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Old 02-12-2018, 01:04 PM   #21
hondarider77
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Quote:
Originally Posted by Toe View Post
Its sickening how much money they steal from me. I'm all for a flat tax. Make everyone pay.
It me off too. They tax my income and then tax the stuff I buy. Tax one or the other. Don't tax both.
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Old 02-12-2018, 01:14 PM   #22
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Originally Posted by hondarider77 View Post
It me off too. They tax my income and then tax the stuff I buy. Tax one or the other. Don't tax both.
Then convince the State of Texas to drop sales tax and add income tax.
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Old 02-12-2018, 01:23 PM   #23
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Then convince the State of Texas to drop sales tax and add income tax.
that. I already pay enough taxes in vehicle registrations and speeding tickets.
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Old 02-12-2018, 01:32 PM   #24
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Originally Posted by hondarider77 View Post
that. I already pay enough taxes in vehicle registrations and speeding tickets.
Apparently that falls short of the state's budget.

Here's tons of tax free you can buy in Texas: https://comptroller.texas.gov/taxes/...ons/96-280.pdf
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Old 02-12-2018, 01:53 PM   #25
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A tax refund is the government's way of saying "this poor needs help". LOL.
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Old 02-12-2018, 02:35 PM   #26
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Quote:
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Welp, how's $749 sound on one single interest bearing account for 2017? But interest, you can do a lot better by investing it.
I'm interested in something like that....I've always done "0" and let them take it all out to get a nice refund.

The more I study this though, it doesn't make sense when the money could make money. That's where having your taxes done correctly and writing off what you can benefits you on what might have to be paid.
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Old 02-12-2018, 04:48 PM   #27
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I'm interested in something like that....I've always done "0" and let them take it all out to get a nice refund.

The more I study this though, it doesn't make sense when the money could make money. That's where having your taxes done correctly and writing off what you can benefits you on what might have to be paid.
It just depends on what works best for a person. Some see it as forced savings, but if you just spend all your refund it's really not savings. I'd rather not have the government hold it, do nothing with it, and personally not get any benefit from it in return. It was my money to begin with so why should I let them hold it?

If a person has 6-12 months of expenses in savings as recommended then writing a refund check to the government shouldn't be that big a deal.
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Old 02-12-2018, 05:41 PM   #28
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Quote:
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It just depends on what works best for a person. Some see it as forced savings, but if you just spend all your refund it's really not savings. I'd rather not have the government hold it, do nothing with it, and personally not get any benefit from it in return. It was my money to begin with so why should I let them hold it?

If a person has 6-12 months of expenses in savings as recommended then writing a refund check to the government shouldn't be that big a deal.

I honestly had no idea, can’t believe I didn’t think of this before. I’m going to change my dependents and go with this for 2018. Nice Beev
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Old 02-12-2018, 05:47 PM   #29
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I honestly had no idea, can’t believe I didn’t think of this before. I’m going to change my dependents and go with this for 2018. Nice Beev
If you have a spouse that works read all the W-4 instructions and do the worksheet. The better your estimate, the closer you'll get to owing zero and getting zero refund.
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Old 02-12-2018, 06:25 PM   #30
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In theory, at least. With a spouse that makes 80% of her income on 1099's that varies widely from year to year, with identical withholding I've had swings of owing $4k to getting $4k back year-to-year.
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There conclusions are soo foolish and idiot I can't even begin to take them seriously.
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Old 02-12-2018, 06:34 PM   #31
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If you have a spouse that works read all the W-4 instructions and do the worksheet. The better your estimate, the closer you'll get to owing zero and getting zero refund.
Got it, thanks man.

She’s stay at home so just my income to worry about. Do you disperse it evenly or do you have specific places to invest your “saved tax money”?
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Old 02-12-2018, 08:07 PM   #32
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Quote:
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Got it, thanks man.

She’s stay at home so just my income to worry about. Do you disperse it evenly or do you have specific places to invest your “saved tax money”?
I'm curious about this as well. Mutual fund, vanguard S&P or should I dare say crypto currency...
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Old 02-12-2018, 08:12 PM   #33
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Got it, thanks man.

She’s stay at home so just my income to worry about. Do you disperse it evenly or do you have specific places to invest your “saved tax money”?
401k and Roth 401k are my primaries because my employer matches. Ally online savings account for my 6-12 months of emergency living expenses fund. Schwab Intelligent Portfolios where I have a big chunk of cash invested that's doing okay.
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Old 02-12-2018, 08:14 PM   #34
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Quote:
Originally Posted by Nocturnal_Rod View Post
I'm curious about this as well. Mutual fund, vanguard S&P or should I dare say crypto currency...
Depends on when you need to money. Short term goals and long term goals are two entirely different ends of the investment scale.
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Old 02-12-2018, 08:22 PM   #35
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Typo correction:
Quote:
Originally Posted by Bevo View Post
Depends on when you need the money. Short term goals and long term goals are two entirely different ends of the investment scale.
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Old 02-13-2018, 11:14 AM   #36
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Depends on when you need to money. Short term goals and long term goals are two entirely different ends of the investment scale.
If going long term, I would take a look at VOO
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Old 02-13-2018, 11:30 AM   #37
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If going long term, I would take a look at VOO
Long term past performance looks pretty sweet, but:
https://www.forbes.com/sites/olivier.../#43cf51087bea
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Old 02-13-2018, 11:54 AM   #38
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Long term past performance looks pretty sweet, but:
https://www.forbes.com/sites/olivier.../#43cf51087bea
Yeah, I read that article before. I think Warren Buffet loves index funds. I think he made a bet against some guy that preferred hedge funds.

http://fortune.com/2017/12/30/warren...on-dollar-bet/
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Old 02-20-2018, 08:15 AM   #39
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We are getting ready to file using TurboTax and had to check our numbers several times. There are tables for "casualty losses" and the reduction in home values due to Harvey. It increases our return from a few hundred to a few thousand $$$ if we follow the tables straight from the IRS.

it's definitely worth looking into, seems almost too good to be true so we are triple checking before submitting. curious to see if other folks are getting the same answers.

https://www.irs.gov/newsroom/irs-pro...rom-hurricanes
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Old 02-20-2018, 09:46 AM   #40
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I already did TurboTax using the ez form.
I got a fair amount back but didn't do the extra deductions because of the flood thing, although I could have since I flooded. Now I'm thinking it might be worthwhile to file an amended return and see how it goes.

I was renting so all I could claim would be personal property losses. I lost a lot of fairly valuable but I wonder how much proof is required...

For example, washer, dryer, fridge. I don't have any proof what they cost or any idea what they were worth.
California King Size bed cost me a couple thousand a year and a half before the flood, what was it worth when it was destroyed?

Are they gonna question that stuff or is it a free pass to claim what ever you want?

I mean seriously, I wouldn't want to cheat the system but you know there are folks that will claim the stuff they lost was all top of the line if nobody is checking.
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