Shopsmith Forums

charlese wrote:DEPENDS ON HOW YOU LOOK AT IT!

This from the Feds:

Form 4868
Department of the Treasury
Internal Revenue Service (99)
Application for Automatic Extension of Time
To File U.S. Individual Income Tax Return
&#9654]www.irs.gov/form4868[/URL].
OMB No. 1545-0074
2013

Late Payment Penalty
The late payment penalty is usually ½ of 1% of any tax (other than
estimated tax) not paid by April 15, 2014. It is charged for each
month or part of a month the tax is unpaid. The maximum penalty is
25%.
The late payment penalty will not be charged if you can show
reasonable cause for not paying on time. Attach a statement to
your return fully explaining the reason. Do not attach the statement
to Form 4868.
You are considered to have reasonable cause for the period
covered by this automatic extension if at least 90% of your actual
2013 tax liability is paid before the regular due date of your return
through withholding, estimated tax payments, or payments made
with Form 4868.

Gene Howe wrote:Well Ed, four years ago, we used some calculations that purported to tell us where to peg our withholding. Bear in mind that our only income is SS and our AZ state teacher's pensions. Neither vary from year to year. Still, the next tax season, we ended up owing a bunch. So now, we just get a refund and rest easy. Besides, any interest we are losing is almost nil, today.

Ed in Tampa wrote:Gene I agree that can happen but after an year or two you should be able to zero in on an amount like $50 dollar back or having to pay.

I don't much care about interest since that is becoming an obsolete word unless you owe money. What I care about is those idiots in Washington spending money that isn't theirs and when they have to pay it back they simply print more. That my friend is killing this country.

Ed in Tampa wrote:

But why are you getting a refund, adjust your withholding until there is no refund. That way you get to use the money all year instead of letting the government use it. They ain't paying you to use it.

Ed in Tampa wrote:Gene I agree that can happen but after an year or two you should be able to zero in on an amount like $50 dollar back or having to pay.

I don't much care about interest since that is becoming an obsolete word unless you owe money. What I care about is those idiots in Washington spending money that isn't theirs and when they have to pay it back they simply print more. That my friend is killing this country.

skou wrote:I'm going with Gene here.

Except, "idiots" is too wimpy of a word. If I were to use the words I'd like to, Admin may remove me. (If you catch my drift.)(We need a "smiley" for we're in DEEP trouble!)

steve

skou wrote:Ed, I'm going to respectfully disagree with you. Not your logic, but the way I do it.

I like getting a few hundred, or a thousand, back, every year.

Someone earlier stated, that the rate of income, on the money "IF
I had invested it, instead of just spending it, wouldn't amount to much.

This way, I'm sitting here, "do I want that universal tool rest?" Or, do I want a larger Solid-state drive for my computer, or, just a pound of silver? A 40 inch TV/computer monitor>

This year, I just might get 2 of these. Or, more.

steve

skou wrote:We need a "smiley" for we're in DEEP trouble!

steve