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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 01-18-2013, 09:54 AM   #46
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Originally Posted by Scorp View Post
I typically owe $2500-$3000 every year. Why let the Government earn interest on your money?
Just be careful. If you are too underwithheld you'll have to pay interest & penalty to them.
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Old 01-18-2013, 10:13 AM   #47
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Originally Posted by Omaha View Post
Just be careful. If you are too underwithheld you'll have to pay interest & penalty to them.
when in doubt, just withhold what you owed the prior year, that is a safe harbor even if you end up massively under-withheld.
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Old 01-18-2013, 10:57 AM   #48
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when in doubt, just withhold what you owed the prior year, that is a safe harbor even if you end up massively under-withheld.
110% if your taxable income is over $150K & you aren't a farmer, but yes. Not a bad idea.
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Old 01-18-2013, 11:24 AM   #49
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We generally don't go out of our way to overpay, but we always do and get a decent return each year. I like getting the return because we almost always use the money on something that we've needed but didn't have the money for, or a trip, etc.
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Old 01-18-2013, 11:25 AM   #50
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We generally don't go out of our way to overpay, but we always do and get a decent return each year. I like getting the return because we almost always use the money on something that we've needed but didn't have the money for, or a trip, etc.
This.

It helps after buying a house because we can take that money and put it back into the house.
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Old 01-18-2013, 11:25 AM   #51
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I try to get as close to $0 at the end of the year as possible. No refund, no bill.
My strategy
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Old 01-18-2013, 11:27 AM   #52
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This.

It helps after buying a house because we can take that money and put it back into the house.
Yup.

Let's see.....this year any return goes to finishing the basement or a damn fence for our backyard. Or a new bed.....**** we need a new bed.
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Old 01-18-2013, 11:30 AM   #53
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Yup.

Let's see.....this year any return goes to finishing the basement or a damn fence for our backyard. Or a new bed.....**** we need a new bed.
I think we're going to get hardwood floors in the kitchen and living rooms.
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Old 01-18-2013, 11:33 AM   #54
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I think we're going to get hardwood floors in the kitchen and living rooms.
Nice!
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Old 01-18-2013, 11:43 AM   #55
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Nice!
I'd like to do that and add an overhang in our backyard. We'll see though.

Last year we got close to $9000 back and that was before the whole buying a house thing.
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Old 01-18-2013, 11:44 AM   #56
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I'd like to do that and add an overhang in our backyard. We'll see though.

Last year we got close to $9000 back and that was before the whole buying a house thing.
Wow. That's a ton back. When we still had daycare, we were getting back $4,000-$6,000.
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Old 01-18-2013, 11:45 AM   #57
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Originally Posted by Pestilence View Post
I'd like to do that and add an overhang in our backyard. We'll see though.

Last year we got close to $9000 back and that was before the whole buying a house thing.
Damn.. that's way overpaying.
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Old 01-18-2013, 11:47 AM   #58
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Damn.. that's way overpaying.
We get a shit ton of credits.

3 kids
Day care credit
School Credit for my wife
School loan interest for myself.
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Old 01-18-2013, 11:48 AM   #59
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Well and my wife doesn't pay state taxes....so I get to claim all of that for my state taxes.
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Old 01-18-2013, 12:36 PM   #60
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I'd like to do that and add an overhang in our backyard. We'll see though.

Last year we got close to $9000 back and that was before the whole buying a house thing.
That's a bit morethan we get back. Last year we were aroind $7K.
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