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Old 01-25-2007, 02:27 PM   #21
kstrs
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The IRS charges interest on any amount you may owe. A no interest loan to the govt. is a tty short term savings plan. If you can buy anything more than a bicycle from wally-world with your tax return you should adjust your withholding amt & put it in a money market acct. or something.
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Old 01-25-2007, 02:30 PM   #22
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I wish I knew what is was like to get money back...

It's been 10 years since I've gotten anything back. I claim 0 exemptions, have plenty of house interest/taxes and church tithe to itemize and still have to send them a check for the difference. :BangHead:

Although this year I can claim a child now. So perhaps this year I'll finally get back some. (fingeres crossed)
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Old 01-25-2007, 02:54 PM   #23
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Quote:
Originally Posted by kstrs
The IRS charges interest on any amount you may owe. A no interest loan to the govt. is a tty short term savings plan. If you can buy anything more than a bicycle from wally-world with your tax return you should adjust your withholding amt & put it in a money market acct. or something.
I agree, but I'll end up spending that money and then I owe the IRS money and I find myself in a hole. I learned all about this when I studied accounting in college, but for some reason...knowledge vs. action is really hard for me and probably a lot of others. I'm 26 and it has taken me this long to start investing other than 401K.

I just invested in a short term MMF not to long ago.
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Old 01-25-2007, 02:58 PM   #24
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Quote:
Originally Posted by dbuckzx7
I agree, but I'll end up spending that money and then I owe the IRS money and I find myself in a hole. I learned all about this when I studied accounting in college, but for some reason...knowledge vs. action is really hard for me and probably a lot of others. I'm 26 and it has taken me this long to start investing other than 401K.

I just invested in a short term MMF not to long ago.
Roth IRA...best investment you can make.

Disclaimer: Dependant upon your goal(s)
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Old 01-25-2007, 03:24 PM   #25
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Quote:
Originally Posted by dbuckzx7
I agree, but I'll end up spending that money and then I owe the IRS money and I find myself in a hole. I learned all about this when I studied accounting in college, but for some reason...knowledge vs. action is really hard for me and probably a lot of others. I'm 26 and it has taken me this long to start investing other than 401K.

I just invested in a short term MMF not to long ago.
Yep. I deduct 15% of my friggin check to 401K and then the govt. takes a huge chunk, then I deduct a fixed amount to a savings account I never touch and then rest goes to checking for living expenses. Sucks cause it sort of seems like I never have enough fun money but you eventually get used to not having it and later in life it'll pay off...
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Old 01-25-2007, 10:31 PM   #26
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Quote:
Originally Posted by dhdrider
I wish I knew what is was like to get money back...

It's been 10 years since I've gotten anything back. I claim 0 exemptions, have plenty of house interest/taxes and church tithe to itemize and still have to send them a check for the difference. :BangHead:

Although this year I can claim a child now. So perhaps this year I'll finally get back some. (fingeres crossed)
My days of tax refunds are long gone. I owe every single year and was audited last year for the previous two years. Worst single experience in my life, had to pay back 6800 due to my last tax preparers mistakes. After going through that I don't want a refund.
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