Author Topic: 2012 Tax Thread  (Read 4739 times)

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Offline NHSparky

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2012 Tax Thread
« on: January 09, 2013, 11:28:52 AM »
Yeah, did my prelim taxes even though the IRS isn't accepting returns until next week and I don't have my W-2 yet (although I just take the stuff off my last paystub and put it into taxes and e-file, then keep the paper W-2 when it comes with my printout.)

This is bullshit.  I'd love to know where this money is going, and I know for a fact I'm not going to see any of the "gimmes" when it's my turn.  I guess that's what pisses me off most, knowing I'm pissing my money and life away, and knowing there isn't shit I can do about it.

Discuss, vent, rant, what have you.
“Any man who thinks he can be happy and prosperous by letting the government take care of him better take a closer look at the American Indian.”  -Henry Ford

Offline thundley4

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Re: 2012 Tax Thread
« Reply #1 on: January 09, 2013, 11:34:33 AM »
Yeah, did my prelim taxes even though the IRS isn't accepting returns until next week and I don't have my W-2 yet (although I just take the stuff off my last paystub and put it into taxes and e-file, then keep the paper W-2 when it comes with my printout.)

This is bullshit.  I'd love to know where this money is going, and I know for a fact I'm not going to see any of the "gimmes" when it's my turn.  I guess that's what pisses me off most, knowing I'm pissing my money and life away, and knowing there isn't shit I can do about it.

Discuss, vent, rant, what have you.

Well they did extend the EITC benefits.  I wonder if they made those permanent like the other tax cuts.

Offline marv

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Re: 2012 Tax Thread
« Reply #2 on: January 09, 2013, 12:08:37 PM »
Last year, I forgot and failed to staple our SS 1099s to our Federal return. Hmmm. Never a complaint. That tells me something about the skill level of all those new hires over at the IRS offices.

This year, for the first time in my life, I'm not even going to bother filing! Why waste a postage stamp.........
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Offline NHSparky

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Re: 2012 Tax Thread
« Reply #3 on: January 19, 2013, 07:35:26 PM »
Well, I e-filed my taxes today.

I had a choice--wait two weeks for finalized form 2106 (Work-Related Expenses) or file without it.

Crunched the numbers and found out that there was no difference, so I basically said screw it, took off the work-related expenses (not that they were much anyway) and filed, so at least I'll be at the head of the line when the IRS starts processing returns on the 30th.

I still think I paid WAY more than I should have.  Nearly 20 percent of AGI, and that was under $100K after itemizing, etc.
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Offline 17 Oaks

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Re: 2012 Tax Thread
« Reply #4 on: January 19, 2013, 08:10:34 PM »
I pay little or no taxes and have been doing so since the 70's.  There is a loophole you can drive a truck thru and the beauty of is you can do it year after year after year, its legal, you do not need a CPA, lawyer or anyone but you and a pencil or in my case a computer, been doing electronic since the 80's.  If you don't you should, the software is smarter than you are.

You can also do this even tho you work full time!

And I have never been audited on this, albeit I was audited on a $25 deduct for a Xmas tree I bought from the Boy Scouts, but I had the receipt...

So what is the magic?  Just start a business, any business.  Does NOT need to bve a INC, or LLC, you do NOT need a Fed Tax ID, you SS# will do.  Year 1 you don't need a whole lot of income, after all its start up and you can expense a LOT of stuff, computers, tools, tractors, backhoe, welders etc etc etc.  Anything used in the business.  There are limitations on cost, but don't work it will cover anything most want to do.

Where did I learn this?  The Army send a LOT of people to the IRS annual tax course.  I signed up to be the Unit Tax officer, doing soldiers tax for free on duty, you go the the IRS course, usually held right there on Fort Bumchuck or over in town and they teach you have do individual taxes, great course, you get a lot of materials and if I remember it takes about a week or less.

Got a hobby, can you sell anything you do at any price?

Work on cars?

Own a welder?

Go to garage sales then resell that $2 buck item for $10 and you laugh because the IRS does not know.  Then you got a business and you can get more in write offs than the few bucks you are making on the side.

Look into it I suspect that soon it might be all that is left to write off anymore.

I have written off lots of stuff, trip to Italy to attend a trade show, we stayed a couple of months, and could only write off the week at the show, but that was fine, written off lots of trips to Vegas, SEMA, Computer shows across the US you name it.

I hate the govt and the IRS more than you do and I am doing something about it!

