Tax break turns into money owed

[SMLCHNG]

http://www.9news.com/news/article.aspx? ... &catid=339

E just did a quick calculation.. looks like we're going to owe $$, when we usually do not.

http://www.9news.com/rss/article.aspx?storyid=113435

I even made a change to have an additional amount taken out of my check, and will still owe.

Just a heads up in case if affects you.

[fabduo]

Using that calculator -looks like we will still get $$ back but only a couple hundred instead of the few thousand that we usually do -I am PO'd!!!!!!!!!!!!!!!!!!!

[Crazy Navy Flyer]

Now that's change you can believe in!

[alphabits]

For anyone interested in reading the full report from the Treasury Inspector General for Tax Aadministration, here's the link:

http://www.treas.gov/tigta/auditreports ... 1002fr.pdf


The problem is not with the tax credit itself, but with the way the withholding reduction was implemented by the IRS. (I'm sure this will be disappointing to those anxious to make this a political issue --- not that the actual facts will stop them.)

[fabduo]

For anyone interested in reading the full report from the Treasury Inspector General for Tax Aadministration, here's the link:

http://www.treas.gov/tigta/auditreports ... 1002fr.pdf


The problem is not with the tax credit itself, but with the way the withholding reduction was implemented by the IRS. (I'm sure this will be disappointing to those anxious to make this a political issue --- not that the actual facts will stop them.)

I understand that it was the way the IRS did it and you know they are going to come out of the woodwork to start political bashing here -so start making the popcorn

[chippewa]

As nice as it is in some years to get a couple of hundred bucks back after filing taxes, the common sense in me says that's a interest-free loan I gave the government. It really makes more financial sense to owe them at the end of the year. I'd rather borrow their money for free.

[TropicalTroubador]

For anyone interested in reading the full report from the Treasury Inspector General for Tax Aadministration, here's the link:

http://www.treas.gov/tigta/auditreports ... 1002fr.pdf


The problem is not with the tax credit itself, but with the way the withholding reduction was implemented by the IRS. (I'm sure this will be disappointing to those anxious to make this a political issue --- not that the actual facts will stop them.)

Facts? Facts? We don' need no steenkin' facts!

...which would be funny if it weren't so true for so many...

[SchoolGirlHeart]

Damned guv'ment bureaucrats........

I dunno.... Somehow the politicians must be responsible for this..... I dislike and distrust pretty much all of them on both sides of the aisle..... Good, solid bi-partisan mistrust....

[land_shark3]

I'm surprised your HR folks did not let you know about this. Our HR group sent out a notice in the first quarter so we could adjust our withholdings AFTER the tax break went into affect.

Using that calculator -looks like we will still get $$ back but only a couple hundred instead of the few thousand that we usually do -I am PO'd!!!!!!!!!!!!!!!!!!!

Second, fabduo, I'm surprised you enjoy giving the government an interest free loan. You do realize that the refund is your money. You could have been collecting it with every pay check and either investing it or at the minimum putting it in a savings account earning 1%.

My goal is to break even every year. I don't want to have to pay, but if I'm getting a refund I would hope for one less than $100.

[nutmeg]

we try to go the break even route too...

It's pretty hard to do with the way everything changes every year

[SMLCHNG]

<------ Tries to break even all the time, too. But we have no deductions to give us a refund that some might.

And thanks, Bitsy... I'm just p*** that this was not handled well, nor explained to all taxpayers well.