Who's ready for some Income Tax MONEY ?!?

[TXCammy]

Originally Posted by SlingShot

A very common way is to claim zero dependents during the year, then claim 4 or 5 or whatever you can when filing ...

I claim single and 0 all year, then when tax time rolls around I claim myself and 3 kids. Usually get around $8k back. Works for me!!!!

[h2oplay]

Originally Posted by TXCammy

I claim single and 0 all year, then when tax time rolls around I claim myself and 3 kids. Usually get around $8k back. Works for me!!!!

To each his own, you do realize that's $666 per month?

[Trailnut]

My return will be going into the ol CAMARO savings account!

[Epitaph]

I don't understand why people get returns. Get as much money as you can every paycheck so you can pay off bills. In the long run you'll end up having saved more money at income tax time.

[94REDVERT]

i will be putting my tax return into my camaro savings fund this year, hopefully with my two jobs this summer i will be able to put a decent downpayment on a synergy green camaro!

[Rip]

Originally Posted by Epitaph

I don't understand why people get returns. Get as much money as you can every paycheck so you can pay off bills. In the long run you'll end up having saved more money at income tax time.

I claim every deduction I'm able to claim, but once my mortgage deductions and charitable contributions are added in, I end up with a refund. I understand the argument that many of you are making, but in many cases it's just not possible.

[stand-al0ne]

Annual inflation is approx 3-4%. Therefore, if the money you have saved or investing is not making 3-4% annually in interest, you are technically losing money. So, when the government writes you a refund, like everyone said, at 0% interest, you have lost money throughout the year by giving it to them.

Now, if you only pay $8681.00/ yr in taxes (based on $50,000/yr net taxable income and falling into the 25% tax bracket - and no its not a simple 25% off ur net; use a tax calculator), and if you were to get a return on the FULL amt (which you wont), you'll only be losing $260.00 if you would have invested that amt at 3% annual return...

I'll prob keep things as they are and get a refund each year because I'm fine with the gov't charging me $260/yr(well, less) to keep my taxable income separated - I'm afraid I would pinch at my "tax stash" and have to come up with money from other sources...

I want to get the MRT v2 and go on a cruise. Spohn rear trailing arms and H&R springs would be nice too

[SSLarry]

Originally Posted by Rip

I claim every deduction I'm able to claim, but once my mortgage deductions and charitable contributions are added in, I end up with a refund. I understand the argument that many of you are making, but in many cases it's just not possible.

I know you do, but many don't, and live their lives as if getting a tax check back in April is a good event worth celebrating, and even worse, blowing the money on crap they wouldn't have bought otherwise. Its your money that the government over charged you. Don't treat it any differently than paycheck money.

That said, spending on Camaro stuff is ok. :P

[cab2g]

Originally Posted by Berean

Why do you hate business owners?

I don't. I wish I was one. I dislike it when people put words in my mouth. I dislike paying taxes. I see them as necessary though. The government overspending is another story, but I think we can all agree that nobody wants that. I want to make it to where the OP is one day and own my own business and also complain about how bad the taxes are. Because then, no matter how much the taxes actually are, I'd be proud that I actually made it that far. I don't want everybody on here thinking I love taxes and want to suck the life away from hard working people. It makes me sad that so many people made the assumption from my comment. I just want to be a business owner one day. and while making that comment I made a joke about trading jobs and complaining about taxes. clear enough?

[Berean]

Originally Posted by cab2g

I want to make it to where the OP is one day and own my own business and also complain about how bad the taxes are.

You want to get to the point where you enjoy hating your government, big corporations, poor people, and your taxes?

[camaro52010]

About the worst thing you can be doing is leaving the federal and state tax deductions from your paycheck in the Govt. favor. If you are getting a refund over $500 you need to adjust your withholding allowances on your W4 to get your money in your pocket all year long. People bragging that they are getting back 2k, 4k, $6,000 is the dumbest, uninformed thing I hear every year. .................................................. .................................................. ......Come on MAN!!!!!!!!!!!!!!!!!

[el ess A]

Originally Posted by irocnroll

I guess if you enjoy flushing your money down the toilet and are rolling in the dough, then you wouldn't care. This logic is what tanked the economy in the first place. Me, I already have a considerable percentage going into a 401k and have my withholdings balanced out to minimize returns/payments to the IRS.

That big refund isn't a grand as everyone makes it seems. And in reality is a loss in money, not a gain.

Pure speculation on what caused the economy tanking. And I already submitted what you said in your last sentence from a technical standpoint. But the $2.80 I'd get in extra interest over the year in a savings account it's not a factor in my personal financial equation's big picture. And again, depending, the other investments that the 200 per month or so you could have put into, you would likely to have lost considerably more over the course of last year. I'm putting 22% into my 401k already, I don't think a few bucks more will make much difference.

Like I said, you got to do what's right by your own money, but I find it rather silly that people think you're losing your shirt if your refund is anything more than $3. If that makes you feel good, though, then great for you.

It also depends on what you do with the return money. Like if I decide to pay off the Camaro note in one shot, the interest saved that I wouldn't end up paying would reap about a net 6.5% return over the rest of the life of the loan. So that kind of use would make me real money in that regard. If the "loss" by the government holding it is less than 6.5% over last year, then I'd actually come out ahead. Of course that doesn't count any inflation, so that's always a factor.

[Mike-D]

This thread has been destoyed by all the tax talk, IRS, W4's, with holdings speech. No one was asking about how you pay your taxes. If you want to keep more of your money during the year and cut a check at the end of the year. If your like me... I know I will blow that money and not be able to pay the IRS at the end of the year, lol. All you had to do was tell us any mods you were gonna do and leave it at that. If you dont get a return because you're so much smarter then everyone else and minimize what you pay during the year, and dont get a return then dont post anything. Okay I'm done.

[cab2g]

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