I can’t believe what I just heard about 47% of all Americans who do not pay Income Taxes. Kind of makes me wonder why we keep hearing about debt and why there are so many tax complainers.
We own businesses so we are taxed out the wazoo. I don’t mind paying taxes when I know the money is going to roads and other necessities. What I complain about is stupid spending. It reminds me of when I find a clearance rack at Target and buy stuff ONLY because it’s a great deal.
From the IRS-
Avoid Common Mistakes When Filing Your Tax Return
- File electronically. If you e-file or Free File, tax software will do the calculations, flag common errors and prompt you for missing information.
- Remember Making Work Pay. The Making Work Pay tax credit –– available in 2009 and 2010 –– is worth up to $400 for individuals and $800 for married couples. Most people got it as a reduction to their paycheck withholding. Form 1040 filers must complete Schedule M, attach it to their returns, and claim the credit to benefit from it. (Tax software handles these calculations automatically for e-filers.) Also, if you received the one-time Economic Recovery Payment, you need to reduce your Making Work Pay credit by that amount. Taxpayers who are not certain whether they received the economic recovery payment can find out with the help of an online tool, Did I Receive a 2009 Economic Recovery Payment? If you don’t have access to the IRS Web site, call 866-234-2942.
- Claiming the Homebuyer Credit? If you claim the first-time homebuyer credit, complete Form 5405, and include it along with the settlement document, such as a HUD-1. More information is available on the homebuyer page.
- Use the peel-off label if you mail a paper return. Paper filers may line through and make corrections right on the label. Be sure to fill in your Social Security number in the box provided on the return. If you do not have a peel-off label, fill in all requested information clearly, including Social Security numbers.
- Check only one filing status. Also, check the appropriate exemption boxes. When you enter Social Security numbers, make sure they are correct.
- Double check all figures. While software catches and prevents many errors on e-file returns, math errors remain common on paper returns.
- Get the Right Routing and Account Numbers. Make sure the financial institution routing and account numbers you have entered on the return for direct deposit of your refund are accurate. Incorrect numbers can cause your refund to be delayed or deposited into the wrong account.
- Sign and date the return. If you are filing a joint return, both you and your spouse must sign and date the return. E-filers can sign using a self-selected personal identification number (PIN).
- Attach Forms To the Front of the Return. Paper filers need to attach W-2s and other forms that reflect tax withholding, as well as other necessary forms and schedules, to the front of their returns.
- Do you owe tax? If so, a number of e-payment options are available. Or send a check or money order payable to the “United States Treasury.”
- Filing and Paying on Time Saves Money-If you have a balance due and do not pay by April 15, you are subject to a failure-to-pay penalty. If you cannot complete your return and file it by April 15, you may request an extension of time to file. However, an extension of time to file is not an extension of time to pay.If you cannot pay the full amount you owe, you will still benefit from filing your return and paying as much as you can by April 15 because interest and failure-to-pay penalties are due only on the unpaid balance.
- Electronic Options Payments can be made online, by phone using a credit or debit card or through the Electronic Federal Tax Payment System. Taxpayers who e-file their returns may use the electronic funds withdrawal option for submitting an electronic payment. It’s possible, for example, to e-file in February or March but schedule the payment for withdrawal as late as April 15.
- Installment Agreements and Online Applications
If you can’t pay in full by April 15, consider applying for an installment agreement.
Did ya know…
- 47 percent of Americans pay no federal income tax
- The top 10 percent of earners pay 73 percent.
- Because of recent credits for low- and middle-income families, the percentage of American households paying no federal income tax has jumped from 38 percent three years ago to 47 percent today.
- The bottom 40 percent, in fact, make a profit from the federal income tax, receiving a check from Uncle Sam.
According to a new New York Times/CBS News poll
- 42 percent of Tea Party supporters think the amount of income taxes they’ll pay this year is unfair
- 52 percent – say their taxes are fair,
- Under one in five Americans say they support the Tea Party movement.
- Fifty-five percent of Tea Party activists – those who have attended a rally or donated money – (about 4 percent of Americans overall) say their income taxes are unfair.
- Americans overall are more likely than Tea Partiers to describe the income taxes they’ll pay this year as fair – 62 percent do, according to the poll.
Thinking that you may wanna skip out on the whole tax thing?
Join the club.
- Pamela Anderson is on the list of California’s 250 residents that owe the most tax debts to the Franchise Tax Board. Anderson is listed as needing to pay $ 493,144.68 to tax officials for unpaid personal income tax.
- Nick Cage was another tax evader. The IRS has filed more than $6.3 million in liens against Cage for back taxes owed from 2002, 2004, and 2007. Hence the house that didn’t short sell last week.
- Judy Garland had a $4 million bill for tax debt in 1967.
- O.J Simpson owes the State of California $1.5 million dollars in tax debt.
- Taxes are what brought down Al Capone. The federal government brought charges of tax fraud against him in 1931 and not only levied an $80,000 fine against him, but also sent him to prison for 11 years.
- Martha Stewart got busted with a $220,000 tax debt
- Gordon Ramsay owed £7 million in back taxes
- Photographer Annie Leibovitz reported $1.5 million owed in back taxes
What time does your post office close?
To locate a post office, you can call 1.800.ASK.USPS (1.800.275.8777) or you can visit the Post Office Locator web page for the United States Postal Service (USPS). After you have located a post office, please click on the ‘More Info’ link for the phone number of the office.
A postmaster refers to the head of an individual post office. To find a postmaster, please visit the Postmaster Finder web page from the USPS.
Hope you’re getting a good laugh 🙂
“I love America, but I can’t spend the whole year here. I can’t afford the taxes.”
— Mick Jagger
” [The federal income tax system is] a disgrace to the human race.”
— Jimmy Carter
“On my income tax [Form] 1040 it says “Check this box if you are blind.” I wanted to put a check mark about three inches away.”
— Tom Lehrer
“My company [i.e., AT&T] fills out 39,000 tax forms a year; that’s one every three and a half minutes.”
— Michael Armstrong
“Worried about an IRS audit? Avoid what’s called a red flag. That’s something the IRS always looks for. For example, say you have some money left in your bank account after paying taxes. That’s a red flag.”
— Jay Leno