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(Venting here because I can't yell at the clients...)

A tax RETURN is a document you send to the government.
That's the title of the form. In big letters. At the top.

If you have overpaid your taxes, and get money back, that is a REFUND.
That is the word, right next to the amount, on the bottom line of the form, which is a tax RETURN.

OK, it's an archaic useage, but the word "return" was once a word for an official report.

So let's get it right, people.

That is all. Now get back to work.
3 more weeks!


Bill
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Would you also like to yell about the difference between allowances and exemptions?

Patzer
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Would you also like to yell about the difference between allowances and exemptions?
==========================
Oh, you have at it!

Bill
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Would you also like to yell about the difference between allowances and exemptions?

Yes. But it will have to wait. For three weeks.

--Peter
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A tax RETURN is a document you send to the government.
That's the title of the form. In big letters. At the top.

If you have overpaid your taxes, and get money back, that is a REFUND.


Preach it, brother!



In my office, it goes something like this:


Client: I haven't got my return yet.

Peter: I finished your return last week.

Client: Yes, but I haven't got my return yet.

Peter: I gave you a copy when I finished it.

C: OK. But I don't have my return.

P: Do you need another copy?

C: I need my money.

P: I see. You haven't got the refund.

C: Yes, that's what I said. I don't have my return yet.

P: (Attempts to strangle the client through the phone while still sounding pleasant.) It takes the IRS about 4 weeks to mail your refund check.

C: Can I have them directly deposit the return?

P: (Looks for knife to slit wrists. Secretary has wisely hidden them all by now.) I asked if you wanted a direct deposit when we did your return. It's too late to get a direct deposit now.

C: Ok. Can California do a direct deposit of my return?

P: (Jumps out the window. Unfortunately, he's on the first floor and only manages a few scratches on the bushes outside the window.)


--Peter
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Yes. But it will have to wait. For three weeks.

--Peter


Does this mean, for now you are "exempt", but in three weeks you will be "allowed" ? :)
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Client: Yes, but I haven't got my return yet.

Peter: I gave you a copy when I finished it.

C: OK. But I don't have my return.

P: Do you need another copy?

C: I need my money.



how bizarre ..i've never heard it called anything other than 'Refund' or 'Interest FREE loan to govt'


you don't loan them refund amount like the Big Guys ?
(>,
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.i've never heard it called anything other than 'Refund'

You haven't been reading this board carefully.

Phil
Rule Your Retirement Home Fool

...whose favorite remains, "Oh, I didn't pay taxes last year. I got a refund."
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...whose favorite remains, "Oh, I didn't pay taxes last year. I got a refund."


I think I may have said that ..first return
when I was 16
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...whose favorite remains, "Oh, I didn't pay taxes last year. I got a refund."



Heh.
This is actually true for us this year.
A testament to my fantastic stock picking/investing ability in 2011.
Duh. :(


AM
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A testament to my fantastic stock picking/investing ability in 2011.

Look at the bright side. You don't have to make any ES payments or have anything withheld in 2012 unless you have distributions from a 401(k) (or like) plan, which is required to withhold.

Phil
Rule Your Retirement Home Fool
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A testament to my fantastic stock picking/investing ability in 2011.

Look at the bright side. You don't have to make any ES payments or have anything withheld in 2012 unless you have distributions from a 401(k) (or like) plan, which is required to withhold.

Phil
Rule Your Retirement Home Fool

-------------


True.
But you don't actually HAVE to have estimated payments anyway, do you?
Can't you just pay any penalties at the end of the year if you don't?
Or is it a law that you have to file estimated .... which is a pain in the tush for old people who already can't remember shti. :)


AM
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you don't actually HAVE to have estimated payments anyway, do you?
Can't you just pay any penalties at the end of the year if you don't?


I suppose, but for those prone to throwing their money away a far better cause is available. My address sent upon request.

For those making Federal ES payments I highly recommend www.eftps.com. If you know the amounts you can set up the entire year's payments in one visit and be done with it. I can do the same for my state estimates through the state's website. YMMV.

Phil
Rule Your Retirement Home Fool
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But you don't actually HAVE to have estimated payments anyway, do you?
Can't you just pay any penalties at the end of the year if you don't?
Or is it a law that you have to file estimated .... which is a pain in the tush for old people who already can't remember shti. :)


If you have 401K distributions, pension or social security, you probably can have taxes withheld. Just request it once and it is always done and you don't have to remember anything.

So far, I have been unsuccessful at convincing my MIL to have her taxes paid by withholding.
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you don't actually HAVE to have estimated payments anyway, do you?
Can't you just pay any penalties at the end of the year if you don't?

I suppose, but for those prone to throwing their money away a far better cause is available. My address sent upon request.



LOL! Would probably amount to $5.27 :)

Actually, I will probably make estimated payments if I manage to make any money in my taxable account this year. Mostly, I'm trying to confine trading to my IRA to avoid all the paperwork. This year was bad enough.

But I don't anticipate having enough taxable gains to worry about taxes.
Still... I'll keep an eye on it as the year progresses.


AM
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I have been unsuccessful at convincing my MIL to have her taxes paid by withholding.

You'd have trouble convincing me to do that too. Or does she not TCB as needed?

Phil
Rule Your Retirement Home Fool
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You'd have trouble convincing me to do that too. Or does she not TCB as needed?

Phil
Rule Your Retirement Home Fool


She has paid a number of late fees because bills shouldn't be paid before they are due, and then they are forgotten.

Her income is fairly predictable, a safe harbor amount done as withholding would be easy. I have disassociated, if she pays penalties, then she pays the penalties. I just don't listen to the complaining. Telling her CPA that she didn't send in all of the estimated payments doesn't absolve her from the payments.
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