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Lunch » Tags » Politics » Reviews » Tax Day

Tax Day

7 Ratings: -2.9

A slang term for the day on which individual income tax returns are due to the federal government.

In the United States, Tax Day is a slang term for the day on which individual income tax returns are due to the federal government. The term may also refer to the same day for states, even where the tax return due date is a different day. Since 1955, … see full wiki

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It's akin to going to the dentist!

Apr 17, 2011

by Sharrie
posted in Business Matters

Exclusive to the Lunch Network

Rating:

-3

Unlike Christmas Day, New Year Day, Birthday and Holiday, Tax Day is a day no one ever celebrates! Filing for taxes has never been a fun activity, how much one earns is of little consequence. The only time it was fun for me was my first year of filing. I was finally making an income and that was quite an event to celebrate! Yet, it's an essential activity for any taxpayer. This year, my e-filing due date is Apr. 18, as with those who reside in the U.S. Thereafter, the fine is $100 a day until the day I file! So, whether one likes it or not, one has to comply.

I've done it for many years in the past and for most part I'd file around end of March or early April. This year, I filed on the 8th. Yet, I find it interesting how late I filed. Considering that I wasn't working "officially" from last year which translates to no income to file (Yes, even if one is not working, one still has to file; I was told unless I've been unemployed for some 3 years or so, then I no longer have to file). So, that would have been an easy thing to do and would be advantageous to file early since I'd get reliefs & hence tax rebates (I hope!) for all I know. Still, I drag on for some reasons. It is like going to the dentist, I suppose.

For many in the U.S., this might also be a year of pain. Afterall, the unemployment rate was high and many (like me) may not be working. True, it was my personal choice because I moved to another country and am embarking on a new career switch. For many, they don't have that choice though, unfortunately.

I've read about the huge debt and budget deficit the U.S. government is facing. So, it is imperative that the government collects enough taxes to pay for the huge federal spendings. Yes, it still boggles my mind how anyone could spend so much as the U.S. government and incur such a huge debt without the revenues to offset those spendings. Granted, the private sectors as well as the foreign governments have been funding those spendings via the issues of bonds and treasuries. BUT, aren't they afraid one day that everyone begins to dump those bonds? Unlikely, many said. Yet, what if that happens? Like the radiation leaks in Japan? Will that wipe out the entire US economy? Most are too invested to think of it. It is probable and not totally impossible, you know...

Now, as far as my experience goes, a country that collects high tax revenues compared to its spending will see an appreciation in its currency. This is a definite formula for success. If you want to safeguard yourself from inflationary pressures and the possibility of appreciation in your investment, make sure you invest in a country that sees an increase in tax revenue and not one that can't even balance its budget! That tells you how effective a government is!

As far as we as citizens go, pay those taxes so that you can save your country from total calamity. Otherwise, start moving to a different country if you're not happy with its tax rates and way of governing! You still have a choice how your life will turn out eventually despite how your government is handling its affairs! Until then, it's time to pay up!

For tax matters pertaining to the US Citizens, kindly read How to Avoid Costly Tax Penalties by Bill Bischoff.

(A Lunch Featured Review)

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woopak_the_thrill April 18, 2011

heh. I e-filed last February, since I like to get it out of the way sooner than later. I like my pain quick and early LOL!

Sharrie April 19, 2011

It doesn't quite make a difference to us when we file (as long as it's done before Apr. 18) as the payment is prorated the entire year where we are concerned. The only difference is if we make more this year than last :-)

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