2007 Tax Refunds Could Be Delayed

2007 Tax Refunds Could Be Delayed

commteam.houseenews.net

They say the two things certain in life are death and taxes, but your tax refund may not be so certain this year.

The problem is the alternative minimum tax, or the AMT. In 2006, about four million people were subject to the tax that ensures all Americans pay some minimum amount of tax regardless of how high your income is and how many deductions you qualify for. Each year th exemption amount must be approved by Congress. This year, Congress has yet to approve an exemption for the AMT.

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A friend of my wife is a represenitive for the Republican Party in Iowa. She e-mailed this to us last night. This is the first time I have heard of this . I know I don't like to pay anymore taxes than I have to. Lord knows I have payed my share.


commteam.houseenews.net
(visit the link for the full news article)

Some people rely on earned income credit to pay off those holiday bills they ring up on the credit cards. If the delay is to long they may end up paying alot in interest rates. The credit card company's will love this news.

reply to post by cloakndagger


Ya tell me about it. And I shamefully admit I am one of those people. My wife and I always file early, turn around and catch up on bills and ect...And yes with the credit crisis that America is facing right now, this probably won't be good news for the credit card companies. Not to mention the fact that some of us, which no one knows yet, will have to pay in.

I can't remember the last time I got a refund anyway. Getting a refund is a bad thing. It means you're loaning the Government money interest-free. If you're getting fat refunds you need to file a corrected W-4.

I think the AMT is crap anyway. The top 5% is forced to pay over half the income taxes. The top 50% pays 95% of it. If any of these people that are getting anally violated by the TaxMan can make enough deductions to eliminate their tax burden, good for them!

reply to post by apc


Nobody said I was getting a fat return. About the only thing that helps are taxes is the credits we get for our children.

Could you explain to me how getting a refund, is loaning the Government money.I admit I am no expert on the tax code.

If the refund is the result of insufficient exemptions declared on the W-4 rather than from tuition deductions or mortgage interest, etc, then it's money you should be getting with each paycheck. It's your money that could be making you more money but instead it's sitting in a Government account waiting to be given back to you. So you're essentially letting the feds borrow it for the year without charging them any interest.

reply to post by apc


Ok I understand what your saying now Thank you for clairifying that for me.

What a coincidence, my payments are going to be delayed as well.



Silly government and their silly stealing from us.


Jasn

So, it's not so much that our refund will be late, it's the forms that won't get to us by the middle of January as usual.
Does that mean that April 15th will fall later this year, too? After all, if January 14 to April 15 is three months, do we always have 3 months to file?

Has this ever happened before?
And, will it affect state forms? Of course, it will affect state filings as you must do your federal to do your state.

This is yet another reason why we need a consumption tax!

The American people and the government would be a lot better off for it!

agreed. i would rather pay more on goods than have to arbitrarily fork over money just because i was in a position to contribute to society.