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Eddie Bennett

Like To Get Your Tax Returns Early; Not This Time You Won't

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You really disprove the adage that the older you get, the wiser you become.

If one tries to follow his posts, I believe the only conclusion one can come to is that particular old adage passed him by long ago.

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If one tries to follow his posts, I believe the only conclusion one can come to is that particular old adage passed him by long ago.

 

 

Here's something you don't understand about the private sector, markdavd! We don't like government.

 

In fact, though union jobs increased in the private sector by more than 110,000 in 2011, union jobs in government dropped by nearly 75,000.

 

Read more: The States with the Strongest and Weakest Unions - 24/7 Wall St. http://247wallst.com/special-report/2012/02/13/the-states-with-the-strongest-and-weakest-unions-2/#ixzz2oh6ck66S

Follow us: @247wallst on Twitter | 247wallst on Facebook

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BTW, your topic title should be "like to get your tax REFUNDS early; not this time you won't". Even though you can't file a return until January 30, 99% of people who file early get refunds and don't have to pay. Even if my return is completed on February 3, which it has been in years past, it isn't filed until April 14.

 

 

I'm happy for you too, S & D's N!

 

I think there's more people in the 10%, around here, than with me in the 90%. :drinks:

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BTW, your topic title should be "like to get your tax REFUNDS early; not this time you won't". Even though you can't file a return until January 30, 99% of people who file early get refunds and don't have to pay. Even if my return is completed on February 3, which it has been in years past, it isn't filed until April 14.

 

 

90% of us are not as smart as you are, S & D,s N! We are just common people. :drinks:

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They don't come much more common than me, TP. I ain't fancy. Heck, most Pcommers who have met me never even realized who I was.

 

 

90% of us are not as smart as you are, S & D,s N! We are just common people. :drinks:

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Here's something you don't understand about the private sector, markdavd! We don't like government.

 

In fact, though union jobs increased in the private sector by more than 110,000 in 2011, union jobs in government dropped by nearly 75,000.

 

Other than you proving my point, what does the change in the number of union jobs have to do with tax refunds taking 1 day longer than last year?

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BTW, your topic title should be "like to get your tax REFUNDS early; not this time you won't". Even though you can't file a return until January 30, 99% of people who file early get refunds and don't have to pay. Even if my return is completed on February 3, which it has been in years past, it isn't filed until April 14.

 

A refund doesn't always mean you don't have to pay - it usually means you already paid, and, in fact, overpaid.

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Other than you proving my point, what does the change in the number of union jobs have to do with tax refunds taking 1 day longer than last year?

 

 

10 day delay + 10 day setback, no matter how you sclce it, markdavd.

 

The private sector, which is 90% of the people, ate tire of paying taxes out of their pay checks, and the money they expect back being kept longer by government.

 

We are not like Amtak in the way they do our tax dollars, by claiming a lose every year.

Click here > http://www.wsbtv.com/videos/news/amtrak-serving-up-free-wine-food-paid-for-by/vCL7Hm/

Edited by The Postman

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A refund doesn't always mean you don't have to pay - it usually means you already paid, and, in fact, overpaid.

 

 

People who have their taxes taken from their pay checks, have definitely already paid their taxes, N G! So, thanks, because I was having a hard time explaining that to S & D's N!

 

It's the 90% sector who needs to file early, if they want their refund check sooner rather than later. Some of them pays more money in order to get an earlier return. The 10 day delay will affect their intentions, and banks want like it either. :drinks:

Edited by The Postman

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People who have their taxes taken from their pay checks, have definitely already paid their taxes, N G! So, thanks, because I was having a hard time explaining that to S & D's N!

 

It's the 90% sector who needs to file early, if they want their refund check sooner rather than later. Some of them pays more money in order to get an earlier return. The 10 day delay will affect their intentions, and banks want like it either. :drinks:

 

You obviously have no clue about how withholding works and how to manage it.

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A refund doesn't always mean you don't have to pay - it usually means you already paid, and, in fact, overpaid.

 

That's what S&D has been saying all along. Just like every one else in this thread with the exception of TP.

TP is being purposely obtuse in trying to pretend that he doesn't understand this simple fact.

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That's what S&D has been saying all along. Just like every one else in this thread with the exception of TP.

TP is being purposely obtuse in trying to pretend that he doesn't understand this simple fact.

 

I think he has demonstrated quite thoroughly that he has absolutely no clue.

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10 day delay + 10 day setback, no matter how you sclce it, markdavd.

