Taxes

• dlazz

  Crimson and Gray Hair;1390532 wrote:Consult LJ on how the invest that windfall and come this time next year you'll be "Living the Life of Riley"!

  I already invested mine on blow and hookers.
• LJ

  

  Crimson and Gray Hair;1390560 wrote:Alrighty then! Sounds like your ducks are all in a row.

  You are pretty bitter for someone who started this thread off by agreeing with me
  

  I plan my quarterly estimates for the least I can legally pay...I'd rather not give the money to the IRS in advance.

• Crimson and Gray Hair

  

  dlazz;1390564 wrote:I already invested mine on blow and hookers.

  Three way with LJ (damn fine poet ain't I?)
• LJ

  

  Midstate01;1390562 wrote:Ill take the big return. Taxes taken out is money I never see any way. So the return is always nice.

  I'll take the deductions and credits up front so that daycare and other costs don't affect my monthly budget as much.
• Crimson and Gray Hair

  

  LJ;1390567 wrote:You are pretty bitter for someone who started this thread off by agreeing with me

  I agree with keeping my own money in my pocket instead on Uncle Sam's.
  
  I also understand other people's living circumstances and financial needs vary greatly from my own and I choose not to judge their decisions based on my own.
• Midstate01

  

  LJ;1390570 wrote:I'll take the deductions and credits up front so that daycare and other costs don't affect my monthly budget as much.

  
  That makes sense too
• Cat Food Flambe'

  

  Done, sitting in the file, and going out with a check in April. Gotta pay around $300 on Federal, about $200 to the state.
  
  Unless you're making a couple hundred thousand a year or had some sort of weird financial event, you guys getting $5,000+ are either ignorant, lazy, or need a better tax service. You don't need a accountant- just look at last year's return about July, figure out where you are this year, and adjust your withholding accordingly.
  
  If you "don't miss it because you don't see it",for crying out loud put the money in your 401K or an IRA. Citing an earlier example of $6,000 for a return -put $100 a week in your 401K or an IRA, tax exempt, from age 30 to age 65. I've averaged 9% a year over the last 20 years, and I'm not a terribly aggressive investor - given the same, you'd have $1,286,000 extra in your retirements savings.
• fan_from_texas

  Crimson and Gray Hair;1390572 wrote:I agree with keeping my own money in my pocket instead on Uncle Sam's.
  
  I also understand other people's living circumstances and financial needs vary greatly from my own and I choose not to judge their decisions based on my own.

  
  Maybe I'm missing something, but isn't the only value in getting a big return forced savings for someone who otherwise lacks the discipline to save? You give up some nominal interest and cash buffer and get forced savings in return.
  
  Or is there some other benefit I'm missing?
• Manhattan Buckeye

  The U.S. needs to follow other country's leads. No withholding from paychecks. Your taxes are due in arrears. If there is a hardship issue spread it out over several months with modest interest (in Bernanke's regime), then go to garnishment.
• ernest_t_bass

  

  LJ;1390452 wrote:Or you could get a real savings account, earn interest, and have money available to you in case of emergencies.
  
  Tax returns are savings accounts for people who can't handle their money.

  
  Fucking mod, trolling. Get of your high horse, LJ.
• Trueblue23

  

  ernest_t_bass;1390685 wrote:Fucking mod, trolling. Get of your high horse, LJ.

  This.
• sleeper

  

  It's not trolling if its true.
• GoChiefs

  

  ernest_t_bass;1390685 wrote:Fucking mod, trolling. Get of your high horse, LJ.

  
  Please learn what trolling is.
  
  Thank you.
• jmog

  I got $800 back from Fed and owe state $770. So it was about perfect this year.
  
  As someone said above, the extra cash each paycheck gets distributed between my IRA, my 401k, and my regular savings.
  
  My 401k and IRA contributions are "maxed" each year (tax free wise) because of this.
• LJ

  

  ernest_t_bass;1390685 wrote:Fucking mod, trolling. Get of your high horse, LJ.

  No trolling and not a high horse, just telling the truth. Sorry it hurts your feelings.
• Crimson streak

  

  I'm getting about 3600 back. I claim 2 (me and my daughter). I got a decent amount back from child care and obviously having a dependent. And I owe nothing to state. Worked out pretty good for me.
• Pick6

  

  You guys are horrible with your finances for missing out on that whole $17 you could have gained in interest!! GTFO
  
  
  You ideally want to avoid big returns, but using a savings account to prove your point is laughable.
• LJ

  

  Pick6;1390743 wrote:You guys are horrible with your finances for missing out on that whole $17 you could have gained in interest!! GTFO
  
  
  You ideally want to avoid big returns, but using a savings account to prove your point is laughable.

  
  Yes, because that was the only reason given at all. Has nothing to do with cash flow, 0% loans, emergency funds, 401k contributions, etc.
• mcburg93

  

  Nothing like talking to a brick wall when it comes to a persons finances. So LJ knows everything and we all should use his intelligence to our benefits. What are you all thinking. We should have all known this by now. Come on wake up people LJ is god.
• LJ

  

  mcburg93;1390761 wrote:Nothing like talking to a brick wall when it comes to a persons finances. So LJ knows everything and we all should use his intelligence to our benefits. What are you all thinking. We should have all known this by now. Come on wake up people LJ is god.

  
  Because no one in this thread agrees with me right? LOL
  
  The reasoning of "because I want to" doesn't make anything I said wrong.
• Automatik

  

  I have a 401k, savings account, and got a decent return.
  
  Am I doing it right?
  
  Please LJ, give me some tips on how to manage my finances.
• LJ

  

  Automatik;1390767 wrote:I have a 401k, savings account, and got and got return.
  
  Am I doing it right?
  
  Please LG, give me some tips on how to manage my money. :laugh:

  
  Was your 401k maxed before your return? Do you have 6 months salary in savings?
• mcburg93

  

  LJ;1390764 wrote:Because no one in this thread agrees with me right? LOL

  People do agree with you but you keep preaching your ways. Not sure what you are trying to prove here. I mean we get it we should not have high returns and should earn 17 bucks on the money we would have had. Maybe earned a little more due to pretax 401k stuff. So yes 20 is way better then giving the government a free loan. We get it.
• Automatik

  

  LJ;1390768 wrote:Was your 401k maxed before your return? Do you have 6 months salary in savings?

  No and no.
  
  Tips please...
• LJ

  

  mcburg93;1390769 wrote:People do agree with you but you keep preaching your ways. Not sure what you are trying to prove here. I mean we get it we should not have high returns and should earn 17 bucks on the money we would have had. Maybe earned a little more due to pretax 401k stuff. So yes 20 is way better then giving the government a free loan. We get it.

  
  I'm only responding to posts directed at me. If you get it, why don't you move on?