Posted on 04/10/2010 7:27:37 AM PDT by Oldeconomybuyer
As the deadline approaches for filing tax returns, the process of claiming a tax break created by the stimulus package has proved to be more work than millions of people had bargained for.
What millions of taxpayers did not realize was that to have the credit deducted from the total amount of taxes owed, they are required to complete a new form, Schedule M. For millions of retirees, the procedure also requires an additional step because they have to deduct the tax break, known as the Making Work Pay credit, from other tax credits they may have received.
While either of those procedures takes only a few minutes, I.R.S. officials said that the unfamiliarity with the process of claiming the credit had led to errors in more than four million of the 82 million returns processed as of this week. The government expects to receive 60 million more returns by the filing deadline on Thursday, so it is possible that millions of additional returns will also contain similar errors.
(Excerpt) Read more at nytimes.com ...
Don't forget the elimination of the 10 percent bracket. I have a mortgage, and I have to provide for my mom. My choo-choo just might go off the damn rails when those cuts end.
And they're ending due to a budgetary rule promoted by that senile ex-Klansman from West Virginia.
I ran the numbers and for the first two years or so I save about $1 in interest for each $1 I pay in additional principle.
You are correct.
I might mention easy peasy just to see that. :) What if I say “Lemon squeezy” as well? Will that launch you like a bottle rocket?
Blood will DEFINITELY shoot outta my eyeballs if you say “lemon squeezy” OR “Japaneezy.”
(Can’t you tell that I’m a Glenn Beck fan?)
Finally getting to read this...laughing at your descriptions!
I did them a while ago and it is not a concern for me.
I think the jumping through hoops is a very accurate description. Everyday they get to keep your money is generating extra money in “float investments” for the government.
I can never see why people want money back. Make it come out as close as you can and pay the balance on the 15th after the close of business. You gain several more days interest since they do not process it on a daily basis at the end when they receive so much mail. Why would you want to loan the government money? Save it and keep the interest yourself.
I’m sure they just invest the extra money in treasuries; probably doesn’t even keep up with inflation.
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