Posted on 02/20/2009 7:11:41 AM PST by Timeout
TAXPAYERS' TEA PARTY
All taxpayers who owe additional taxes on April 15th....FILE AN EXTENSION.
If you have a refund due, go ahead and file...the earlier the better.
What would they do? It's perfectly legal. And---if enough of us do it---we'll demand a "bailout" from the IRS penalties for not paying til October.
Of course, we all know the gov't would just go on borrowing and spending. But it sure would get their attention. And I suspect even the liberal media would have to take notice of a taxpayer revolt if it were widespread.
What do y'all think?!
(Excerpt) Read more at newsbusters.org ...
The link is to Santelli’s “Rant heard ‘round the world”. It seemed appropriate.
You can file an extension, but if you have taxes that are owed, they will still charge you interest and penalties on what you haven’t paid in. The extension is only for FILING, not for PAYING.
Screw filing. There is no law that requires me to file. Just stop sending them the money.
Sorry, I'm just overly negative because of the anger I feel over the mortgage bailout. I can't remember when I felt this much anger over "finances" or anything related to bills and money. I seriously want to do something ... just not sure what.
Can they penalize me if I make an honest math error? I think with all the stress I am under I just make a mistake or two.
“You can file an extension, but if you have taxes that are owed, they will still charge you interest and penalties on what you haven’t paid in. The extension is only for FILING, not for PAYING”
I second this response.
You are better off adjusting w-4 and quarterlies. For quarterlies, figure out what the lowest amount you can send is that doesn’t trigger punitive penalties. I’ve never paid more that 300 in penalties to keep my money in the bank.
Well, duh, that’s why I addressed that very issue in my post!
Try reading it again.
Wheny ou file an extension, you are obligated to send in any amount owed, computed by a good faith estimate---
(I think it has to be within a certain narrow percentage of the final amount owed....
My CPA buddy reminds me that if there are radical differences between the estimated and actual tax due....
Stand by for an audit...
Just FYI...
What would it do?
NOTHING!
You still have to pay your estimated obligation, within 10%, when you file an extension unless you want to pay penalties and interest.
“Can they penalize me if I make an honest math error? I think with all the stress I am under I just make a mistake or two.”
Yes. They can do anything they want and have the most punitive penalties imaginable. There is no regard to intent.
I FORGOT!
Actually, I get a refund this year so why would I want to do this?
Can't believe I didn't think of that, too. The whole point is to starve the beast and make the media and "takers" note that taxpayers are not going to just sit by and watch our "wealth" get "spread around".
I see and talk to quite a few people during the course of my day. There is a lot of anger at the stimulus bill out there, and they are sick to death over the direction the country is going in. The problem is, no one is quite sure what to do about it, and those who voted for President Asshole are still in denial over what they’ve done.
I filed early, saw what my refund was to be, and adjusted my W4’s WAY up to make sure they weren’t getting an interest free loan.
Won’t work — you have to pay what taxes you owe by April 15 even if you don’t file the return until later.
“First, get a million dollars...”
Won’t work — you have to pay what taxes you owe by April 15 even if you don’t file the return until later.
If you get a refund, adjust your W4 IMMEDIATELY.
Additional exemptions = refund/(pay periods per year * $23)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.