:So do we. This is the time that we file our tax returns, which tell us if
:we get a refund or get to pay more . . . plus interest and penalties.
> "Lee Bell" <leebell@ix.netcom.com> pounded away at his keyboard
> resulting in:
[quoted text clipped - 3 lines]
> The only time we are assessed interest or penalties are if we miss
> some sort of deadline.
That's the basis for our interest and penalties. You're supposed to pay
your taxes as you earn your income, at least quarterly. If you fail to pay
enough, by more than $1,000, I think, you may be required to pay interest
and penalties, i.e. you didn't pay enough, soon enough.
Lee
Dan Bracuk, CTHD - 11 Feb 2004 00:52 GMT
"Lee Bell" <leebell@ix.netcom.com> pounded away at his keyboard
resulting in:
:That's the basis for our interest and penalties. You're supposed to pay
:your taxes as you earn your income, at least quarterly. If you fail to pay
:enough, by more than $1,000, I think, you may be required to pay interest
:and penalties, i.e. you didn't pay enough, soon enough.
Not so up here. In Canada you do your return and pay up or get a
refund as appropriate.
But, if you have to pay up a large amount, or if you have to pay up
year in and year out, you start to receive Instalment Reminders.
That's what they are called. Actually they are installment
notifications in that you are presented with an amount and a deadline.
Failure to pay the amount by the deadline is what triggers the
interest and penalties.
Dan Bracuk
If at first you don't succeed, you run the risk of failure.
The Best of rec.scuba http://www.pathcom.com/~bracuk/RecScuba/
Chris Guynn - 11 Feb 2004 16:29 GMT
> > "Lee Bell" <leebell@ix.netcom.com> pounded away at his keyboard
> > resulting in:
[quoted text clipped - 11 lines]
>
> Lee
That's basically correct from what I've seen, but there are exceptions (if
the amount you owed this year far exceeds the amount you owed last year and
such). I got about $1200 back last year and am having to send an extra $700
this year. I'm not very happy about it.