My potential income is a mix of Social Security, pension, IRA, interest on savings and possible capital gains.
In December 2011, I spent about 30 minutes estimating my income for 2012 so that I could set up a quarterly federal and state income tax payment schedule. Along comes 2013 and time to file my actual federal and state incomes taxes for 2012.
Even though I had taken extreme care to document every pertinent taxable event during 2012, it still took me 12 hours on the computer to finalize my returns, which ended up being 28 pages long.
Oh, yes, my original 2011 estimate of taxable income and quarterly payments were very accurate.
I received an overpayment return from both federal and state primarily because I estimated my owed taxes on the high side to ensure that I didn't have to go through the hell of correcting an underpayment.
The tax system is so unnecessarily overburdening and nonsensical that as a retired businessman who spent his career seeking efficiency and high-quality results in manufacturing, I cannot believe that government would require its citizens to fall victim to this bureaucratic nightmare every year upon pain of imprisonment.
Taxes are about money. Health care is also about money, but more importantly, it is about the quality of life and life itself. We are now heading down the road with “The Affordable Health Care Act” (an oxymoronic name) that will allow this same government's inefficient and demanding bureaucracy to manage our health care.
Are we crazy?
Health care needs to be timely, of high quality and affordable. The federal bureaucracy is incapable of any of those requirements and has a long and distinguished record of never having performed well in those critical areas.
People, speak up! We have to stop being sheep and letting our government take over responsibilities that it has no possibility of performing well.