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So much for those tax refunds.....

Discussion in 'The Lounge' started by ChevyCaGal, Jan 23, 2002.

  1. ChevyCaGal

    ChevyCaGal 3/4 ton status

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    So much for that big tax refund the government gave us all last summer (you all remember those right?).... I just saw on the news it was only an advance. So guess what? We have to pay it back! So if you are getting a refund this year, then you either will deduct that or even owe if the amount you got last summer is more then you'll be getting back now. Now how wrong is this? I never recalled them saying a thing about us paying it back. I thought it was a refund back for working ourselves hard and the government giving us a break, nothing about us paying it back now... well suck. If I would have known this I would told em to stuff their stinking check! Guess I won't be doing some of the stuff I had planned after all.....

    <a target="_blank" href=http://www.chevycagal.homestead.com/steph.html>Steph's Webpage</a>
    "Grace is knowing when to be a lady and when to say "Ah, bite me, outta my way!"
     
  2. 55Willy

    55Willy 3/4 ton status

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    I'm screwed[​IMG]
    if I have to pay that back..and I will cus I only worked one month full time last year[​IMG]
    If they try to give us one later this year too...I'll tell them where they can put it.[​IMG]



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  3. ChevyCaGal

    ChevyCaGal 3/4 ton status

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    It's not so much we have to pay it back... it's like ok... if you did your taxes for this year and are getting back $900 and they gave you $600 last summer, you now get $300 back.... so you won't owe.... but if they gave you last summer more more then you're getting back, then you will owe.... that's what sucks... I don't think most people knew that (like my mom and I sure didn't) so it stinks for them.....

    <a target="_blank" href=http://www.chevycagal.homestead.com/steph.html>Steph's Webpage</a>
    "Grace is knowing when to be a lady and when to say "Ah, bite me, outta my way!"
     
  4. 55Willy

    55Willy 3/4 ton status

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    Well I recieved $300 and I don't see myself getting any where near that back....



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  5. NoAngel

    NoAngel 1/2 ton status

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    Give me a break!!!!!![​IMG] That is sooo wrong! They definitely did not say anything about repaying!

    <font color=purple>Michelle~</font color=purple>

    I'd rather laugh with the sinners than cry with the saints, the sinners are much more fun!
     
  6. newyorkin

    newyorkin 1 ton status

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    Are you sure?? That was supposed to be what you said, a refund, not an advance.

    I can understand if it has "become" an advance with the economy deflating more and more, but I don't think that's how they originally intended it. If so, just one more reason not to trust the government for the people by the people...

    What a bummer. Fat cats like Enron's top execs walk away smiling while the rest of us eat economic dirt.

    Ratch
    CK5 album
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  7. NoAngel

    NoAngel 1/2 ton status

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    Are you following that Enron B.S. too? They are so screwed!
    How about the employee that took home shredded papers to use for packing for her move and realized that it was evidence.

    <font color=purple>Michelle~</font color=purple>

    I'd rather laugh with the sinners than cry with the saints, the sinners are much more fun!
     
  8. newyorkin

    newyorkin 1 ton status

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    Just a little. I'm trying to keep up with my own company's economic health!
    I did a little tiny bit of reading on Enron, and apparently thier business practices did them in, not politics or any of that crap. I may consider my company cheap sometimes, but I guess it's better than the Enron blind spending policies...

    This is going on all over the place, though. After years of huge profits and spending that reflects the profits, all these massive companies have to start severely changing thier spending habits to cope with a slower income. Think of Gateway computers. A lot of people bought computers in the last few years. As appealing as it is, they're probably not going to buy another one or an upgrade for another few years. What'll probably happen is more big co's like Kmart/gateway will go belly up, and Walmart/Dell will absorb thier customers and see a false profit increase.
    The economy's bound to get worse before it gets better. It's the same thing as the roaring 20's just before the great depression of the 30's, except now we're safeguarded against a full blown depression, and who knows if that's even so. Think of how many things we've had happen in the past few years that have been unprecedented in american history. maybe we can fall into another full depression.

    I don't really know what I'm talking about, though... I'm just starting to get into this after being faced with a poopy economy... I don't even own any stock in anything, lol!!

    Ratch
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  9. NoAngel

    NoAngel 1/2 ton status

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    You are alot more aware than most people I know. Check out <a target="_blank" href=http://www.cnn.com>www.cnn.com</a> It has most of the story. The whole thing is unbelievable. They are some serious crooks with no morals whatsoever.

    <font color=purple>Michelle~</font color=purple>

    I'd rather laugh with the sinners than cry with the saints, the sinners are much more fun!
     
  10. laketex

    laketex 3/4 ton status

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    Personally I'm sick of seeing the enron people pitching and crying about their loss. Only morons invest in only one company. Things can happen and the market's a finiky thing to invest in. Sure it should be an eye opener, but those that lost everything with the collapse of the company should get their sign.

    As for the IRS "refund" checks just being an advance, I dont know. We need to look into the legalities of that. I bet they dont have a leg to stand on with that one and are just hoping folks will pay it and go on. Because I dont remember anything about it being an advance. And I sure didn't sign anything about it.

