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I owe Uncle Sam money this year, any way to avoid this?

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crazypraveen said:
Ok, I'll delete this thread and pay the government $300 since you asked me to. Happy?



Problem is I may have made one contribution and cancelled - if it truly is an absolute zero contribution qualifer, I don't think I can do the IRA.

They do match, but it's a measly $2000 per year, and I'm fully vested after another 2 years - I'd rather take that money and put it into an index fund. My interest payment on my loan is $1250/month so I value cash much more than retirement funding right now.

I look at it from the point of job loss - how long I can survive before I run out of funds for my loan.
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But can the index fund have a 100% return because that is what the match is that you are leaving on the table.
 
mpo said:
No, you cannot use your commute as a business expense.


See IRS Publication 463. There is no exception for working at a worksite that is not the closest one to your home.
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This. You can only take a deduction for mileage if it's part of your actual job, such as a delivery driver or a field salesman.
 
crazypraveen said:
They do match, but it's a measly $2000 per year, and I'm fully vested after another 2 years - I'd rather take that money and put it into an index fund. My interest payment on my loan is $1250/month so I value cash much more than retirement funding right now.
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I'd rather not pile on but giving up $2K and then posting a question on how to not pay $300 in taxes seems kinda unproductive.
 
How do you know how much you owe? Some of those online calculators can be WAY off. I used one that said I would get like 5k back last year, turns out I got 1k. I always make sure to buy a couple grand worth of RRSPs to keep me from having to pay anything. Though really that's only postponing the inevitable since I will pay through the ass when I decide to take those out when I retire.

This reminds me I need to buy RRSPs for 2014, I still have a few months to do that. I have money that comes out twice a week for it but don't think it's enough. I should just up that amount. I need to find a happy medium, technically the less money you have back the better. Though, it's always nice to get a couple grand as I see it kind of like a bonus. It's money you did not know you were getting.
 
s0me0nesmind1 said:
Quick facts:

Op is retarded and will spend his entire life paying off his debt, then spend any remaining trying to recoup when he should have been saving for retirement because he has absolutely zero mathematical skills to equate why you pay off x loan over y loan or contribute to an investment over paying extra to a loan. Deeeeeeerp
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Beat me to it. $166k in debt didn't do shit for his math skills.

Take out another couple of grand and take some basic finance courses.
 
crazypraveen said:
What I meant was that I couldn't deduct the interest for my loan - it's in my dad's name.
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lol.

So let me get this straight, you racked up 166k+ in loans, make $77k and *STILL* can't figure out how to pay into your 401k despite earning match + tax deduction? And now you're bitching about $300 in taxes?

Did you happen to major in Medieval Art History with a minor in stupidity?

Why don't you just complete the epic fail and make your dad pay for the loans.
 
Lots of people will get the no refund I owe surprise this year, taxes changed but they didn't adjust the withholding so people wouldn't notice it until after the election.
 
I owe over $7K and am happy about it. Not happy to pay it, per se, but happy that I borrowed from Uncle Sam at 0% rather than Uncle Sam holding my money at 0%.
 
CPA said:
I owe over $7K and am happy about it. Not happy to pay it, per se, but happy that I borrowed from Uncle Sam at 0% rather than Uncle Sam holding my money at 0%.
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i always shoot for 0$

but somehow even with a few k$ in side income and dividends, i still am getting 1$k back 🙁
 
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