Protest the IRS, withhold less per paycheck
Submitted by Romulus2009 on Sun, 12/02/2007 - 17:06Just an idea, how reducing the amount of money you give to the IRS each paycheck by increasing the number of exemptions on your W4?
The more exemptions you have (a number from 0 to 99) reduces the amount of money you give to the IRS per paycheck. FYI, your employer will have to explain to the IRS if you put a number greater than 9.
Sure, you'll have to pay come April; but, in the meantime you increase cashflow and EARN interest on that money instead of the govt. If your in the habit of not escrowing property taxes on your mortgage then you probably got enough discipline to sock away a little each month for the bi-annual bill, same applies here.
I think this would be an awesome way to send the IRS a message, a flood of W4 changes - REDUCING THEIR SHORT TERM CASHFLOW and tying up staff that would might otherwise be out harassing people!
More information available at:
http://www.ehow.com/how_16623_change-withholding-provide.html
* For the record, I'm not an accountant, just someone pissed off at our govt and hates the income tax. I know we can goto town on debating the validity of the income tax, but to work the system, this is a small way to give them the finger.
RON PAUL 2008!
Why do you think they are
Why do you think they are trying to shuttle through this Homegrown Terrorist Radicalization act? Do you think that the Government would see a mass movement to SHUT DOWN government by us not paying taxes as a credible threat? They point out the internet because it allows us to organize and do what we have done for Ron Paul so far. I know a lot of people can't afford to help with the blimp or donate on special days, but everybody can afford to quit paying taxes! We could do it. It would be amazing. It would force our government to show its true colors.
5% of people make things happen
10% of people watch things happen
85% say "What happened?"
What if...
enough people stopped paying their income tax.
What could the IRS do?
R3VOLUTION - Secret Crowds
Good Point
I've thought about this for years: What if three million, or ten million, or twenty million people refused to pay their income taxes? Just what would the IRS do?
You can be sure that any Bush-like president would declare it a "national emergency", shut down the internet (the only way an organized movement like that could come together) and declare martial law.
What are they going to do?
Throw hundreds of thousands of people in jail?
Seriously. If we want to change the system, all it really needs to take is organization and strength in numbers.
R3VOLUTION - Secret Crowds
Can you say underpayment penalty?
If you owe more than $1000.00 at the end of the year you could be subjected to an underpayment penalty. Just so you know.
I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it.
Thomas Jefferson, 1791
I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it.
Thomas Jefferson, 1791
Exempt
-- If you claim EXEMPT, than their is no withholding. They will still take out Social Security and Medicare. You can stop withholding on these as well. Up to you to decide if it is worth the effort.
-- The rest of this is a silly conversation. The IRS doesn't even know its own rules. They were tested by the Main Stream Media and got 70% of the questions wrong. If you want to protest the IRS than protest it = don't file, don't pay. It hardly takes any courage in the face of the Ron Paul Revolution.
Why file at all?
Why legally comply with the law to exempt if there's no law that says we are liable to file?
besides
wouldn't the interest you earn based on what you saved to yourself be taxable again (quite more obviously)?
Something is better than nothing
Depending on your tax bracket, you'd have to give up 15-30+% of the interest.
R3VOLUTION - Secret Crowds
Income tax witholding
Get to know the true limited nature of the income tax. Visit http://www.losthorizons.com and find the customized legal definitions of the terms wages, employee, employer, trade or business. The author of this website is a big fan of RP and they have a mutual goal. He promotes Dr. Paul on his website and urges his readers to spread the word of this very important candidacy. One doesn't have to protest, just follow the law, you'll get even better results. Good reading.
It's not against the law to
It's not against the law to claim deductions on your W-4. Granted, I don't claim more than 9, I claim 2, so I get to keep more of my own money throughout the year.
I might up it to 4 or 5 on Jan 1st.
It however can be dangerous if you claim too many...
You can be assessed an under payment penalty... This under payment penalty isn't that bad, but just a caution to anyone deciding to try and play that game...
The Philosophy Of Liberty -
http://www.jonathangullible.com/mmedia/PoL.English.The.Philo...
Stay below 9 and get a good accountant
R3VOLUTION - Secret Crowds
My accountant ROCKS!
Get a good one, the $400 + it costs is well worth it.
Hell, I've been doing your suggestion for years. We make a good living and I got back $154 this year.
Zero/zero is the ideal goal.
Just think....when RP is in office, we don't have to save all of those damn receipts, get worked up for a month out of the year and pull our hair out. I get ulcers in March. I hate it.
now...property taxes....damn florida. lol.
I hear you on that one...
I was assessed property taxes this year and I about went the roof. Most of my equipment resides in a leased facility in Texas but because I didn't make my accountant aware of that, I was nailed for all of it as if the property were physically here in FL.
I called, and they suggested that I file an ammendment etc etc to fix the issue. I have long ago decided it is just easier to pay whatever they demand and go on with my life though.
The Philosophy Of Liberty -
http://www.jonathangullible.com/mmedia/PoL.English.The.Philo...
That sucks man...
I don't envy business owners when it comes to taxes. The bigger the business, the more hassle the taxes. My dad owns various rental properties and between federal and property taxes, he spends two solid months with receipts spread all over his office. It's insane. The tax code is just insanity.
Should I feel lucky for only having to fill out a 1040EZ?
Aggh. I really think this recession is going to have an impact on the election. People are pissed off about paying so much in taxes but not getting anything to show for it.
I agree
This complicated tax system is a speed bump on our free enterprise system.
R3VOLUTION - Secret Crowds
Yes but how many people are
Yes but how many people are disciplined enough to save the money that they would have to pay each year?
Not a good idea for those living from paycheck to paycheck
I agree, if your living from paycheck to paycheck or your financial house is not in order, you'll be in for a big surprise come April.
Again, if you have the discipline to sock away the amount that would otherwise goto the IRS. Preferable to use a separate checking/savings account - so it's not commingled with your main spending/bill paying account.
Also, the comment about $400 for a good accountant is spot on. It might sound like a large fee but they can save your butt if your not careful.
R3VOLUTION - Secret Crowds
dumb argument
that question is insulting (yet common), are people so dumb they cant save a few dollars a month.
How is that insulting? For
How is that insulting? For most people, if they have extra money they will spend it - all the time thinking they can save more later. Especially if they are on a tight budget to begin with.
and...
probably even more insulting to me because I have to do this work for my employees. so if i want a business i have to do all the tax collection dirty work, not just for myself and my business, but for my employees too.