Just got done filing my 2006 Tax return

[Kroze]

$1300 woohoo!

 

[montypythizzle]

u sharing if not this thread will fail i accept paypal and m.o. oh and cash

 

[Cdubneeddeal]

Nice! My company always waits until the last minute to send out our W2's. Hopefully this year i'll get back something to write home about.

 

[Kroze]

i just go and printed out all my w2 and interest income online. you should see if they let you do that.

 

[Cdubneeddeal]

Originally posted by: Kroze
i just go and printed out all my w2 and interest income online. you should see if they let you do that.

Does your employer post that? Or do you get that from the IRS?

 

[Farbio]

yea, my w-2 always comes at like the very end of the month

 

[LukFilm]

Yet another ret... um, slow person who thinks that having a large tax refund is a good thing. :roll:

 

[SSP]

Originally posted by: LukFilm
Yet another ret... um, slow person who thinks that having a large tax refund is a good thing. :roll:

but.. but... its free money! :laugh:

 

[Crucial]

Originally posted by: LukFilm
Yet another ret... um, slow person who thinks that having a large tax refund is a good thing. :roll:

Really, You would have been better off adjusting your withholdings and putting it in an ING account or something.

The government took my money for a year and I made nothing from it! WOOHOO!

 

[Cdubneeddeal]

Originally posted by: LukFilm
Yet another ret... um, slow person who thinks that having a large tax refund is a good thing. :roll:

? I don't get it. If I fork out over $3000 in Federal, I hope to get back a good chunk of that.

 

[Eos]

Originally posted by: Cdubneeddeal

Originally posted by: LukFilm
Yet another ret... um, slow person who thinks that having a large tax refund is a good thing. :roll:

? I don't get it. If I fork out over $3000 in Federal, I hope to get back a good chunk of that.

People with more experience than you in money matters are suggesting that you talk with an accountant and adjust your withholding so at the end of the year, you get back very little. This way, your paychecks are larger ($1300/number of paychecks) and you could invest that money. You're going from claiming 0 to claiming 3 or whatever to increase the size of your paychecks. YOU should be able to invest the money the government would normally hold all year until you file.

This could be difficult to do if your paychecks fluctuate a bit. Mine do.

I filed last week and am looking forward to my $860 payback. Might be getting into model railroading.

 

[CTrain]

LOL, I have yet to see a tax refund thread without the "government kept your money interest free" nazis come in here and preach about it.

STFU already and let people enjoy their refund.

 

[Midlander]

Originally posted by: CTrain
LOL, I have yet to see a tax refund thread without the "government kept your money interest free" nazis come in here and preach about it.

STFU already and let people enjoy their refund.

Yeah, but they're right. You really don't want to let the government.... Wait. Now I'm doing it, too. Sorry.

Enjoy your refund. :beer:

 

[monk3y]

I still haven't gotten my W-2 yet

 

[imported_griffis]

Originally posted by: monk3y
I still haven't gotten my W-2 yet

 

[icelazer]

I have to say, I concur with the claiming 1 or 2 or whatever. Worst case, you make more per pay check that you can invest for a 5% return in one of the multiple savings accounts. Best case, you pay less taxes than you are required, having the government float you a "free" loan which you also invest for return, and pay them the remainder at the end of the year (and you would have to pay taxes on the interest income). As long as you claim the number exemptions to which you are entitled, I believe this is perfectly legit, I wouldn't go claiming 191 with this idea in mind though

 

[Midlander]

Originally posted by: monk3y
I still haven't gotten my W-2 yet

Me, either. And I have to wait for some business results that I probably won't get until March. Those results, since they are done by a privately-hired accounting firm, don't have the same January deadline.

 

[dmw16]

Originally posted by: CTrain
LOL, I have yet to see a tax refund thread without the "government kept your money interest free" nazis come in here and preach about it.

STFU already and let people enjoy their refund.

They aren't being militant about it, they are just making a point. Some people who are young and/or not fully educated about making their money work for them may miss this fact so maybe the "government kept your money interest free nazis" are helping them.

 

[iamwiz82]

Originally posted by: dmw16

Originally posted by: CTrain
LOL, I have yet to see a tax refund thread without the "government kept your money interest free" nazis come in here and preach about it.

STFU already and let people enjoy their refund.