Don
Got here thru God, Guns and Guts, I speak John Wayne, Johnny Cash and John Deere; this make ME: Christian, Conservative, Capitalist, Constitutionalist...any questions?

Offline DumbAss Tanker

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Re: 2012 Tax Thread
« Reply #5 on: January 19, 2013, 08:38:39 PM »
I pay little or no taxes and have been doing so since the 70's.  There is a loophole you can drive a truck thru and the beauty of is you can do it year after year after year, its legal, you do not need a CPA, lawyer or anyone but you and a pencil or in my case a computer, been doing electronic since the 80's.  If you don't you should, the software is smarter than you are.

You can also do this even tho you work full time!

And I have never been audited on this, albeit I was audited on a $25 deduct for a Xmas tree I bought from the Boy Scouts, but I had the receipt...

So what is the magic?  Just start a business, any business.  Does NOT need to bve a INC, or LLC, you do NOT need a Fed Tax ID, you SS# will do.  Year 1 you don't need a whole lot of income, after all its start up and you can expense a LOT of stuff, computers, tools, tractors, backhoe, welders etc etc etc.  Anything used in the business.  There are limitations on cost, but don't work it will cover anything most want to do.

Where did I learn this?  The Army send a LOT of people to the IRS annual tax course.  I signed up to be the Unit Tax officer, doing soldiers tax for free on duty, you go the the IRS course, usually held right there on Fort Bumchuck or over in town and they teach you have do individual taxes, great course, you get a lot of materials and if I remember it takes about a week or less.

Got a hobby, can you sell anything you do at any price?

Work on cars?

Own a welder?

Go to garage sales then resell that $2 buck item for $10 and you laugh because the IRS does not know.  Then you got a business and you can get more in write offs than the few bucks you are making on the side.

Look into it I suspect that soon it might be all that is left to write off anymore.

I have written off lots of stuff, trip to Italy to attend a trade show, we stayed a couple of months, and could only write off the week at the show, but that was fine, written off lots of trips to Vegas, SEMA, Computer shows across the US you name it.

I hate the govt and the IRS more than you do and I am doing something about it!



After the first year, they expect you to show at least a modest profit from time to time, and a steady string of losses year after year will eventually get their attention (I'm sure that due to the great Obama economy, they are swamped with continuous-loss returns from many small businesses for the last four years, and haven't been watching this one all that closely, but that will eventually change, or it will come up if they happen to audit you for some other reason). 

I forget the ratio of losing to winning years that is their target off-hand, but I'm sure someone here is familiar with it or cares enough to look it up.  What happens then is they can decide it isn't a business at all, just a hobby, which means you can't deduct anything but still have to declare anything you got from it as income, and they'll look back over several years of returns and re-evaluate them as well.

I file a Schedule C for a small art metal business my wife and I run, I generally declare an extremely modest profit from it to avoid running afoul of this rule, even if it means letting some of the more esoteric things I could legally claim as expenses go.
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Offline Lacarnut

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Re: 2012 Tax Thread
« Reply #6 on: January 19, 2013, 09:23:46 PM »
I purchased a beach condo as an investment and am aware of the start up costs which are limited to $5k in the first year. The remainder has to be depreciated. For a small business owner, he or she has to be in business to make a profit. Bonus depreciation expires in 2013. So, anything bought after the start-up is depreciated at 20% the first year and 33% the second year under the double decling balance method for 5 year property. Three year property is depreciated faster. If the IRS decides that your operation is not a business venture but a tax scam, they will disallow all of the extravagant expeses you have rung up and declare it a hobby. With 16k new IRS auditors, they may not look at small time operators but if you are knocking big chunks off income by claiming large losses, you will eventually get caught. The red flag will set you up for an audit and anything you do not have documentation for will be disallowed.

I have also attended the IRS course to help low income families prepare their taxes but that has been a long time ago. I also have 24 hours of accounting. I despise the IRS also but I do not want anyone to get the impression that they can scam the government by taking expenses that are not legal and wind up getting you in big trouble. If you are a big shot with plenty of money you may be able to buy yourself out but if your a little fish, the IRS will stick it to you.
« Last Edit: January 19, 2013, 09:40:53 PM by Lacarnut »

Offline marv

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Re: 2012 Tax Thread
« Reply #7 on: January 19, 2013, 10:03:18 PM »
My solution was simple. I retired twenty years ago this last December 31st. My early pension plus my SS and my wife's SS aren't enough to even owe Federal taxes on even though I continued to file.

