Thursday, April 15, 2010

Tax Day

Thursday, April 15th. By midnight most of will have placed our federal and state income tax forms into the mail. Some will only file for an extension which will give them another six months to get the work done as long as they include what they expect to have to pay, if anything.

Of course many who are expecting refunds probably filed several weeks ago and are already enjoying their refunds. I won’t go into why expecting an annual refund isn’t a good idea here, except to say that if you planned for a refund when you completed your automatic withholding tax, you have been letting the government use your money without any benefit to you. That money isn’t earning for you.

I find myself in a position of having to pay both federal and state income taxes this year in site of having sent in quarterly payments all year. I miscalculated. So I’m among those waiting until now to get my forms into the mail system. They’re gone now, along with my first quarterly for 2010 which is also due April 15th.

A weekly blog I read each Wednesday has a super essay on the income tax this week. It speaks quite nicely to just how unfair the income tax really is. You think we’re all contributing our fair share equally? Read Tom McLaughlin's take on it and if you haven’t really given it a lot of thought, it’ll open your eyes.


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