    Sherman, Tx
    <font color=red>The blazer's almost on the road....anyone got tree fiddy?</font color=red>
     
  11. Rob 85K5

    Rob 85K5 1/2 ton status GMOTM Winner

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    Not to be a downer, but this was covered on all of the major news broadcasts and newspapers and even posted on CK5 in September I think.
    It was a refund! Albeit not on the 2000 taxes, but on the taxes you were paying in 2001.
    Bush's statements were more to the effect that American's can be smarter with their money than the gov't can and gave it back to you. In his effort to stimulate the economy and give the conservative people what they wanted, their money, instead of a no interest loan to the gov't. For those that
    paid last year you will more than likely pay that plus $300 per individual this year.
    We put ours in saving since we only recieved 400 back last year.

    Its just politics as normal, and a back a$$wards way to a good idea.

    Rob

    <font color=orange>Bleedin' Chevy Orange</font color=orange>
     
  12. laketex

    laketex 3/4 ton status

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    so basically you're saying...the government [censored] us. AGAIN.

    Sherman, Tx
    <font color=red>The blazer's almost on the road....anyone got tree fiddy?</font color=red>
     
  13. Rob 85K5

    Rob 85K5 1/2 ton status GMOTM Winner

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    you could see it either way, the gov't was talking thru their a$$, and the people also stopped listening after the word refund.

    Rob

    <font color=orange>Bleedin' Chevy Orange</font color=orange>
     
  14. laketex

    laketex 3/4 ton status

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    ok yep i admit, i wasn't as aware of worldly affairs as I should have been then. Damn...

    Sherman, Tx
    <font color=red>The blazer's almost on the road....anyone got tree fiddy?</font color=red>
     
  15. Mudstud

    Mudstud 1/2 ton status

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    I heard about this 'refund' stuff quite sometime ago and explored it further on the irs web site and sure enough, it was an advance. I did a little further research into the terminolgy Bush used in his speeches and what was reported buy the media. To no surprise the medi was the one to continually call it a "refund check" (very misleading) while Bush used the term 'tax relief' with a little further explaination. I could see this coming a mile away. Everyone is going to blame Bush for what the media (in my opinion) delibratly mis-reported.

    As far as Enron is concerned- It's not a matter of scandlous campaign contributions to Bush, nothing wrong with that, it's the fact that the company lied to it's investors and employees about it's financial state.

    Mudstud
    <a target="_blank" href=http://communities.msn.com/OffroadK5s6superliftand33s.msnw?albumlist=2>http://communities.msn.com/OffroadK5s6superliftand33s.msnw?albumlist=2</a>
    76K5 6" with 33s, sb400/350/203parttime/3.73-D44/GM12bolt
     
  16. Mudstud

    Mudstud 1/2 ton status

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  17. delta9blazer

    delta9blazer 1/2 ton status

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    and what about the enron executives, who knew the company was built on a financial house of cards, that gained entrance to the white house, and HELPED CHENEY DRAFT THE ENERGY POLICY OF THE NATION???????
    an energy-trading company, using it's magic accounting to come up with thousands of dollars to buy influence?
    if that isn't a conflict of interest, i'm gay.

    and the people hurt most are the employees, not investors. kenneth lay prevented employees from selling stock, after he knew the company was going broke. he continued to sell his stock, while the auditors shredded evidence.
    money says mr lay will keep his millions, while hundreds of rank-and-file enron people get screwed by his buddy, bush jr.

    fukin makes me want to vomit.

    <font color=purple>delta9blazer</font color=purple>
     
  18. laketex

    laketex 3/4 ton status

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    yeah i never thought of that till i had about 1000 posts or something and white knight said it out loud at a run. Kinda sucks, but whatcha gonna do? If Steve would let me change my name with my $20, that would be cool! haha. Anyway, it's for Lake Texoma where I live. Just a location thing.

    Sherman, Tx
    <font color=red>The blazer's almost on the road....anyone got tree fiddy?</font color=red>
     
  19. NE79

    NE79 1/2 ton status

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    Although many said it was a tax refund, a quick glance at the IRS website this july showed that it indeed was an advance of your 2001 return based on your 2000 earnings. I was quite upset at this upon finding out for many reasons stated. My wife and i love getting the "big" refund back at the beginning of the year, and having it 6 months early doesn't do much good. But, the way it was explained to me, this advance on the returns shouldn't lower the 2001 return because of the tax cuts congress passed. That may all have changed between then and now, but the deal was never a refund. If you look at the little thing you got in the mail before the check, it says advance i think.
    As for Enron, i think that any illegal doings should be prosecuted, such as shredding of documents and the like. But i agree that only fools invest in 1 company. The 401k losses aside, people around here are talking about the elderly losing their life savings because they didn't know about diversification. DON'T INVEST! Everyone was whining about the blackout period when noone could sell their stock, but it was scheduled much earlier in the year for October, and they just went through with it. Nothing necessarily fishy there, happens with some regularity. And, correct me if i'm wrong, but i believe only two of the top execs. sold during the blackout.
    Time for me to shut up.

    uh-oh
     
  20. tomseviltwin

    tomseviltwin 1/2 ton status

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    As I understand it it was an advance payment on the tax return we get on our 2001 taxes. It is based upon a reduction of tax rates paid on the first 15000 dollars of income, so if withholdings were based on 2000 rates and no rebate had been sent our tax bill would be minus the amount of the rebate check. I think the only reason yould have to pay it back is if you made or 15000 last year and under that much this year.

    tom

    Don't follow me, I won't make it.
     

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