Before we retired, we made sure we had a home that was mortgage free. Our two vehicles and two boats were paid for, our one credit card was down to less than $200 balance, and we had no outstanding loans.

For 2012, I'm not even going to waste a stamp on filing.

We're certainly not in the lap of luxury, but we're comfortable, and not hurting...and I'll keep driving my 24 year old Bronco. We even keep a modest savings account.

Two lessons here; always plan ahead (a conservative trait), and live within your means (another conservative trait).......
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Offline 17 Oaks

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Re: 2012 Tax Thread
« Reply #8 on: January 20, 2013, 10:21:36 AM »
After the first year, they expect you to show at least a modest profit from time to time, and a steady string of losses year after year will eventually get their attention (I'm sure that due to the great Obama economy, they are swamped with continuous-loss returns from many small businesses for the last four years, and haven't been watching this one all that closely, but that will eventually change, or it will come up if they happen to audit you for some other reason). 

I forget the ratio of losing to winning years that is their target off-hand, but I'm sure someone here is familiar with it or cares enough to look it up.  What happens then is they can decide it isn't a business at all, just a hobby, which means you can't deduct anything but still have to declare anything you got from it as income, and they'll look back over several years of returns and re-evaluate them as well.

I file a Schedule C for a small art metal business my wife and I run, I generally declare an extremely modest profit from it to avoid running afoul of this rule, even if it means letting some of the more esoteric things I could legally claim as expenses go.
You are right on all but time to show a profit, which is around 3-5 years before the iRS gets real antsy.  Its RARE any business makes a profit in year one or even year 2, by year 3 you should be knocking on the door of profitability and healthy by year 5.

That said here is some more advice you would be well to heed:

1)  Do NOT get greedy

2)  Keep excellent records

3)  I have NEVER taken the home office deduction, suggest you do not, its a red flag

4)  Want to deduct your car/truck sure you can do it, but the IRS is gonna ask if its your only means of transportation, if it is then reread 1 and 2 above.  Avoid the IRS red flag by having another means of transportation as in car.

5)  Its not a scam, you are in business to make money if you do not make money within 5 years max shut it down, do not keep on trying to milk it, IRS does not like that, shutting down a business does NOT preclude you from starting another.  Just make sure you do not start to fence building companies in a row.  You have to change business lines or you catch attention of the IRS.

6)  Be in business.  This means you have to show and income from it, sure expenses may be more than than income, that is fine, but you need to have income or you are not in business.  Therefore you have to show growth in revenue, this is called business activity...

I am in year 2 of my current business and like my last one which I sold, like the one before that which I sold all of them had sales tax exposure, this is a GREAT benefit, you are paying taxes (to the state), this is business activity, shows you are active and in business.  All this takes work and the IRS knows it, if it appears that you are just doing a paperwork exercise they can sniff you out.

But as stated in my example of a friend who was making nickels and dimes off their weekend forays into garage sales, if they legitimatize it they have the benefit of deductions, expenses etc...so what happened?  Well they took my advice and within 2 years she had quit her job and opened a small store, year later he quit his job, they opened a bigger store and are doing well to this day.  I had a girl I dated do the same thing, she ended up quitting her job.

Michael Dell (Dell computers) was a kid at UT in Austin building computers for his friends in college, making side money, then he too went legit and he is now worth about $17 Billion.  There is no shortage of stories like this...
Don
Got here thru God, Guns and Guts, I speak John Wayne, Johnny Cash and John Deere; this make ME: Christian, Conservative, Capitalist, Constitutionalist...any questions?

Offline DumbAss Tanker

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Re: 2012 Tax Thread
« Reply #9 on: January 20, 2013, 11:17:21 AM »
A lot of things vary case by case, but the most generally-useful thing in that is avoiding all temptation to claim home office expenses.  There is probably no single thing that is more likely to draw an IRS audit than claiming that one, and even if you can fully justify it, the IRS take on what is allowable is a whole lot more restrictive than any small business owner operating without a solid tax education or well-trained tax advisor would believe from just reading the instructions.
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Offline 17 Oaks

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Re: 2012 Tax Thread
« Reply #10 on: January 20, 2013, 11:33:39 AM »
A lot of things vary case by case, but the most generally-useful thing in that is avoiding all temptation to claim home office expenses.  There is probably no single thing that is more likely to draw an IRS audit than claiming that one, and even if you can fully justify it, the IRS take on what is allowable is a whole lot more restrictive than any small business owner operating without a solid tax education or well-trained tax advisor would believe from just reading the instructions.
QUOTED for truth...

