Get that extension in order for your taxes...

[feelthebreeze]

If Frist and his fanatical cronies do indeed enact and secure the nuclear option, you still have the power then to with hold payment to a government that is so clear in it's actions of taxation without representation. At some point I, you, we have to make a stand and say no more. This action of ending debate on legislation is the final proving ground for a fascist takeover. There will be no more facade of a government that represents any citizen's wishes or needs. This is tipping point area and by holding onto your money as a tool of power, I do believe we can find a peaceful solution to this madness. The only action left for us is civil disobedience. It is our last effort in a humane society. I suggest an extension to give us a little more time to let the powers that be work out and come to a sane conclusion to this unheard of monstrosity and redeem America's promise before it is too late. It is our bargaining chip, and it is our right to deny it if this nuclear option is carried out.

[Cleita]

1. Extensions are a great idea.

It's a legal way to file your taxes and still withhold some money. You do have to put up an estimated deposit on your taxes though and it better be within the right percentage of the amount that will be owed. I haven't done taxes in years, so I'm not up on the latest and I know there have been many changes in how taxes are filed especially in the past two years, however, it's time to stop making our screwing over a piece of cake.

[qwghlmian]

2. At the time you file your extension, you have to send in

a full estimated payment of your taxes. If you underestimate your taxes, you will later have to pay a penalty in addition to the full amount of taxes and the fairly high interest that IRS charges, accumulated from April 15th. So, unless you pay the right amount on April 15th with your extension, you will wind up paying more. If you think that is "withholding some money" - think again.

[Cleita]

5. Like I said I haven't kept up with this, but as far as I'm concerned

if you actually have kept good records and KNOW what your taxes are going to be, then there should be no problem cruising under the rules. Just extend and extend again as long as you are legally able to find excuses. You better believe all the bigger companies do it constantly while they collect interest on the money they would have paid to the IRS as they are sitting on it. I thought you also had to send them a deposit for part of the amount. Has that changed or is my senior memory confusing it with something else, maybe payroll taxes.

It won't get you out of paying the taxes in the long run, but maybe an initial drain in collections nationally would put enough of a panic in the Treasury coffers before the money flows in again.

[qwghlmian]

7. You can for a while - at least for a year, but

you still have to pay those taxes WHEN you extend (that is, on that April 15th that you file the first extension) in FULL, or you will pay penalties and interest in the end. That's not "cruising under the rules". That is "paying more than what you should have".

And no, all bigger companies do not do it simply because the interest that they would collect is a lot less than the interest the IRS will charge them for underpaying.

[Cleita]

8. So I was right after all.

I couldn't remember if we sent a check in with the return or not. It's still a big hassle for them IMO. How about people who can over pay the estimate, like 50% or even 100% if they are activists? Then when they actually file the return have to get the money back. I know there isn't any interest advantage in this but.....:-)

I imagine all that money going into the Treasury, let's say if 30% of all taxpayers could do this, and then the government having to return half of it a year later. It's crazy. I know. But, I'd sure like to do some Ghandi like protests across the board like this, that particularly mess with the ability of the neo-cons to get their hands on the peoples' tax money.

[qwghlmian]

12. You won't get any arguments from me -

anything that screws up the tax system is good. But I have a feeling that in spite of our wishes the annual mugggings of Americans are going to continue.

[Straight Shooter]

3. Sorry. I pay quarterly, and timely.

Messing with the IRS is not my first option of expressing dissatisfaction with Frist the Cat.

[lala_rawraw]

11. Which brings me

To the philosophical question I posted somewhere in the forum, should be on the first page...

[Fescue4u]

4. Extensions DON'T extend the time to pay

just the time to do the paperwork.

If you owe and file for an auto extension and pay after april 15th, you'll have a penalty and interest.

[feelthebreeze]

6. I have filed for an extension for the last three years with no problems

My accountant handles it though, so I am not suggesting that it does not require homework, however as I have said...What is your line where you declare taxation without representation? This is it folks, the real deal, and if the nuclear option is carried out that is where we will be. Or am I missing the absolute seriousness of this potential threat from a body that seeks to squelch...no make that destroy any voice from us. There is no representation allowed. Two questions DUer's:
1) what will you do if this option is carried out,
2) What is your tipping point to declare no representation in your government?

[Egalitariat]

9. The problem is most of us overpay and are looking for refunds

I'm not waiting on my refund.

[lala_rawraw]

10. I agree and if I actually made a living...

I would have witheld them until our $9 billion was returned.