Dont Overpay Your Taxes

Dont Overpay Your Taxes



Don't Overpay Your Taxes
Pay your fair share of​ taxes and not more .​
You should be a​ responsible adult,​ pull your weight and not shirk your responsibilities .​
But why overpay your taxes.
There can be a​ number of​ reasons – or​ rationalizations .​
First a​ person may want to​ stay on​ the​ right side of​ the​ IRS .​
Why draw concern and attention .​
So what if​ I​ overpay a​ bit of​ taxes .​
At least I​ will sleep soundly at​ night .​
First of​ all it​ is​ highly unlikely that you​ are going to​ receive any due consideration or​ appreciation from the​ I.R.S .​
when trouble comes your way .​
Best not to​ stay up late waiting for the​ congratulatory letter from the​ I.R.S .​
It’s analogous to​ the​ bank who called in​ a​ customer for a​ late payment .​
The customer asked how much owed - the​ banker answered $ 1000 .​
The customer reminded the​ banker (to no avail) that the​ previous month he had a​ balance of​ $ 10,​000 in​ the​ bank and lost no sleep over it .​
The banker was not impressed with the​ debate and arguments made and demanded payment all the​ same.
If you​ shop at​ Wal-Mart do you​ pay $ 15 for an​ item that is​ charged at​ $ 10? the​ same holds true when paying taxes .​
You may say that it​ is​ a​ forced saving .​
It may well be true that if​ the​ money was not held in​ trust by the​ IRS you​ would have no money saved .​
However two points – first the​ fact that you​ are reading this article testifies that you​ have an​ interest in​ not paying extra money for taxes and as​ well wish to​ keep or​ hold onto to​ more of​ your money rather than giving it​ away .​
In addition at​ least a​ bank will give you​ some interest whereas the​ IRS will not give you​ a​ nickel of​ interest or​ consideration even though they held onto your money unnecessarily/ if​ it​ is​ a​ large sum of​ money the​ interest rate can be considerable .​
In addition if​ the​ money is​ held in​ a​ banking account this can directly influence your credit record in​ a​ positive way .​
It is​ highly unlikely that the​ IRS will file a​ report to​ the​ banking and credit industry counting up your tax overpayment as​ a​ positive note to​ add to​ your credit rating .​
Actually if​ any financial expert examined your tax payment surplus position they might deduce that you​ do not manage your money and finances well.
If you​ want to​ save money for the​ future – then save money in​ a​ standard old fashioned standard tried and tested way .​
Simply deposit a​ regular amount into a​ saving account at​ your bank or​ credit union .​
Alternatively you​ can pay yourself first .​
Have your bank or​ financial institution simply deduct a​ predetermined amount from your main bank account on​ a​ regular basis .​
It’s painless .​
What you​ do not have you​ will not spend.
The power of​ compound interest is​ staggering .​
You will be amazed at​ how this saved money will grow .​
Lastly you​ will have reasonably ready access to​ your funds as​ in​ the​ case of​ a​ family or​ auto emergency .​
Sitting as​ a​ surplus in​ an​ IRS account means that you​ will have to​ wait for the​ IRS to​ process your funds before sending you​ that check.
If you​ are a​ business owner,​ forced to​ pay tax in​ bi- annual or​ quarterly payments then the​ situation is​ even more abusive to​ your tax payments .​
The extra surplus payments to​ the​ U.S .​
will not only not be paid interest but also may be money borrowed from the​ bank,​ credit union or​ finance company .​
Talk about adding insult to​ injury .​
Not only is​ the​ IRS not paying you​ interest on​ the​ overpaid taxes but you​ are directly paying interest charges for loaning that same cash.
All in​ all we all have a​ duty to​ pay our taxes .​
However it​ is​ not wise and can be downright foolish to​ overpay taxes .​
It is​ really not to​ our financial or​ credit benefit.




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