TAX RETURN

[AKHog]

I try to shoot to pay a bit at the end of the year.  Why give uncle Sam a free loan.

Exactly.  

[Widewing]

That is exactly how I feel about it also. I don't understand what people think.

Indeed, my tax returns yields only a few hundred bucks each year. I take the extra exemption, get the money up front, put it in an interest yielding instrument rather than let the Feds use it, interest free.

Managing your money begins with managing your W-4 form.


My regards,

Widewing

[AKHog]

Stereotyping is fun

When people say they'd rather have someone else hold onto their money with no return rather than managing it themselves, I call that lazy. In my own experience the majority of the people who do this also make other bad decisions with their money, and typically aren't the ones getting ahead.

Stereotyping, I guess, but it's the truth in most cases.

[kamori]

I Have NO fed Taxes taken out all year. I have 3 kids 1/2 the income I am a custom too for the last 1 1/2..at least I have a job.

MY TAX RATE this year ?  -19%  YES Negative. I was paid by Uncle Sam an additional $7,699.00 to Live(refund).

THE TAX CODE IS SCREWED UP....

KAM

[bj229r]

I'm depressed....another year or 2 and I won't be able to claim my kid anymore. (Gonna buy this years Turbo Tax Tuesday, after paycheck deposits)

[ebfd11]

Dammm 8 grand... And my mesly 3400.. I thought I was doing great... Guess not..

[68ZooM]

I try to shoot to pay a bit at the end of the year.  Why give uncle Sam a free loan.

I hear ya there, but were all giving them our SS interest free out of our checks every week, if thats even there when we retire lol

[guncrasher]

well I gotta pay $1600 due to a mistake I made.  next year? I normally pay somewhere around 0 to 100 bucks and I like it that way.  I normally put all the extra money into my 401k and with the employer matching, u cant beat that. 

things I learn when I was young, never give loans to the irs and dont buy the extended warranty or credit/disability insurance.  I used to work for an insurance company, credit/disability insurance were mostly profit, we ripped lots of customers off, sorry to say that and still continues today .

semp

[Bodhi]

I hear ya there, but were all giving them our SS interest free out of our checks every week, if thats even there when we retire lol

I have given up on that.  The current round of do nothings have no desire to address that issue and based on their track record, I have no desire to rock their tree so that they feel they can "fix" that too.

[uptown]

I'm married with children. I get nothing  I just sign the check when it comes and wave byebye to it. 

[Reschke]

WOW some of you guys are so blatantly against getting your money back from the government it amazes me. I shoot to always have a little bit to pay to both state and federal (which is wrong and should never be collected BTW) but it never works out that way; no matter what I end up adjusting on my W-4 I always get money back for one reason or another. The lowest amount I ever got back since being married was $1200 and the highest was around $10k...that was a bad year for medical deductions and exemptions...so it wasn't a good year either. However I always end up having to pay the state somewhere between $150 and $500 no matter what I do...I am ok with that as well.

This year we will be getting a HUGE chunk of tax money back due to first time home buyer, 3 kids, and a ton of deductions for medical expenses out of pocket. SO next year I get to claim almost a full year of house payment taxes on there as well and that will result in another nice haul in a check from the government. Not to mention I get 5 more years of three kids on the taxes and more medical deductions.

[Babalonian]

This is silly. But no doubt many people do it, I have the same exact discussion with my friends. And even after presenting the logical argument that they can not refute, they continue to do it.

Most people who do this simply can't save money on their own (lazy?). Thats why they are ok with the government hanging on to it for them at zero percent interest with no early access.

If you simply took that little extra each paycheck and invested it your money would actually be working for you. What do you think the government is doing while they have it? Using it to make more! And even though you'll only be earning a little interest or return at least you'll have access to it, which is where it really saves you, from paying credit cards or lenders when you really need cash.

Its funny when people who do this also complain about not getting ahead in life. If there is one thing self made wealthy people have in common, its that most of them have figured out tax system pretty well.

I hope one year, with only a few months left until the deadline, you findout (oh... lets just say due to a sweet, young, good-intentioned (who much like you, tried their best so that nobody at the end of the year had to pay any more or get refunded any for paying too much) and unexperienced new accountant) you need to comeup with twice the money that you'd make before that deadline for our dear, kind, understanding and sympathetic Uncle Sam.  On that day, you'll see why I sit on this side of the fence with those that cheer and hold up high our refund checks, and you will be invited to come and join us next year.  It's better to walk home at the end of the day with a small check in your pocket than to have debt or perfectly balanced-out but empty pockets.

Indeed, my tax returns yields only a few hundred bucks each year. I take the extra exemption, get the money up front, put it in an interest yielding instrument rather than let the Feds use it, interest free.

Managing your money begins with managing your W-4 form.


My regards,

Widewing

I figure you get a few hundred back then you did right.  Too much returned is a bad thing, but so is almost none or even in the negative.

[2ADoc]

I worked overseas in a combat environment for 5 years, I did not have the taxes taken out, you do have the option to have them taken out.  My wife took what we would have paid and put it in an investment fund, I have been on vacation since June and still don't have to worry.  The amount that the Govt takes out is a substantial amount, especially on large paychecks.  I put the money to work and it really payed for itself, it was a good decision.  On the other hand there are guys that DID have the taxes taken out and they were getting tax returned of around 10000.  think of the intrest you can get from that after a few years.

[wsveum]

See Rule #14

[kilz]

Stereotyping is fun

however you may look at it. i own a small company so getting this big amount back for me is a big deal. i dont file simple personal taxes i have to file with my company. not so easy. uncle sam taxes me for everything