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2012-12-31 Economy
Tax Refund On Hold Possibly
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Posted by Dale 2012-12-31 06:01|| E-Mail|| Front Page|| [482 views ]  Top

#1 I know several in the auto industry drooling over tax refund monies. They have invested allot in the used car sales. Hundreds of cars purchased at auctions. Many expensive repairs to pass state inspections(State Inspectors are aggressively looking over everything). People in distress are letting repairs go. Walking away from monthly payment so repossession process is big now. People are even walking away when repair bill can't be paid.
Posted by Dale 2012-12-31 06:12||   2012-12-31 06:12|| Front Page Top

#2 .. then up to 100 million taxpayers..

There are about 315 million in the population. It's just not a 47vs53 thingy.

Nothing better to motivate the American taxpayer to adjust his/her withholding so he/she only owes a couple hundred every year rather than let the Treasury sit on his/her money like a interest free loan.
Posted by P2Kontheroad 2012-12-31 08:38||   2012-12-31 08:38|| Front Page Top

#3 Somehow I suspect that people who don't pay any taxes but are expecting a big Earned Income Credit 'refund' won't have to wait.
Posted by CrazyFool 2012-12-31 08:55||   2012-12-31 08:55|| Front Page Top

#4 I have my payroll deductions set up so that the government didn't get much of anything until I wrote a check to go with my 1040 and State filings. Put the equivalent $$ for payroll tax withholdings into a separate banking account to earn interest (well, they used to anyway). That way I didn't have to 'wait' on IRS to issue refund, plus they don't get to use MY money until I say so.

Some folks may find this dangerous and, for a person who doesn't manage their money well, it can be.
Posted by Mullah Richard 2012-12-31 09:50||   2012-12-31 09:50|| Front Page Top

#5 Nothing better to motivate the American taxpayer to adjust his/her withholding so he/she only owes a couple hundred every year rather than let the Treasury sit on his/her money like a interest free loan.

Damn straight, the withholding angle was set up during WW Deuce (never let a crisis go to waste)to keep the boys from worrying. Send it in, then get it all back.... not many soldats had income tax due... but hey!

Posted by Shipman 2012-12-31 10:33||   2012-12-31 10:33|| Front Page Top

#6 not many soldats had income tax due... but hey! My dad told me he knew of some redneck GIs in WWII who were OK with serving, but would not tolerate having money sent to the revenooers.
Posted by Anguper Hupomosing9418 2012-12-31 10:39||   2012-12-31 10:39|| Front Page Top

#7 The IRS has yet to publish an instruction booklet for filling out the tax forms, leaving tax preparers in a holding pattern.

"How they are going to handle this?" said John Roth, senior federal tax analyst for CCH, a tax services company. "We are in virgin territory."

Somehow, the American Virgin Islands spring to my mind, you know one of the 57 States of the United States. The last tax haven of the banking and insurance industry, 87% Democrat, pay no taxes into the US System, a pure welfare state.
Posted by Au Auric 2012-12-31 11:14||   2012-12-31 11:14|| Front Page Top

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