TAX SEASON = Refund! what will you get?

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#141

04-09-2014, 04:28 PM

Jonesee

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Quote:

Originally Posted by howitzer88

I do not understand why anyone that fills out a W4 has to pay at the end of the year. You really need to see an accountant or estimate your tax liability at the beginning of the year, and adjust your exemptions. This excludes freelance workers that get 1099's, or those that have a DBA or sole proprietorship that have to pay quarterly. Don't give the Govt a free loan.

If your accountant is telling you to overpay during the year to ensure a refund at the end of the year, you need to find another accountant.

Your taxes remain the same whether you overpay them, or owe and pay before midnight on April 15.

From a cash flow perspective it is wasteful and inefficient to overpay your taxes and receive a refund.

All excess funds should be invested at all times. Why give some of those funds to government and lose the investment income on them while the government uses the money for free?

It pains me to write a check every April, but at least I've done what I can to minimize the bite.

Last edited by Jonesee; 04-09-2014 at 04:31 PM.

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