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View Full Version : I just finished my taxes


KC Jones
03-19-2006, 06:36 AM
Happy Happy Joy Joy PBJ PBJ PBJ

Last year we got crucified because I cashed in a lot of stock to buy our dream house here in Colorado. This year? We're getting over 11K back from the feds and 2 states.

Saulbadguy
03-19-2006, 07:39 AM
So you gave the government 11k on an interest free loan? Congrats. ;)

Simplex3
03-19-2006, 07:52 AM
So you gave the government 11k on an interest free loan? Congrats. ;)
Exactly what I was thinking. :shake:

Since you're passing out 0% interrest loans I'll take some. $100k should be enough.

chiefqueen
03-19-2006, 08:02 AM
Hillary called, she's keeping her money.

Bwana
03-19-2006, 08:09 AM
So you gave the government 11k on an interest free loan? Congrats. ;)

Exactly, but at least he doesn't have to pay in this year. :)

penguinz
03-19-2006, 08:28 AM
I would rather help the government with an interest free loan than try to find $ to pay them at tax time.

KC Jones
03-19-2006, 08:40 AM
Lets see...

11K, but it was added incrementally, so lets just say I missed our on interest for $5.5K. Lets say I was getting 4% - an unreasonably high rate for savings accounts today. That's $220 I gave Uncle Sam that I could have kept for myself. Hey, that's a tidy little sum. On the other hand, while that money was in Uncle Sam's account it wasn't getting spent by my wife on new drapes or some other crap she believes we 'need'. Now I can drop 8K in the Roth accounts before she spends it and split $3K between the college savings funds and the vacation funds.

Next year I won't have anywhere near the same level of deductions so my refund (and missed interest) will be much much smaller. Plus, I like getting a refund come tax time even though it was my money to begin with.

jspchief
03-19-2006, 09:14 AM
Lets see...

11K, but it was added incrementally, so lets just say I missed our on interest for $5.5K. Lets say I was getting 4% - an unreasonably high rate for savings accounts today. That's $220 I gave Uncle Sam that I could have kept for myself. Hey, that's a tidy little sum. On the other hand, while that money was in Uncle Sam's account it wasn't getting spent by my wife on new drapes or some other crap she believes we 'need'. Now I can drop 8K in the Roth accounts before she spends it and split $3K between the college savings funds and the vacation funds.

Next year I won't have anywhere near the same level of deductions so my refund (and missed interest) will be much much smaller. Plus, I like getting a refund come tax time even though it was my money to begin with.I agree. There's a lot of people that spout off the "interest free" bullshit, but the reality is, over-paying your taxes is a viable way for millions of Americans to "save" money that they otherwise wouldn't have saved.

If you're disciplined enough to save 11k in one year on your own, you're in the minority in this world.

I long for the days of getting money back, instead of filing extensions and busting my ass all spring to pay my tax debt.

Simplex3
03-19-2006, 09:18 AM
On the other hand, while that money was in Uncle Sam's account it wasn't getting spent by my wife on new drapes or some other crap she believes we 'need'.
ROFL

Nothing a bowl of antifreeze wouldn't fix.

Fat Elvis
03-19-2006, 09:24 AM
With the current interest rate environment, it is far better to overpay taxes and give Uncle Sam an "interest free loan" than it is to find out that you should of been paying quarterly taxes and get the gubments interest tacked onto your taxes (which is much, much higher).

Considering that KC is getting $11K back, I think he'd fall into that income category...which is something Saul would know nothing about.

chief52
03-19-2006, 09:36 AM
I received around 5k back from state and federal. It works for me. I understand when people talk about an "interest free loan", but it is a personal decision. Whatever works best for each tax payer. I really can not understand how anyone can say either way is correct. Paying extra works for my financial make up. Plus, my income can vary, so I have to error on the side of caution.

To each his own when it comes to how much they have withheld from each check!

P.S. Many of those that cut it right to the edge are actually doing it to live off of...not save and get interest off of it. I wonder what percentage of those that pay less each month are taking that money and investing it?

dr00d
03-19-2006, 10:23 AM
I tried to do my taxes online...I got denied because my 'birthdate doesn't match the person's name"

turns out someone f'ed my birthday up with soc security..now it is going to take 6 weeks before I can do my taxes online (I turned it in 3 weeks ago)

KC Jones
03-19-2006, 10:42 AM
ROFL

Nothing a bowl of antifreeze wouldn't fix.

:)

For the last few years I've been putting more and more of the budget burden on the Mrs. and it's really starting to pay off. She's stopped coming home from sales saying she 'saved us X dollars on new sheets'. The other day she picked up that finance book - "The Millionaire Next Door" and she's really talking up trying to put away 20% of our income every year. For the first time ever I feel like I'm not alone on the finances for our family. I just wished I had done this years ago - maybe then we would have been well positioned for an early retirement.

Cochise
03-19-2006, 10:43 AM
I almost hit it right on the nose this year, loaning Uncle Sam as little as possible. $90 refund.

Rain Man
03-19-2006, 11:38 AM
I hate tax time. Since my company's growing, I have to keep money in the firm to make sure I've got cash on hand to cover payroll, equipment, our upcoming office expansion, etc. But I personally have to pay taxes on that money. So on the personal side, I should've received a refund of about $11,000, same as KC, but when the company money gets thrown into the mix, I now owe about $500.

I understand why it works that way, but it sure stinks. I end up paying taxes on money that I don't get.

tyton75
03-19-2006, 12:13 PM
:)

For the last few years I've been putting more and more of the budget burden on the Mrs. and it's really starting to pay off. She's stopped coming home from sales saying she 'saved us X dollars on new sheets'. The other day she picked up that finance book - "The Millionaire Next Door" and she's really talking up trying to put away 20% of our income every year. For the first time ever I feel like I'm not alone on the finances for our family. I just wished I had done this years ago - maybe then we would have been well positioned for an early retirement.


Need to get my wife to read that!!!

JBucc
03-19-2006, 12:22 PM
Man you're slow, I did mine three years ago.

Over-Head
03-19-2006, 12:22 PM
The accountant usually tells me that someone in her family "need's a ceiling medallion done" and it would probably cover "just exactly what I need for a tax bill and accounting fee’s this year."

I laugh it off knowing that her family has pulled in LOTS of business for me doing ornamental work anyway, so what the hell, 3-5 hours for breaking even on my tax’s, and her brother/sister/mother/uncle/etc get s a fancy ceiling,....
Worth it to me :thumb:

Last year I paid in about $1600.00.
Not bad when you figure I did almost $250K in buisness :)

Skip Towne
03-19-2006, 01:45 PM
The accountant usually tells me that someone in her family "need's a ceiling medallion done" and it would probably cover "just exactly what I need for a tax bill and accounting fee’s this year."

I laugh it off knowing that her family has pulled in LOTS of business for me doing ornamental work anyway, so what the hell, 3-5 hours for breaking even on my tax’s, and her brother/sister/mother/uncle/etc get s a fancy ceiling,....
Worth it to me :thumb:

Last year I paid in about $1600.00.
Not bad when you figure I did almost $250K in buisness :)
You have to pay taxes? I figured living on that rock would be punishment enough.