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Author Topic: Tax returns - are you paying or getting paid?  (Read 10479 times)

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Offline rich_t

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Re: Tax returns - are you paying or getting paid?
« Reply #25 on: February 13, 2009, 06:44:29 PM »
Quote from: RightCoast on February 13, 2009, 06:41:37 PM
A $5,000 lump sum is better then an extra $100 a week to some people.




So you said.

I was hoping you would explain the "why"
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Offline RightCoast

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Re: Tax returns - are you paying or getting paid?
« Reply #26 on: February 13, 2009, 07:01:29 PM »
Quote from: rich_t on February 13, 2009, 06:44:29 PM
So you said.

I was hoping you would explain the "why"


For me it is personal preference, a nice little bonus at the end of the year.
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Offline rich_t

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Re: Tax returns - are you paying or getting paid?
« Reply #27 on: February 13, 2009, 07:03:30 PM »
Quote from: RightCoast on February 13, 2009, 07:01:29 PM
For me it is personal preference, a nice little bonus at the end of the year.

Bonus?

Not in my book.  You made a forced intersest free loan.

You merely got back a portion of your slave wages.
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Offline RightCoast

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Re: Tax returns - are you paying or getting paid?
« Reply #28 on: February 13, 2009, 07:15:03 PM »
Quote from: rich_t on February 13, 2009, 07:03:30 PM
Bonus?

Not in my book.  You made a forced intersest free loan.

You merely got back a portion of your slave wages.


It's not forced if I set up my deductions that way - as I said for ME it is a personal preference.  You are, of course, free to do as you please.
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Offline rich_t

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Re: Tax returns - are you paying or getting paid?
« Reply #29 on: February 13, 2009, 07:38:54 PM »
Quote from: RightCoast on February 13, 2009, 07:15:03 PM

It's not forced if I set up my deductions that way - as I said for ME it is a personal preference.  You are, of course, free to do as you please.

Of course it is a forced payment.

You don't have a choice.  You either pay taxes or go to prison for failure to do so (unless you are an Obama cabinet selectee)

The best you can do, is mitigate the amount you are forced to pay via goverment approved deductions.

But your income tax payments are NOT voluntary.
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Offline Chris_

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Re: Tax returns - are you paying or getting paid?
« Reply #30 on: February 13, 2009, 08:08:39 PM »
I got $400 back from the federal government and I owe the state of Arizona a whopping $37.  :whatever:

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Offline RightCoast

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Re: Tax returns - are you paying or getting paid?
« Reply #31 on: February 13, 2009, 08:17:37 PM »
Quote from: rich_t on February 13, 2009, 07:38:54 PM
Of course it is a forced payment.

You don't have a choice.  You either pay taxes or go to prison for failure to do so (unless you are an Obama cabinet selectee)

The best you can do, is mitigate the amount you are forced to pay via goverment approved deductions.

But your income tax payments are NOT voluntary.

Are you normal or do you have some kind of staff in white coats that follow you around??

Of course PAYING taxes is forced, what is not forced - and by the way what we were talking about - is how you recover or don't recover any tax payments that are over your normal "fair share." Again I choose to pay in just that little bit extra that you call a: "interest free loan," and I call a "little bonus."  If it makes you feel better I'll call it a self-paid bonus in the future.

My point is simply that just because some people get some back does not necessarily make them misinformed, stupid, or crazy.

Again you can do as you please, and so can I.
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Offline rich_t

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Re: Tax returns - are you paying or getting paid?
« Reply #32 on: February 13, 2009, 08:37:56 PM »
Quote from: RightCoast on February 13, 2009, 08:17:37 PM
Are you normal or do you have some kind of staff in white coats that follow you around??

Of course PAYING taxes is forced, what is not forced - and by the way what we were talking about - is how you recover or don't recover any tax payments that are over your normal "fair share." Again I choose to pay in just that little bit extra that you call a: "interest free loan," and I call a "little bonus."  If it makes you feel better I'll call it a self-paid bonus in the future.

My point is simply that just because some people get some back does not necessarily make them misinformed, stupid, or crazy.

Again you can do as you please, and so can I.

I beg your pardon, but where did I call them misinformed, stupid, or crazy? (hint: I didn't)

I was merely expressing an opinion, just as you are now.

