Tax Season
- Thread starter Eric
- Start date
tripp
MASTER SHAKE
2 kids in college and a ass whipping mortgage give me some needed deductions to help me get somewhat of a refund.
I try to get more during the year and get a little back at the end of the year.
I try to get more during the year and get a little back at the end of the year.
Legends of the Playground
Undercover
One of the many joys of parenthood... A return!
scottsins
Official BOTL Consigliere
yeah. you should move to a state that has a state income tax. That would help. Sorry for the sarcasm. I'm guessing there's something "special" about your situation that makes it worse on you to live here.
also, not to nitpick, but you file a return. when you get $$$ back from the return...that's a refund (not a return).
I'm in a bad (hangover) mood this morning. apologies for sounding like an asshole.
scottsins
Official BOTL Consigliere
also, if some of y'all are getting a pretty big chunk of cash back, you seriously need to change the number of exemptions that you have on file with your employer. If you are claiming the correct number, but are getting alot back due to other factors, bump the exemptions a notch if possible (not sure if you always can).
I know lots of people who claim zero, so that they'll get a fat refund back at the end of the year. This practice is about the worst possible way to use your money for a year.
*not a tax attorney. this is not legal advice.
I know lots of people who claim zero, so that they'll get a fat refund back at the end of the year. This practice is about the worst possible way to use your money for a year.
*not a tax attorney. this is not legal advice.
Wasch_24
2005 BoY
If the IRS would only give us the interest on that money.
Some people need the forced saving it creates, even if they are missing out on the potential interest...otherwise it would just get spent throughout the year.
Now, if someone thinks the gov't is giving the money to them then they need to read up on how the tax system and withholdings work.
The gov't is basically withholding more than it needs, making interest on that money, and then giving your money back to you without said interest included.
Me? I am willing to sacrifice that interest to get that nice sized chunk of cash back in the springtime. Otherwise it would be spent throughout the year.
Some people need the forced saving it creates, even if they are missing out on the potential interest...otherwise it would just get spent throughout the year.
Now, if someone thinks the gov't is giving the money to them then they need to read up on how the tax system and withholdings work.
The gov't is basically withholding more than it needs, making interest on that money, and then giving your money back to you without said interest included.
Me? I am willing to sacrifice that interest to get that nice sized chunk of cash back in the springtime. Otherwise it would be spent throughout the year.
djs134
BoM May '06
Actually, I'm all for a Federal Sales tax in lieu of the Income Tax. Rich? Spend a lot? You pay more tax. Get paid under the table or are an undocumented alien? You spend, you pay tax. All goods and services pass on the cost of Income Tax to the consumer anyhow. And corporations don't pay tax anyway, we do.
I'm not doubting that this "forced saving" is saving a lot people from themselves. Unfortunately too many people don't see it even as forced saving, but see it as free money. Who knows, maybe this is all part of a grand economics plan to keep spending up. One of my neighbors used to get a HUGE refund every year (because of what he put on his W4). With a little discipline, he changed his withholdings, put what the IRS would have taken out every month into a high-yield savings account. When tax time came he had a huge bill (not enough to trigger any penalities), but he had all the moeny in a seperate savings account AND some extra interest. He used the interest as fun money and saved some if it.Wasch_24 said:
scottsins
Official BOTL Consigliere
The exact same reasoning is used to support the concept of the social(ist) security system. Kind of like "saving people from themselves", which I really wish the damn government wouldn't do. I like really "small government".
Mortgage, property taxes, and child, we got money back. Less sales bonus last year, so less overall refund. Been doing my own with Turbo Tax for about 10 years now. Can do both Fed and state along with small home business in under an hour if paperwork is organized. Man do I miss that 1040EZ thought. 15 minute deal there.
I understand getting any refund is just overpaying your own taxes, but I do like getting a large chunk of money back every spring. Most goes right into the 529 college prepaid plan for another state tax savings. Now if I could only deduct cigars and the coolider. Still looking though.
I understand getting any refund is just overpaying your own taxes, but I do like getting a large chunk of money back every spring. Most goes right into the 529 college prepaid plan for another state tax savings. Now if I could only deduct cigars and the coolider. Still looking though.