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Posted: 2/16/2002 10:40:29 AM EDT
I know this is off gun subject but has anyone heard of the following IRS tax method. I was watching TV and an H&R Block rep was talking about the "tax refund" we got in 2001. From what I gathered this wasn't a true refund. The Block rep appeared to say the amount of the refund you got in 2001 is going to be deducted from any return money you are filing for now. In other words: if you got a $300 rebate in 2001; when you figure out your tax for 2001 you have $600 coming back; but then you have to take out that $300. I really didn't catch what happens if you got a refund and don't have money coming back. Am I mistaken??
Link Posted: 2/16/2002 12:48:34 PM EDT
[Last Edit: 2/16/2002 12:59:34 PM EDT by Sparky315]
That's correct, the money was simply an advance on your refund for 2001. If you were going to owe money or not get any back, you shouldn't have gotten the early refund. Obviously if they made a mistake and you are going to owe or wouldn't get anything back, you'll have to return the money to the feds.
Link Posted: 2/16/2002 1:01:37 PM EDT
Actually in Indiana its close to the truth. The dem gov grampa Obannon is pushing hard to rape the citizens of the state with a god awfull tax increase. 6% from 5% sales tax, raising state income tax rates, increasing property taxes, fifty cents a pack more for smokes(glad I quit), and higher entry taxes on floating casinos. What the repubs give, the dems try to take. I hope it costs them bigtime next election cycle.
Link Posted: 2/16/2002 2:11:50 PM EDT
[Last Edit: 2/16/2002 2:14:51 PM EDT by KBaker]
That's not how I understood it, and it had better not be the way it is [pissed] because I sat down and ran my taxes last night. As I understood it, the check was for "overpayment" of taxes for the year 2001 since the "tax cut" was legislatively rolled back to Jan. 1 2001. I owe Federal $597. I [i]would[/i] have gotten back $3. Guess I shouldn't have used that check to pay bills, huh? (Edited to add:) THIS will do more to damage Bush's popularity than anything. The "refund check" had his name all over it in the press. Makes my sig line more appropriate than ever.
Link Posted: 2/16/2002 2:26:46 PM EDT
[Last Edit: 2/16/2002 2:27:28 PM EDT by LARRYG]
Didn't we just have this discussion [url]http://www.ar15.com/forums/topic.html?id=93547[/url]. There is a search icon at the top of the page to search and see if this or any other subject is already open.
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