Life Income Taxes - Page 6

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?

Mark M · 01-16-2009, 08:03 AM

Quote:

Originally Posted by Guru

Get a financial advisor and they will look at everything and tell you exactly what you should claim on your withholdings.

This.

Quote:

Originally Posted by Guru

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
~~

Stewie · 01-16-2009, 08:15 AM

Quote:

Originally Posted by Simplex3

I've always thought it was strange that I have to make quarterly payments to the government based on what I *think* I'll earn this year, and if I screw up and don't pay enough soon enough I get slapped with fines. However, if I over pay they never seem to return the favor.

Capital gains on stock investments are even more ****ed up. Everyone thinks it's a great deal you only pay 15% on gains but what they don't realize is there's no corresponding capital loss.

You make $1,000,000 on a flying stock you pay $150,000 in taxes.

You lose $1,000,000 on a crappy stock the max you can deduct is $3,000 per year. Yeah, that's fair.

Washington makes the rules and Washington sees that they are the winner every time... unless you're a bank who made stupid decisions. Then we'll just give you taxpayer dollars. It pisses me off.

Simplex3 · 01-16-2009, 08:39 AM

Quote:

Originally Posted by BWillie007

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.

NewChief · 01-16-2009, 08:41 AM

I'm not going to bother to read this thread, but I would imagine that it consists of people telling Lono what a moron he is for over contributing and letting the Fed. Government hold his money and accrue interest off of it for a year?

Simplex3 · 01-16-2009, 08:44 AM

Quote:

Originally Posted by NewPhin

I'm not going to bother to read this thread, but I would imagine that it consists of people telling Lono what a moron he is for over contributing and letting the Fed. Government hold his money and accrue interest off of it for a year?

Only once or twice, actually.

NewChief · 01-16-2009, 08:45 AM

Quote:

Originally Posted by Simplex3

Only once or twice, actually.

Damn this kinder, gentler Planet!

Simplex3 · 01-16-2009, 08:49 AM

Quote:

Originally Posted by NewPhin

Damn this kinder, gentler Planet!

Go play hide and go **** yourself.

Better?

ksushark · 01-16-2009, 01:42 PM

Quote:

Originally Posted by Guru

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?

Simplex3 · 01-16-2009, 02:06 PM

If you have to ask you can't afford it.

JOhn · 01-16-2009, 02:12 PM

Quote:

Originally Posted by Lono

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?

Yup, and all of is going to pay off my student loans, because they say so.

ksushark · 01-16-2009, 02:22 PM

Quote:

Originally Posted by Simplex3

If you have to ask you can't afford it.

That's the way I've always felt about them too. The money I'd pay them would probably be more than what they save me so why bother.

Simplex3 · 01-16-2009, 02:23 PM

Quote:

Originally Posted by ksushark

That's the way I've always felt about them too. The money I'd pay them would probably be more than what they save me so why bother.

I was joking. I have one. I also have a tax guy. And a lawyer. Everyone should, IMO.

cookster50 · 01-16-2009, 02:26 PM

Question, I "donate" plasma for a little extra cash. Do I claim this as income?

patteeu · 01-16-2009, 02:33 PM

Quote:

Originally Posted by BWillie007

How the hell are you going to get back like 5-6 grand? You guys must have crazy deductions. I made 56K last year and from the research I've done already without my W2 and from my last pay check it looks like I'll be getting about $450 or so from federal. I even claim whatever is the most to take out of my paycheck as well, so they should be withholding quite a bit. Granted I have like no deductions because I don't have a house, no kids, no rental property, etc. Only deduction I know of is my student loan interest, which is negligible.

If you submit a W4 and bump up your withholding by about $400 per month (do this on line 6 of the form), you'll probably get a little over $5,000 back next year.

ksushark · 01-16-2009, 03:45 PM

Quote:

Originally Posted by Simplex3

I was joking. I have one. I also have a tax guy. And a lawyer. Everyone should, IMO.

I knew you were joking but that's still been my view on them. So when you say you have a financial advisor and a lawyer do you meet with them periodically, say once a year or so as a checkup, or just on an as needed basis? I assume you only pay them per session?

01-15-2009, 02:13 PM
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

01-16-2009, 08:41 AM	#79
NewChief In Search of a Life Join Date: Aug 2001 Location: Fayetteville, AR Casino cash: $7280204	I'm not going to bother to read this thread, but I would imagine that it consists of people telling Lono what a moron he is for over contributing and letting the Fed. Government hold his money and accrue interest off of it for a year? __________________ In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican. - H. L. Mencken
Posts: 21,845

01-16-2009, 02:06 PM	#84
Simplex3 MVP Join Date: Sep 2003 Casino cash: $10004900	If you have to ask you can't afford it.
Posts: 28,527

01-16-2009, 02:26 PM	#88
cookster50 Supreme Commander of My House Join Date: Apr 2004 Casino cash: $73622	Question, I "donate" plasma for a little extra cash. Do I claim this as income?
Posts: 3,445