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-   -   Money Your tax withholding strategy (http://www.chiefsplanet.com/BB/showthread.php?t=268635)

DaFace 01-08-2013 04:59 PM

Your tax withholding strategy
 
Just a poll for random discussion now that tax season is rolling around again...

Scorp 01-08-2013 05:02 PM

I typically owe $2500-$3000 every year. Why let the Government earn interest on your money?

DaFace 01-08-2013 05:03 PM

I know logically it doesn't make sense, but I tend to fall into category 1. I like getting a nice "bonus" each year that I can then use for big purchases all at once. It's like a forced savings account. Granted, a savings account that pays no interest, but it's not like interest rates are any good with others right now anyway.

The reason the question is on my mind is that, with the recent changes to our taxes, I'd like to not take a "pay cut" on a monthly basis due to the new laws, so I'm considering reducing my withholding a bit to make up for it. We'll see.

3rd&48ers 01-08-2013 05:04 PM

I pound the hell out of the 401k so I don't make as much for them to take taxes from (now)

3rd&48ers 01-08-2013 05:05 PM

Quote:

Originally Posted by DaFace (Post 9297475)
I know logically it doesn't make sense, but I tend to fall into category 1. I like getting a nice "bonus" each year that I can then use for big purchases all at once. It's like a forced savings account. Granted, a savings account that pays no interest, but it's not like interest rates are any good with others right now anyway.

The reason the question is on my mind is that, with the recent changes to our taxes, I'd like to not take a "pay cut" on a monthly basis due to the new laws, so I'm considering reducing my withholding a bit to make up for it. We'll see.

**** the Gubment, I ain't letting them hold my money for free, I would rather pay on the last day.

LiveSteam 01-08-2013 05:05 PM

Quote:

Originally Posted by Scorp (Post 9297474)
I typically owe $2500-$3000 every year. Why let the Government earn interest on your money?

This

3rd&48ers 01-08-2013 05:05 PM

Quote:

Originally Posted by Scorp (Post 9297474)
I typically owe $2500-$3000 every year. Why let the Government earn interest on your money?

Same or similar

KC Tattoo 01-08-2013 05:08 PM

I voted #1. I can claim two on my tax returns but during the year I withhold for 1 so hope for the best return tax $$ I can get.

I just hope the hospital doesn't take what I owe them for not paying them this year.

theelusiveeightrop 01-08-2013 05:09 PM

Under. No way I am giving the government an interest free loan.

JoeyChuckles 01-08-2013 05:24 PM

Every year I alternate between owing about $150 to getting $150 back. I adjust yearly to make sure I pay just about the right amount.

Bob Dole 01-08-2013 05:24 PM

Quote:

Originally Posted by theelusiveeightrop (Post 9297510)
Under. No way I am giving the government an interest free loan.

Because that $.42 in interest from your 1 YR certificate of deposit is going to make a huge difference in your standard of living?

Bob Dole gave up saving 2 years ago and started buying shit that should appreciate. Had the withholdings down to +/- $250 for a decade, but just had a significant change in salary, and have avoided trying to figure out the impact. Not looking forward to the tax form this year...

Bwana 01-08-2013 05:26 PM

Move to Belize

htismaqe 01-08-2013 05:27 PM

I try to get as close to $0 at the end of the year as possible. No refund, no bill.

Bob Dole 01-08-2013 05:29 PM

Quote:

Originally Posted by Bwana (Post 9297573)
Move to Belize

Actually, Bob Dole is having a discussion with some friends who are already there and a small group contemplating the idea of joining them.

Bob Dole's taxes are a mess... Stupid Bob Dole bought a house that doesn't even generate enough taxes and interest for Bob Dole to itemize.

Spott 01-08-2013 05:30 PM

Claim Married and 3 all year even though I'm divorced and have 1 dependent child and I'm still getting back around 3600(so far).


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