Feb 19, 2009

Patriotism: You Go First

A small thing, but many folks still claim the minimal deductions for their paycheck taxes. For the love of your own well-being WHY would anyone still do that? Have your employer update your W-2 for the maximum amount of dependents and exemptions. Do it NOW. It's an old and frugal habit so many of you have had for years, allowing Uncle Sam to keep a bit extra and earn all sorts of interest on your OWN money. No more! Take it to the edge and erase all the margins possible.

Time to put your Uncle on a diet. Obama said so.

Do you owe taxes? How about asking for an extension for filing? Businesses do this all the time, but regular worker bees don't consider it. Use your money while it's still worth something, give it back to the government after they've devalued it. That kinda small stuff adds up quickly when multiplied by millions. And it will cause extra work for the IRS drones. It's not like there's money to hire more of them.

We need some old-fashioned Russian dissidents from the Cold War era to teach us the thousand ways there are to aggravate a politburo with paperwork.

Tax revolt in the streets all you want, but you gotta get serious about starving the hogs in Washington. It's obvious they're in no pain whatsoever as they go on their important pilgrimages around the world, hire journalists for government jobs, and feed Acorns to the squirrelly voters.

And by the way, if you haven't filed your taxes yet, good luck getting any returns owed you. I mean, while money still has value. Think of it as double or triple taxation the longer you wait. You overpaid, they squandered it; you want it back, they devalue it by printing tons of money. It bears repeating that the printing of more money is the easiest way for the government to effectively tax its citizens without being obvious about it.

Meanwhile, I read that one big city is taxing its citizens' water bills to pay for a promised water utilities refund owed to their customers. You can't make that sort of bureaucracy up, folks. It takes years and years of voter neglect to cultivate that kind of incompetent, arrogant, festering abuse of power.


GUYK said...

I have not had a tax refund in decades...I have always tried to pay in just enough each quarter to keep from having to pay penalties than when the bite comes do my damnest to figure out how to keep from writing a check for more.

Sam said...

Well said my friend.

Time to put your Uncle on a diet

No shit.....

mushroom said...

Those are good suggestions. But your last paragraph points up how stupid many Americans have become. I hear commercials all the time about tax refunds that make it sound as if you were getting money from the government. There are people who actually think if they get a refund they are not paying taxes.

PeggyU said...

Well done, Joan. I'm sending this to my 21 and 19-year-old kids. They should know what they are facing. The 21-year-old is in California and is feeling the repercussions of bad policy in that state.

USS Ben USN (Ret) said...

"It bears repeating that the printing of more money is the easiest way for the government to effectively tax its citizens without being obvious about it."

Ame, Joan!
Kind of like all the stuff they snuck into the porkulous bill. Great way to avoid debating net nutrality or loonyversal healthcare.

Anonymous said...

It's always killed me that people get excited about their tax refund. It's as though the thought of saving money is beyond their capabilities.

If you file for en extension, you must still pay, I believe, 90% of the probable tax

ZZMike said...

Here in CA, they've decided that instead of a refund, we'll be getting an IOU. However, we can apply that IOU to next year's tax.

So then, if I owe $1000 in tax, and had $1500 withheld, I'll be getting back an IOU for $500, which I can apply to next year's, meaning that I can reduce my withholding by $500.

I'd go with $0.00 withholding, because (finally) I could come up with the cash on Apr 15. The problem with that is, if you owe more than $X, they want you to file quarterly Estimated Tax statements. I figure the hassle of doing that 4x a year isn't worth it.

And now that banks are paying 1% or 2% on savings accounts, it doesn't seem worth the bother, when what the IRS pays - 0% - isn't all that much worse.

Yeah, I know there are people who think that if they get a refund, the gummint is giving them free money.

I think that what we're seeing here is a Perfect Storm - several things just came together in the worst possible way. And Obama's bright idea of borrowing another few hundred billion to get us out the mess we got in by borrowing a few hundred billion may turn out to be the 16-ton weight that broke the camel's back.

I'm just not real happy about being part of the camel.

Joan of Argghh! said...

Mike, I had a whole paragraph in this post about the IRS turning our tax accounts into revolving credit type deals, but deleted it, thinking it too stupid for words.

Sometimes I scare myself.


Irrelephant said...

I've had the maximum withholding since I first got angry at "that FICA guy, and why is he taking my damned money!" and still they owe me at the end of every year--I simply don't make much money, and thank gawd for EIC.

One fun thing I've done for years and years to my bill collectors, creditors, you name it. I pay every bill more than the required amount, but less than a dollar extra. If I owe the electric company $150 I send them $150.75 or some other tiny amount. I hear it takes them several dollars worth of manpower to hand-key and advance the credit to my next bill and all that, rather than letting them just stamp "paid" and passing on to the next one.

And here you thought I was just a slack-jawed Demo. Power to the people! *wink*