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Joined: May 2000
Posts: 3,335
Hard-core CEG'er
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Hard-core CEG'er
Joined: May 2000
Posts: 3,335 |
Im getting $1900 Federal, $200 Utah and $11 from Cali. A portion of these will go to the credit card bill that I am going to be building with Bill in the next couple of days.  No kids either. Most of that is for me paying for school during spring semester of `05.
· Jon Miconi
· Coming Soon!
· 01 Cougar
· 98 V70R
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Joined: Jul 2000
Posts: 1,786
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: Jul 2000
Posts: 1,786 |
Originally posted by Viss1:
Originally posted by Sl33stak:
Screw you guys and the big returns  $670 Federal here  and I'm workin on the state right now.
Actually truth be told a big return means you're not managing your money as well as you could be... instead of lending it to the Feds interest-free, you should be breaking even at tax time. If you consistently get a big return, take more deductions and invest the "extra" from each paycheck into a savings plan.
Yay! Someone realizes that tax refunds are your money to begin with!
You actually have to TUNE your W2 form so that you would actually owe just a little bit (maybe $100). That way, you know that you got every dollar you earned, and where able to use it. You might as well be putting cash into a piggy bank, then smashing it open every March, April just to blow it. It's not free money, you actually earned it a long time ago and weren't paid for it. On top of that, you didn't get any interest while Uncle Sam held onto it. They made money off of YOU!
There are factors involved that you really couldn't claim on your W2, but it wouldn't be taken from your paycheck first.
I helped one relative realize about $700 worth of taxes because he wasn't being reimbursed for mileage on his truck for work. That, and he purchased a CNG/Gasoline truck, which got him a few hundred dollars also.
It's all about balance.
-Auto Mak or-
-Experiment or
-Station Wagon or-
-Computeriz or-
I have a foot that is bigger than a foot.
SuperChipFOR SALE
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Joined: Nov 2002
Posts: 253
CEG\'er
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CEG\'er
Joined: Nov 2002
Posts: 253 |
Originally posted by Bohica:
you didn't get any interest while Uncle Sam held onto it. They made money off of YOU!
AMEN to that! Come April 15th, everyone's goal should be $0, no return, no payment due. This psychology of receiving a big return every year is lunacy! Once again, the masses are brain-washed.
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Joined: May 2001
Posts: 8,770
Smurfette
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Smurfette
Joined: May 2001
Posts: 8,770 |
I don't think people are brainwashed.
Most everyone knows that it is their money, and that's why they're excited to get it back.
Not everyone is an investing genius and can squeeze every last drop out of their own money, nor are they raking in tons to begin with.
The government holding $2k of someone's income, interest free doesn't mean squat if you think about what that $2k earns in a regular, joe schmoe bank account every year.
People lack self control, so if the government is playing banker for them and holding onto their money for a year, then they don't mind it because they would have otherwise blown it on crap, or earned pennies for interest on it.
Kim
1995 Contour GL
Needs less "needs more"
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Joined: Mar 2003
Posts: 7,117
Hard-core CEG'er
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Hard-core CEG'er
Joined: Mar 2003
Posts: 7,117 |
Originally posted by frenchblueC2:
People lack self control, so if the government is playing banker for them and holding onto their money for a year, then they don't mind it because they would have otherwise blown it on crap, or earned pennies for interest on it.
Agreed.
At the same time, I do think people are brainwashed & not accustomed to thinking that it is their money to begin with.
That said, I typically shoot for a $0 return/paymnet. I like to keep my money working for me as much as possible, or at least in my pocket, not theirs.
Must be that jumbly-wumbly thing happening again.
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Joined: Jul 2000
Posts: 4,397
b0x @dm1n
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b0x @dm1n
Joined: Jul 2000
Posts: 4,397 |
I've been on both ends of the stick when it comes to taxes and as fbc2 said, I'm not a great saver. I'd rather give me money to the gov't to hold so that I guarantee that one, I don't owe them, and I have a lump sum given to me to put towards whatever I want. This year it's all bill but that's what weddings do to you. It's not a bad saving program when you admit you have a problem saving.
As for retirement, that is taken care of in a maxed out 401k and company stock. After I get a house, I'll look into IRA's and such.
I'm getting $9000 back. Most of which are right-offs from my wife's work.
-Andy
Andy W.
The problem with America is stupidity.
I'm not saying there should be a capital punishment
for stupidity, but why don't we just take the safety
labels off of everything and let the problem solve itself?
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Joined: May 2000
Posts: 3,290
Hard-core CEG\'er
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Hard-core CEG\'er
Joined: May 2000
Posts: 3,290 |
Well, if you're already maxing out your 401K, you're already ahead of a large portion of the country. A lot of people don't even realize that by simply increasing their exemptions, they can turn their annual tax return into tax free contributions to their 401K. And they'll never miss it, since their net paycheck won't change. Of course, the "downside" is they no longer get a check from the Feds every April, but looking at their 401K reports and seeing how much more they contributed (especially if the company matches) should make up for it.
E0 #36
'95 Ranger
'82 Honda CX500
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Joined: Aug 2002
Posts: 3,732
Hard-core CEG'er
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Hard-core CEG'er
Joined: Aug 2002
Posts: 3,732 |
im not getting a penny back!
i didnt make a single cent last year.....on paper i was under the table the whole time
Russell
Oval Port 3L Nearly Done
MTX75 w/ Homebrew Zetec FD and Torsen Complete
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Joined: Nov 2002
Posts: 253
CEG\'er
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CEG\'er
Joined: Nov 2002
Posts: 253 |
Originally posted by frenchblueC2:
People lack self control, so if the government is playing banker for them and holding onto their money for a year, then they don't mind it because they would have otherwise blown it on crap, or earned pennies for interest on it.
Which is why the rich get richer and the poor stay poor. Think like a poor man and you will always be a poor man.
Pay yourself first!!!!! The government has already set it up that they get paid first, you need to be as automatic and unobtrusive as them. It only takes someone to be 10% smarter than the average bear to reap a 100% better return.
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Joined: Oct 2005
Posts: 192
CEG\'er
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CEG\'er
Joined: Oct 2005
Posts: 192 |
My largest tax return in the last seven years has been $37, and I haven't had to pay anything either. I'm not going to let the government use any more of my money than they have entitled themselves to.
Rick
98 Red CSVT #6 of 6535 Born Nov. 12, 1996
02 Jeep Liberty Limited
79 Datsun 280ZX w/ 355sbc
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