Money Your tax withholding strategy

**DaFace** · 01-08-2013, 04:59 PM

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.

R8ers · 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)

R8ers · 01-08-2013, 05:05 PM

Quote:

Originally Posted by DaFace

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

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

This

R8ers · 01-08-2013, 05:05 PM

Quote:

Originally Posted by Scorp

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

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

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).

View Poll Results: What's your strategy for tax withholding?
I try and over-withhold so that I get some back at tax time	41	42.71%
I try and withhold the exact amount I'll need	36	37.50%
I try and under-withhold and just make up the difference at tax time	14	14.58%
What the hell are you talking about? Strategy? I just check the boxes and see what happens.	5	5.21%
Voters: 96. You may not vote on this poll

01-08-2013, 04:59 PM
DaFace Version 3.0 Join Date: Aug 2005 Location: Donkey Land Casino cash: $627207	Your tax withholding strategy Just a poll for random discussion now that tax season is rolling around again...
Posts: 24,085

01-08-2013, 05:02 PM	#2
Scorp Back by popular demand! Join Date: Dec 2003 Location: Hell Casino cash: $3500	I typically owe $2500-$3000 every year. Why let the Government earn interest on your money? __________________
Posts: 3,730

01-08-2013, 05:03 PM	#3
DaFace Version 3.0 Join Date: Aug 2005 Location: Donkey Land Casino cash: $627207	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.
Posts: 24,085

01-08-2013, 05:04 PM	#4
R8ers Molôn Labé Join Date: Sep 2001 Location: North Carolina Casino cash: $1030798	I pound the hell out of the 401k so I don't make as much for them to take taxes from (now)
Posts: 16,266

01-08-2013, 05:08 PM	#8
KC Tattoo SPOT THE PSYCHO Join Date: Jun 2007 Location: ks Casino cash: $55335951	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. __________________ Well Pope Francis, he's a good football player, you all are going to like him dog gone it. / Coach Andy Reid when asked about his thoughts on the new Pope.
Posts: 15,728

01-08-2013, 05:09 PM	#9
theelusiveeightrop 2thdoc Join Date: Oct 2012 Location: Dante's Ninth Circle Casino cash: $22101	Under. No way I am giving the government an interest free loan. __________________ "We're both part of the same hypocrisy, senator, but never think it applies to my family."
Posts: 4,466

01-08-2013, 05:24 PM	#10
JoeyChuckles It's my first day... Join Date: Jun 2010 Location: South KC Casino cash: $73672	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.
Posts: 1,930

01-08-2013, 05:26 PM	#12
Bwana GONE FISHING Join Date: Aug 2000 Location: Billings, Montana Casino cash: $2107518006	Move to Belize __________________ A gun is like a parachute. If you need one, and don't have one... you'll probably never need one again.
Posts: 44,889

01-08-2013, 05:27 PM	#13
htismaqe In the misty morning... Join Date: Aug 2000 Location: on the edge of time... Casino cash: $1044370	I try to get as close to $0 at the end of the year as possible. No refund, no bill. __________________ Don't live for pleasure, make life your treasure... \m/ Ronnie James Dio, 1942-2010 \m/
Posts: 52,058

01-08-2013, 05:30 PM	#15
Spott I ♥ Boobs Join Date: Aug 2000 Location: Orange Park, FL Casino cash: $45459	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).
Posts: 10,000

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