Posted on 03/04/2023 7:00:49 AM PST by Twotone
Edited on 03/04/2023 1:23:50 PM PST by Admin Moderator. [history]
Turbo Tax is easy to use.
In theory, yes. A forgiven debt is generally considered income, I do believe. What’s the phrase? Imputed income? Something like that.
Pretty sure there are other things that give rise to imputed income, because the partners at my law firm used to have issues with that, but don’t remember why.
I am quite sure the US tax code is too complicated, rife with inequities and stupidities, etc. But my point was that is not generally encountered by a single working person, and no it is not some guessing game.
But if you owe too much you will be fined.
You are right, a refund is the same as an interest free loan to the gummint.
Many years ago I realized that the path to create vast political change (of the lower taxes, balanced budgets, smaller government kind) was to require EVERYONE to do quarterly estimated taxes and prepare their own tax returns.
Remember, Trump was demonized for wanting to greatly simplify paying federal income taxes.
But they’ll sell your info to Facebook and other companies.
You don't need to owe a lot...$50 should do it.
I learned this about ten years ago, when my wife was hit by identity thieves. We couldn't file electronically due to the fraud. Every year for the past ten years I've purposely underpaid, and the identity thieves never came back.
KEEP YOUR PAPERWORK a MINIMUM of 7 years.
That’s MINIMUM. Small business owners should keep for longer since audits can be longer than that if there are findings in error at the seven year mark. (Personal experience)
Perhaps that’s not supposed to be the case, but was the reality.
Shouldn’t the fraud filing fail if anything on it failed to match other documents provided by your employer, banks etc.?
The reality.
And whatever you do , Do Not Complain to a supervisor that an agent was uncaring and hard to deal with ( another, friend did this) , for them, it’s a Gold Star.
Instead, as was suggested to me, i wrote a glowing paragraph on how Miss Little and Mr Washington went out of their way to be helpful and show kindness and compassion towards me and my situation.
🤣🤣🤣🤣🤭
Google Benford’s Law. The IRS refuses to admit they use it. It’s fascinating in a geeky, nerdy sort of way.
Good point, but you’re implying an IRS staffer would take that next step.
My question is whether the IRS computers automatically verify the basic easily available data before cutting a refund check.
I do not know the answer to that question.
Sign up for Medicare. It’s far more complex than doing your taxes.
I’m not sure FRiend. You could probably ask a dozen IRS employees, and get a dozen different answers.
There are algorithms, like Benford’s Law that I mentioned, that tell them if a return is reasonable almost immediately.
I remember doing my taxes after working for the first time part time in the summer. Mine should have been simple but even back then I knew the tax form made no sense.
Nothing has changed in the 50 years since.
Cancel: “Payroll tax withholding”
Rush is correct.
Tax due date should be a week or two before Election Day. Folks would still be mad enough to vote the ba$tard$ out!
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