PLUS when you sell your house, wow, talk about a paperwork nightmare, know a few folks that wish they had never done it.

#2 on the list of IRS Red Flags is taking a insurance deduction due to theft or isolated incident.  I took one due to theft and the IRS denied almost every single thing...no PROOF of ownership and back up paperwork from when and where you bought you get "$0", with paperwork they depreciate it.

Here is another tip that I am sure is applicable today:

IF you get audited and have to pay money, you can expect to get audited again, if they owe you then you can expect to not get audited.  When you get audited they will LOOK at EVERYTHING on your return.

Sometimes its best to leave it alone and just let the IRS win.  Last year I got a letter from the IRS telling me my income records did not match with what was reported.  After a lot of work I discovered a small unopened postcard from the state of Az where they had reported to the IRS some amount of money they claim they paid me in unemployment benefits...well I never drew any from AZ or any other state, I owned my own business.  I contacted them and their records showed they had sent me payments.  More research and I find nothing.  So I plugged in the amount they said they had paid me and it did not affect my taxes, so the hell with it, I did a 1040X, sent it in to the IRS.  Well it did not change my tax, BUT the IRS paid me $90.32 in interest...I just got the 1099 in the mail Friday, now I need to add that to my income this year...
Don
Got here thru God, Guns and Guts, I speak John Wayne, Johnny Cash and John Deere; this make ME: Christian, Conservative, Capitalist, Constitutionalist...any questions?

Offline Teri

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Re: 2012 Tax Thread
« Reply #11 on: January 20, 2013, 08:10:03 PM »
Our property taxes went up over 20 percent.  Federal taxes went up, now the state is going up too.  Gas tax is on the rise along with the price of every single thing we need to live and survive. 

We've done everything we can possibly do to cushion the tax blow.  We've done a straight up refinance that saved us over 630.00 a month by lowering our interest rate.  We've replaced every single appliance with energy saving ones.  We've put all new windows in the house that helped lower the heating and air conditioning costs.  We paid off both cars early so we don't have any car payments and try to maintain them well.  Hubby has found work close to home so we don't have a commute gas bill any longer or parking garage fees. 

We have increased our total income this year by a little over 28,000.00 simply by doing some large and small things that added up to a lot at the end of the year.  This should help cushion any blows by inflation short of a total economic collapse, then we'll all be in the soup if that happens. 

Offline Lacarnut

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Re: 2012 Tax Thread
« Reply #12 on: January 20, 2013, 11:20:40 PM »
Rental real estate provides more tax advantages than practically any other investment. I paid cash for my condo so I do not have any interest expense. However, depreciation and expenses will eat up all or most of my income. The beauty part of that is that the profit made before computing depreciation will go in my pocket and not be taxed. Secondly, I get to use the condo 30 days of the year tax free. Hopefully, the property will appreciate in value. Plus, if I decide to sell and buy a more expensive condo, I can use a special exemption without paying capital gains tax on the appreciated value. Another feature that applies to rental property is that you are not required to make a profit for 3 out of 5 years like every other venture is required to do. All you have to do is show that it is being rented or available for rent to the public rather than for your own use, and to your friends and relatives for less than fair market value. I have a rental manager that takes care of the bookings and taxes. 2012 was my first year of operation and probably will make a small profit. I do not mind that cause if the IRS gets 30%, I get to keep 70.     

Offline Teri

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Re: 2012 Tax Thread
« Reply #13 on: January 25, 2013, 09:40:18 AM »
Rental real estate provides more tax advantages than practically any other investment. I paid cash for my condo so I do not have any interest expense. However, depreciation and expenses will eat up all or most of my income. The beauty part of that is that the profit made before computing depreciation will go in my pocket and not be taxed. Secondly, I get to use the condo 30 days of the year tax free. Hopefully, the property will appreciate in value. Plus, if I decide to sell and buy a more expensive condo, I can use a special exemption without paying capital gains tax on the appreciated value. Another feature that applies to rental property is that you are not required to make a profit for 3 out of 5 years like every other venture is required to do. All you have to do is show that it is being rented or available for rent to the public rather than for your own use, and to your friends and relatives for less than fair market value. I have a rental manager that takes care of the bookings and taxes. 2012 was my first year of operation and probably will make a small profit. I do not mind that cause if the IRS gets 30%, I get to keep 70.      

If the economy was more stable, I'd say that yes, I'd like to invest in rental property, but with the situation we're in right now...I would hold off until we see what's going to hit us in 2013.

