what r they going to do with all that cash?

1/29/2009 3:57:13 AM

Maybe they'll buy you an "a" and an "e," so your "r" won't be so lonely.

1/29/2009 4:06:21 AM

you, good sir, have successfully accomplished what many have not

you have not let the government use YOUR money for their own purposes (that is, more than what you actually owe them)

good job!

1/29/2009 4:27:08 AM

not me

[Edited on January 29, 2009 at 4:42 AM. Reason : d]

1/29/2009 4:42:36 AM

I owed NC $1 a few years back. I mailed it to them in pennies

1/29/2009 4:43:27 AM

and you're not furious that you don't get a rebate?

good for you.

1/29/2009 6:56:54 AM

that's the first step. your next objective should be to not pay them a dime all year, but to save your money and let it draw interest for you, then pay your taxes when they are actually due.

withholding is for the financially irresponsible.

1/29/2009 7:12:42 AM

make it rain

1/29/2009 7:13:42 AM

1/29/2009 7:15:56 AM

^^^ yeah, but if you end up owing a lot of money at the end of the year, there's a certain threshold where you would be required to prepay quarterly during the year. This happened to me when I ran my own business during college, and there was no witholding.


the ideal situation is to break even or owe a token amount.

[Edited on January 29, 2009 at 7:16 AM. Reason : fds]

1/29/2009 7:16:27 AM

then you get a quarter's worth of interest

still better than getting none

1/29/2009 7:20:09 AM

i doubt it's worth the hassle of keeping up with it.

at least it's not worth it for me. I'm a busy motherfucker.

1/29/2009 7:22:28 AM

yeah, but out of principle i just don't wanna give the gubment an extra dime

[Edited on January 29, 2009 at 7:23 AM. Reason : ;lkjfdsa]

1/29/2009 7:23:49 AM

Quote :

"that's the first step. your next objective should be to not pay them a dime all year, but to save your money and let it draw interest for you, then pay your taxes when they are actually due."

Then you realize just how bad that plan is when they hit you with a huge fee that goes far, far beyond any interest you could have earned. I had to pay this one year, it was a long time ago, so I no longer remember the threshold when it kicks in or how much the fee was. I just remember thinking along the same lines as you and getting hit by this.

The fee exists to counterbalance doing exactly what you just said. You might as well consider it the "we could have been earning interest on your money" fee. I think I calculated what their interest rate would have been that one year I had to pay it. It was something ridiculous, like more than 15%.

The only way your scheme works is to do what BobbyDigital said, pay your taxes quarterly.

Owing $3 at the end of each year is my goal. It'll never happen though.

EDIT: Found this. Might wanna consult it for any scheme you are planning:
http://www.irs.gov/pub/irs-pdf/i2210.pdf

You should find this portion of particular interest:

Quote :

"Because Form 2210 is complicated, we strongly encourage you to let the IRS figure the penalty. If you owe a penalty, we will send you a bill. If you file your return by April 15, 2009, we will not charge you interest on the penalty if you pay by the date specified on the bill."

Don't worry, they'll figure it out for you, maybe even throw some interest on top of what already amounts to collecting "interest" to begin with.

Further edit, cause I was curious:
http://www.fairmark.com/estimate/penalty.htm

Quote :

" Rates: The rates are available in our Reference Room. As of this writing the most recently announced rate for underpayments (first quarter of 2007) is 8%. Example: You made estimated tax payments of $4,000 per quarter, thinking that $16,000 would be enough to cover 90% of your tax liability in a year when the prior year safe harbor wasn't available. It turned out that $18,000 was required to cover 90% of your tax liability, so you should have paid an additional $500 per quarter. The amount of your underpayment is $500 for the period from April 15 to June 15, $1,000 from June 15 to September 15, $1,500 until January 15, and $2,000 until April 15 when you filed your return with your payment. The underpayment penalty at the 8% rate in this situation would be roughly $107. The penalty is not deductible, even if it arises because of investment or business income."

So if you can turn an investment of more than about 8% with your tax money, then go for it.

[Edited on January 29, 2009 at 8:33 AM. Reason : -]

1/29/2009 8:18:59 AM

NC owed me $37 this year. First time in 7 years of paying taxes that I actually got money back from NC.

1/29/2009 8:29:16 AM

I got $168 back from them bitches

and $2200 back from feds

1/29/2009 8:29:41 AM

http://brentroad.com/message_topic.aspx?topic=556296

1/29/2009 8:35:02 AM

every year I have tried to get no money back, to the point where I ask for 6 exemptions, and I still get a refund of around 2000 or so. very frustrating

2/2/2009 4:25:23 AM

^ I guess it's better than the other way around.

2/2/2009 4:31:08 AM

take a picture of the $3 and send it to them.....

2/2/2009 9:43:10 AM

2/2/2009 9:52:03 AM

i did my taxes over the weekend

getting a $2400 fed return

guess i messed up somewhere, i was expecting to owe

after buying a house i went up to 6 exemptions too

having a $15k+ deduction really does help a lot

2/2/2009 10:01:05 AM

I owe the state $7. It's odd because I owed them $7 last year when I wasn't working full-time.

2/2/2009 10:02:55 AM