Monday, August 8, 2016

Tax Issues in ND Files 37

I'm writing my review for Nancy Drew Files 37: Last Dance, and there are problems with taxes in this book.

The story is that [character] borrowed a lot of money from criminals, in order to start his own business. [Character] has been giving them money every month, to pay off his debt. But he wasn't able to make his payment last month (April), because his taxes for that quarter were higher than expected. Now the criminals are causing problems.

Yes, in a choice between "paying taxes" and "not having your kneecaps broken", the character went for "paying taxes". That's just stupid in general. He should have used his money to pay the mob, not the government. Yeah, he'll get in big trouble with with the government for tax dodging, but at least he'll still be alive. Priorities!

Not only is this stupid in general, it is stupid in specifics. Here are three specifics that are relevant to the situation.

1. Paying off the interest on a business loan is tax deductible.

2. You can file an extension, if you're not able to pay your full taxes on time.

3. Clearly, [character] is filing estimated tax payments (because they're paying in quarterly installments). He could easily underpay taxes this quarter and overpay next quarter, to make up for it.

1 comment:

Abby said...

HEY ARGLEFUMPH!! A video of yours was featured on a post of Amateur Sleuth's blog on herinteractive.com! Here's the link : http://www.herinteractive.com/2016/08/scopa-counting/
Cool right? :)