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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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01-18-2013, 12:03 AM | #31 |
Take a Chill Pill
Join Date: Nov 2006
Location: South Carolina
Casino cash: $7829900
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Well I got $900 back today ($570 Federal / $330 State)
I had 1 witholding for my Federal and 0 for state, and I've only been working since March 1st. Also, my Federal was going to be $850 on its own just based on my W-2 from work, but in Jan 2012, I had nearly $1200 paid to me in unemployment compensation with no federal tax withheld on it so it brought me down to $570. Anyhow, what is the best strategy for me to take the $37.50 a paycheck (every two weeks) extra that I was paying (possibly more, not sure based on the unemployment skewing things, might be more like $50 or more) as taxes and put it into some account where it will grow? Not sure if my best option is to just put it in a savings account or what. |
Posts: 44,565
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01-18-2013, 06:43 AM | #32 | |
Cast Iron Jedi
Join Date: Nov 2004
Casino cash: $9999900
VARSITY
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Posts: 35,253
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01-18-2013, 06:53 AM | #33 | |
When a nightmare becomes real
Join Date: Nov 2003
Casino cash: $1156966
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Quote:
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01-18-2013, 07:20 AM | #34 |
Don't tread on me.
Join Date: Nov 2006
Location: Where the peaches grow
Casino cash: $9030572
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Because anything I could put it into for such a short period wouldn't yield me anything worthwhile. I don't want to hassle putting it into a CD for 1% and a penalty for early removal. I have two accounts which would net me a whopping less than 1%, so I am not going to mess with it. I like getting a "bonus" so to speak every year. Just my opinion.
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Posts: 8,540
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01-18-2013, 07:21 AM | #35 |
Don't tread on me.
Join Date: Nov 2006
Location: Where the peaches grow
Casino cash: $9030572
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Posts: 8,540
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01-18-2013, 08:05 AM | #36 | |
Admitted Planet Junky
Join Date: Oct 2000
Casino cash: $621627
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Quote:
Did the government go ahead and start taking them now?
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01-18-2013, 08:13 AM | #37 |
The Insider
Join Date: Jan 2004
Location: Lake of the Ozarks
Casino cash: $808752
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Pay my cpa to figure it out for me.
Posted via Mobile Device |
Posts: 50,703
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01-18-2013, 08:14 AM | #38 |
Resident Glue Sniffer
Join Date: Nov 2003
Casino cash: $3849358
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I recently (August '12) had a significant bump up in pay;
I don't have any itemized deductions; so I need to remove my standard deduction from our gross income, and determine wha the taxable piece is - then compare to our current witholdings. We're gonig to need to really adjust our 401k contributions to lower the taxable income (which is a good thing!). I want to be as close to 0 as possible in terms of a return
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Life is 99% inspiration, 1% Perspiration, and 1% Attention to Detial. RIP & Godspeed: Saccoppo Lonewolf Ed Fire Me Boy Last edited by Dayze; 01-18-2013 at 09:30 AM.. |
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01-18-2013, 09:18 AM | #39 |
Supporter
Join Date: Apr 2007
Location: Scott City KS
Casino cash: $804734
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Posts: 57,702
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01-18-2013, 09:35 AM | #40 |
Take a Chill Pill
Join Date: Nov 2006
Location: South Carolina
Casino cash: $7829900
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Posts: 44,565
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01-18-2013, 09:38 AM | #41 | |
Stroking to the SB Champs!
Join Date: Aug 2000
Location: Flatlands of Kansas
Casino cash: $1758962
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Quote:
My Taxes are mega-complicated, as I pay State Tax in 6-8 different states via my Partnerships. We set a strategy in January and follow the course throughout the year. If we need to adjust, we can do it, but generally, we stay the course.
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01-18-2013, 09:41 AM | #42 |
Resident Glue Sniffer
Join Date: Nov 2003
Casino cash: $3849358
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holy shit.
yeah....CPA route lol. That's insane
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Life is 99% inspiration, 1% Perspiration, and 1% Attention to Detial. RIP & Godspeed: Saccoppo Lonewolf Ed Fire Me Boy |
Posts: 37,397
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01-18-2013, 09:44 AM | #43 |
Beloved & Awesome CP Celebrity
Join Date: Aug 2000
Location: Florida
Casino cash: $6574952
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Still waiting on some 1098 & 1099 forms, but I thought I was going to owe ~$50 this year but now it looks like I'll be getting a nice refund.
Didn't expect to get a tuition & fees deduction and I guess the IRS withholding calculator didn't properly adjust my taxable income due to pre-tax contributions to retirement & health accounts.
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Posts: 35,703
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01-18-2013, 10:37 AM | #44 |
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Join Date: Dec 2002
Casino cash: $57156239
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Every January I reset back to the typical default withholding and don't think about it till October. In October I take a close look at what I've withheld and what I'll likely owe, then I adjust for the rest of the year.
I get the best of both worlds. The government does not get an interest-free loan, and I basically get a 3-month "bonus" during the holiday season when people sometimes need more money anyway. Stop getting those huge refunds, give yourself a 3-month pay-raise at the end of every year instead.
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Posts: 36,130
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01-18-2013, 10:40 AM | #45 |
Veteran
Join Date: Apr 2005
Location: St. Louis :(
Casino cash: $9989900
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I usually make pretty sound, logical financial decisions. This is the exception. I know it makes zero sense, but I like getting a big return.
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Posts: 2,313
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