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All it takes is one misplaced decimal point by one employee at the Federal Bank in Dallas.
That persons encoding error did not cost me any penalties or interest, however it did generate tons of paper work over a period of 6 YEARS!!
At first the underpayment had increased 120%, penalties and interest don't you know. Three years after the year in question.
Then a IRS letter (which I wish I could find) saying that they are sorry there mistake.
Then a letter a year later that increased the debt by another 120%.
Then lots of back and forth correspondence over 2 years, and finally after a letter from the head cashier at my bank, a letter from the IRS...
We will forgive the penalties and interest , you only need to pay the amount underpaid..
Good grief, 6 years and over 30 notices from the IRS , and a like number from myself, they collected their $ 624.05
All because of some clerk in the Federal Reserve Bank in Dallas encoded my check wrong.
Ah, yes. Gee, I wish I could have gotten a "bailout" when the government (twice) seized and/or destroyed everything I had worked all my life (from ten years of age, incidentally) to build. It's also nice that the new Secretary of the Treasury can "forget" to pay his taxes, and not only get a pardon from IRS, but an appointment to the president's cabinet. I can only wonder what would have happened, had I actually owed taxes (I didn't, as a federal court finally decided - not that the IRS stopped attacking me; they didn't). Why will the CEOs who fouled everything up, but continue to draw fabulous salaries, not have their wives driven from, their children harassed and broken in spirit (one of mine attempted suicide three times), and the productive lives forever precluded? Why will the new Secretary of the Treasury get absolution for his admitted sins, while I - who never was guilty of anything but paying more than a million dollars in taxes during his productive lifetime - got (and get) federally-enforced poverty?Those of you who somehow still believe in the "Nation of Laws," "equality under the law," and all that tripe ought pay attention to what's happening. One who can penetrate the blizzard of lies and hypnotic litanies of the media, and/or shake off the stupefying effects of "America's" freedom myths, might just have an epiphany. As to whether the epiphany might save him from what happened to me, it's too late. You'll soon learn about everything I experienced. Enjoy!
Don't we find it interesting that even if you are a prior homeowner, and have not owned a home in the last three years you may qualify the credit. I don't understand why they wanted to drop the pay back. If less than $42 a month is going to create cash flow problems, you should not be purchasing a home IMO.
How can they save when they've built a life on robbing Peter to pay Paul & then robbing Paul to satisy there latest want? That income tax return is like free money!
And they are still going to lose the homes because they have to have it and the next generation of phones, televisions, games, appliances, etc. and right now, not after saving and paying cash for anything.... will they save any of the tax savings?.....not in this lifetime.................and yes edit guru.............I know it's a run on......................My cousin just sold her house for 550K. Somebody must have some money somewhere. She said the buyers will probably tear down the existing house and build one of those mega million homes. It is such a great house with such character-makes me sad to think about it. Hub called on break, and asked what I was doing. I reminded him that we are closing on a house tomorrow. (Definitely, not in the above bracket) He will be coming in from the Galleria area and will be a bear. I will have the cold beer ready in case the sellers didn't repair one last item. I also let him in on a couple of executive decisions I made concerning cash flow. He asked why, and I told him that he and his broker are making me nervous. We didn't lose any money this year, but we didn't make much either, so what was the point? I have a list of suggestions for investments. I already gave the broker the heads up. No risks, just slow and easy on the returns. I don't care what he does with the current 401K, because he will probably retire sooner than later anyway. Mr. President will piss him off and that will be the end of this tax bracket. He asked was I locked in yet, and I said locked and loaded. It can't be undone for at least a year. He has his eye on the 2010 Camero convertible, for me of course! I love my maw maw tank of a car, and have been fighting the reserve down on this little number for well over a year. I was so happy to see the convertible not available yet, and so naturally went to plan B, like college funds for the grands, and an investment for me. I would include latest pics of the kids, but I am restraining myself and learning discipline............
Easy, they will be enticed with a larger tax refund.
Got to agree victoria, but, how ya gonna get them away from their soaps, big screens, and cell phones long enough to go apply?
It's targeted to 1st time homebuyers obviously, those in lower tax brackets to boot. Those same people who helped to get us in this mess to begin with. Great. The only thing this package stimulated in me was the bile in my stomach.
Just what I wanted, to help purchase houses that I won't get to own. I just hate this stuff. Who is going to own the note? China, Russia, Switzerland? Gives me a headache.