Well, they didn't fire everyone at the IRS

Investment Analysis Clubs Macro Economic Trends and Risks
1

I tapped the ATM for some cash a week or so back. The receipt showed a balance in the account that appeared higher than it should be.

Finally got around to checking my account on line today. I mailed paper returns in March. The state refund was credited to my account March 31. The Federal refund was credited April 1.

Steve

3 Likes
2

Why are you getting a refund? Trump doesn’t need a loan.

I make quarterly payments and keep my taxable income as low as possible. I rarely have any Federal income tax liability until 3Q and can usually extend it all the way to 4Q when I recognize about 75% of my annual income. I then write a check for about 92% of the annual total tax as the 4Q estimated tax payment and settle the balance on April 15th.

Keep your money working for you.

intercst

4 Likes
3

I’m not the original poster, but I too occasionally get refunds. In my case, it’s because my typical tax strategy is to aim to hit a safe harbor via withholdings from my paycheck.

The only safe harbor that is completely knowable fairly early in the calendar year is the “110% of the previous year’s obligation” one. So unless I have a really good reason to know that my income will be down for the year, by February or March of any given year, I’m likely already withholding enough to hit that safe harbor by the end of December.

By the time I have a reasonable handle on what my total current year income will wind up being, it’s usually somewhere around late November or even into December. At that point, I might be able to adjust my withholding down if I find that I’d been clearly over-withholding (trending towards a refund). Yet if that’s the case, a modest end-of-year adjustment probably wouldn’t be enough to change the overall trajectory.

Regards,
-Chuck

1 Like
4

Which reminds me. I did my taxes via TurboTax. At the end it offered me the ability to get my refund two weeks faster if I paid (somebody) $35. Otherwise they estimated it would take a month. Is this a thing? When did this start? What is this?

(Yeah, I got a refund because at the end of the year I bought a slew of solar panels, batteries & storage equipment to take advantage of the credit before it was wiped out by the incoming regime. Otherwise I would have just about zeroed out.)

2 Likes