 

The private sector, which is 90% of the people, ate tire of paying taxes out of their pay checks, and the money they expect back being kept longer by government.

 

I see you're a case study in "You can't teach an old dog new tricks."

 

You were told by an unreliable source that refunds will be delayed 10 days compared to last year. You've been given proof over and over and over and over again that it's just one day - yet your old brain can't comprehend the FACTS.

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Most people think if they get a refund they paid NO TAX. Not true. But when I say "pay taxes" I mean those who pay additional taxes when they file. In the tax biz, it's "refunds" or "pay".

 

A refund does mean you loaned the government money INTEREST FREE for up to a year.

 

 

A refund doesn't always mean you don't have to pay - it usually means you already paid, and, in fact, overpaid.

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Most people think if they get a refund they paid NO TAX. Not true. But when I say "pay taxes" I mean those who pay additional taxes when they file. In the tax biz, it's "refunds" or "pay".

 

A refund does mean you loaned the government money INTEREST FREE for up to a year.

 

 

You got it. And I wasn't trying to say you were wrong—just wanted to clarify for folks who may misinterpret what you said, or those unable to grasp the concept at all.

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ONE day delay over last year. Count it, ONE. Last year first filing day was January 29. This year, January 30. It matters not one iota what the government said they wanted. What matters is it is ONE day later than last year. I guess most of you forgot 2010 tax year/filing in 2011 when the filing of some returns was delayed until mid-February due to a last minute law that meant neither the software providers NOR the IRS was prepared for certain returns.

 

The only day that really matters is the LAST day to file. You don't get more for filing early and in fact, you might end up having to amend a return or in the case of a lot of early filers this past January and early February, end up getting your refund later than you would have had you waited 10 days to file your return.

10 day delay + 10 day setback, no matter how you sclce it, markdavd.

 

The private sector, which is 90% of the people, ate tire of paying taxes out of their pay checks, and the money they expect back being kept longer by government.

 

We are not like Amtak in the way they do our tax dollars, by claiming a lose every year.

Click here > http://www.wsbtv.com...-for-by/vCL7Hm/

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ONE day delay over last year. Count it, ONE. Last year first filing day was January 29. This year, January 30. It matters not one iota what the government said they wanted. What matters is it is ONE day later than last year. I guess most of you forgot 2010 tax year/filing in 2011 when the filing of some returns was delayed until mid-February due to a last minute law that meant neither the software providers NOR the IRS was prepared for certain returns.

 

The only day that really matters is the LAST day to file. You don't get more for filing early and in fact, you might end up having to amend a return or in the case of a lot of early filers this past January and early February, end up getting your refund later than you would have had you waited 10 days to file your return.

 

 

I doubt that you can educate stupid.

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TP, I am a tax preparer. I'm quite familiar with how it works. But thanks for explaining it to me. dry.gif

 

And again, the delay is ONE DAY over last year's first filing date. ONE DAY. Most accounting offices won't even file a return until after the first of February. And the big box tax prep firms, like H&R Block and Jackson Hewitt, will be done by the end of February. That's fine. Try finding one of them on April 14. Or October 14.

 

If you want to pay 36% interest in order to get your refund a couple of days early, be my guest. Wait one week, seven days, and get 36% MORE refund. IOW, for every

$1000 in refund, you would get $360 MORE by waiting a few days. With the average refund, you're talking right at $1000 MORE for waiting and not getting the refund anticipation loan. Isn't it worth $1000 more in your pocket to wait a week for that money?

 

Who cares what banks want. I don't. I don't live my life by what Suntrust desires me to do.

People who have their taxes taken from their pay checks, have definitely already paid their taxes, N G! So, thanks, because I was having a hard time explaining that to S & D's N!

 

It's the 90% sector who needs to file early, if they want their refund check sooner rather than later. Some of them pays more money in order to get an earlier return. The 10 day delay will affect their intentions, and banks want like it either. :drinks:

 

True dat.

 

I doubt that you can educate stupid.

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TP, I am a tax preparer. I'm quite familiar with how it works. But thanks for explaining it to me. dry.gif

 

And again, the delay is ONE DAY over last year's first filing date. ONE DAY. Most accounting offices won't even file a return until after the first of February. And the big box tax prep firms, like H&R Block and Jackson Hewitt, will be done by the end of February. That's fine. Try finding one of them on April 14. Or October 14.

