View from the Roof

Surprise Windfall

$45.00

Thus was the amount of the unexpected check I found in my mail box yesterday. Was it a scam? Was it your typical junk mail? Nope. It was from The New York State Department of Taxation and Finance.

Seems I made a boo-boo on my tax return. I had actually sent a check for $55 (on April 15th) but made a transposition in my figures. I have never agreed with the concept of over withholding of income tax, and typically try to adjust my withholdings to match my eventual tax liability. Actually, I still accomplished my goal in the case of my state and federal returns this past year, but I can't help but chide myself for filing a return with an error.

And being corrected by the state.

But I digress. Having a degree in accounting I can't understand how so many people over withhold on their taxes. Why would someone lend the US Treasury $1000 to $2000 per year interest free while paying on mortgages and car loans at whatever % interest?

And to top it off, how many of people pay exhorbinant fees for "refund anticipation loans." So, I'll lend you my money for free for a year and then pay somebody else to get it back in a week? Not a fiscally prudent move.

Well I'm going to deposit my $45 windfall comforted in the knowledge it will cover the taxes on my phone bill for the next four months.

posted by Chris @ 8:27 PM