Tax Returns!!

ours is going to be ALL screwy this year. bought a house, maxed out the IRA contributions, wife's a full time student and has no income, we have no kids, hopefully we get back quite a bit. I did adjust my w-4 earlier in the year, so hopefully all balances out.


edit: didn't answer the OP's question-we will be putting it into our house project fund, planning to redo the living/dining floor

 

It's still the government holding $210 a month for you. I prefer to take that money home and do whatever I want with. It isn't about the interest, it's about managing your money.

I guess if people have no self control and would rather use the IRS as their savings account, go for it.

 

DUde pay off your truck!!! You'll be happier when you can invest that payment or throw it in your savings!!!


"Of course, that's just advice, SO DO WHAT EVER THE F*** YOU WANT!!!"

 

just ordered a 12 inch totron led light bar.
rest will prob be spent with the lady..

 

Just FYI for those that care, if you get a significant refund it's simple to adjust your W-4. Add 1 to your exemption if you overpay the govt. The more exemptions on there, the more money you keep each paycheck. Everyone should want to take control of their money. Don't store it with an agency that's on the verge of bankruptcy. Don't risk not seeing your hard earned money again.

Also, if you wouldn't blow your extra money each paycheck, don't blow your refund. Be smart and save it (or pay down debt). Your stress level will drop dramatically.

 

Lol I want to but I'm trying to build credit history. And less than a year on a new vehicle isn't gonna help that any.

 

A slight exaduration... Lol, but I could have paid for one cash and financed another! Then one to beat the snot out of and one for daily driving!

 

MY cheques come with no taxes taken off, so I probably owe a solid 15,000+
Consulting FTL

 

Don't you need to pay the taxes quarterly to keep the IRS off your back?

 

How about this question, is it worth it to actually pay for a higher service or someone else to process them?

 

If you have a business or a lot of assets, yes. Tons of deductions and shit you might not know about. Otherwise my mom did mine in less than an hour.

 

like it was said before, depends on the tax situation. If it's just you, you and a spouse, or throw a kid into the mix, it should be fairly easy. Once you start adding in a business or other assets, it can get complicated. We're having ours done by a service since we bought a house, moved(have expenses not covered by the govt), wife's a full time student, and we had the base do ours last year and I think they screwed them up because my wife got a nasty letter from the state of CA about how hers were filed.

 

Yea, I pay an accountant a few hundred bucks to do my taxes. He's not the best though, I should find someone who knows how to save me more money found this dude on kijijj

 

LOL, Tax RETURN? What is that? For me it is Tax Payment. lol. I haven't seen a refund in about 6 years. This year I think I will be ok and will only owe about $1k.

 

Yes, or at least to not accrue penalties.

 

Just my opinion here, and I am trying to stay out of any political chat here. So take this for what it is, my opinion: If 6 million people overpaid by $210 per month, and the annual interest added up to $11 in interest, that means that our government was able to PROFIT from that money in the amount of $66,000,000. That is money that they will be able to use without the concern of raising taxes or trying to find money elsewhere. Now I know that the numbers are not perfect, but personally I wouldn't mind loosing out on $11 a year to help out.

It all depends on your business, and your profit. I have a small business that in it's first year only made $52k. We FILED the quarterly statements, but are not required to actually send IN the money until we file our business taxes.

 

I don’t think the big issue here is how much money you lost in opportunity cost, but more of holding your own money rather than someone else holding it. Not a big deal to miss out on $10-$15 of interest. I just want to have all my money in my possession (and yes, my bank account is my possession). This is why I got out of escrow the second I could. I want to hold and control my money.

It would be like letting a friend who’s in massive debt hold your money for a year. Why would anyone trust that?

 

I got ya, I was under the impression you were paying self employment taxes (schedule C and SE) from a 1099.

 

My tax refund is gonna be my down payment for my taco. I can't wait.

 

Well be realistic here, even WITH the trouble in the government these days, I would STILL trust it holding onto my tax return money more than I would trust a friend who was in debt up to their ears...lol

No, I am part owner of an LLC, so the rules are slightly different, even though I am on payroll as well. the bad part is that as a partner, AND a paid employee, I am personally responsible for BOTH sides of the payroll tax. Not just my own income tax.