 

If you want to pay 36% interest in order to get your refund a couple of days early, be my guest. Wait one week, seven days, and get 36% MORE refund. IOW, for every

$1000 in refund, you would get $360 MORE by waiting a few days. With the average refund, you're talking right at $1000 MORE for waiting and not getting the refund anticipation loan. Isn't it worth $1000 more in your pocket to wait a week for that money?

 

Who cares what banks want. I don't. I don't live my life by what Suntrust desires me to do.

 

 

True dat.

 

 

You know, of course that people care about things that don't matter to you, S & C's N! That is the reason they will pay a lot to get their money back, which was withdrawn from their paycheck.

 

And it might be 1 day more that it was last year, but that is not what I'm talking about. It's a 10 day delay, regardless of the 9 day delay last year. :pardon:

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I also know a good deal when I see one. Paying 36% interest to get a tax refund a few days earlier is NOT a good deal. And I'm well aware of how payroll deductions work. Been doing payroll for 40 years.

 

Why file on January 21 when you won't likely get your W2 before January 31? You CANNOT file until you get a W2. Well, you can but then you may need to amend your return. Many tax preparers won't do a return that will report W2 wages without an actual W2. We stopped doing them without an actual W2 when we had a client bring in their last paystub because their W2 was lost in the mail (and they worked for the post office). We had to amend the return when they got a W2. After that, we required a W2. No W2, no tax return. It's not that difficult to get a replacement. You need certain reporting forms to accurately report your income. You might as well wait for that.

 

So, you have to wait a few days. What is the big deal about that? Can no one be patient?

 

Wait, don't answer that. I've worked in tax prep since 1995. I know the answer to that one.

 

BTW, who is this "C" you've put in my name? My grandkids names start with J, J, L, J, S, M, A, S and D. No C among them.

 

 

You know, of course that people care about things that don't matter to you, S & C's N! That is the reason they will pay a lot to get their money back, which was withdrawn from their paycheck.

 

And it might be 1 day more that it was last year, but that is not what I'm talking about. It's a 10 day delay, regardless of the 9 day delay last year. :pardon:

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I also know a good deal when I see one. Paying 36% interest to get a tax refund a few days earlier is NOT a good deal. And I'm well aware of how payroll deductions work. Been doing payroll for 40 years.

 

Why file on January 21 when you won't likely get your W2 before January 31? You CANNOT file until you get a W2. Well, you can but then you may need to amend your return. Many tax preparers won't do a return that will report W2 wages without an actual W2. We stopped doing them without an actual W2 when we had a client bring in their last paystub because their W2 was lost in the mail (and they worked for the post office). We had to amend the return when they got a W2. After that, we required a W2. No W2, no tax return. It's not that difficult to get a replacement. You need certain reporting forms to accurately report your income. You might as well wait for that.

 

So, you have to wait a few days. What is the big deal about that? Can no one be patient?

 

Wait, don't answer that. I've worked in tax prep since 1995. I know the answer to that one.

 

BTW, who is this "C" you've put in my name? My grandkids names start with J, J, L, J, S, M, A, S and D. No C among them.

Let me guess... someone who wi ll not be reveiving a W2 but expects a "refund" none the less. Right?

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Oh, you would not believe some of the crackpots that come in a tax prep place during tax season. So, yep, you're right about that. wink.gif

 

True story. One of my first two years of doing tax prep we had a young lady come in to get her return done. One set of her grandparents were clients, so we were always happy to deal with family of clients. We loved our clients! And took good care of them and their families. Anyway, this young lady was about 20 and worked somewhere in Dallas in a warehouse. She still lived with her parents, had no children, had no mortgage, had no medical bills. In other words, nothing to itemize. Except one tiny thing. She had given to United Way (or something like that) through payroll deduction. She got LIVID with me because I gave her the standard deduction, which was what she qualified for. She wanted to itemize that $25 or so donation. I told her she didn't qualify to itemize but she could if that was what she wanted. I told her the standard deduction was whatever it was at the time--maybe $3000--and we could do that OR she could get the $25 but we could not do both. She was UPSET and just simply didn't understand why she couldn't deduct the donation. I tried a THIRD time to explain to her that she could have either the standard OR the $25 but she didn't get both because she couldn't itemize. She started crying. She said "but they told me at work I could deduct this". After I got her calmed down, I explained to her that the donation was deductible IF you itemized. And then told her that by taking the standard deduction, she was getting to deduct much, much more than $25 even though that $25 was her only "itemized" deduction. She said she might as well stop the donations because they weren't helping her. I looked at her and said "but think about the people you're helping by making the donation. And you didn't miss the money, did you?" She admitted she did not miss the money (it was like $2 a paycheck) and said she would continue to have the payroll deduction made.

