Our mission

Done with taxes

That's the best way to work it out, to be even. You had your money all year to use and don't have to come up with extra.
 
Actually the best way to work it out is to owe as much as you can without penalty bu be aware that you will owe it........ interest free loan from your rich Uncle.

3 more days (thanks to some wierd holiday in Washington DC) 4/18 is filing day this year.
 
seminolecpa said:
Actually the best way to work it out is to owe as much as you can without penalty bu be aware that you will owe it........ interest free loan from your rich Uncle.
Click to expand...
Ya, but how many people are disciplined enough to know how much they will owe and save enough to be able to pay it. I know it's not the best, but we always feel good when we get money back.
 
seminolecpa said:
Actually the best way to work it out is to owe as much as you can without penalty bu be aware that you will owe it........ interest free loan from your rich Uncle.
Click to expand...

Too much effort on my part to do something like that, not to mention didn't exactly anticipate solar panels and mucho rebate (that carries over if I don't use it all). Besides, I'm a poor ass public servant of sorts, married only source of income is me, hell there ain't much I'd have to pay in taxes as it is!
 
I started paying extra State and Fed taxes after one year I had to pay about $50, hey, I was used to receive two or three hundred dollars. So ever since I decided to "contribute" a bit more; last few years money has been tight but filing at the very last day and receiving it later by Summer, what a relief it was; I kind of voluntarily forgot about the money. The last three years have been different so expecting a refund is being optimistic big time.
My brother should get about three grand but he busts his ass real hard plus his W2 is 0/0 thus being deducted heavily.
 
I normally claim 0/0 on my W-2... Married with 2 kids, and a house... I also put a little extra in on state and federal... I wait till mid March / early April to file, end up with a nice refund in April / May and count it as being a mid year Christmas, or just pay off bills...

I understand its an interest free loan to the government... But I'd rather get a ton of my money in the middle of the year (enough to buy a decent car in cash) without having to try and trust myself and my wife to save it...

Knowing my, and my wife's spending habits, its a system that works for us...
 
There are these things called savings accounts........ maybe not so much right now but you actually earn interest and stuff.

I swear I need to start a business, you give me x dollars out of each paycheck and I give it to you nearly a year later, I get to do whatever I want with it in the mean time.
 
yeah that big shocking one quarter of one percent will really make your money work for you :D

Hell I was in Chase and a 12 month CD was only 0.6%. The Fed needs to up the rates when banks ask for loans, so joe average can actually get a decent interest rate when they put their money in.
 
No I paid a ton into taxes, claiming 0/0 is the same as claiming Single / 0, meaning you have more taken from your paycheck every pay period...

When taxes come around, I have my wife, kids, and house deductions... I ended up getting around 67% of the money I paid into taxes back this year...

seminolecpa said:
There are these things called savings accounts........ maybe not so much right now but you actually earn interest and stuff.

I swear I need to start a business, you give me x dollars out of each paycheck and I give it to you nearly a year later, I get to do whatever I want with it in the mean time.
Click to expand...

No I fully understand that... But the problem is, when money gets put into the savings account, something always comes up and ends up requiring that money... Her parents need money, my parents need money, my siblings need money, her siblings need money, etc... Savings get depleted every time...

Where as, I make enough to cover those things that come up and can afford to pay extra into taxes, so once a year I get a second (or third) bonus and use it to buy something for the family (or myself if I'm greedy that year)... While the interest would be nice, the minimal gain of the interest vs. the stress of not knowing if my number crunching (or my accountants number crunching) was perfect enough to keep me from paying into taxes at the end of the year... I stress about numbers enough, last thing I care to worry about is did I pay enough into taxes...
 
seminolecpa said:
There are these things called savings accounts........ maybe not so much right now but you actually earn interest and stuff.

I swear I need to start a business, you give me x dollars out of each paycheck and I give it to you nearly a year later, I get to do whatever I want with it in the mean time.
Click to expand...

Holy crap that's a good idea :O
 
I know I will get razzed for this but saving money is saving money. You see people wait in lines 7 and 8 cars deep to save maybe 10 cents a gallon on gas (while running their car the whole time mind you). Sure interest rates on savings accounts are very low right now (you can earn 1% on a plain old ING savings account btw) but they won't always be this low.

Look at it another way. Lets say you use that extra money each month to pay off a credit card that is carrying a 10% interest rate or a car loan etc etc..... easiest way for most people to get a good return on your money. Yes I know somoen will chme in and say, I have no debt but this is the exception to the typical American family, not the norm.
 
I have a decent amount of debt...

I pay it off every other year... I maintain a 720 - 750 credit score (not all that high, but considering the economy I think its decent)... I use my tax money to pay it off when I have nothing else come up...
 
seminolecpa said:
There are these things called savings accounts........ maybe not so much right now but you actually earn interest and stuff.

I swear I need to start a business, you give me x dollars out of each paycheck and I give it to you nearly a year later, I get to do whatever I want with it in the mean time.
Click to expand...

I would love to do that but for me I have the taxes I have to pay for the wife's small business and it can vary greatly from year to year and I worry about owing more then I could afford to pay.
 
seminolecpa said:
There are these things called savings accounts........ maybe not so much right now but you actually earn interest and stuff.

I swear I need to start a business, you give me x dollars out of each paycheck and I give it to you nearly a year later, I get to do whatever I want with it in the mean time.
Click to expand...

I would love to do that but for me I have the taxes I have to pay for the wife's small business and it can vary greatly from year to year and I worry about owing more then I could afford to pay.
 
seminolecpa said:
Actually the best way to work it out is to owe as much as you can without penalty bu be aware that you will owe it........ interest free loan from your rich Uncle.

3 more days (thanks to some wierd holiday in Washington DC) 4/18 is filing day this year.
Click to expand...

+1
Stick it to the man. J)
Of course, they make it so bloody complicated, the odds of hitting that are pretty much zero.
 
the Mike has no debt either :D Actually I am trying to find a bank with a decent investment/interest rate on money since I hardly touch it at all. The amount of money I would get to borrow interest free is not worth any interest I'd get vs the risk if I miscalculated, not all of us are CPAs who know exactly what we'll have to pay :D
 
sfsuphysics said:
the Mike has no debt either :D Actually I am trying to find a bank with a decent investment/interest rate on money since I hardly touch it at all.
Click to expand...
I just dump most of it into my 403 and deferred compensation across equity and bonds.
 
You must log in or register to reply here.
Back
Top