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Old 01-15-2009, 02:28 PM   #1
penguinz penguinz is offline
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Originally Posted by CrazyPhuD View Post
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.
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Old 01-15-2009, 02:50 PM   #2
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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.
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Old 01-15-2009, 02:51 PM   #3
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Originally Posted by CrazyPhuD View Post
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.
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Old 01-15-2009, 02:54 PM   #4
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I just paid my Q4 '08 Estimated Tax Bill that was due today. I hate Government thieves.
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Old 01-15-2009, 02:59 PM   #5
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Originally Posted by CrazyPhuD View Post
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
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Old 01-15-2009, 07:14 PM   #6
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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.
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Old 01-15-2009, 08:26 PM   #7
Mr. Flopnuts Mr. Flopnuts is offline
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Originally Posted by CrazyPhuD View Post
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.
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Old 01-15-2009, 08:36 PM   #8
Skip Towne Skip Towne is offline
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Old 01-15-2009, 09:41 PM   #9
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Originally Posted by CrazyPhuD View Post
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?
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Old 01-15-2009, 10:41 PM   #10
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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?
Get a financial advisor and they will look at everything and tell you exactly what you should claim on your withholdings.
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Old 01-16-2009, 08:03 AM   #11
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Get a financial advisor and they will look at everything and tell you exactly what you should claim on your withholdings.
This.

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But, for now, this is what they primarily use. Pulling your credit history is a good thing but if you don't understand what you are looking at you will never know what it really means ... The score at least gives you an idea where you stand. It is not a bad thing. Just don't go solely on the score.
That's true. But since annualcreditreport.com started up, they're actually pretty easy to grasp in terms of where you stand in general.

But yeah, if you're looking to buy a house or finance some other large purchase, knowing your score certainly will let you know about what rate you can expect, as well as prevent the seller from pulling any shenanigans (like Honda tried to do with us -- which didn't work, thankfully ).

You know, I'm going to have dig up some stuff I wrote about credit scores and bureaus on my old blog and post it here. Maybe even some of the one's I've done for work. (I write financial education articles for a living.)

MM
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Old 01-16-2009, 01:42 PM   #12
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Get a financial advisor and they will look at everything and tell you exactly what you should claim on your withholdings.
How much does a good financial advisor cost?
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Old 01-16-2009, 08:39 AM   #13
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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?
You can't take home your entire check if you're a W2 employee. They will withhold Socialist Insecurity and Medicare IIRC. If you do try and underpay your taxes per paycheck be aware that you will have to make quarterly payments or you'll wind up with penalties at the end of the year. The govt won't pay you by the quarter, but they won't wait all year for their money.

The govt. is like a really shitty pimp when it comes to taxes.
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