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tax refund

This is just my opinion, but why a tax refund. Why let the government use your money all year for free. I figure I can put it to better use.
 
I share your opinion !!! I have to give them a little through the year but they don't get the balance until april !!!
 
It's my understanding that if I get one, anything at all, it’s going to be confiscated as a penalty for refusing to sign up for, well, I won't say it so as not to start something. It’s my understanding that the way the law was worded when written, that the only way the IRS can fulfill its newly added duty of collecting the penalty for not signing up for (I won't say it), is by confiscating as much is needed to cover it, taken from income tax refunds, and no other way. I hear all kinds of threats of raiding bank accounts and so on, but if I understand correctly, the law limits that the penalty can only be taken directly from tax refunds. I sure hope that I’m hearing correctly, because if I do get a refund this year, refunds will be intentionally factored out for all subsequent years, guaranteed.

Mark
 
I always pay. But if I did get a refund I"d put it toward my health insurance that jumped 25% since the affordable health care act took affect.
 
The government is not a savings account. I only send them what I need to through out the year. I make a much bigger return on my own money then what the government will ever be able to offer. I really wish I could opt out of social security as I can again make way bigger returns on my investment instead of sending money to a black hole that I will never see again...

Casey in SD
 
I pay in 3-$400 every two weeks in taxes out of my paycheck. DO I get much back? No. But at least they aint borrowing my money. Might as well flush tax dollars down the toilet, you would get the same results.
 
I Am very stupid but I can't save money never could so I have worked out a very good tax return around $1500 this year to pay my property taxes and have some to take mom out for Valentines day.
Walt
 
I'm self employed. In years that I've overpaid my quarterly payments, any overage is put towards my next quarterly payment.
 
(quoted from post at 17:59:06 02/04/14) What is everybody gonna do with there tax refund? Im gonna stash mine away.
Click to expand...

Well if there are any farmers here that are paying they need to change accountants...it's call a "depreciation schedule"...use it!

:shock:
 
As a wage earner, it depends on how steady your week to week income is and how many dependents you claim. If your income fluctuates you often end up getting a little back as they take out every pay period according to what you made that pay period and the higher pay period over reaches the low period. My income was very steady except for a couple years so I usually came out pretty close to even.

Now, when you get into earned income credits, that is what irritates me. Make little, pay nothing and get money back. Those people call is getting their income tax. They don't refer to it as getting their refund for over payment.

Now days, I pay some self employment tax. Don't make enough to pay income tax. Lot of people never differentiate between those two taxes, they just call it income tax. You have to make pretty good money to have to pay on your social security income which I do not.
 
I have no idea if I'll get one or not. I think I bought enough fuel and fertilizer December 31 I wont owe much but who knows... Waiting on one more 1099 then off to the accountant. This is the off year for claiming the kid so I wont get that credit.

Id venture that I'll get about enough back to pay off my farm optional social security and what I'll owe in state tax. Never paid in enough as most of my working days I paid into our states teachers retirement. So, I'm playing catch up to at least qualify for something.
 
Oh it is already prespent to stimulate the economy , Got parts to buy and tires to get , yep it is all spent before it gets here .
 
So being in endless debt is you and your accountants idea to avoid tax? I think I will stick with my well tested plan of doing everything possible to make a profit but timing sales to my advantage when possible or feasible, spending to improve farm infrastucture and up-gading equipment when needed by cash purchase, taking the qualifying deductions that result and saving or investing the remainder strategically to defer or reduce tax owed. Never ending debt is not a viable plan.
 
(quoted from post at 23:30:32 02/04/14) So being in endless debt is you and your accountants idea to avoid tax? I think I will stick with my well tested plan of doing everything possible to make a profit but timing sales to my advantage when possible or feasible, spending to improve farm infrastucture and up-gading equipment when needed by cash purchase, taking the qualifying deductions that result and saving or investing the remainder strategically to defer or reduce tax owed. Never ending debt is not a viable plan.
Click to expand...
It's not debt if it is paid for :lol: :lol:
 
I got a refund several years ago for around 3000 bucks. Problem was that I wasn't owed a refund and didn't cash their check. It took almost a year of my accountant arguing with the feds to agree that they over paid, then they wanted that check back right now!! I waited a couple of months and sent it back. Shortly I got a notice that I under paid my taxes! That was wrong, and several months to fix that. In the end, I think the idiots that work for the IRS are the worse federal employees we pay for, and they get a pension!!
 
Hopefully I get enough back to pay the propane bill. I don't know if I hit the highest price around here or not, but $4.519 a week ago is way over my budget!!!! I am on budget billing but need to settle up on June 1st and I am not looking forward to that.
 
(quoted from post at 19:52:34 02/04/14) I'm self employed. In years that I've overpaid my quarterly payments, any overage is put towards my next quarterly payment.
Click to expand...

Does anyone have any idea why we have to pay a self employment tax? Who came up with that idea?
 
You originally stated a Farmer should owe no tax due to the depreciation schedule, what about the living wage he has to take out of his profits to support his family? What about any money to set aside for retirement? If all profits go to depreciable purchases what is the point? If a person is earning enough to support himself and his family he cannot avoid all tax no matter how good his accountant is.
 
All Ya'll that rail against the Government amaze me when you give same Government your money interest free for a year. I figure my taxes real tight to preclude that from happening. I would rather owe them.
 
Jerry Gulke was talking about this just the other morning. He said these guys who went out and bought a new $250,000 tractor,financed it for 5 years interest free,claimed the whole thing as an investment credit to avoid taxes in one year when commodity prices were high,are the ones who are going to be in big trouble with these low prices. Now they have four years of principle to pay and it isn't deductible.
I know how that is. I had a lot of income when I milked cows and was buying all of my equipment and what not. My depreciation seemed to get thin while I was still in debt. It got to where I was writing a check to the feds for $15-16,000 every year. I'm a whole bunch better off now with less income and no debt,paying cash for the used stuff that I buy.
 
It just amounts to what everybody else pays in SS. Just that if you have a real job,the employer pays half and you pay the other half.
 
I'd rather pay them as opposed to them holding my money. Even though I have to pay the penalty for owing them too much.
I did get a refund from the sorry state of Michigan last year. I filed April 14th last year and got the refund last week. That was after fighting with them for the last nine months and going through an audit.
 
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