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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

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Old 01-08-2013, 04:59 PM  
DaFace DaFace is offline
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Your tax withholding strategy

Just a poll for random discussion now that tax season is rolling around again...
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Old 01-08-2013, 05:02 PM   #2
Scorp Scorp is offline
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I typically owe $2500-$3000 every year. Why let the Government earn interest on your money?
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Old 01-08-2013, 05:03 PM   #3
DaFace DaFace is offline
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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.
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Old 01-08-2013, 05:04 PM   #4
3rd&48ers 3rd&48ers is offline
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I pound the hell out of the 401k so I don't make as much for them to take taxes from (now)
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Old 01-08-2013, 05:05 PM   #5
3rd&48ers 3rd&48ers is offline
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Quote:
Originally Posted by DaFace View Post
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.
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Old 01-08-2013, 05:05 PM   #6
LiveSteam LiveSteam is offline
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Quote:
Originally Posted by Scorp View Post
I typically owe $2500-$3000 every year. Why let the Government earn interest on your money?
This
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Old 01-08-2013, 05:05 PM   #7
3rd&48ers 3rd&48ers is offline
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Quote:
Originally Posted by Scorp View Post
I typically owe $2500-$3000 every year. Why let the Government earn interest on your money?
Same or similar
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Old 01-08-2013, 05:08 PM   #8
KC Tattoo KC Tattoo is offline
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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.
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Old 01-08-2013, 05:09 PM   #9
theelusiveeightrop theelusiveeightrop is offline
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Under. No way I am giving the government an interest free loan.
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Old 01-08-2013, 05:24 PM   #10
JoeyChuckles JoeyChuckles is offline
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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.
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Old 01-08-2013, 05:24 PM   #11
Bob Dole Bob Dole is offline
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Originally Posted by theelusiveeightrop View Post
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...
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Old 01-08-2013, 05:26 PM   #12
Bwana Bwana is offline
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Move to Belize
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Old 01-08-2013, 05:27 PM   #13
htismaqe htismaqe is offline
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I try to get as close to $0 at the end of the year as possible. No refund, no bill.
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Old 01-08-2013, 05:29 PM   #14
Bob Dole Bob Dole is offline
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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.
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Old 01-08-2013, 05:30 PM   #15
Spott Spott is offline
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