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Old 01-23-2008, 02:14 PM   #41
dbuck
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Quote:
Originally Posted by Moody View Post
If you are expecting money back then you are doing something wrong to begin with.
Are you suggesting not withholding money and use that tax money to invest and then pay it all in one lump sum at the end....

That idea sounds great now, but when it comes time to pay and you're 1k short in funds, that blows...now getting money back is kinda like a bonus in my eyes because I know well I'm not gonna put away enough money throughout the year to come up with the several thousand I'm gonna owe.
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Old 01-23-2008, 02:16 PM   #42
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ive been told you should try and get your tax return to as close to 0 as possible each year. meaning your taking in the max amount w/o the gov dominating you.

and if you owe just means you took in a little more than they wanted you to
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Old 01-23-2008, 02:16 PM   #43
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Quote:
Originally Posted by dbuck View Post
That idea sounds great now, but when it comes time to pay and you're 1k short in funds, that blows...now getting money back is kinda like a bonus in my eyes because I know well I'm not gonna put away enough money throughout the year to come up with the several thousand I'm gonna owe.
+1

next yr is gonna really suck tax wise for my family, since my wife started working and essentially 2x our income. i bet we pay more in taxes next yr then alot of people make. so finding shelters is gonna be key.
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Old 01-23-2008, 02:19 PM   #44
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somebody i know claims 99 or something ridiculous like that so he doesn't have to pay taxes with each pay check. Then he just pays at tax time. i wonder how long before he gets audited
This has nothing to do with getting audited. You claim whatever you want on a W-2. It is simply a form for your employer to do tax with holdings for you. :dontknow:
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Old 01-23-2008, 02:22 PM   #45
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Are you suggesting not withholding money and use that tax money to invest and then pay it all in one lump sum at the end....

That idea sounds great now, but when it comes time to pay and you're 1k short in funds, that blows...now getting money back is kinda like a bonus in my eyes because I know well I'm not gonna put away enough money throughout the year to come up with the several thousand I'm gonna owe.
I am not suggesting anything. It was a literal statement.
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Old 01-23-2008, 02:27 PM   #46
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Quote:
Originally Posted by Moody View Post
I am not suggesting anything. It was a literal statement.
So, you're saying I'm doing something wrong?? I have claimed 1 with my employer (that being myself) every year for the passed 4 years. Every year I get more or less 900-1500 back. Where am I going wrong other than the fact that I manage my money well enought to save on the side to pay my taxes all in one lump sum??:/:
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Old 01-23-2008, 02:32 PM   #47
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So, you're saying I'm doing something wrong?? I have claimed 1 with my employer (that being myself) every year for the passed 4 years. Every year I get more or less 900-1500 back. Where am I going wrong other than the fact that I manage my money well enought to save on the side to pay my taxes all in one lump sum??:/:
I am not the one you want to analyze your situation. A CPA is much better at that. On your scale of things it may not matter at all which direction you go because interest on $1000 may not be that much of a concern to you but, if you start multiplying that by, 10x,100x,1000x, etc... it becomes a very big deal.
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Old 01-23-2008, 02:33 PM   #48
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+1

next yr is gonna really suck tax wise for my family, since my wife started working and essentially 2x our income. i bet we pay more in taxes next yr then alot of people make. so finding shelters is gonna be key.
A good thing for you and your wife to do is contribute as much as you can to your 401k if applicable.
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Old 01-23-2008, 02:35 PM   #49
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Quote:
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This has nothing to do with getting audited. You claim whatever you want on a W-2. It is simply a form for your employer to do tax with holdings for you. :dontknow:
i don't know what the grounds are for getting audited...i was just joking. I just thought they might get suspicious with him claiming a high number and them not getting taxes from him during the year.
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Old 01-23-2008, 02:38 PM   #50
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So, you're saying I'm doing something wrong?? I have claimed 1 with my employer (that being myself) every year for the passed 4 years. Every year I get more or less 900-1500 back. Where am I going wrong other than the fact that I manage my money well enought to save on the side to pay my taxes all in one lump sum??:/:
Since I am in such a nice mood though.... Imagine you start a bussiness (something along the lines of something you enjoy... motorcycle related?) so now you can claim a loss for 3 years and write off just about anything you buy motorcycle related or bussiness related in any way. , start a church and see how much you can save on taxes.

Basicly it is just saying that you can use your money a lot wiser then waiting for them to send you something back. Do what you want though.
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Old 01-23-2008, 02:40 PM   #51
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i don't know what the grounds are for getting audited...i was just joking. I just thought they might get suspicious with him claiming a high number and them not getting taxes from him during the year.
Audits deal more with income or assetts to tax ratios.
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Old 01-23-2008, 02:52 PM   #52
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A good thing for you and your wife to do is contribute as much as you can to your 401k if applicable.
yup + 125 Flexible spending accounts. already put $5k for child care and $1500 fro medical. so i've reduced my taxable income by $6500.
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Old 01-23-2008, 02:55 PM   #53
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Quote:
Originally Posted by Moody View Post
Since I am in such a nice mood though.... Imagine you start a bussiness (something along the lines of something you enjoy... motorcycle related?) so now you can claim a loss for 3 years and write off just about anything you buy motorcycle related or bussiness related in any way. , start a church and see how much you can save on taxes.

Basicly it is just saying that you can use your money a lot wiser then waiting for them to send you something back. Do what you want though.
I see what you are saying, but being at the poverty level income I am currently at doesn't quite make it beneficial. Now, when I reach "BrutusTx" income I'll re-evaluate my taxes...better yet, I'll be looking into it more next year since the misses and myself can file together and reduce our taxable income and be eligble for the home owner credits and the like.

Thanks Jason aka Mr. CPA
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Old 01-23-2008, 03:01 PM   #54
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I see what you are saying, but being at the poverty level income I am currently at doesn't quite make it beneficial. Now, when I reach "BrutusTx" income I'll re-evaluate my taxes...better yet, I'll be looking into it more next year since the misses and myself can file together and reduce our taxable income and be eligble for the home owner credits and the like.

Thanks Jason aka Mr. CPA
Nah, far from that. Keeping it simple is always best but, not getting screwed by the illegal American robbing institutions is even better. Best thing to do is to max out your retirement stuff initialy. Never see that income and get the free money.
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Old 01-23-2008, 08:29 PM   #55
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I file my taxes online for free at IRS.gov
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Old 01-23-2008, 08:30 PM   #56
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lol dude ill be happy if i get 1k
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Old 01-23-2008, 08:34 PM   #57
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Old 01-23-2008, 08:49 PM   #58
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im goin to disney world with mine, but no pay off some bills than, pimp out my bike a lil and maybe get a fiddy
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Old 01-23-2008, 08:51 PM   #59
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still waiting on my W2
+1

Hopefully I get over 2 G's like last year.
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Old 01-23-2008, 09:12 PM   #60
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I just don't understand some people do taxes them selfs and SCREW the out of them selfs .. long story short I have a friend who works with me who always did his own taxes and for the last 2 years hes worked with me he gets back only like 1k to 1,5k bucks WELL he finaly listen to me and went with my tax lady and he should be getting 5k back this year told me he was going to give me acouple bucks and when he went back to our shop and told our Invetory guy he came and asked me to hook him up so I did well his wife had done there taxes but had not sent them off yet well when he left there she had got him another 900 bucks he also was very happy he would have got more but he does not make very much or get very much taken out of his check .... so all I am trying to say is there is alot of money you can get and write off that you don't even know about thats not in turbo tax and that stuff.............. And I will be getting 7k this year..... 6,500 after I pay all my 24 hour fees ....... she works wonders I tell ya ....
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