Life Income Taxes

Lono · 01-15-2009, 02:13 PM

Wife and I both got our W-2's today. Getting $5001 back, not too shabby. Can finally pay the old lady's Trailblazer off. Anyone else got their's done yet?

**The Franchise** · 01-15-2009, 02:14 PM

I don't get my W-2 until the end of the month....and then I have to wait for some other statements for my student loans.

EDIT: I did use a tax calculator and I should be getting back around $2800.

Lono · 01-15-2009, 02:16 PM

Do student loans help or hurt you? I mean i know when you pay them back they probably help, but when you take them out are you supposed to state that anywhere?

booyaf2 · 01-15-2009, 02:17 PM

Quote:

Originally Posted by Lono

Do student loans help or hurt you?

If you use them to get a degree they help. If you use them to buy food, booze, drugs, lap dances, etc, thats another story

**The Franchise** · 01-15-2009, 02:20 PM

Quote:

Originally Posted by Lono

Do student loans help or hurt you? I mean i know when you pay them back they probably help, but when you take them out are you supposed to state that anywhere?

You get a tax credit for the interest that you've paid on them throughout the year.

Plus I get a $2000 school tax credit because I"m in school.

**CrazyPhuD** · 01-15-2009, 02:22 PM

My target is always to owe...I hate loaning the government money, they might not pay it back(which is actually a real concern this year in CA).

**penguinz** · 01-15-2009, 02:28 PM

Quote:

Originally Posted by CrazyPhuD

My target is always to owe...I hate loaning the government money, they might not pay it back(which is actually a real concern this year in CA).

It would make more since to try and break even.

**CrazyPhuD** · 01-15-2009, 02:50 PM

Quote:

Originally Posted by penguinz

It would make more since to try and break even.

Nah you want to owe the government as much as possible without owing fees. Why? Just like when you get a refund back from the government you gave them an interest free loan. When you owe the government money you're getting and interest free loan from the government. If you take that money and put it in something that makes money you make out ahead. This of course depends upon a person being able to manage their finances, but really you want to owe money.

**The Franchise** · 01-15-2009, 02:51 PM

Quote:

Originally Posted by CrazyPhuD

Nah you want to owe the government as much as possible without owing fees. Why? Just like when you get a refund back from the government you gave them an interest free loan. When you owe the government money you're getting and interest free loan from the government. If you take that money and put it in something that makes money you make out ahead. This of course depends upon a person being able to manage their finances, but really you want to owe money.

Which I'm guessing a lot of people can't and they'd screw this up royally.

**ChiTown** · 01-15-2009, 02:54 PM

Money back? Not me.

I just paid my Q4 '08 Estimated Tax Bill that was due today. I hate Government thieves.

**ChiTown** · 01-15-2009, 02:59 PM

Quote:

Originally Posted by CrazyPhuD

Nah you want to owe the government as much as possible without owing fees. Why? Just like when you get a refund back from the government you gave them an interest free loan. When you owe the government money you're getting and interest free loan from the government. If you take that money and put it in something that makes money you make out ahead. This of course depends upon a person being able to manage their finances, but really you want to owe money.

This

Who's hands do you want your money in for a longer period of time - Yours or the Governments? Seriously, I generally laugh at people that are so excited about getting their refund checks. People act as if the Government is "Giving" them money that is theirs instead of yours. lol

**SAUTO** · 01-15-2009, 07:14 PM

Quote:

Originally Posted by ChiTown

This

Who's hands do you want your money in for a longer period of time - Yours or the Governments? Seriously, I generally laugh at people that are so excited about getting their refund checks. People act as if the Government is "Giving" them money that is theirs instead of yours. lol

REALLY what about the people who get back more than they paid in(count me out on that front as a business owner

) but i know many people who do.

**Mr. Flopnuts** · 01-15-2009, 08:26 PM

Quote:

Originally Posted by CrazyPhuD

Nah you want to owe the government as much as possible without owing fees. Why? Just like when you get a refund back from the government you gave them an interest free loan. When you owe the government money you're getting and interest free loan from the government. If you take that money and put it in something that makes money you make out ahead. This of course depends upon a person being able to manage their finances, but really you want to owe money.

This.

**Skip Towne** · 01-15-2009, 08:36 PM

The cheapest and easiest way to check your score is to ask your banker. If you ave a loan with him, he'll know your score.

BWillie · 01-15-2009, 09:41 PM

Quote:

Originally Posted by CrazyPhuD

Nah you want to owe the government as much as possible without owing fees. Why? Just like when you get a refund back from the government you gave them an interest free loan. When you owe the government money you're getting and interest free loan from the government. If you take that money and put it in something that makes money you make out ahead. This of course depends upon a person being able to manage their finances, but really you want to owe money.

Great point. Maybe you can help me out with something. What is the most you can opt for the government NOT to take out of your check? Can you keep the whole thing? And pay at the end of the year?

Hell, if that is the case, at the VERY LEAST I can put my money in a CD that would have been withholding anyways and get something out of it. I think I claim "0" or "2", whichever one that takes more out of your check each time.

For a guy making $45,000 to $55,000, what would be the difference from what I'm withholding now, and the least amount I could withhold?

01-15-2009, 02:13 PM	Topic Starter
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9903836	Income Taxes Wife and I both got our W-2's today. Getting $5001 back, not too shabby. Can finally pay the old lady's Trailblazer off. Anyone else got their's done yet?
Posts: 812

01-15-2009, 02:14 PM	#2
The Franchise Most Valuable Villain Join Date: Dec 2006 Casino cash: $2085047	I don't get my W-2 until the end of the month....and then I have to wait for some other statements for my student loans. EDIT: I did use a tax calculator and I should be getting back around $2800.
Posts: 92,316

01-15-2009, 02:16 PM	#3
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9903836	Do student loans help or hurt you? I mean i know when you pay them back they probably help, but when you take them out are you supposed to state that anywhere?
Posts: 812

01-15-2009, 02:22 PM	#6
CrazyPhuD Meow Join Date: Jun 2005 Casino cash: $10005050	My target is always to owe...I hate loaning the government money, they might not pay it back(which is actually a real concern this year in CA). __________________ "Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a t*rd by the clean end"
Posts: 8,523

01-15-2009, 02:54 PM	#10
ChiTown Stroking to the SB Champs! Join Date: Aug 2000 Location: Flatlands of Kansas Casino cash: $-341038	Money back? Not me. I just paid my Q4 '08 Estimated Tax Bill that was due today. I hate Government thieves. __________________
Posts: 40,903

01-15-2009, 08:36 PM	#14
Skip Towne Supporter Join Date: Apr 2001 Location: T-Town Casino cash: $10004900	The cheapest and easiest way to check your score is to ask your banker. If you ave a loan with him, he'll know your score.
Posts: 69,689