They aren't being militant about it, they are just making a point. Some people who are young and/or not fully educated about making their money work for them may miss this fact so maybe the "government kept your money interest free nazis" are helping them.

It's not like the $10 in interest he would have made is going to help him, let alone being taxed on that amount.

 

[Bateluer]

Originally posted by: eos

Originally posted by: Cdubneeddeal

Originally posted by: LukFilm
Yet another ret... um, slow person who thinks that having a large tax refund is a good thing. :roll:

? I don't get it. If I fork out over $3000 in Federal, I hope to get back a good chunk of that.

People with more experience than you in money matters are suggesting that you talk with an accountant and adjust your withholding so at the end of the year, you get back very little. This way, your paychecks are larger ($1300/number of paychecks) and you could invest that money. You're going from claiming 0 to claiming 3 or whatever to increase the size of your paychecks. YOU should be able to invest the money the government would normally hold all year until you file.

This could be difficult to do if your paychecks fluctuate a bit. Mine do.

I filed last week and am looking forward to my $860 payback. Might be getting into model railroading.

The problem is that people don't invest that money. Since it only increases the size of their pay checks by a small amount, it merely turns into impulse spending money.

I am looking forward to a decent sized chunk of tax money back after I file. Seems almost everybody waits until the last limit to file their taxes.

Is anyone using any tax prep software, like Taxcut?

 

[newmachineoverlord]

Originally posted by: eos

Originally posted by: Cdubneeddeal

Originally posted by: LukFilm
Yet another ret... um, slow person who thinks that having a large tax refund is a good thing. :roll:

? I don't get it. If I fork out over $3000 in Federal, I hope to get back a good chunk of that.

People with more experience than you in money matters are suggesting that you talk with an accountant and adjust your withholding so at the end of the year, you get back very little. This way, your paychecks are larger ($1300/number of paychecks) and you could invest that money. You're going from claiming 0 to claiming 3 or whatever to increase the size of your paychecks. YOU should be able to invest the money the government would normally hold all year until you file.

This could be difficult to do if your paychecks fluctuate a bit. Mine do.

I filed last week and am looking forward to my $860 payback. Might be getting into model railroading.

I doubt that the interest on $1300 over that time period would be enough to justify the expense of an appointment with an accountant. The average balance over a year would only be half that, so at 5% interest on 650, that would yield $32.50. If you want to complicate things, assume that the accountant's visit was paid for on credit at 30 percent interest. Anyways claiming more exemptions than you're entitled to, isn't that illegal?

 

[Kaido]

Originally posted by: Kroze


$1300 woohoo!

Ignore the haters, yay refund! Still waiting on my forms

 

[jupiter57]

Originally posted by: CTrain
LOL, I have yet to see a tax refund thread without the "government kept your money interest free" nazis come in here and preach about it.

STFU already and let people enjoy their refund.

QFT!
Sometimes, it's the only way some people can save money, "Out of sight, out of mind".
Sure, it bears no interest, but since you must file tax returns anyway, it helps if you get a refund, helps make it worth the effort.
And, like newmachineoverlord says, the cost of tax preparation would nullify the interest gained, for the majority of working class people anyway

Speaking of which, I need to adjust my withholdings. I had been having extra taken out, since the added Farm income & some Misc. stuff had caused me to have to pay in every year, I had extra withheld to help ease the pain.

On a better note, this past year, I paid in $5200, looks like I will be getting every cent back, on the flip side, that's only because I had almost $70K in Medical expenses!

Da*n Cancer.

 

[dmw16]

Originally posted by: iamwiz82

Originally posted by: dmw16

Originally posted by: CTrain
LOL, I have yet to see a tax refund thread without the "government kept your money interest free" nazis come in here and preach about it.

STFU already and let people enjoy their refund.

They aren't being militant about it, they are just making a point. Some people who are young and/or not fully educated about making their money work for them may miss this fact so maybe the "government kept your money interest free nazis" are helping them.

It's not like the $10 in interest he would have made is going to help him, let alone being taxed on that amount.

In practice that is very true. I dont manage my taxes and I like getting a nice little refund back each year. That said, it's more a mindset. Not everyone realizes that their money can work for them. And the concept learned in the case of tax withholdings can apply to other situations.

 

[purbeast0]

I got my W2 this past monday, I'll probably file over the weekend. Hopefully my return will be able to pay for a vacation