My thoughts are live way below your means, prepare for emergency and pay off the cars and credit cards because if we go into a state of hyperinflation, it will be impossible to pay those when SHTF.  One better have a homestead act in place if that happens too, otherwise, you'll be homeless.  

The less debt you have, the better off you'll be.

Offline 17 Oaks

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Re: 2012 Tax Thread
« Reply #14 on: January 25, 2013, 12:39:34 PM »
If the economy was more stable, I'd say that yes, I'd like to invest in rental property, but with the situation we're in right now...I would hold off until we see what's going to hit us in 2013.

My thoughts are live way below your means, prepare for emergency and pay off the cars and credit cards because if we go into a state of hyperinflation, it will be impossible to pay those when SHTF.  One better have a homestead act in place if that happens too, otherwise, you'll be homeless.  

The less debt you have, the better off you'll be.
You are smart.

I am thinking rentals will be a strong market in the future, not so sure about vacation rentals, but rather living space.  I do not for see our economy getting better in the long run except in localized areas.  I have owned a lot, apartments, condos, houses and the headache to me just is not worth it...granted all I owned was not where I lived so that 2am fone call from a tenant who is semi-drunk at least telling me the toilette will not flush and they needed to call a 24 hr plumber...I asked what does it do or not do when you push down on the handle?  He told me it did nothing?  I said take off the lid and see if the little chain is still attached...no its not...then put it on...does it flush now?  Yes.  Go to bed.  I just got tired of that stuff, that was the last straw and I sold all my rental property, now I just invest in businesses.  REMEMBER you order to max out your deducts on rental property you need to be active in the management of it...kind of a gray area, but the IRS will look hard at you management costs and if you are paying someone to manage it for you then you become a passive investor.
Don
Got here thru God, Guns and Guts, I speak John Wayne, Johnny Cash and John Deere; this make ME: Christian, Conservative, Capitalist, Constitutionalist...any questions?

Offline Lacarnut

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Re: 2012 Tax Thread
« Reply #15 on: January 25, 2013, 08:29:30 PM »
You are smart.

I am thinking rentals will be a strong market in the future, not so sure about vacation rentals, but rather living space.  I do not for see our economy getting better in the long run except in localized areas.  I have owned a lot, apartments, condos, houses and the headache to me just is not worth it...granted all I owned was not where I lived so that 2am fone call from a tenant who is semi-drunk at least telling me the toilette will not flush and they needed to call a 24 hr plumber...I asked what does it do or not do when you push down on the handle?  He told me it did nothing?  I said take off the lid and see if the little chain is still attached...no its not...then put it on...does it flush now?  Yes.  Go to bed.  I just got tired of that stuff, that was the last straw and I sold all my rental property, now I just invest in businesses.  REMEMBER you order to max out your deducts on rental property you need to be active in the management of it...kind of a gray area, but the IRS will look hard at you management costs and if you are paying someone to manage it for you then you become a passive investor.

My parents had rental houses for many years. I hated them cause I was responsible for cleaning and painting them. I was so glad when they sold the last one. However, beach rental property is a whole different ball game.

My property is located in the FL panhandle. It is a 1br 1 1/2 bath condo with a gulf front beach view. I owned it for 10 months in 2012 where it was rented for over 80% of the time. December was the only slow month. It is rented this month and next month by snowbirds and have rentals in March, June and July so far. FYI, the economy may get worse but many people will still go on vacation. Instead of vacationing for a week, they may make shorter stays like 4 or 5 days. A slow down in the economy will not affect my rentals.

I have an individual rental manager. However, I instruct her on the rates charged and repairs. I also buy furniture such as TVs, bar stools, etc and deliver them myself. So, I am classified as being in business, taking part in the day to day operation rather than a passive investor. I have done so well on this one, I will look at some others next week.

Anyone that wants info. in purchasing one in this area PM me.      
« Last Edit: January 25, 2013, 08:37:30 PM by Lacarnut »

Offline 17 Oaks

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Re: 2012 Tax Thread
« Reply #16 on: January 26, 2013, 08:16:53 AM »
My parents had rental houses for many years. I hated them cause I was responsible for cleaning and painting them. I was so glad when they sold the last one. However, beach rental property is a whole different ball game.

