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| Are You Getting a Tax Refund?; Well? | |
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| Tweet Topic Started: Apr 15 2007, 09:23 AM (480 Views) | |
| George K | Apr 15 2007, 09:23 AM Post #1 |
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Finally
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Did you plan your withholding well this year? |
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A guide to GKSR: Click "Now look here, you Baltic gas passer... " - Mik, 6/14/08 Nothing is as effective as homeopathy. I'd rather listen to an hour of Abba than an hour of The Beatles. - Klaus, 4/29/18 | |
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| Mikhailoh | Apr 15 2007, 09:42 AM Post #2 |
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If you want trouble, find yourself a redhead
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I could have paid less in, but what I am due is just a few hundred more than my first quarterly estimated tax payment, so it's ok. |
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Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball | |
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| CTPianotech | Apr 15 2007, 11:06 AM Post #3 |
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Fulla-Carp
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You have forgotten an 'other' option. |
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| dolmansaxlil | Apr 15 2007, 11:15 AM Post #4 |
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HOLY CARP!!!
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I got a (small) refund. I don't care if it's bad planning - I like the lump sum payment, and usually use it for a big purchase that I wouldn't make at any other time. This year, it was small enough that it went to bills and funding one weekend getaway. I'm not good with saving money for purchases, so this is my way of saving without realizing it. The gov't can have the interest they make on it - it's convenient for me.
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"Your first 10,000 photographs are your worst." ~ Henri Cartier-Bresson My Flickr Photostream | |
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| Mark | Apr 15 2007, 11:37 AM Post #5 |
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HOLY CARP!!!
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What a bunch of BS!
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___.___ (_]===* o 0 When I see an adult on a bicycle, I do not despair for the future of the human race. H.G. Wells | |
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| Mikhailoh | Apr 15 2007, 11:44 AM Post #6 |
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If you want trouble, find yourself a redhead
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Ok, lotus position and repeat after me, Mark.. Aummmmmm...... aummmmmmmmmm........ aummmmmmm |
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Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball | |
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| LWpianistin | Apr 15 2007, 01:24 PM Post #7 |
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HOLY CARP!!!
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Refund! It's like Christmas! |
| And how are you today? | |
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| Mikhailoh | Apr 15 2007, 01:28 PM Post #8 |
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If you want trouble, find yourself a redhead
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It is very much like being a parent at Christmas.. you get a present you already paid for out of your own pocket. |
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Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball | |
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| George K | Apr 15 2007, 01:35 PM Post #9 |
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Finally
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"Intaxication: The joy of discovering that you're getting a tax refund that lasts only until you discover that the money was yours to begin with." |
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A guide to GKSR: Click "Now look here, you Baltic gas passer... " - Mik, 6/14/08 Nothing is as effective as homeopathy. I'd rather listen to an hour of Abba than an hour of The Beatles. - Klaus, 4/29/18 | |
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| jon-nyc | Apr 15 2007, 03:24 PM Post #10 |
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Cheers
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No, I wrote a big check. Two big checks, actually. (and I filed an extension) |
| In my defense, I was left unsupervised. | |
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| Dewey | Apr 15 2007, 03:27 PM Post #11 |
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HOLY CARP!!!
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We got a big return back. I know that in the grand scheme of things its stupid - but my income is so unpredictable that I prefer the idea of giving Uncle Sam an interest-free loan over being short when it's time to pay the piper. I don't recommend it for most people, but for us, it works okay. |
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"By nature, i prefer brevity." - John Calvin, Institutes of the Christian Religion, p. 685. "Never waste your time trying to explain yourself to people who are committed to misunderstanding you." - Anonymous "Oh sure, every once in a while a turd floated by, but other than that it was just fine." - Joe A., 2011 I'll answer your other comments later, but my primary priority for the rest of the evening is to get drunk." - Klaus, 12/31/14 | |
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| Mikhailoh | Apr 15 2007, 03:35 PM Post #12 |
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If you want trouble, find yourself a redhead
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Self-employment is edgy like that, but not too bad. What I try to do is come up where I owe a little bit at the end, and try to make sure I live on only half or less of what is brought in. You never know when the next chunk of business is coming. |
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Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball | |
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| TomK | Apr 15 2007, 03:43 PM Post #13 |
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HOLY CARP!!!
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Nothing. $3800 back. My wife is a MONSTER at taxes.
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| Riley | Apr 15 2007, 04:19 PM Post #14 |
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HOLY CARP!!!
