In the spirit of full disclosure, I’m borrowing a title from one of my past blog posts to see if I get any near as many visitors or readers as I did when I wrote There are 3 types of people in the world. So here goes …
Today is Tax Day 2015. And, I figure that there are 3 types of people in the United States:
Type 1: Those who have already filed their tax returns with the IRS and have either received a refund or have settled up with paying “Uncle Sam” what he is owed. I do hope that your refund was large enough for you to treat yourself, perhaps enjoying a good meal out with family or friends. For those who owe money to Uncle Sam, read on.
Type 2: Those who are weighing the PROs and CONs of requesting an extension. To whom I say, “good luck.” Do consult a trusted tax advisor and from what others have told me, it’s a wise two-part strategy to a) ask for the extension, and b) pay what you can as early as you can so as to avoid additional penalties and to minimize interest-related fees.
… For anyone who’s looking to eat free or enjoy a discount on Tax Day meals, check out: How to Eat for Free on Tax Day.
Type 3: Those who wish that the US Congress will cut the budget for the IRS. This may be so that the IRS cannot chase down the average citizen who avoids, struggles, or refuses to pay their fair share in taxes. Others may say that we should keep IRS staffers busy enforcing the laws that govern corporate tax collection.
… Where do I stand? Into which category do I fit?
At one time or another, I’ve fallen into each type. This year the return was filed early and a small refund was sent and received. Luckily, not all of it has been spent. In other years, my wife and I have owed Uncle Sam and/or needed more time to account for our taxes. And as for Type 3 thinking. I’m all for funding the IRS just enough to do their jobs — and not a penny more!