I don't mind disagreement RC, but I won't tolerate you or anyone else accusing me of that which I have not said.
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Offline RightCoast

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Re: Tax returns - are you paying or getting paid?
« Reply #33 on: February 13, 2009, 08:51:14 PM »
Quote from: rich_t on February 13, 2009, 08:37:56 PM
I beg your pardon, but where did I call them misinformed, stupid, or crazy? (hint: I didn't)

I was merely expressing an opinion, just as you are now.

I don't mind disagreement RC, but I won't tolerate you or anyone else accusing me of that which I have not said.


You stated clearly that people fail to realize what you see as a forced zero interest loan.  I simply stated an alternate opinion.  Sorry if my language is too strong for you but when you use a blanket statement you must expect someone may take exception being covered by it.

Have a good night...
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Offline mamacags

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Re: Tax returns - are you paying or getting paid?
« Reply #34 on: February 13, 2009, 08:56:15 PM »
We are getting almost $8000.00 back.  I know we should have less withheld but we have two issues...

1. I am not very fiscally responsible.  Our refunds go into investment accounts, if I had to withhold that much from paychecks it would never happen.

2. Three years ago we tried withholding the minimum amount and ended up being $5000.00 short at tax time.  I never ever ever want to have to come up with $5000.00 that quickly again.
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Offline rich_t

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Re: Tax returns - are you paying or getting paid?
« Reply #35 on: February 13, 2009, 09:02:00 PM »
Quote from: RightCoast on February 13, 2009, 08:51:14 PM
You stated clearly that people fail to realize what you see as a forced zero interest loan.  I simply stated an alternate opinion.  Sorry if my language is too strong for you but when you use a blanket statement you must expect someone may take exception being covered by it.

Have a good night...


What I posted in that regard is an undisupted FACT.

Any Federal refund is what I said it was.

But I never called those that get one, misinformed, stupid, or crazy.
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Offline RightCoast

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Re: Tax returns - are you paying or getting paid?
« Reply #36 on: February 13, 2009, 09:19:50 PM »
Quote from: rich_t on February 13, 2009, 09:02:00 PM

What I posted in that regard is an undisupted FACT.

Any Federal refund is what I said it was.

But I never called those that get one, misinformed, stupid, or crazy.


You don't pay attention well do you?

I am disputing your undisputed fact.

If I choose to take the zero interest loan then it is by definition not forced, so it is not what you say it is.

And again sorry for my choice of words. Will that be enough for you or would you like me to say it again in the next post?
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Offline rich_t

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Re: Tax returns - are you paying or getting paid?
« Reply #37 on: February 13, 2009, 09:30:14 PM »
Quote from: RightCoast on February 13, 2009, 09:19:50 PM

You don't pay attention well do you?

I am disputing your undisputed fact.

If I choose to take the zero interest loan then it is by definition not forced, so it is not what you say it is.

And again sorry for my choice of words. Will that be enough for you or would you like me to say it again in the next post?


You are ok with giving your money to the government, in the hope that you migjt get some of it back?
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Offline RobJohnson

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Re: Tax returns - are you paying or getting paid?
« Reply #38 on: February 13, 2009, 10:29:53 PM »
I will be getting 26,429 back.
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Offline Chris

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Re: Tax returns - are you paying or getting paid?
« Reply #39 on: February 13, 2009, 10:30:28 PM »
Is that in pennies?
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Offline RobJohnson

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Re: Tax returns - are you paying or getting paid?
« Reply #40 on: February 13, 2009, 11:40:06 PM »
Quote from: RobJohnson on February 13, 2009, 10:29:53 PM
I will be getting 26,429 back.

Well it's more like 264.29  I was  just stirring things up a little bit.  :tongue:

I am on the bubble of being able to itemize, still working on it.

There have been a few years when I owed the IRS money due to some self employment stuff and not being able to pay my taxes on time. You just never know who is going to send you a  1099.  :-)

« Last Edit: February 13, 2009, 11:43:17 PM by RobJohnson »
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Offline Texacon

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Re: Tax returns - are you paying or getting paid?
« Reply #41 on: February 13, 2009, 11:52:22 PM »
I have sent in a butt load of money and I will probably still owe some more when my accountant gets done.  No state taxes though.

KC
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Offline Mike220

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Re: Tax returns - are you paying or getting paid?
« Reply #42 on: February 14, 2009, 12:12:38 AM »
Quote from: Texacon on February 13, 2009, 11:52:22 PM
No state taxes though.

