Shopsmith Forums

Glad to hear your good news Dusty! I must admit I have done a lot iof taxes over the years and keep on changes annually and was perplexed that your situation appeared to change drastically year over year due to any recent tax changes.

Jack

I still recall that one year, when after many years in business my accountant called and asked me what I wanted to do with the refund I was getting. It took more than a moment to comprehend I wasn't writing any big checks or filing more forms that year. I considered applying it to the next year's taxes, but that seemed like found money that I had to take and spend foolishly. I didn't, I just used it to pay some bills, but it was still a milestone in my life.

e-file the evening of Feb. 13. Direct deposit of return happened Feb 22. That was quick!

Ed

I filed mine by mail so I should see my small refund by August, but due to the incompetence of the IRS, they have to pay me interest on my refund.
IMAGINE, the government paying me interest.

garys wrote: ↑Thu Feb 23, 2023 8:36 pm I filed mine by mail so I should see my small refund by August, but due to the incompetence of the IRS, they have to pay me interest on my refund.
IMAGINE, the government paying me interest.

Don't hold your breathe!

IRS paid me interest on my late refund the last 2 years in a row as they delayed getting it paid to me. I expect this year to be exactly the same. I haven't figured out the interest rate they pay, but it looks pretty good compared to the banks.

Shouldn't the interest rate that the IRS pays us be the same as the interest rate they charge us when we mess up and have to pay them interest?

garys wrote: ↑Thu Feb 23, 2023 8:36 pm I filed mine by mail so I should see my small refund by August, but due to the incompetence of the IRS, they have to pay me interest on my refund.
IMAGINE, the government paying me interest.

Yeah, and then the interest is considered taxable income next year! The IRS giveth and the IRS taketh away.