Aces High Bulletin Board
General Forums => The O' Club => Topic started by: Halo on March 25, 2007, 05:41:10 PM
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Ideally federal and state income taxes would be paid to the penny and not a cent more each year when taxes are due.
But many taxpayers find this impossible to achieve. So usually a little more or a little less is taken out of paychecks or put aside in savings each year so either a refund or a payment is due.
What do you do, purposely pay a little more than expected due each year so you will get a refund, or pay as little as possible so you'll have full use of your money all year?
Me? I deduct a little more. I don't want to owe, even if it means I theoretically lose interest on that extra withholding.
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I still owe 2K's for last Year to the IRS.
Working hard, struggling, trying to make ends meet.
They want my house and property.
Waiting for the Revolution.
Count me IN.
Mac
"Free America"
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Originally posted by AWMac
I still owe 2K's for last Year to the IRS.
Working hard, struggling, trying to make ends meet.
They want my house and property.
Waiting for the Revolution.
Count me IN.
Mac
"Free America"
Worry not general Mac, it's still at least 2 years off.
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I've gotten refund checks the past 2 years I've been able to legally work, so I guess I pay more then I need to. It doesn't really make a difference to me, but getting the refund this year was like a 2nd monthly paycheck of $300:aok
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I don't have mine quite figured out yet since I became single. I got a lot more back this year than I epected. I would rather do that than pay though.
Mark
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Originally posted by lasersailor184
Worry not general Mac, it's still at least 2 years off.
Admiral lasersailor you make me feel very uncomfortable.
If I was your Ship, would you go down on me?
:D
Muhahhahhaaa....
Mac
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*looks down the hall at my little tax deductions
got it back and spent it already :D
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with 9 "little tax deductions" its hard to adjust the withholding correctly. Plus the "overtime" tax rate for the bonuses I get ensures I get a refund each year.
At least this year the state finally put AMT adjustments to account for inflation. Hope the feds due that soon.
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Just being single I get taxed harder.
I actually changed my deductions from 0 to 1 to get a bit back in my check.
Refunds for as long as I can remember.
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I always claim 0 for deductions for the refund. This year I was very
happy to get that money back as I have had major medical issues for the
past 6 months. Filing was a bit nerve-wracking as with the disability
added in to my normal salary it got complicated.
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With the kids, my meager military income, and now the house/deductions, I actually get back more than I pay in.
Yes I claim at a higher rate because I used to do contract work and get a 1099 for it. I never wanted to get screwed like I did one year and have to come up with 1000 bones out of no where.
Either way I get back about 180% what I pay in because of credits and such and it just dumbfounds me.
It's why I allways said you can't cut taxes for the poor as we don't pay a dime in taxes.
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I owed about a grand last year, so I had more taken out every paycheck last year.
But then my wife quit her job last May, and I didn't stop the extra withholding. Now I am happy to say I am getting two grand back this year.
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Pretty much broke even.
I think I got back like $50 or something like that
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I've not got a return in 17 years (about the time I got married).
I owe the IRS an ARB bumper and Warn Winch. :cry :cry :cry
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I'm getting a refund from both state and fed.
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Only the ignorant want a refund and are happy to get it.
The comment about the extra paycheck really amused me.
Hopefully everyone here realizes that refund is your money that you gave the government, they used all year, and then gave it back WITHOUT paying you for using that money.
Banks don't give out money for use without charging interest.
Most individuals wouldn't lend money without interest yet we have an entire class of people who believe tax refunds are a boon sent from heaven.
We have the DUMBEST middle class on earth.
The poor don't pay taxes. They get free money from the dumb middle class. The rich have enough sense to try to avoid as much taxation as possible but they also realize they are being raped.
The middle class, ignorant and lazy, actually believe the federal government method of hiding taxes by withholding them and making the employer pay them is fair and equitable and even express joy at the government finally getting around to giving some money back.
People are too dumb to realize that withholding and employer contributions to the IRS is actually THEIR MONEY.
Just watch how many will argue that employer contributions would not be part of salary in an income tax free america.
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Owe on both side of the pond...
but on the bright side, what I pay in the Netherlands I can deduct in the US... but still get screw on both ends..
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And to answer your question.......
I usually work it so I owe a few thousand bucks or more every year.
Last year it was close to 5 grand but that is an amazingly small portion of my tax bill.
