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(Fox Business) Interesting Ten key tax terms to know. No, "avoision" isn't on the list, even though it's a perfectly cromulent word   (foxbusiness.com) divider line 12
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951 clicks; posted to Business » on 10 Jan 2012 at 11:14 AM   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»   |    Get this fabulous T-Shirt and impress the methane out of your friends! shirt it!



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2012-01-10 11:27:27 AM
I guess I never knew how dumb Fox readers were. This was a good yardstick for me to measure by.
 
2012-01-10 11:27:47 AM
My taxes are complete. Just waiting for the 1098's to arrive to ensure the numbers I have are still correct and hit send.
 
2012-01-10 11:38:05 AM
11 - Voluntary - legally federal income tax is voluntary.
 
2012-01-10 11:42:29 AM
Cheron: 11 - Voluntary - legally federal income tax is voluntary.

Stupid - anyone who believes this tripe is stupid.
 
2012-01-10 12:10:18 PM
The biggest tax terminology issue I see is that people don't know the difference between "return" (the paperwork you send in) and "refund" (the money you get back).

If it was occasional, it wouldn't bother me, but more and more people talk about "expecting a big return" or "I got a big return this year." and it doesn't make any sense at all.
 
2012-01-10 12:25:13 PM
What is this tax crap that you speak of?

/haven't paid squat in many a year. Don't intend to.Enjoy your april 17.
 
2012-01-10 01:09:02 PM
Cheron: 11 - Voluntary - legally federal income tax is voluntary.

The revenooers have a cool web page where they post debunkings of a lot of that stuff, complete with citations of court cases where these kinds of arguments were tried and failed.

/Right up there with NOAA's hurricane idea FAQ: "Why don't you nuke them?" "Because you'd just get a radioactive hurricane"
 
2012-01-10 02:02:20 PM
Another 2 terms that may be applicable in this economy:

Intallment Agreement Request - A formal request to the IRS to pay your tax liability over time

Offer in Compromise - An agreement to settle your tax bill with the IRS for less than the full amount you owe (kind of tricky to get accepted lately thanks to douchebags like Ronnie Deutch who have abused the system)
 
2012-01-10 02:45:33 PM
Atomic Spunk: Another 2 terms that may be applicable in this economy:

Installment Agreement Request - A formal request to the IRS to pay your tax liability over time

Offer in Compromise - An agreement to settle your tax bill with the IRS for less than the full amount you owe (kind of tricky to get accepted lately thanks to douchebags like Ronnie Deutch who have abused the system)
 
2012-01-10 06:50:51 PM
CellBlock: The biggest tax terminology issue I see is that people don't know the difference between "return" (the paperwork you send in) and "refund" (the money you get back).

If it was occasional, it wouldn't bother me, but more and more people talk about "expecting a big return" or "I got a big return this year." and it doesn't make any sense at all.


I'm more annoyed by the fact that people who are excited about a big return don't grasp the fact that they just lent a lot of money to the government interest free.

I'd like to add "statue of limitations", if something is wrong on your taxes the IRS only has 3 years to audit you and 10 years to collect. If you are going to cheat on your taxes, never leave something blank. Always declare a nominal sum so that the statue of limitations starts. If you leave it blank, the statue of limitations never starts and the IRS can come after you indefinitely.

/handy tip for things like the internet sales tax charged by some states like IL
 
2012-01-10 07:43:06 PM
RogermcAllen: CellBlock: The biggest tax terminology issue I see is that people don't know the difference between "return" (the paperwork you send in) and "refund" (the money you get back).

If it was occasional, it wouldn't bother me, but more and more people talk about "expecting a big return" or "I got a big return this year." and it doesn't make any sense at all.

I'm more annoyed by the fact that people who are excited about a big return don't grasp the fact that they just lent a lot of money to the government interest free.

I'd like to add "statue of limitations", if something is wrong on your taxes the IRS only has 3 years to audit you and 10 years to collect. If you are going to cheat on your taxes, never leave something blank. Always declare a nominal sum so that the statue of limitations starts. If you leave it blank, the statue of limitations never starts and the IRS can come after you indefinitely.

/handy tip for things like the internet sales tax charged by some states like IL


Ummm, if you enter a nominal sum where none should exist, then you have committed fraud and the statute of limitations is "forever."

Also, if you fail to file a tax return, the IRS will file one for you and assess the tax. ONLY then does the statute of limitations not apply.
 
2012-01-12 01:25:29 AM
No, "avoision" isn't on the list

Subby stopped reading TFA after term #1?
 
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