Income Tax Return Plans?

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  • Dave328

    Well-Known Member
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    15   0   0
    Jul 11, 2007
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    Gretna
    I want to get back or owe no more than $500. Like JWG223 said, why in the hell would I give anybody much less the.gov an interest free loan of several thousand dollars???? Although this year I owe a couple K since we rolled over some old 401k's into Roth's so I had to kick some $$ up to Uncle Shug
     

    RedStickChick

    -Global Mod-
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    May 6, 2012
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    I owe $327 this year. What blows my mind is that I made about $30K less this year than when I got $1K back, and while I can modify my tax exemptions in real-time, I only "cheated" on a few paychecks, similar to what I did that other year (I typically claim 0/0/Single). Did things just get massively shittier for tax rates or something?

    I owe $426. Last year I got $890 back.

    This sucks.
     

    velociraptor

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    0   0   0
    Mar 8, 2010
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    Greater New Orleans Area
    Really though, all that means is you made a 0% interest loan to Uncle Sugar, and he pays you back at the end of the year. Basically, a "friend loan", to the biggest douchebag you know. So I am cool with paying a bit at the end of the year, or breaking even. If you really want savings, then put $XXX.XX per paycheck into a savings account via autodraft and don't touch it. Then at least YOU got the interest.

    This is the truth.

    If you are getting a big refund back you need to change your withholding. You can still get a big refund if you correct your withholding and then have an automatic debit from the account where you deposit your paycheck to another bank account like a savings account. It is not difficult and it allows you access to your money when you want it not when the .gov decided to givi it to you.

    Me I write a check on April 15 when my extension is filed and when the final return is filed Oct 15 any "refund/overage" I simply apply towards my 4th qtr payment
    .

    Do yourself a favor stop giving the .gov an interest free loan.
     

    noob

    enthusiast
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    41   0   0
    Mar 18, 2008
    4,284
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    New Orleans
    I usually have to pay every year lately. I claim 0 married and so does my wife. But apparently our income together does not qualify us for any write offs and we do not own our own business. So it's all w2. I don't know what "class" I fit in, but it sucks. Ended up paying 6 figures in taxes the past two years.
     

    PPBart

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    Mar 25, 2012
    714
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    Denham Springs, LA
    ...If you are getting a big refund back you need to change your withholding...

    I do tax returns, so this is a busy time for me. I've seen both side of that idea -- some clients stress out if they don't get a big refund, some if they do. It's really not that difficult for the average person to do some effective tax planning in order to avoid those surprises, but (sadly, too often) I'm really amazed at the general lack of basic understsnding of just how the tax system works, and the unwillingness of so many folks to learn about something that has such an impact on their lives!

    Personally, I agree with those who don't care to give the govt an interest-free loan and structure mine so that I have a small balance due.
     

    DAVE_M

    _________
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    32   0   0
    Apr 17, 2009
    8,288
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    This is the first year that I got less than $500 back. It was nice to use my school credit. Last year, my return was over $3,000, because of the school credit.

    I put just about all of it towards wedding costs.
     

    olivs260

    Well-Known Member
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    45   0   0
    Sep 23, 2009
    2,846
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    Geismar, LA
    Really though, all that means is you made a 0% interest loan to Uncle Sugar, and he pays you back at the end of the year. Basically, a "friend loan", to the biggest douchebag you know. So I am cool with paying a bit at the end of the year, or breaking even. If you really want savings, then put $XXX.XX per paycheck into a savings account via autodraft and don't touch it. Then at least YOU got the interest.

    I feel exactly the same way. I claim 4, and put what I would have been paying into my Roth. We budget pretty carefully, so when I get the bill in April, it's not a big deal. You just have to be careful, because if you owe over a certain amount, you get hit with a penalty.


    I had another kid at the end of the year, so this is the first time I get a refund worth mentioning. It's paying the surgery she needed when she was 3 weeks old. If I had any left, it would go towards a vasectomy! Most of the time I break even or get $100 or so back. I'd rather get nothing back and know my money stayed with me to use as I please for the year instead of a 0 interest loan to the govt.

    Check with your insurance. Mine cost less than $100, after everything. 2 Dr visits, 2 prescriptions, done. Well I guess add in a couple bucks for a bag of frozen peas :dogkeke:
     

    velociraptor

    Well-Known Member
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    0   0   0
    Mar 8, 2010
    180
    16
    Greater New Orleans Area
    I do tax returns, so this is a busy time for me. I've seen both side of that idea -- some clients stress out if they don't get a big refund, some if they do. It's really not that difficult for the average person to do some effective tax planning in order to avoid those surprises, but (sadly, too often) I'm really amazed at the general lack of basic understsnding of just how the tax system works, and the unwillingness of so many folks to learn about something that has such an impact on their lives!

    Personally, I agree with those who don't care to give the govt an interest-free loan and structure mine so that I have a small balance due.

    I agree income estimation can be difficult but it is not that difficult to determine your tax rate and use that to fine tune your withholding.

    However, it does not have to be an all or nothing proposition.

    If you get back for instance $1,000 every year dial up your withholding to get back $500 and put the rest in a separate account.
     

    whitsend

    -Global Mod-
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    26   0   0
    Sep 6, 2009
    4,137
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    Transylvania, LA
    I bought my son a car.

    2000 Toyota Celica GT-S

    00C0C_apmcZyAMMjp_600x450.jpg
     

    whitsend

    -Global Mod-
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    26   0   0
    Sep 6, 2009
    4,137
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    Transylvania, LA
    Looks good. Nice motor in those, I think the Elise even used them. Bet it handles like a go-kart.

    Thanks.
    Yes the Elise uses the same motor (2ZZ) as the Celica GT-S.
    It's plenty fast, but not so much that I have to worry about him killing him self. (I know it's still possible but it's not crazy fast)
    It handles pretty tight. Needs a few things to get back to where it should be, ie. front struts, tires balanced, front end alignment.
    A great opportunity to spend time with my son and teach him a little about auto mechanics.
     

    nolaradio

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    5   0   0
    Sep 8, 2012
    2,213
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    Parts unknown
    What tax return? Are you talking about that check my wife gets every year that she says the government gives her for putting up with me for another year?

    Yeah, I don't see any of that.
     

    olivs260

    Well-Known Member
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    45   0   0
    Sep 23, 2009
    2,846
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    Geismar, LA
    Thanks.
    Yes the Elise uses the same motor (2ZZ) as the Celica GT-S.
    It's plenty fast, but not so much that I have to worry about him killing him self. (I know it's still possible but it's not crazy fast)
    It handles pretty tight. Needs a few things to get back to where it should be, ie. front struts, tires balanced, front end alignment.
    A great opportunity to spend time with my son and teach him a little about auto mechanics.


    Absolutely spend some time teaching him about how to repair cars. One of the best thing my dad ever did was buy me a shitty old Buick and teach me how to fix it up. I'm still shocked how many guys can't even change out spark plugs, or even their own tires or oil.
     

    Dave328

    Well-Known Member
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    15   0   0
    Jul 11, 2007
    2,789
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    Gretna
    I'm coming out close to even. Small refund check, but I was expecting that. Will probably throw the money into my retirement fund. Every little bit helps.

    Good for you! I wish I knew half of what I know financially when I was in my 20's that I know now!!
     

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