? They want me to give them an interest-free loan, but turn around and charge me 25% for keeping my own money? That's correct. Link to comment Share on other sites More sharing options...
Chef Jim Posted April 16, 2015 Author Share Posted April 16, 2015 That's what I've always heard - pay your best estimate by the 15th, and you get hit with penalties and interest on anything owed after that. Now when do I get to charge the IRS penalties and interest on my refund? They want me to give them an interest-free loan, but turn around and charge me 25% for keeping my own money? Yes there is a penalty for underpayment but it's minimal compared to the penalty for filing late. Link to comment Share on other sites More sharing options...
3rdnlng Posted April 16, 2015 Share Posted April 16, 2015 Fellas, we could solve this issue with the Fair Tax. For those that aren't aware, it is a national sales tax that should be prohibited in any way from being a "valued added tax". Tax everyone on their purchases, but to make sure it's not a regressive tax the government is to rebate the tax on the first $30-$40,000 who m order to keep things similar (moneywise) as to where they are now. At some time the people that make more money will spend it but their first priority with their extra bucks will be to invest it. That bodes well for capital improvements and redoing our infrastructure. It won't be long for the wealthy to be willing to pay the taxes on their new yacht, thus funding the government but at the same time boosting the economy. The icing on the cake is to reduce the power of not only the politicians but the entrenched government employees. Problem solved. Link to comment Share on other sites More sharing options...
reddogblitz Posted April 16, 2015 Share Posted April 16, 2015 (edited) Fellas, we could solve this issue with the Fair Tax. For those that aren't aware, it is a national sales tax that should be prohibited in any way from being a "valued added tax". Tax everyone on their purchases, but to make sure it's not a regressive tax the government is to rebate the tax on the first $30-$40,000 who m order to keep things similar (moneywise) as to where they are now. At some time the people that make more money will spend it but their first priority with their extra bucks will be to invest it. That bodes well for capital improvements and redoing our infrastructure. It won't be long for the wealthy to be willing to pay the taxes on their new yacht, thus funding the government but at the same time boosting the economy. The icing on the cake is to reduce the power of not only the politicians but the entrenched government employees. Problem solved. This is the tax reform idea that I like the best. Simple and fair. When I first heard of it, the rebate for first $30,000 or whatever was not in the argument. Whoever added that is brilliant. Anyway, about 10 years ago, my band and I recorded a theme song for the 1-800-FAIR-TAX group in Houston. You can listen to it on SoundCloud. MAKE APRIL 15TH JUST ANOTHER DAY Edited April 16, 2015 by reddogblitz Link to comment Share on other sites More sharing options...
Tiberius Posted April 16, 2015 Share Posted April 16, 2015 http://www.washingtonpost.com/opinions/the-tax-revolt-rip/2015/04/13/fe69aa12-e1fe-11e4-905f-cc896d379a32_story.html?hpid=z3 It’s mid-April, and Karlyn Bowman — the astute public opinion analyst at the American Enterprise Institute — has noticed something significant. Tax Day “comes and goes without a ripple,” she recently wrote. There’s not much fuss. Discontent with the income tax has ebbed. To buttress the point, Bowman cited intriguing survey data. A recent Gallup Poll found that only 1 percent of Americans rated taxes the nation’s top problem. In a Pew poll, respondents ranked “reforming” the tax system 16th out of 24 problems. Indeed, Gallup reports that roughly half of Americans think their income-tax burden is about right. Link to comment Share on other sites More sharing options...
Chef Jim Posted April 16, 2015 Author Share Posted April 16, 2015 http://www.washingtonpost.com/opinions/the-tax-revolt-rip/2015/04/13/fe69aa12-e1fe-11e4-905f-cc896d379a32_story.html?hpid=z3 That's because most people have no idea how the tax code works or a clue on how much they pay. Most people think it's cool to get a large refund. This was the purpose of my post. To make people aware of how much they're actually paying every year. Link to comment Share on other sites More sharing options...
TH3 Posted April 16, 2015 Share Posted April 16, 2015 We write a check 4 times per year, VERY different than an employer doing it. Plus we tend to write another check to sure up the balance. I'm am very close to only voting for candidates who support a flat/ fair tax system as one of their largest priorities. The paperwork we provided this year was an inch thick and took me a full work day to organize. I know no system as messy as the tax system other than Anerican Healthcare being a close second. Also, a flat/ fair tax would strip politicians of so much influence and power, to me, it is the single biggest tool to manipulate our citizenry. You must be a high income person - good for you - as that is who a flat tax will benefit in terms of paying less - the middle class will pay more in a flat tax system. Remove all deductions, loop holes, credits - all for it - the tax code is the biggest source of corruption we have. Link to comment Share on other sites More sharing options...
