If we have overpaid taxes and are eligible for a refund, shouldn't we be entitled to interest for the money that the government withheld? It's almost like a loan.
2007-04-11 11:19:19 · 6 answers · asked by The JZA 2 in Business & Finance ➔ Taxes ➔ United States
No. That's your incentive to only have enough paid in each year so you don't get a large refund and make a large interest free loan to the government.
Ideally you want to aim for paying something less than $1,000. That way you have the maximum use of your money throughout the year AND don't have to pay any penalties and interest for underpayment of taxes.
2007-04-11 11:30:46 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
i and some friends also were expecting our refunds to be direct deposited today and were very disappointed to find out that we had been pushed back a week and will not see anything until next friday (if we are lucky). the big problem is with the rebates. we did our taxes on TaxAct and did not realize we had to keep going back and adjusting the rebate amount every time we entered a dependent, etc. so, the IRS had to fix our returns due to this and now we have to sit and wait. it would have been nice if the IRS had sent out some sort of rebate reminder for tax filing or if TaxAct had listed that we had to manually adjust the rebate credit before e-filing.
2016-05-17 22:20:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Nope. It's up to you to determine how much you have witheld from your paycheck. If you told them to take out too much, adjust your witholding.
Remember the government is us. The government's money is our tax money. So we would be paying higher taxes in order to pay interest on the fact that you asked the goverment to take too much out of your paycheck. Very bad idea.
2007-04-11 11:23:50 · answer #3 · answered by Ray B 3 · 2⤊ 0⤋
You're required to pay throughout the year, so nothing is due to you there. If your refund is held more than a fairly minimal time (I think it's 45 days after you file your return) they do pay you interest.
2007-04-11 11:22:32 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
The government? No. The Federal Reserve though (which is not part of the government) should pay each one of us about $600,000 due to the theft of our country and the 97% reduction in our buying power since it was created.
Before the Federal Reserve Bank, there was no income tax. The income tax is unconstitutional.
http://video.google.com/videoplay?docid=-4312730277175242198
They might fine you, arrest you, or send you to jail, but they'll be breaking the law if they do.
We need to stand up to our leaders and tell them that they work for us, not the other way around. They are duty bound to support the constitution, not the bankers that stole our country.
2007-04-11 13:02:50 · answer #5 · answered by SmartAlex 4 · 0⤊ 3⤋
They should - but they don't. But you can be damm sure that if you are late they will collect their interest from YOU.
2007-04-11 11:22:39 · answer #6 · answered by jim_elkins 5 · 0⤊ 1⤋