Tax returns?

[bornchevy]

Me. I'll be spending all of mine on mods. What else would you do with it?

 

[mowcowbell]

I have my withholdings set so that I usually break even. Not going to let Fed Gov't keep my money interest free during the year.

5 good reasons why getting a big refund is a bad idea:

5 Reasons Why A Big Refund Is A Bad Idea

Darin

 

[ChrisJ]

Blowing a lot of ours on different steam vents and an exhaust hood for the house. Actually spent some of it before we even got it and so far I'm loving TRVs on our steam system.

 

[Aldakoopa]

I've had to pay the last two years, gradually more and more... and this year I'm expecting them to stick it to me. =/

 

[$ub$onic]

Looks like I'm getting $2400

 

[ahtoxa]

Lucky bastards. I claim zero dependents and I still came out owing like $100 to the gubmint last year. This year is probably going to be the same - apparently paying taxes and claiming nothing means you owe even MORE money.

That's what I get for:

- not being a student
- not owning a home
- not being married
- not having children
- being in a higher tax bracket

 

[$ub$onic]

I got 187 bucks for putting money in the 401k

 

[Leverus]

Until I put in that I'm a student I was gong to owe about $150, the first time I'd ever have owed anything. Like they don't tax the **** out of my min. wage paycheck as it is...

 

[Aldakoopa]

Lucky bastards. I claim zero dependents and I still came out owing like $100 to the gubmint last year. This year is probably going to be the same - apparently paying taxes and claiming nothing means you owe even MORE money.

That's what I get for:

- not being a student
- not owning a home
- not being married
- not having children
- being in a higher tax bracket

I'm right there with you.

- I didn't go to college. (I didn't need to, so why go in debt?)
- I don't own a home.
- I'm divorced.
- I don't have custody of my son.
- I got a raise last year, one that allowed me to be able to afford my Sonic... although it wasn't much of a raise, it will probably still mean I'm going to be paying a lot more this year. :blankface:

Also, being a volunteer firefighter only takes off $17 of what I owe per year... how generous.

Back when I was married and claiming my son as a dependent, I would get back about $4000-5000 a year. It was really a shocker when suddenly I owed over $500 to them the next year after separating.

 

[Eric Smit]

yikes. I'd be upset if I owed the government, although, a couple hundred dollars probably wouldn't give me an aneurysm.

 

[Aldakoopa]

yikes. I'd be upset if I owed the government, although, a couple hundred dollars probably wouldn't give me an aneurysm.

If it's more than I make in a week, it's a lot of money to me.

 

[Eric Smit]

If it's more than I make in a week, it's a lot of money to me.

I could see that.

 

[slitzell]

fair tax and this wouldn't be an issue!

Our incentive is to get married, buy a home, and have kids, otherwise the government will bend you over lol

 

[JaSonic]

you can always put more money towards taxes each paycheck. for instance, if you usually pay $500 at the end of the year, then divide 500 by 26 paychecks (or however many you get paid per year) and just have that go straight to taxes. chances are, you won't miss it.

 

[rdss]

Or put 26 bucks a pay check into a savings account, collect the interest yourself during the year (not much but at least it's yours...) and at the end of the year pay it like normal out of that fund vs having to find the money you're short.

 

[JaSonic]

Or put 26 bucks a pay check into a savings account, collect the interest yourself during the year (not much but at least it's yours...) and at the end of the year pay it like normal out of that fund vs having to find the money you're short.

it takes more discipline that way. lol

 

[rdss]

Yeah, or an allotment to an account and just leave it alone. But yes, it would be tough building a savings account knowing you have to give it away at the beginning of the next year.

 

[JaSonic]

and technically, you want to try and break even at tax time. you don't want to owe any, and you don't want a large sum of money, either.

 

[rdss]

That is ideal.

 

[Aldakoopa]

Or put 26 bucks a pay check into a savings account, collect the interest yourself during the year (not much but at least it's yours...) and at the end of the year pay it like normal out of that fund vs having to find the money you're short.

But then your interest gets taxed...