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Old 02-02-2013, 02:53 PM   #26
DaWhim
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i may end up owing this year, not good!
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Old 02-02-2013, 02:58 PM   #27
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Originally Posted by Fritzo View Post
No, we would have to decrease the number of dependents listed or something. After all of our deductions our effective tax rate hovers between 0% and 2%.
401k and HSA are taken out PRE-TAX. If you put more in those, there will be less taxable income to tax so there would be less taken out.
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Old 02-02-2013, 03:01 PM   #28
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You gave uncle Sam an interest free loan! Better to get refund than to owe though. Ideal tax return is $0
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Old 02-02-2013, 03:05 PM   #29
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You gave uncle Sam an interest free loan! Better to get refund than to owe though. Ideal tax return is $0
True but at current interest rates, it matters little.

I looked at the money sweep on my IRA's yesterday and it was running at 0.01% for all levels of money from 0 to over $1,000,000.
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Old 02-02-2013, 03:06 PM   #30
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You gave uncle Sam an interest free loan! Better to get refund than to owe though. Ideal tax return is $0

I keep mine at the max owed without a penalty. In my opinion, that's ideal.
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Old 02-02-2013, 03:09 PM   #31
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What county are you in? They've been salting like crazy here at the edge of Cook and Kane.
I live in Dekalb county.

When i took my daughter into town for gymnastics (at 9) they had plowed but not salted. i just got back from picking her up and they had salted. the roads were clear.

well all but the 2 i live on lol they are nasty.
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Old 02-02-2013, 03:19 PM   #32
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I dunno how I'd figure things out well enough to hit the zero refund or the "you owe but not enough for penalties" line. A large proportion of my income is bonuses and stock based so I don't know what that will be. Amt, income phaseouts of deductions, yadda yadda. It all seems way too complicated.
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Old 02-02-2013, 03:23 PM   #33
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going to owe 5k this year. i don't even have any to give them lol. do they accept credit cards as a form of payment?

OP, congrats on the money. buy a new tv.
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Old 02-02-2013, 03:26 PM   #34
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I dunno how I'd figure things out well enough to hit the zero refund or the "you owe but not enough for penalties" line. A large proportion of my income is bonuses and stock based so I don't know what that will be. Amt, income phaseouts of deductions, yadda yadda. It all seems way too complicated.
Without predictably income and expenses, it would require constant revision quarterly and you still will not make out at zero range of any unexpected difference shows up in the last quarter.
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Old 02-02-2013, 03:29 PM   #35
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Yes, it does.
I knew I was setting myself up for exactly that
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Old 02-02-2013, 03:32 PM   #36
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I can't wait to see how much I get back. First year of working shifts and having lot of variable pays. That tends to create good tax returns. Though I think there's still lot of variables and it could go the other way. I just hope I don't end up having to pay. That always sucks.
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Old 02-02-2013, 03:33 PM   #37
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You're a dumbass.


You're close ... he's a double dumb-ass. Those that get refunds (unless you make almost no money) AND brag about it are fools. They forget that the "refund" is actually monies that they have overpaid, that were due them ... and are being refunded at 0% interest.

I'm sure that I will get some flack on this ... but how do you argue with a moron? I guess it's like wrestling a greased pig ...
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Old 02-02-2013, 03:49 PM   #38
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You're close ... he's a double dumb-ass. Those that get refunds (unless you make almost no money) AND brag about it are fools. They forget that the "refund" is actually monies that they have overpaid, that were due them ... and are being refunded at 0% interest.

I'm sure that I will get some flack on this ... but how do you argue with a moron? I guess it's like wrestling a greased pig ...
It's still better than having to dish out thousands of dollars that will be completely wasted instead of being used to buy something, thus stimulating the economy. Look at it as a savings plan.
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Old 02-02-2013, 03:50 PM   #39
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Originally Posted by dud View Post
You're close ... he's a double dumb-ass. Those that get refunds (unless you make almost no money) AND brag about it are fools. They forget that the "refund" is actually monies that they have overpaid, that were due them ... and are being refunded at 0% interest.

I'm sure that I will get some flack on this ... but how do you argue with a moron? I guess it's like wrestling a greased pig ...
Actually, I should get about $30K back. I'll post a screenshot of the fed/state return deposits. My "problem" is that I started another business that was supposed to have ~$50K input before it started paying for itself, so I didn't stop my monthly deposits from my regular job. Didn't/hasn't worked out as planned and I've lost my ass (and then some) for 2012. I'm getting all of my deposits back and most likely EITC. Guess that makes me a different kind of dumb ass.

