Comments on: Bah Humbug! Tis the Season for Income Tax http://moneysmartlife.com/bah-humbug-tis-the-season-for-income-tax/ Money Tips for a Better Life Fri, 10 Feb 2012 18:59:59 +0000 hourly 1 http://wordpress.org/?v=3.3 By: » Roundup: Happiness! XBox 360 Has Returned! on  Blueprint for Financial Prosperity http://moneysmartlife.com/bah-humbug-tis-the-season-for-income-tax/comment-page-1/#comment-88517 » Roundup: Happiness! XBox 360 Has Returned! on  Blueprint for Financial Prosperity Thu, 17 Jul 2008 03:19:55 +0000 http://moneysmartlife.com/bah-humbug-tis-the-season-for-income-tax/#comment-88517 [...] It wouldn’t be December unless someone brings up income tax. [...] [...] It wouldn’t be December unless someone brings up income tax. [...]

]]> By: Tim http://moneysmartlife.com/bah-humbug-tis-the-season-for-income-tax/comment-page-1/#comment-33912 Tim Fri, 30 Nov 2007 18:49:09 +0000 http://moneysmartlife.com/bah-humbug-tis-the-season-for-income-tax/#comment-33912 I simply do not understand people's frustrations and anxieties about tax time. I've been filing taxes since I was 15 years old and just don't get all the worrying people do. During this period, the IRS requested on two occasions to verify tax discrepancies or pay fines and what the IRS stated I owed. Both times, I submitted records, wrote justification, and received all clear notices from the IRS. If you aren't trying to be sneaky, the IRS is pretty forgiving, so I disagree with Terrence on the issue, having experienced the IRS twice, and two State tax offices on two other occasions. With this said, if you keep good records, tax time is just plugging in the numbers. You know you are going to have to file a tax return, so it shouldn't be rocket science to know that you should be planning for it every year that you have income. Really, waiting until now to plan is rather ridiculous. I simply do not understand people’s frustrations and anxieties about tax time. I’ve been filing taxes since I was 15 years old and just don’t get all the worrying people do. During this period, the IRS requested on two occasions to verify tax discrepancies or pay fines and what the IRS stated I owed. Both times, I submitted records, wrote justification, and received all clear notices from the IRS. If you aren’t trying to be sneaky, the IRS is pretty forgiving, so I disagree with Terrence on the issue, having experienced the IRS twice, and two State tax offices on two other occasions.

With this said, if you keep good records, tax time is just plugging in the numbers. You know you are going to have to file a tax return, so it shouldn’t be rocket science to know that you should be planning for it every year that you have income. Really, waiting until now to plan is rather ridiculous.

]]> By: Free Money Finance http://moneysmartlife.com/bah-humbug-tis-the-season-for-income-tax/comment-page-1/#comment-33822 Free Money Finance Fri, 30 Nov 2007 11:19:27 +0000 http://moneysmartlife.com/bah-humbug-tis-the-season-for-income-tax/#comment-33822 <strong>Star Money Articles for the Week of November 26...</strong> Here are some recent interesting posts from the MoneyBlogNetwork and beyond: MightyBargainHunter wonders if retailers will take it on the chin. Five Cent Nickel got a credit from the Dish Network. Blueprint for Financial Prosperity gives thoughts on a ... Star Money Articles for the Week of November 26…

Here are some recent interesting posts from the MoneyBlogNetwork and beyond: MightyBargainHunter wonders if retailers will take it on the chin. Five Cent Nickel got a credit from the Dish Network. Blueprint for Financial Prosperity gives thoughts on a …

]]> By: Tina http://moneysmartlife.com/bah-humbug-tis-the-season-for-income-tax/comment-page-1/#comment-33644 Tina Thu, 29 Nov 2007 15:11:40 +0000 http://moneysmartlife.com/bah-humbug-tis-the-season-for-income-tax/#comment-33644 EXCELLENT advice! I couldn't agree more! EXCELLENT advice! I couldn’t agree more!

]]> By: Terrence http://moneysmartlife.com/bah-humbug-tis-the-season-for-income-tax/comment-page-1/#comment-33533 Terrence Thu, 29 Nov 2007 07:27:13 +0000 http://moneysmartlife.com/bah-humbug-tis-the-season-for-income-tax/#comment-33533 Dealing with the IRS can be an absolute nightmare. I had to deal with them once for an issue that was completely not my fault. During the time I had to deal with them though, it was a complete nightmare because you can't win with the IRS. If you owe them, they will get it. You should always budget correctly for taxes. If you have ever found yourself owing the government money, and you aren't the type to be able to save it, then you need to adjust your withholding to be sure you won't come out on the short end of this stick. Dealing with the IRS can be an absolute nightmare. I had to deal with them once for an issue that was completely not my fault. During the time I had to deal with them though, it was a complete nightmare because you can’t win with the IRS. If you owe them, they will get it.

You should always budget correctly for taxes. If you have ever found yourself owing the government money, and you aren’t the type to be able to save it, then you need to adjust your withholding to be sure you won’t come out on the short end of this stick.

]]> By: Fiscal Musings http://moneysmartlife.com/bah-humbug-tis-the-season-for-income-tax/comment-page-1/#comment-33359 Fiscal Musings Wed, 28 Nov 2007 15:33:45 +0000 http://moneysmartlife.com/bah-humbug-tis-the-season-for-income-tax/#comment-33359 If you think that it's even a remote possibility that you will owe taxes come tax time, then you may as well save a little extra in an account that actually earns you money until you have to pay it. I wouldn't suggest increasing any witholdings since you may as well have use of your money until you must pay it. Of course if you're a chronic spender and can't control yourself once you have the money in hand, by all means, increase your witholding. If you think that it’s even a remote possibility that you will owe taxes come tax time, then you may as well save a little extra in an account that actually earns you money until you have to pay it. I wouldn’t suggest increasing any witholdings since you may as well have use of your money until you must pay it. Of course if you’re a chronic spender and can’t control yourself once you have the money in hand, by all means, increase your witholding.

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