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$172 refund. |
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| Nobody's Sock | Apr 15 2007, 08:04 PM Post #15 |
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Fulla-Carp
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shoot Riley, they should just have me cut you the check. I owed , get this, $172 to Feds this year. Getting $330 back from state though. Pretty much the same.same each year. I ain't letting the IRS hold my money for no interest like that. Lots do and I get a bit jealous when they're all buying their toys around now but if they wanted, they could have set up some kind of money market account with direct deposit and they would have done better for themselves. Screw the IRS. |
| "Somewhere, something incredible is waiting to be known." | |
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| Fizzygirl | Apr 16 2007, 12:19 AM Post #16 |
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Fulla-Carp
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I hate paying in - it devistates me. I like getting a little lump sum, then we spend it on something fun usually like a small vacation or something we need for the house. We got a nice refund back in February from both state and federal. We have been without a sofa in the living room now for 3 years so I think we can finally afford one this year with our refund! Yay!!
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Cats are intended to teach us that not everything in nature has a purpose. ~ Garrison Keillor My latest videos. | |
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| dolmansaxlil | Apr 16 2007, 02:38 AM Post #17 |
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HOLY CARP!!!
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See, Riley - aren't you glad you did your taxes?
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"Your first 10,000 photographs are your worst." ~ Henri Cartier-Bresson My Flickr Photostream | |
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| John D'Oh | Apr 16 2007, 04:37 AM Post #18 |
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MAMIL
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We got about $5800 back. Stupid I know, but it pays off the credit card bill which would probably still be there if we paid the right amount of tax. |
| What do you mean "we", have you got a mouse in your pocket? | |
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| kenny | Apr 16 2007, 05:34 AM Post #19 |
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HOLY CARP!!!
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So I understand it is smartest to not give the IRS an interest free loan. (which is what happens when you get a refund) It is better to write them a check April 15th. Doesn't it follow that it is even smarter to write the largest check possible that avoids penalty. How do you determine what that amount is? |
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| John D'Oh | Apr 16 2007, 05:39 AM Post #20 |
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MAMIL
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I disagree about that being the smartest way to behave. In my opinion, the smartest way to behave is that which causes me the least anxiety and stress. There's more to life than interest charges. |
| What do you mean "we", have you got a mouse in your pocket? | |
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| Mikhailoh | Apr 16 2007, 05:40 AM Post #21 |
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If you want trouble, find yourself a redhead
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If you paid the right amount of tax you would have had the cash and not have needed to charge up the credit card, hence no interest. Just a thought.
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Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball | |
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| kenny | Apr 16 2007, 05:40 AM Post #22 |
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HOLY CARP!!!
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Oh, also it is smart to change your withholding exemptions to 10 from January through some point during the year. That point is determined by your anticipated tax. This way you have larger checks early in the year so you get the use of your own money longer. Plus, beyond changing your withholding to 0 exemptions at some point you can also request additional withholdings, up to your whole check. Then you'd get larger checks longer, through Sept or Oct, and 100% of your income would go to IRS Oct Nov and Dec. Obvious you'd have to save and plan for this, but you'd end up with more money in your pocket since that savings can generate interest. I think the IRS doesn't care if you do this as long as you withhold enough by Dec 31. |
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| John D'Oh | Apr 16 2007, 05:43 AM Post #23 |
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MAMIL
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Credit cards don't usually get charged to because the money is needed, in my experience. They get charged to because we can. |
| What do you mean "we", have you got a mouse in your pocket? | |
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| kenny | Apr 16 2007, 05:44 AM Post #24 |
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HOLY CARP!!!
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Sorry John. I should not have said smarter. I should have said not dumber. :lol: Whatever works for you is what works for you. |
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| Lindy | Apr 16 2007, 05:46 AM Post #25 |
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Middle Aged Carp
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Federal, yes. State, no -- I owe $157, which seems strange to me since both the wife and I claim 0 for NYS tax purposes. And that's with 3 kids on the rolls as well. If I were to follow their guidelines, I'd be claiming something like 6-7 exemptions based upon # kids (and other stuff). We're also early into a mortgate, so lots of $ is going for interest. Only thing that could've made a difference is that my wife's income went up last year with her new job. Must've been that that pushed us over the edge of some magical line.
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Kubota B-Series Tractors - - - - - - - - - - - - - - - - - - - - - - - - - Ringo - "I am the best drummer in the world." Lennon - "He's not even the best drummer in the band." | |
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We have been without a sofa in the living room now for 3 years so I think we can finally afford one this year with our refund! Yay!!
12:38 AM Jul 13