Does it matter? Tesla requires you to still keep your hands on the wheel and pay attention, and not everyone will know that they are using autopilot, and considering she’s driving a cybertruck which is bulletproof and durable as shit, imagine what would happen if the autopilot stopped working for some reason and she didn’t know.
While this might be correct, I disagree with this as a philosophy.
A) most people in this country don’t have cash reserves to pay an underpaid tax bill.
B) most people don’t have the investment acumen to properly invest monies not withheld on taxes to benefit from not paying as much on their income.
C) They just spend the money because most Americans live paycheck to paycheck, and because A and B.
So for most people I would say that judicious overpayment of tax on the W4 resulting in a minor or modest tax refund is probably better all-around. That money will go right back into the economy or pay off some debt.
It also shields you from human error, the IRS already knows what your taxable income is (assuming your employer correctly withholds it for you). Its much less stress to file with an error in your favor than in theirs. If you own them they will hunt you to the ends of the earth and make you resolve it, but if they owe you they just send you a check and call it a day.
You could have just estimated your income taxes ahead of time and saved enough to pay it before the due date, but why risk jailtime when there is automatic tax withholding available to you?
It’s worse when you’re operating a business and you have to pay quarterly estimated taxes.
Eh, you generally don’t get jail time for late payment. Tax agencies are more interested in getting the money than putting people in jail and people don’t make money to pay off what they owe when they’re in jail.
You get charged interest for late payment, but it’s at a very reasonable rate. The government can borrow money at better interest rate than is available to most people after all.
The big no-no is lying on your tax forms. That’s something they might put you in jail for. But even then they’re likely to prefer fines over jail time. Because they want that money.
People that go to jail are either Al Capone who the government just wants to get for anything, or people that continuously try to defraud the government on their tax forms. Sometimes it’s people who straight up refuse to pay their taxes, but even then they’ll try to garnish their wages to get the money. But if that mechanism isn’t available, then that can result in jail time.
Not much different than having it in a chequing account except that I’m less likely to spend it on something stupid.
1 year GIC rates are pretty good (4-5%) but considering that 50% of people under 55 can’t afford a $1000 surprise expense it’s not really a question of getting a handful of dollars from interest that the government could have given you to invest.
See facts like this make me wonder if a Norway style sovereign wealth fund could be developed to close the gaps in people’s quality of life and what they’ve put into working.
It’s not like the US is short on natural resource wealth to invest as the principle, and put together with a restructured tax regime it could significantly reduce the net burden for most americans, and especially the most misfortuned americans.
Being a net importer, means the US consumes more than it produces. It vaguely makes sense because it is still a growing county.
Norway’s oil fund protects the domestic economy from the negative consequences of being an oil exporting nation. Less kindly, you could call it currency manipulation. The US would be ill-advised to do like-wise, given its import surplus.
Honestly, does anyone ever read any pop up ad? I immediately have the emotion of hate that there is some annoying window blocking what I am trying to to read. They are lucky I just tune out what the hated window is telling me.
We should elect government people who would regulate the ads on everything. Ads can't pop up. Ads can't auto play. Ad can't be bigger than this.
We are getting to the sucky part of capitalism. Ads on everything.
I always said if I was ever given supreme executive authority, I would outlaw ads and then immediately step down. It would be my one move, and the world would be better for it.
But, then, how will I know about that product that I don’t need and will never buy, that is literally on every shelf in every store? (/s, in case that wasn’t obvious)
Vote in younger people and vote in educated people. And yes government CAN work for us and do good things. You have to vote for people who would do that.
Did anyone see that Biden's bill gave more funds to the IRS. They hired more people to help us, and go after the rich tax cheats, and are making a free government online filing system. Also the TurboTax company are complaining about it...and the rich, and Republicans.
That doesn’t work in the US, we’ve tried. I work in IT and the amount of people that have zero clue about tech amazes me. It’s like 75-80% of the population has zero fucking clue about anything behind how the Internet works. For example, when Montana lawmakers said “We’re passing a law to ban TikTok.” but didn’t expand beyond that.
EU has so far proven to know how the internet work and has been able to properly regulate it, so for my part yes. I would be delighted to see EU regulation on ads. But I don’t know anything about your government, maybe the really don’t know anything about tech but the EU government surely does.
I’m from the US, so our law markers are generally boomers that don’t know shit or people in my generation that still don’t know shit. Just watch the various public hearings of them questioning Mark Zuckerberg or Sundar Pinchai and shake your head with me.
We draw stock internationally via FedEx, with usually at least one shipment arriving per day.
If I have a particularly urgent order for my customer, I will of course be tracking the incoming shipment.
Every. Damn. Time. I visit their website, I get halted in my usual manic pace by their stupid, slow to load pop up. I haven’t even been able to figure out how to block it, and usually don’t have time when I’m working to figure these things out.
Our company gives you so much money, FedEx - why do you have to be so difficult to work with as thanks?!
here in Mexico there’s an app and website from Hacienda (Treasury) they calculate your tax return automatically. I tried it 2 years ago and they’re still working on “returning” my taxes
I got a notice this year that I got about $95 in interest from over paying taxes. It’s the first time I’ve gotten something like that, I don’t remember if it was state (CA) or fed.
As an accountant I’ve listened to several colleagues talk for hours about dialing in their W-2’s, some even under withholding and making quarterly payments to make up the difference. Calculating exactly what they are saving and investing that into a seperate account.
Probably spending more in fees than they’re saving. Let alone the time invested. I’m perfectly fine with the government slowly accumulating 1% of my income extra over the course of a year and sending it back later personally.
It doesn’t have to be that hard for normal paycheck people. Just set the deductions so you owe money trial by error style. As long as you get enough of a raise each year you won’t owe a penalty.
This is kinda what I do, I work out of state so I have been tweaking to get my state refund for one match the balance for the other because I’m too broke otherwise.
I’m getting $500 back this year. Sometimes I owe that much and offset with additional HSA contributions.
I don’t sweat it much beyond that. Just make sure I’m safe harbored and reconcile in February.
Unless we’re talking tens of thousands of dollars variance, the “free government loan” is entirely immaterial for most people, especially when savings accounts were paying a fraction of one percent interest and investments would either ring up ridiculous fees or require lot purchases far beyond the excess withholding.
I’m drinking beer this afternoon and don’t know if there’s a point to what I just said.
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