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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHow does someone overpay their federal
income taxes to the tune of $1.4 million? Can someone explain this to me?
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How does someone overpay their federal (Original Post)
Raven
Sep 2012
OP
By not taking advantage of all possible credits and deductions. Mittwit deferred his deductions
sinkingfeeling
Sep 2012
#5
unblock
(52,206 posts)1. rounding.
Laura PourMeADrink
(42,770 posts)8. lol
grasswire
(50,130 posts)2. my FIL was an IRS bigwig. He always over paid, every year.
He just did it because he wanted to. But not that level!
Raven
(13,890 posts)3. The few times I got an extension for
filing, I overpaid just to be safe but I never paid twice as much as I needed to. Seems strange for a so-called good businessman to do.
yawnmaster
(2,812 posts)4. by estimating one's income higher than it actually turns out to be...
so that taxes are paid based on that estimate.
That and if a large deduction appears, perhaps writing off a failed stock.
Once can then expect more money back (ie overpaid taxes).
I've done it, but not to 1.4 million.
sinkingfeeling
(51,452 posts)5. By not taking advantage of all possible credits and deductions. Mittwit deferred his deductions
until next year.
liberal N proud
(60,334 posts)6. Tell people that you overpaid
pnwmom
(108,977 posts)7. He purposely didn't claim all the charitable deductions he was entitled to so that,
he says, he would end up paying the percent in taxes he said he would be paying.
But don't worry about him -- he has 3 years to amend his taxes and get a bigger refund.
unblock
(52,206 posts)9. excellent point; and once he loses in november and is finished in politics, why wouldn't he?