Monday, October 25, 2021

Weaponized IRS

 Like many Americans. we use Turbo Tax to do our taxes.  We have worked our entire lives and cobbled together a few piddling retirement accounts that add up to something that we can pay the bills with and have a little something left over to help the kids or have fun.  We're reasonably comfortable, but not wealthy by most standards.  Comfortably middle class.

Our total tax bite is in the low five-figures.  I normally write the IRS a small check on April 15th, and mail it that day because I understand the present value of a dollar, and they won't get their money until it is due.

Several weeks ago I got a notice from the tax sonsofbitches.  Evidently there had ben some mistake, and I owed them some more money.  Rather than fight it (attorneys cost money too), we decided to demure, and wrote then another check, which I mailed on the due date.

Last week, we got another notice from the tax sonsofbitches.  I got the notice last Tuesday, and it was dated the 25th (today, if you check your calendar).  The notice said that they hadn't gotten my check, and I owed penalties and interest.  A simple inquiry to the bank showed that our check cleared on the 19th.  I logged in to the IRS today, and my balance says that I owe them nothing.  I made record of the balance due, and filed the notice appropriately.

This morning I see that the IRS is going to go after our IRA accounts.  Evidently, we old retired folks have lots of money that the IRS wants a bite from.  

With a business degree, I am totally aware that IRA money is taxable when it is withdrawn.  I've known that for years, but it appears that now the tax sonsofbitches want to change the rules.  It's always "tax the rich", and they won't be happy until we folks who worked all our lives are penniless.  That seems to be the plan.


Anonymous said...

Taxes will only rise on individuals who make more than $400,000.

Maybe that is in Monopoly money ?

I'm betting the IRS will become much more meddlesome in the short fall.

Anonymous said...

Basically, the IRS does not read stuff you send them. You need to call them. Hopefully you get the friendly lady I got when I called after they ignored 2 letters with copies of cancelled check. She took about 2 minutes to look at it and agree they got paid and on time.

Old NFO said...

At this point, I have NO idea where to put my money, other than in the mattress before they start checking withdrawals...

Flugelman said...

I'm buying 1/10 oz gold coins. Keeping them in the safe with my guns.