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Homebrew
Herf-A-Holic

10 years ago

#41

Gotta love you people... would you rather write a f***ing check this time of year? Or claim single-zero and get money back?

I like getting a nice refund, so I let them tax the sh*t out of me all year. Call it what you want... 99% of people would just blow the extra money each month anyway.

MACS wrote:

Glad I am not like most people. Instead of giving the government a tax free loan, every year, I put half my paycheck, in savings every week. When I get my 1099, I file my taxes. That which is left, is my version of a tax refund. LOL

Dave (A.K.A. Homebrew)🍺
P.S. It helps to be single with grown kids. No one but me to spend the money over the year, so I can save like that.

Mattie B
Herf-A-Holic

10 years ago

#42

I try my best to break even each year. I subscribe to the "it's my money and its not interest free" thinking.

I would rather sign the front of a $100 check, than the back of it.

The whole idea of the Gov holding my money just pisses me off.

MACS
Herf-A-Holic Topic Starter

10 years ago

#43

Sure it makes sense. I was forced to pay SS for all those years. They took the money, and I had no say.

IF I am lucky enough to reach a certain age (and unlucky enough not to have a nice retirement income) I'll get some back. That's bull**** to me. I've been told if I earn over a certain amount in retirement they can reduce what they give me or give me nothing.

I got 3600 back. That's 300 a month, and I am already maxed on my tax deferred contributions. What the hell am I going to do with that 300? Throw it in savings and earn a whopping .45%?

I guess it just comes down to preference. I like getting the money all at once. And it IS akin to the lotto choice. You get it little by little or all at once. If you take the lump sum... you get less.

DrafterX
Herf-A-Holic

10 years ago

#44

I got 3600 back. .

MACS wrote:

Can I have it..?? 😕

danmdevries
Herf-A-Holic

10 years ago

#45

It makes sense, but so does proper savings, which I'm incapable of.

I put 5% in the 4.5% matched 401k. Another 3% goes into a Roth IRA, and 2% to a traditional IRA.

But for day to day stuff and fun funds, I am terrible with money. I'll be good....er my wife will be set come retirement age, and my son will be quite wealthy. I'll be fingerpainting with feces in a nursing home, or if I'm lucky, dead.

I do idolize those that can manage money properly. I like stuff too much. Because of this, I have no issue with the interest free loan, and refund of overpayment every year.

It's another one of those things where I know better, but am unwilling to change. Not unlike my love of beer n cigars.

danmdevries
Herf-A-Holic

10 years ago

#46

I don't overpay though, average refund is around a grand. I know some people that deliberately withhold excess in order to have a large refund. That's stupid.

cacman
Herf-A-Holic

10 years ago

#47

MACS wrote:

IMHO (no offense) getting $3600 back is poor financial planning and poor tax advice from your tax preparer. There's a ton of "sh*t" you can do with $300/month. No-load mutual funds comes to mind first. There's also bonds, stocks, and just good old cash-savings with a credit union. Cash is king in my book. You're getting zero (a big fat nothing) from lending it to guberment, so to me earning .5% interest is a lot better than nothing. If they raised your Sales Tax .5% you would bitch... right? Have the $300/month auto-deposited into some sort of account and keep your hands off it all year. You will still experience your "lottery" windfall at the end of the year. Almost like the old Christmas Club savings accounts... remember those? .5% interest on $3600 could earn up to $180 in interest throughout the year. A free box of cigars in a sense.

If all else fails and you're still not sure what to do with $300/month... send it this way. I could use an interest-free loan, and will promise to give it back.

~ signed
Bernie Maddoff
🍺

ZRX1200
Herf-A-Holic

10 years ago

#48

I got a call last evening from a guy in NY named "Uber" (Punjabi) with the "Department of Revenue" with an urgent matter. If I didn't immediately return his call it could result in legal actions that would be "quite messy" for me.

How is it this schit is reported online for some time from the same phone number and they're NOT shut down?

MACS
Herf-A-Holic Topic Starter

10 years ago

#49

I get it, Carl. And if all things went according to plan, you're right.

My wife, however... would spend it. 🤦

Jamie... I think those *expletive* mother *expletives* are in India.

rfenst
Herf-A-Holic

10 years ago

#50

Tax Refund = Interest-Free Loan you supplied to the guberment.

cacman wrote:

Going rate for savings accounts is like 1% interest, making "lending" money to the govt./using taxes as a saving tool isn't such a bad deal. Almost 0 (zero) opportunity cost when compared to a passbook account.

ZRX1200
Herf-A-Holic

10 years ago

#51

It's was a NY area code, not a blocked call.

MACS
Herf-A-Holic Topic Starter

9 years ago

#52

Fishing gear stimulus!!

NapalmMan67
Herf-A-Holic

9 years ago

#53

🍺

I'll drink to that. My wife, not so much.

We're having a difference of opinion. She want's a new phone, I want a new mattress. I told her it was more important for me to sleep well, than her being able to f*ck around on bookface & twatter with a new phone.

teedubbya
Herf-A-Holic

9 years ago

#54

You can also lose in mutual funds especially short term... like a year or less

Stinkdyr
Herf-A-Holic

9 years ago

#55

Anyone out there who does not have his own bzns on the side (even if you keep your day job), is missing out on the best aspects of the US tax code.
Spend pre-tax $, rather than after-tax $.

🍺

Hank_The_Tank
Herf-A-Holic

9 years ago

#56

Fishing gear, new phone, new couch, cigar stimulus for me...

...there are benefits of having 4 kids...get all my taxes back.

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