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re: Did my taxes
Posted on 1/29/24 at 11:44 am to Powerman
Posted on 1/29/24 at 11:44 am to Powerman
quote:"Most people" ... I don't know what to do with that qualifier.
But the whole "giving the government a 0 interest loan" thing is totally played out and amounts to a trivial amount of money for most people
I guess if "most people" are withholding nearly all of their owed taxes, paying early is trivial. I don't have the withholding data on some vs many vs most people. So it's hard to comment beyond that.
In a normal year and if the amount owed was earning interest, paying in January instead of waiting until April would cost the individual ~ 2 to 3% of payment owed.
Trivial for "most people"? Perhaps so.
It isn't for me.
1
Posted on 1/29/24 at 11:47 am to cwill
quote:No. It isn't nuanced. You were running on Trumponomics, and didn't know what the frick you were talking about. No nuance to it.
Yes…bc those types think the fed is always printing money and trump will somehow be a bulwark against. This is not nuanced.
Posted on 1/29/24 at 11:58 am to NC_Tigah
quote:
No. It isn't nuanced. You were running on Trumponomics, and didn't know what the frick you were talking about. No nuance to it.
You’re an angry old man.
Posted on 1/29/24 at 12:02 pm to cwill
quote:
You’re an angry old man
I see your vocabulary hasnt grown in years.
Posted on 1/29/24 at 12:03 pm to Powerman
quote:
but I'm not under the delusion that we're going to have a drastic change in the way we collect taxes any time soon.
Right. So no one should ever discuss it, ever...because its a waste of time.
Posted on 1/29/24 at 12:04 pm to Powerman
quote:
Which means you made more. Congrats.
Pman, I made 5k more. They took 36% more than the previous year. That's bad math in my book. I lost a lot of money. But Ukraine ain't going to fund itself I guess. I'm a walking billboard for someone who is just trying to run a small business and got fricked by the Biden administration. You don't think I have other things I could have used that money on? So yes, we are bitching because we get nothing out of it. We get our normal national defense, fire, police etc. And it's exactly the same as it's always been. I personally don't reap the rewards of any government giveaways. But I do help pay for them
Posted on 1/29/24 at 12:05 pm to NC_Tigah
quote:
brags to me every year how much he "gets back" on taxes
Yikes!
With zero interest. That dude has it figured out, just let the government hold your money for you.
Posted on 1/29/24 at 12:09 pm to NC_Tigah
quote:
In a normal year and if the amount owed was earning interest, paying in January instead of waiting until April would cost the individual ~ 2 to 3% of payment owed.
Agreed...I think I was talking about a different scenario. There isn't any reason to pay back earlier than the required date.
What I was referring to is when people get a refund and people act as if you floated the money for an entire year...which isn't the case.
Posted on 1/29/24 at 12:13 pm to NC_Tigah
quote:
NC_Tigah
Just curious for the average person paying taxes is it best to try and break even? As in owe as little as possible come April 15th or get as small as a refund as possible.
This post was edited on 1/29/24 at 12:19 pm
Posted on 1/29/24 at 12:18 pm to Broke
quote:
Pman, I made 5k more. They took 36% more than the previous year.
I don't know what your personal tax situation is. Are you suggesting this is due to changes in the tax code from year to year?
Posted on 1/29/24 at 12:21 pm to catholictigerfan
quote:
Just curious for the average person paying taxes is it best to try and break even? As in owe as little as possible come April 15th or get as small as a refund as possible.
In theory you'd want to owe as much as possible meaning you had more take home pay throughout the year with the intent of putting into something that will grow with interest.
Posted on 1/29/24 at 12:23 pm to Powerman
quote:
In theory you'd want to owe as much as possible meaning you had more take home pay throughout the year with the intent of putting into something that will grow with interest.
makes sense. Maybe I should change my tax plan, but I probably won't.
edit: to be honest if I did change up my tax plan I likely would owe at-least 1k in taxes in April. Maybe it's not the best strategy but I prefer to make it break even. So I don't have a huge tax bill come April, or as I would likely have to do it, pay the federal government money every quarter.
This post was edited on 1/29/24 at 12:26 pm
Posted on 1/29/24 at 12:26 pm to TJG210
quote:
Working most of the yr just to pay the government so they can piss it away sucks
Government finds it so easy to spend other people's money.
Posted on 1/29/24 at 12:28 pm to Powerman
I'm not sure what my taxes are going to look like. All I know is that it will be complicated and I'll end up stroking a decent check.
It all depends on capital gains tax stuff. Either way, it sucks and even though I haven't worked a day in almost 4 years, I have to pay out the arse.
It all depends on capital gains tax stuff. Either way, it sucks and even though I haven't worked a day in almost 4 years, I have to pay out the arse.
Posted on 1/29/24 at 12:31 pm to El Segundo Guy
quote:
It all depends on capital gains tax stuff. Either way, it sucks and even though I haven't worked a day in almost 4 years, I have to pay out the arse.
You're not going to get any sympathy from me
Posted on 1/29/24 at 1:22 pm to catholictigerfan
quote:A refund simply means you gave the government money which you could have been using all along. Right? So it's wild that some folks look forward to a Federal Government "gift" in the form of a large tax refund.
or get as small as a refund as possible.
But I do know folks living paycheck-to-paycheck (some at very high income levels) who are financially undisciplined. Letting Uncle Sam hold their money for up to a year isn't the worst thing in the world. So in that case, or an instance where the money will sit uninvested at the bank, it doesn't much matter.
quote:The OP implied he was writing a large check. The calculation on a January vs April cost differential is straightforward (0.025 X anticipated annual ROI X the tax payment). So a $10K tax payment could earn you $300 or so if you held it until April.
for the average person paying taxes
Posted on 1/29/24 at 1:29 pm to El Segundo Guy
quote:
I have to pay out the arse.
Lucky you, you get to roll that 2024-Q1 assessment in with your 2023 annual.
If folks had to pay quarterly instead of the Feds withholding, there'd not be another prog democrat elected in our lifetimes.
Posted on 1/29/24 at 1:46 pm to NC_Tigah
quote:
NC_Tigah
thanks for the answer, it all makes sense.
Posted on 1/29/24 at 1:52 pm to NC_Tigah
I get a ton of hate on this board and I think it's funny.
I have never voted for a Dem, even in local elections. I know with certainty that my grandpa, my dad, my brother and myself have never voted for any Democrat ever. My grandpa hated Dems and unions growing up in the Depression and we've never changed.
I have never voted for a Dem, even in local elections. I know with certainty that my grandpa, my dad, my brother and myself have never voted for any Democrat ever. My grandpa hated Dems and unions growing up in the Depression and we've never changed.
Posted on 1/29/24 at 1:52 pm to Coach72
Made $5,000 less this year.
Last year’s return ended up being about $3,000 more than this year.
Same everything. Deductions, you name it. Doesn’t add up.
Last year’s return ended up being about $3,000 more than this year.
Same everything. Deductions, you name it. Doesn’t add up.
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