I'm not rich and I'm not poor. I'm considered upper middle class but my tax bill would easily employ someone full time.
That is ridiculous.
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i should get alittle bit back if my math is not too far off
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When I work it out right, what I get back from state is just enough to cover what I owe federal. Guess I'm just breaking even.
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With my business I never know if it will be feast or famine. I tried paying quarterlies which helped the first few years, but then I had a few slow years and decided Id see what happened. Taxes suck period.
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Originally posted by Gumbeau
I'm not rich and I'm not poor. I'm considered upper middle class but my tax bill would easily employ someone full time.
That is ridiculous.
If I include my property taxes in combination to the Federal income taxes I pay, I could employ 10 illegal aliens! :huh :confused:
(Hmmmmmmmmmm.....)
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Originally posted by AWMac
I still owe 2K's for last Year to the IRS.
Working hard, struggling, trying to make ends meet.
They want my house and property.
Waiting for the Revolution.
Count me IN.
Mac
"Free America"
The revolution will not be televised.
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Yeah Gumbeau, I know it's my money. Having it in that lump sum amount is just more noticeable then just the extra $30 or whatever dollars each month that's why it's an extra paycheck.
If what I've read is correct then the government doesn't receive about $2 trillion in taxes every year anyway so I'm just happy to get it back and not have it used to try and pay off that extra debt.
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Originally posted by Gumbeau
Only the ignorant want a refund and are happy to get it.
The comment about the extra paycheck really amused me.
Hopefully everyone here realizes that refund is your money that you gave the government, they used all year, and then gave it back WITHOUT paying you for using that money.
Banks don't give out money for use without charging interest.
Most individuals wouldn't lend money without interest yet we have an entire class of people who believe tax refunds are a boon sent from heaven.
We have the DUMBEST middle class on earth.
The poor don't pay taxes. They get free money from the dumb middle class. The rich have enough sense to try to avoid as much taxation as possible but they also realize they are being raped.
The middle class, ignorant and lazy, actually believe the federal government method of hiding taxes by withholding them and making the employer pay them is fair and equitable and even express joy at the government finally getting around to giving some money back.
People are too dumb to realize that withholding and employer contributions to the IRS is actually THEIR MONEY.
Just watch how many will argue that employer contributions would not be part of salary in an income tax free america.
Ya I kind of woke up to that last year. Now I keep an eye on tax law changes and see how I can get the most out of my paycheck without having to pay in April. I just about have it down to a science now.
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Originally posted by nirvana
Yeah Gumbeau, I know it's my money. Having it in that lump sum amount is just more noticeable then just the extra $30 or whatever dollars each month that's why it's an extra paycheck.
If what I've read is correct then the government doesn't receive about $2 trillion in taxes every year anyway so I'm just happy to get it back and not have it used to try and pay off that extra debt.
This may be hard to take in a positive light but it is purely meant in the spirit of help.
Your post only indicates that you are not capable of thinking for yourself and saving that money without the government forcing you to do it.
If you are happy with that assessment then you aren't really an american. An american is an arrogant bastard who would never let the government do what he can do on his own.
If you can save that money without the government pointing a gun at you the DO IT.
Even if you have to give every penny back on April 15 the fact that you saved it throughout the year instead of allowing Big Nanny to do it for you will make you a better man.
Stop depending on the government and start standing for yourself.
And click on the tax link in my signature.
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Originally posted by FiLtH
With my business I never know if it will be feast or famine. I tried paying quarterlies which helped the first few years, but then I had a few slow years and decided Id see what happened. Taxes suck period.
Amen to that brother.
Tough when you hit a sudden but prolonged slow period and end up with a choise of pay the quarterly taxes or Morgage electric and food.
Aint a hard guess which choice is made
Been there done that
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I'm a better American then you, I'm a modern American. I'm lazy and I half bellybutton it, then I let the government sort out my money for me. It's a grand life.
Seriously though, it's not that I don't want to save that money all year until the last very second when i have to scrounge up a couple hundred to pay taxes, "it's a problem of motivation, all right? Now if I work my bellybutton off and keep all my money 'til April 15, I don't see another dime; so where's the motivation? And here's something else, Gumbeau: I have eight different bosses right now."
Currently my step dad files them for me, I'm not really all very interested in taxes or anything right now. So you question my being American. Well I guess each person's view of what an American is different.