Let me guess... someone who wi ll not be reveiving a W2 but expects a "refund" none the less. Right?

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I also know a good deal when I see one. Paying 36% interest to get a tax refund a few days earlier is NOT a good deal. And I'm well aware of how payroll deductions work. Been doing payroll for 40 years.

 

Why file on January 21 when you won't likely get your W2 before January 31? You CANNOT file until you get a W2. Well, you can but then you may need to amend your return. Many tax preparers won't do a return that will report W2 wages without an actual W2. We stopped doing them without an actual W2 when we had a client bring in their last paystub because their W2 was lost in the mail (and they worked for the post office). We had to amend the return when they got a W2. After that, we required a W2. No W2, no tax return. It's not that difficult to get a replacement. You need certain reporting forms to accurately report your income. You might as well wait for that.

 

So, you have to wait a few days. What is the big deal about that? Can no one be patient?

 

Wait, don't answer that. I've worked in tax prep since 1995. I know the answer to that one.

 

BTW, who is this "C" you've put in my name? My grandkids names start with J, J, L, J, S, M, A, S and D. No C among them.

 

Withdrawing taxes from someone's pay before they even get their money is not a good deal, S & D's N! Then keeping it longer against the will of the tax payer, but a government shutdown that added 10 days to the hold up, without paying a penalty to the people affected.

 

Waiting a few days in not a big deal when it's not your money,! When it's my money it becomes a very big deal. So, to some people it's not a big deal, while other people thinks it's a very big deal.

 

I mistyped your name S & D's N, and I'm sorry, but what about all the times I did not mistype your name?

 

Government shutdown delays 2014 tax season

 

Posted by

CNNMoney's Jeanne Sahadi

 

New York (CNNMoney) – Eager for your 2013 tax refund? Well, if you like to file your federal return at the start of every tax season, you may have to wait a little longer for your check.

 

The IRS said Wednesday that it would not start processing 2013 tax returns until January 31 next year - 10 days later than originally scheduled.

 

 

 

:drinks:

Edited by The Postman

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Let me guess... someone who wi ll not be reveiving a W2 but expects a "refund" none the less. Right?

 

 

Forms will be delayed for 10 days. :pardon:

Edited by The Postman

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Imagine having to explain to people on April 15 that they have to pay $4000, maybe more, maybe less. That's what would happen if payroll withholding was not done. Research the history of it and you'll see why it's done. Besides, the government likes that money.

 

I understand why for some people it's a big deal to get the refund quickly but is it really worth $360 per $1000 of refund to do it? So, let's say you were due a $4000 refund but elected to do a refund anticipation loan and to get the refund in 2 days as opposed to 10 days. At the average interest rate for a RAL, you would only get $2560. Good deal? nea.gif And that's the AVERAGE interest rate. I have seen higher ones. Wouldn't you rather wait a few days and get all of what you're due? RALs really are for the mathematically challenged.

It's like refunds in general. The average refund is $2913. That's $56 a week MORE that you could have in your paycheck. That's more than $200 a month. If you're living paycheck to paycheck and filing for a refund early, you could have a lot of that in your pocket each week by adjusting your withholding.

I went through this with my son in law in 2012 when he went to work. He wanted to have the maximum amount withheld so he would get a bigger refund. I'm like "why do that when you can have the maximum amount in your POCKET each week?" Wouldn't that money in each paycheck help more than a lump sum that comes in April (or early February) that is gone in a week or so. Put that money--even just $56 a week--into a savings account and then use it come tax refund time, or better yet, add your smaller tax refund to it to save even more.

Withdrawing taxes from someone's pay before they even get their money is not a good deal, S & D's N! Then keeping it longer against the will of the tax payer, but a government shutdown that added 10 days to the hold up, without paying a penalty to the people affected.

 

Waiting a few days in not a big deal when it's not your money,! When it's my money it becomes a very big deal. So, to some people it's not a big deal, while other people thinks it's a very big deal.

 

I mistyped your name S & D's N, and I'm sorry, but what about all the times I did not mistype your name?

 

Government shutdown delays 2014 tax season

 

Posted by

CNNMoney's Jeanne Sahadi

 

New York (CNNMoney) – Eager for your 2013 tax refund? Well, if you like to file your federal return at the start of every tax season, you may have to wait a little longer for your check.

 

The IRS said Wednesday that it would not start processing 2013 tax returns until January 31 next year - 10 days later than originally scheduled.