My property is located in the FL panhandle. It is a 1br 1 1/2 bath condo with a gulf front beach view. I owned it for 10 months in 2012 where it was rented for over 80% of the time. December was the only slow month. It is rented this month and next month by snowbirds and have rentals in March, June and July so far. FYI, the economy may get worse but many people will still go on vacation. Instead of vacationing for a week, they may make shorter stays like 4 or 5 days. A slow down in the economy will not affect my rentals.

I have an individual rental manager. However, I instruct her on the rates charged and repairs. I also buy furniture such as TVs, bar stools, etc and deliver them myself. So, I am classified as being in business, taking part in the day to day operation rather than a passive investor. I have done so well on this one, I will look at some others next week.

Anyone that wants info. in purchasing one in this area PM me.      

BINGO, any property with a water view stands the test of time, always bonus if its on an ocean.  Other vacation rentals go up and down with the economy, but stuff on the water is always a winner...
Don
Got here thru God, Guns and Guts, I speak John Wayne, Johnny Cash and John Deere; this make ME: Christian, Conservative, Capitalist, Constitutionalist...any questions?

Offline NHSparky

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Re: 2012 Tax Thread
« Reply #17 on: January 28, 2013, 07:02:19 PM »
Looks like the IRS is taking their sweet fracking time with even acknowledging they've received returns.  I sent mine off nearly two weeks ago, and I get an e-mail this morning saying, "Sorry, but the IRS is taking their sweet time acknowledging receipt of returns."

And they're supposed to start processing them on Wednesday?  Stop. Hurt. Sides. Laughing.
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Offline thundley4

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Re: 2012 Tax Thread
« Reply #18 on: January 28, 2013, 07:05:23 PM »
Looks like the IRS is taking their sweet fracking time with even acknowledging they've received returns.  I sent mine off nearly two weeks ago, and I get an e-mail this morning saying, "Sorry, but the IRS is taking their sweet time acknowledging receipt of returns."

And they're supposed to start processing them on Wednesday?  Stop. Hurt. Sides. Laughing.

they announced a week or so ago that wouldn't accept returns until Jan. 30.   They blamed the delay on congress taking so long to jump off the financial cliff.

Offline NHSparky

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Re: 2012 Tax Thread
« Reply #19 on: January 28, 2013, 07:07:32 PM »
they announced a week or so ago that wouldn't accept returns until Jan. 30.   They blamed the delay on congress taking so long to jump off the financial cliff.

Okay, cause the word I got is that they wouldn't start PROCESSING returns until Wednesday, but that they'll accept them before that.

Guess that ain't the case.
“Any man who thinks he can be happy and prosperous by letting the government take care of him better take a closer look at the American Indian.”  -Henry Ford

Offline Lacarnut

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Re: 2012 Tax Thread
« Reply #20 on: January 28, 2013, 08:20:03 PM »
I am going to owe the IRS a bunch. So, I am not filing until the last minute.

In the not so far distance future, those receiving refunds might get IOU's from the revenue dept.   

Offline thundley4

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Re: 2012 Tax Thread
« Reply #21 on: January 28, 2013, 08:21:44 PM »
I am going to owe the IRS a bunch. So, I am not filing until the last minute.

In the not so far distance future, those receiving refunds might get IOU's from the revenue dept.   

Didn't California do that or they thought about doing it?

Offline Lacarnut

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Re: 2012 Tax Thread
« Reply #22 on: January 28, 2013, 08:35:30 PM »
Didn't California do that or they thought about doing it?

Yep. I think the refunds or the state employees paychecks were postponed.

In the 80's, state employees were ready to lynch ex Gov. Buddy Roemer (R) of LA for postponing their pay. It would be interesting to see that happen with a Federal government shutdown. Would be some pissed off employees.   

Offline thundley4

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Re: 2012 Tax Thread
« Reply #23 on: January 28, 2013, 08:45:13 PM »
Yep. I think the refunds or the state employees paychecks were postponed.

In the 80's, state employees were ready to lynch ex Gov. Buddy Roemer (R) of LA for postponing their pay. It would be interesting to see that happen with a Federal government shutdown. Would be some pissed off employees.   

Imagine if tax refunds and military pay were delayed but welfare and unemployment payments weren't.   :fuelfire:

Offline NHSparky

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Re: 2012 Tax Thread
« Reply #24 on: January 28, 2013, 08:58:59 PM »
Didn't California do that or they thought about doing it?

Did it. Gave out IOUs and 1% interest.

One more reason why I changed my W-4 last week and upped the dependents.
“Any man who thinks he can be happy and prosperous by letting the government take care of him better take a closer look at the American Indian.”  -Henry Ford