So the other night Kay and I did our taxes. Yes it's that great time of year, unless you owe then it sucks balls... However there are ways to make it so you don't owe which I will discuss later. So why do we file again? So the government can watch us? Well yes this is true however it makes it so everyone is correct in giving them a piece of their cut. Doing our taxes is a way for the government to see if we overpaid them over the year, or didn't pay them enough. I know it's not the best time of year but it has to be done or people would take advantage of not paying and then things would fall apart.
So why do we pay? Well we pay taxes for many reasons, those taxes help protect us by paying our military, government officials and employees working to keep the finical state in check. Now the politics can be debated. With the corruption and if they even do anything is another story! I try not to think about that. However citizens, and companies have to pay taxes all year round. Most people get a refund because they file zero or pay extra over the year. With your deductions and expenses that can be claimed they figure out if you pay or get money back. Also the great gift of children! I got to claim Quinn this year per our agreement so that is nice. Children bring your refund up a lot and if you qualify for Earned income credit that helps as well. You can also write off things like the house, other qualifying expenses. If you don't the Government gives you a standard deduction so your not left high and dry!
The thing is we have to do our taxes to protect us, the small families wouldn't hurt our country, its the rich that would. I know the rich feel they pay more and have to keep the lower classes afloat and sometimes that happens. However if taxes were not enforced or if you didn't at least have to file, then well most people would overpay and not get a refund and smart richer people can companies would avoid paying which would hurt the country more than it would do good. It is very hard to figure out how much to pay the Government and it is rare that when you file you owe or receive anything. Breaking even is very hard, we usually overpay and then get a refund...
Some tips however, claim zero. This tells the Government to take out more from your paycheck. Also you can even elect to give more, say 10 or 5 dollars extra on top. I do this just so I know I will never owe. Some people hate paying more than they have to, mainly older people. They rather have a larger paycheck. My taxes got messed up years ago and I owed. I never want to again so I make sure I give more than enough. When it comes to giving remember paying a little more to the Government and making a budget is smart. If you owe what are the changes you have that money? If it is a small amount we might but you don't want to risk it so have them take out the correct funds through out the year and figure tax time is a bonus!
Those with more than one job be careful! You need to take out extra, if your part time job is small the taxes coming out will be small and this will hurt your overall income! Your refund will go down because of this. Make sure you are taking out maybe even a little more than usual in a part time job so it won't hurt you during tax time! I know all we do is pay, trust me I feel it to however if you file zero, give a little extra then come tax time you won't have to worry. When I comes to filing, file early! If you file early you will get your refund back sooner. Once everyone starts filing it gets busy and then it takes longer. File soon, even if you owe, you have till April 15th to pay. You can also ask for extensions and payment plans if you need them. Remember you paid the Government all year so file early and get that money back! Plus the later you wait opens the doors for issues or problems. I file and get my refund and if anything happens with the filing year, well to bad I got in and out...
You can run, but you can't hide!
I hope everyone gets their taxes done, remember Al Capone was arrested for tax evasion, they got him, they will get you! If you do your taxes wrong or not at all the Government will contact you. You can only really avoid doing your taxes for so long and I wouldn't recommend it.
Have a great Tax Season!
You are never alone...