Wednesday, March 11, 2009
MINIMAL
I got the word from my accountant this morning.
My quarterly payments were pretty much on the money (so to speak) and any money I have to pay or get refunded will be "minimal".
A good word, "minimal". I like it.
I certainly do not want to pay more than I have already paid in and, as a long time quarterly payer, I don't want the government to have one cent more than they are due one second before they are due it.
They do not pay interest on that money.
Some people I know still say to themselves "OH! I am getting a refund".
Just like they won the lottery!
Shit. It is your money!
Interest is not too high anywhere these days but still.
I must say that the IRS and the State do pay interest on a settled claim after the fact.
On two occasions, I have submitted revised returns and they have paid me interest even though the reason for the delay was really my lack of diligence in declaring certain deductions.
And they pay pretty good.
This also happens if you have an audit and come out on the positive side.
But not on withholding or prepayments.
Anyway, this is good news and I am glad to have it.
For 2009, I don't know that I will have any impact from the new tax reductions. I will let that evolve like everyone else who is not sure.
The wage earners will see it in their checks in April I understand. Not the prepayers. Well, maybe. I gotta ask.