KC

God bless Texas.
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Offline Lacarnut

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Re: Tax returns - are you paying or getting paid?
« Reply #43 on: February 14, 2009, 12:37:43 AM »
Quote from: mamacags on February 13, 2009, 08:56:15 PM
We are getting almost $8000.00 back.  I know we should have less withheld but we have two issues...

1. I am not very fiscally responsible.  Our refunds go into investment accounts, if I had to withhold that much from paychecks it would never happen.

2. Three years ago we tried withholding the minimum amount and ended up being $5000.00 short at tax time.  I never ever ever want to have to come up with $5000.00 that quickly again.

Have you ever thought about taking 1/2 or more of that overpayment and buying stocks on a monthly basis. You can buy many blue chip stocks direct thru the company without going thru a broker with out any fees charged. I used to do that with Exxon; I think companies like Coke and Johnson & Johnson offer that type of plan also. You can sell your stock at any time and incur no cost selling either. Dollar cost averaging is a much better alternative than dumping all of it in stocks at one time. 
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Offline mamacags

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Re: Tax returns - are you paying or getting paid?
« Reply #44 on: February 14, 2009, 08:15:40 AM »
Quote from: Lacarnut on February 14, 2009, 12:37:43 AM
Have you ever thought about taking 1/2 or more of that overpayment and buying stocks on a monthly basis. You can buy many blue chip stocks direct thru the company without going thru a broker with out any fees charged. I used to do that with Exxon; I think companies like Coke and Johnson & Johnson offer that type of plan also. You can sell your stock at any time and incur no cost selling either. Dollar cost averaging is a much better alternative than dumping all of it in stocks at one time. 

We also have part of hubby's paycheck taken out before we get it and we have automatic withdraws from our bank accounts buying diversified stuff (stocks, oil shares, gold).  The tax refund goes into an IRA.
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Offline Miss Mia

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Re: Tax returns - are you paying or getting paid?
« Reply #45 on: February 14, 2009, 09:36:50 AM »
Quote from: rich_t on February 13, 2009, 04:01:45 PM
How long have you been using TurboTax?  I've been using it for several years and I'm starting to dislike the GUI.

They seem to change it every year and it has, for me anyway, become more difficult to navigate over the years.

I'm thinking of trying TaxAct next year.


For 10 or 12 years.  I've never had any problems with it.
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Offline Chris_

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Re: Tax returns - are you paying or getting paid?
« Reply #46 on: February 14, 2009, 01:06:13 PM »
Quote from: RightCoast on February 13, 2009, 08:51:14 PM
You stated clearly that people fail to realize what you see as a forced zero interest loan.  I simply stated an alternate opinion.  Sorry if my language is too strong for you but when you use a blanket statement you must expect someone may take exception being covered by it.

Have a good night...

Ir isn't a forced zero interest loan -- just a zero interest loan.  Just take 20 or 50 bucks each paycheck and throw it into a drawer.  Or, as I do, open an interest-bearing savings account and transfer money every paycheck there. 

But that does take financial discipline.
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Offline RobJohnson

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Re: Tax returns - are you paying or getting paid?
« Reply #47 on: February 14, 2009, 01:53:43 PM »
Quote from: freedumb2003 on February 14, 2009, 01:06:13 PM
Ir isn't a forced zero interest loan -- just a zero interest loan.  Just take 20 or 50 bucks each paycheck and throw it into a drawer.  Or, as I do, open an interest-bearing savings account and transfer money every paycheck there. 

But that does take financial discipline.


Most savings accounts for small amounts charge a fee, on top of paying less then 1%. In some cases you are better off with the money in the drawer!  :-)

I'm lucky to have a post tax savings account through work, last year the rate closed at 3.8%
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Offline Chris_

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Re: Tax returns - are you paying or getting paid?
« Reply #48 on: February 14, 2009, 01:56:08 PM »
Quote from: RobJohnson on February 14, 2009, 01:53:43 PM
Most savings accounts for small amounts charge a fee, on top of paying less then 1%. In some cases you are better off with the money in the drawer!  :-)

I'm lucky to have a post tax savings account through work, last year the rate closed at 3.8%

You can get the fees waived -- but the % can be small.  But better for you to get a little than the gummit get it all.
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