But, hey, 12 people have jobs that may not otherwise and I'm a "job creator." Thanks for your tax contributions to my EITC.
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Old 02-02-2013, 05:10 PM   #40
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Don't know what I'll get back. Probably not too awfully much though. I think it was about $200 last year.


Quote:
Originally Posted by Kaido View Post
I've never understood that POV. According to statistics, most people are terrible are finances and would just spend whatever little extra would come in their paychecks every month anyway, so getting a mini-windfall every year seems like a way better option for the majority of Americans.

Plus it stimulates the economy because everyone goes out and buys giant flatscreen TV's
Imagine that you need to pay $1000 in rent every month. However, your landlord wants an extra $200/month, just because.
But, he'll then hand you back $2,400 every April, also just because.
Seems kind of odd, no?

In this particular case, it's not a terribly large sum of money, but that $1,200 could have been in your pocket, in your bank, or in investments, potentially earning interest. (Though with today's interest rates in safe savings and investment locations, that interest would probably buy you half of a postage stamp.)

But that's where it comes from. The government is withholding an extra amount of money from many taxpayers for a year. Theoretically, they could use that for their own investments, such as in infrastructure upgrades to the country. Realistically, they'll do what they're most effective at doing: Wasting it on corrupt and useless projects. Just because.


But yes, most people are indeed terrible with finances - including the majority of elected officials.
And when they get that tax refund, I'm sure many treat it like it is commonly viewed: Free money from the government. No, it's just your own money, which they so kindly held onto for a year.
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Old 02-02-2013, 05:23 PM   #41
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Quote:
Originally Posted by dud View Post
You're close ... he's a double dumb-ass. Those that get refunds (unless you make almost no money) AND brag about it are fools. They forget that the "refund" is actually monies that they have overpaid, that were due them ... and are being refunded at 0% interest.

I'm sure that I will get some flack on this ... but how do you argue with a moron? I guess it's like wrestling a greased pig ...
I'm not sure who the "morons" are in this thread. Certainly not the OP, since *OBVIOUSLY* the OP is just trolling. Ya'll just done been trolled.
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Old 02-02-2013, 05:38 PM   #42
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I tried the free fillable forms e-filing thing this year. Seems to have worked. I can't get too excited about the whole "loan to the government" thing when savings accounts are paying under 1% (Thank you Federal Reserve).
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Old 02-02-2013, 05:42 PM   #43
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I tried the free fillable forms e-filing thing this year. Seems to have worked. I can't get too excited about the whole "loan to the government" thing when savings accounts are paying under 1% (Thank you Federal Reserve).
/this

most are paying roughly 1-3%. that is not a whole lot of interest on a few grand.
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Old 02-02-2013, 05:48 PM   #44
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No idea what I'll get back, hoping for 3k since I have a lot of stock write offs that have been piling up for a couple years. Probably get a couple hundred back from just working, so that's something at least. Gotta wait till brokerage firms send me the forms though, feb 14th..sigh.
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Old 02-02-2013, 05:53 PM   #45
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As of right now I am getting back $1. Minimal free loan for the government from me.
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Old 02-02-2013, 06:00 PM   #46
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I'm just hoping I don't have to come up with $10K like I did last year. Also, mailing in estimated tax payments sucks too.
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Old 02-02-2013, 06:41 PM   #47
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FREE MONEY just for filing my taxes. I LOVE THE USA.
Who else is getting FREE MONEY?
Actually, you have it backwards. You gave them free money over the course of the entire year and now they are giving the excess you paid back to you.
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Old 02-02-2013, 06:43 PM   #48
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Actually, you have it backwards. You gave them free money over the course of the entire year and now they are giving the excess you paid back to you.
Ya'll got trolled.
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Old 02-02-2013, 06:50 PM   #49
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Life is good right now. The government pays for my food, I live in sweet-ass subsidized housing, soon Ill have dirt cheap health insurance, and I even get a free phone with 250 min a month!. I barely work yet will be getting a nice return this year. Now if I can figure out a way to have the gov pay for my gas.
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Old 02-02-2013, 07:01 PM   #50
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Everyone calling the op an idiot knows this is a troll thread, right?
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