 

 

 

:drinks:

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What forms are delayed 10 days? I'm already getting notices that final versions of tax software is available. Anyone who needed to order W2s or 1099s from the IRS should have already done so and likely already has them. I had mine last year before Christmas. And 2013 1040 is already available online.

 

http://www.irs.gov/pub/irs-pdf/f1040.pdf

Forms will be delayed for 10 days. :pardon:

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What forms are delayed 10 days? I'm already getting notices that final versions of tax software is available. Anyone who needed to order W2s or 1099s from the IRS should have already done so and likely already has them. I had mine last year before Christmas. And 2013 1040 is already available online.

 

http://www.irs.gov/p...s-pdf/f1040.pdf

 

 

TP has demonstrated absolutely no comprehension of the purpose of withholding, how it works and how to manage it. Why waste your keystrokes explaining taxes to someone who won't listen and who obviously has no clue?

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Forms will be delayed for 10 days. :pardon:

 

Some forms not all. And from what I've read most of the regular ones are ready to go.

 

But that has absolutely nothing to do with my above comment. So why did you choose it do quote for this arbitrary thought?

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I get newsletters from several tax prep places including from the IRS. I've not read about any forms being delayed except the start of the IRS accepting returns.

 

Pretty often a particular schedule or form that goes with a tax return won't be ready to start with--such as an investment reporting form--but the forms for use by payees have been ready.

 

The delay shouldn't come as a surprise. The government announced the beginning of filing season would be delayed by 1-2 weeks back in October. If everything is go on January 30, that's better than last year when some people had to wait until March 4 to have the schedules available for reporting certain credits.

 

Some forms not all. And from what I've read most of the regular ones are ready to go.

 

But that has absolutely nothing to do with my above comment. So why did you choose it do quote for this arbitrary thought?

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Some forms not all. And from what I've read most of the regular ones are ready to go.

 

But that has absolutely nothing to do with my above comment. So why did you choose it do quote for this arbitrary thought?

 

 

I certainly think that question will be answered for both of us.

 

Perfection eludes the IRS, M.D!

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Many people who file early end up having to file amended returns when all of their information finally reaches them in either late February or early March.

 

I never could figure out why the time they start accepting returns is earlier than the deadline for producing W2s. Banks are notorious for getting 1099s out in early February and a lot of investment companies and pension plans are even later getting out 1099R statements.

 

By law everything has to be sent out by 1/31. If you have companies that are producing your documents later I would file a complaint. There are plenty of folks that don't have anything more then a W2 so they can file as soon as they get that. All the high school and college kids that work for me don't have 1099s or pensions so they want thier money ASAP.

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They should be available by 1/31 but that is often not the case. If it's mailed by 1/31, it is considered "on time" even if the recipient doesn't receive it until 2/14 or later.

Banks are notorious about not getting 1099s and 1098s out until sometime mid-February. I can't remember all the times we were waiting on a 1099R for a client but had everything else to do the return. So frustrating. Not as frustrating as getting the 1099R and finding the bank coded a rollover incorrectly and it cost a client a penalty when they should not have had one.

 

We always had W2s and 1099s available for our clients by the time we delivered their monthly work (by the 12th if they had payroll tax deposits and by the 17th if they didn't have payroll tax deposits). Whenever they gave them to their employees was up to them. The only reason we wouldn't have the forms available to the client by those dates would be if there was an employee or subcontractor who had not provided a Social Security number in spite of the fact they were supposed to. Sometimes a subcontractor would do one job for someone and fail to provide that information. Not much we could do about it other than tell the client they needed to get that information in the future BEFORE giving the sub a check.

By law everything has to be sent out by 1/31. If you have companies that are producing your documents later I would file a complaint. There are plenty of folks that don't have anything more then a W2 so they can file as soon as they get that. All the high school and college kids that work for me don't have 1099s or pensions so they want thier money ASAP.

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I certainly think that question will be answered for both of us.

 

Perfection eludes the IRS, M.D!

That question was directed at you. That brings up another question... since you are waiting on someone else to answer a question that was directed at you and is only anwerable by you.... who is it that you think is going to answer that question for the both of us?

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That question was directed at you. That brings up another question... since you are waiting on someone else to answer a question that was directed at you and is only anwerable by you.... who is it that you think is going to answer that question for the both of us?

 

The best facts are what results, but even that can be spun.

 

Nevertheless we will see what happens, as a result of the 10 day delay, next year, M.D! :drinks:

Edited by The Postman

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