Tiberius Posted April 16, 2015 Share Posted April 16, 2015 That's because most people have no idea how the tax code works or a clue on how much they pay. Most people think it's cool to get a large refund. This was the purpose of my post. To make people aware of how much they're actually paying every year. How would you make them aware of what they were getting for their taxes? Link to comment Share on other sites More sharing options...
Chef Jim Posted April 16, 2015 Author Share Posted April 16, 2015 How would you make them aware of what they were getting for their taxes? http://www.cbpp.org/cms/?fa=view&id=1258 That was hard. Now you tell me what percentage of the budget does the average Ameican benefit from. Link to comment Share on other sites More sharing options...
Azalin Posted April 16, 2015 Share Posted April 16, 2015 MAKE APRIL 15TH JUST ANOTHER DAY You ought to burn a few copies and send them to the Treasury department marked 'attention John Koskinen'. Link to comment Share on other sites More sharing options...
GG Posted April 16, 2015 Share Posted April 16, 2015 That's because most people have no idea how the tax code works or a clue on how much they pay. Most people think it's cool to get a large refund. This was the purpose of my post. To make people aware of how much they're actually paying every year. Or the most plausible reason. Progressives achieved their goal - with about 50% of the households paying zero or minimal income tax, it's not a big issue. No wonder the moron lauds the poll results. Link to comment Share on other sites More sharing options...
Chef Jim Posted April 16, 2015 Author Share Posted April 16, 2015 You must be a high income person - good for you - as that is who a flat tax will benefit in terms of paying less - the middle class will pay more in a flat tax system. Remove all deductions, loop holes, credits - all for it - the tax code is the biggest source of corruption we have. You do realize with a flat tax there would be no deductions, loopholes or credits right? Link to comment Share on other sites More sharing options...
GG Posted April 16, 2015 Share Posted April 16, 2015 You must be a high income person - good for you - as that is who a flat tax will benefit in terms of paying less - the middle class will pay more in a flat tax system. Remove all deductions, loop holes, credits - all for it - the tax code is the biggest source of corruption we have. A bit of a contradiction in those two paragraphs, I think. Link to comment Share on other sites More sharing options...
DC Tom Posted April 16, 2015 Share Posted April 16, 2015 http://www.washingtonpost.com/opinions/the-tax-revolt-rip/2015/04/13/fe69aa12-e1fe-11e4-905f-cc896d379a32_story.html?hpid=z3 Of course, roughly half of all Americans have no income tax burden... Link to comment Share on other sites More sharing options...
Dante Posted April 16, 2015 Share Posted April 16, 2015 You do realize with a flat tax there would be no deductions, loopholes or credits right? I think I lean towards a flat tax. But everyone has to pay it no matter how much you make. If you make 30 k you pay the same percentage as someone who make 3 million. That's because most people have no idea how the tax code works or a clue on how much they pay. Most people think it's cool to get a large refund. This was the purpose of my post. To make people aware of how much they're actually paying every year. Like the government is giving you a gift. It's your own money you worked for your getting back! Link to comment Share on other sites More sharing options...
DC Tom Posted April 16, 2015 Share Posted April 16, 2015 Like the government is giving you a gift. It's your own money you worked for your getting back! I have to explain that to my wife every April. "I don't understand why we never get a refund." Because I calculate our withholding throughout the year, and adjust it if necessary, so we're not giving the government an interest-free loan. Link to comment Share on other sites More sharing options...
Chef Jim Posted April 16, 2015 Author Share Posted April 16, 2015 I have to explain that to my wife every April. "I don't understand why we never get a refund." Because I calculate our withholding throughout the year, and adjust it if necessary, so we're not giving the government an interest-free loan. I explain that to people all the time. They say we know but it keeps us from spending it during the year. I ask them what they usually do with their refund. Their answer? Yup you got it. They spend it. It's their "vacation money" or my favorite is they pay off their credit card debt they ran up during the year. Almost none of them save it. Link to comment Share on other sites More sharing options...
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