WILMINGTON, NC (WECT) - I have a wild and crazy idea. Next year - how about we all send our state taxes in late? You know - by a couple of months or so.
Several weeks ago, we ran a story that North Carolina was placing an automatic four- week hold on all tax returns. They're broke - and they can't give some of our money back until the next fiscal year.
A guy who works here filed his return in January and just got his money back a few days ago.
Do you see the irony? We have to pay interest and penalties for being late. What would happen if all of us used that same excuse? "Sorry Raleigh, I am a little short right now. I'll get back with you in couple of months."
Obviously, we can't really do this. We'd probably get in big trouble - maybe even conspiracy charges. Still, wouldn't it be nice if the state realized what is good for the goose is also good for the gander.
That's my turn. Now it's your turn. To comment on this segment, or anything else, email me at firstname.lastname@example.org.
Actually, in a way, we CAN say "Sorry, Madame Governor, I'm keeping my money a little while longer".
We can do this by changing our withholdings each week in our paycheck. Each week we get to keep more of our own money, and the state gets less to spend. If you get a refund each year, why not? It's your money anyway. And the state is using it for free.... and then has the nerve to hold on to YOUR money longer because they already spent it.
So, if you are to receive an $800 refund, then reduce your withholdings by $100 a month for the rest of the year. You get an extra $100 to spend, at the end of the year your will break even with the state, and there will be no waiting for a refund.
Even though by law, the state of N.C. is obligated to pay interest on refunds owed as of June 1st, it would make the delay more palatable if the state were required to pay a penalty of 10% of the balance owed as well. Perhaps this would help to curb some of the wasteful spending and porkbarrel funds dispersed by our elected legislators in Raleigh but then again, this is probably wishful thinking.
In my case, I not only am not getting my refund, I still had to go ahead and send in my estimated tax payment Apr 15 and Jun 15 which I should be paying with money they should have already refunded to me.
I agree with you 100%. The state should budget their money like we do and pay their bills on time of pay interest.