 I did a small amount of computer work for someone and that totalled $650. He mailed me a 1099-MISC!!!!!? |
| Anyway the work was done between 05 and 06. It was such a small amount in 05 that I didn't even report it that year. Federal taxes were never taken out of it either. It was paid out with ... |
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 How would the irs know? |
| i know someone that is married and just did her taxes and filed head of household so she would get a bigger refund. her husband is also going to file head of household under a different address. how ... |
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 Told don't have to file. Need answers quick.? |
| I did not recieve any 1099's or W2 this year as I barely worked. A little freelance, $4000.00 approx earned. I have a bank interest statement, a house interest statement and proof of money ... |
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 Taxes refunds? |
| Hi, I have a question about taxes refunds, I'm not a resident in the USA, I live in Mexico but I usually go to Arizona to do some shopping according to the season, recently someone told me to ... |
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 What do yo have to do to have your tax refund in a week? |
| Is it true if you file electronically on a monday or tuesday you'll have your IRS refund in one week with direct deposit?... |
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 VAT question? |
| i was just looking in a catalogue and each item has the price with the vat and without out the vat, can i just ask, i know iam a bit thick but when paying vat on these items do u pay vat on each item ... |
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 Do you think that the income tax rate should gradually reduce for older people? |
I'm thinking of a 25% discount between 60 to 70, then 50% discount for over 70 etc.
Is encouraging older people to continue working this way good, if they want to work?... |
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 I didn't receive a W2 from one of my jobs last year which has cost me the 300 dollar stimulus package? |
| And since the place has changed owners 3 times since, I have not been able to track it down and receive it. The owners were very shady and they have not returned my calls pleading for a W2. I know ... |
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 Is filing taxes online idiot proof? |
| i wanted to go online and try to file this year, but i've never done it before and i'm afraid of screwing up. please help, i'm young and dumb. :)... |
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| How is it possible for you to owe the IRS money if you were unemployed during that tax year? |
| I was unemployed during the 2006 tax year. I did not file a tax return for that year. I just recieved a bill owing the IRS taxes with penalty charges. How is it even possible I would owe the IRS ... |
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 Do you have to pay council tax if you are living on your own and under 18? |
Hi
Do you have to pay council tax if you live on your own and are under 18? Or is it only single persons discount you can apply for?
T... |
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 What is income tax used to pay for(UK)? |
I understand that NI tax is used for the NHS and Welfare when u become unemployed or sick.
council tax is used for schools, home helps(this should be under NI as it is health related), refuse ... |
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 If my grandmother gives my dad $10,000 as a gift each month, what will my dad have to pay in taxes? |
| My grandmother has recently discovered gas on her property, and is generously dividing her monthly EOG checks between her children. Each month, she is giving my dad (and each sibling) about $10,000. ... |
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 Do i have to pay tax if i just want to sell a couple of things for profit on ebay? |
Ok, so i've bought some stuff which i thought was an absolute bargain and i want to sell it on to make a bit of profit. Do i have to pay tax on the profit i make?
This is just a one-off ... |
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 What is the best software to do others taxes? |
| I recently received my tax preparation certification and I was wondering is there any software in particular that would be a good ideal to do other's taxes. In the past for friends and family, I ... |
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 If my partner goes to work? |
and earns £680.00 per month and our rent is £290.00 per month plus council tax and we have a child id stay at home how much working tax credit and housing benefit could we get
Additional D... |
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 Will the irs withold a percentage of stimulus payment for back taxes, or will they keep the entire rebate? |
| I was told that the irs will only keep a certain percentage of my rebate due to a 2006 tax obligation.... |
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 If I filed my taxes- and claimed myself- what effect will this have on my parents return? |
| For the past 21 years my Dad has always claimed me...I always e-file, (for the past 4 years) but never checked the box to claim myself- this year, I don't know if I missed it- but I filed ... |
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TaxGurl | Why do people allow themselves to be overwithheld on their taxes? |
By allowing yourself to be overwithheld and then getting a big refund check is like giivng the government an interest free loan all year.
On the IRS website, there is even a calculator where you can enter your expected wages, deductions, and credits to determine the number of allowances to put on your W4.
Wouldn't you rather have that extra amount on your paycheck each week instead of waiting until tax time to get it all back in one big check? |
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Shannon L
 |
It's basic finance, time value of money. I would certainly prefer the money now rather than later. My husband and I calculate our allowances and any extra to withhold in order to break even. I don't understand why people do that either. I guess it makes them feel better seeing a bigger number on their refund check. In the end, they're missing out on lost opportunities to invest the money and earn more. Oh well, their loss. |
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tma
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yes what you say makes sense. however there are plenty of people that overspend and dont know how to save. by being "overwithheld" and receiving a bigger refund check helps people pay for things they may not have had the money for when they charged it. for example, a friend of mine bought an expensive mattress a year ago and it was interest-free, no payments for a year. well lo and behold a year has passed and she does not have the money to pay for it all and can possibly incur huge finance charges. i prepared her taxes and she will be receiving a large enough refund to cover this expense. and the only reason shes receiving a refund is because she chose to withhold more money each week. youre totally right in what you say, but the average person will spend that money as soon as they receive it. |
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Sarahsmama
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I'd rather have too much taken out than too little. At least you get it back and do not have to pay a large sum at one time. |
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Jo
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I would much rather get a big check at tax time. I am very bad at saving money (I am getting better now though), and last year we bought a new front door with a sidelight with the tax money. This year we plan on putting the extra cash in with our budget for our house remodel.
I get what you are saying about the interest free loan to the government, but everyone has their own preferences and this is mine. |
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rhstocks188
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I totally agree with you but many people have been conditioned to receiving a refund cheque at tax time. Others do not want the inconvenience and frustration of having to pay at tax time because they deducted too much. Therefore, they allow a little larger deduction and have the pleasure of a refund cheque in the spring to purchase an item, small or large that requires a little more money. |
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vegas_iwish
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Getting a refund unless a low earner with chld care credits too high to deal with by withholding cuts is unbeleivably stupid. You are right on. People love to give interest free loans to govt then PAY a fee to get that money back faster. Inexcusably stupid. |
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Muga Wa Kabbz
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You have a good point. I wonder about the same.....This is the problem of being an employee, it just kills creativity and makes people slaves to their pay checks and employers. This prevents people from paying attention to the small, but important details. |
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Oh Boy!
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Do the math. My checking account pays approx. 1% interest so if I'm over withheld $1000 over the course of the year, what's the penalty to me? $5. That's right, $5. Doing the calculations and research you suggest just isn't worth the trouble even if my total over withholding is $5000.
For those of you questioning the math...obviously 1% of $1000 is $10 but I don't earn interest on that money for the entire year. The weighted average time I have that money is 1/2 year, thus 1/2 of $10 or $5. Also, the compounding of interest is so small as to be inconsequential. |
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