Yeah, been working on the taxes. What a kick! I know, most people hate it, but I find it interesting. There are just so many quirks in it all.
This year's especially interesting, because in order to sign up for mandatory health insurance, you had to estimate, back in 2013, what your income would be in 2014. How interesting! Over half of taxpayers underestimated, so they got subsidies that they now find they have to pay back. I wonder why Democratics are begging to have further implementation delayed. They passed it, and now they're finding out what's in it. Maybe they should actually read bills before they vote on them.
So now a lot of folks are not happy. That's because they didn't plan ahead, and figured that the Democratics would take care of them. And just as Democratics always do, they took care of them. A lot of folks are finding that they now owe the IRS thousands of dollars, because their estimate was off, and so they have to pay back their subsidies for the mandatory purchase of health insurance. And now those folks feel that they've been ripped off. Understandably.
I took a different approach, because I learned a long time ago that Democratics can't be trusted with anything.
When my bride landed a job in Salem back in May, I asked her to track expenses. She drives 50 miles each way, so that's 500 miles a week. 16000 miles in eight months. It adds up, and it's deductible. I haven't even gone into the other expenses as yet, but our tax bill has already dropped from $4k to less than $1k.
While the tax companies are braying that it's Refund Time, I've never looked at it like that. I don't want to give the governments an interest-free loan, so I look for ways to keep the refund at zero, even if that means that I screw up a little and have to pay a few hundred bucks at the middle of April. I apply game theory to taxes: they have some of your money; what legal strategies can you apply to keep what remains?
It amazes me that so many view tax season as a time to get a big refund. It's stupid, but they've been well-conditioned. Probably still vote for Democratics. That may change after they pay their taxes.
They're beginning to discover just how "affordable" Obamacare is.