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Posted by Kyle on March 8, 2008, 11:44 am
>
> And the old argument of getting your refund faster
> is nonsense also - they've had your money for almost a year anyway so
> what does waiting a few more weeks matter?
>
> **************************
>
> Refund? Why let them have your money for free anyway? I'd rather pay a few
> bucks than get a big refund.
On the other hand, getting even just a few dollars back each year
protects you if you're self-employed (as many professionals in this
group may be).
The IRS has something called "safe harbor": if you didn't pay the
proper amount of quarterly tax payments this year BUT you did pay at
least $1 (one dollar) more than you owed in the previous tax year, you
have "safe harbor" and will not have to pay the stiff penalties the
IRS would otherwise levy. This may also be true for the state in which
you file.
At least, this is what my accountant told my wife and I when we met
with him. As a pastor, I'm self-employed as are my colleagues, but
apparently most of them have no clue as to how to fill out the forms
for the IRS, the state and Social Security and make the appropriate
payments and such, so I was never able to do mine in 2007. Now I have
"a guy" who will set it up for me and explain it all to me so I know
what the heck I'm doing...
As always, don't assume what I say is entirely accurate. Consult your
accountant for the most accurate advice.
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