It is worse than that....the excess monies that you paid, which were part of your annual salary upon which you overpaid the taxes, is now considered NEW INCOME in the name of a tax refund.
Double taxation.
So we underpay via paycheck and set $$ aside to earn a little interest and pay what is owed at tax return. Not only does a human have to process it because it is mailed in with a paper check, that human has to do a quick look at the return....removing it from the computer's randomly assigned audits. So we understand....
I remember that POV, using your W4 to keep more for now and not "owing" as much later at the EOY............ but I said FK-DAT at some point. I got tired of negotiating MY hard earned $$ for some contrived semblance of safety in the auditing process.
I've been audited a couple of times, first one a win for me and the 2nd a loser, only due to the IRS changing the rules on company expenses.............. apparently, the only way you can claim expenses now is IF YOU WORK IN A GOVT JOB. How convenient.............
we usually keep as much as we can all year and pay on tax day. Otherwise they are earning interest on your money, that is shitty right there!
It is worse than that....the excess monies that you paid, which were part of your annual salary upon which you overpaid the taxes, is now considered NEW INCOME in the name of a tax refund.
Double taxation.
So we underpay via paycheck and set $$ aside to earn a little interest and pay what is owed at tax return. Not only does a human have to process it because it is mailed in with a paper check, that human has to do a quick look at the return....removing it from the computer's randomly assigned audits. So we understand....
I remember that POV, using your W4 to keep more for now and not "owing" as much later at the EOY............ but I said FK-DAT at some point. I got tired of negotiating MY hard earned $$ for some contrived semblance of safety in the auditing process.
I've been audited a couple of times, first one a win for me and the 2nd a loser, only due to the IRS changing the rules on company expenses.............. apparently, the only way you can claim expenses now is IF YOU WORK IN A GOVT JOB. How convenient.............