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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, 07:02 PM   #1
Buehler445 Buehler445 is offline
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Oh. And Gaz. I run an estimate in November and see what I need to do from a tax strategy standpoint. The IRS does allow cash based accounting so that is a huge plus to my industry.
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Old 01-08-2013, 08:55 PM   #2
CrazyPhuD CrazyPhuD is offline
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Old 01-08-2013, 10:24 PM   #3
Marty Mac Ver 2.0 Marty Mac Ver 2.0 is offline
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I make several large donations to charity each month. My taxes go to them
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Old 01-08-2013, 10:43 PM   #4
cosmo20002 cosmo20002 is offline
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The interest lost by giving the govt a "free loan" is miniscule. All in all, the pain in writing $1000 check or whatever all at once in April is more than the pain in knowing I gave up a tiny bit of interest over the year.
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Old 01-08-2013, 10:57 PM   #5
Iowanian Iowanian is offline
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I try not to give them any more than I need to, my issue is that I'm a moving target at tax time. Some years I'm writing a check, some I'm getting some back.

Either way...it always feels like I'm working too many days and too many hours to pay "my fair share" while so many get a "refund" without paying in.
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Old 01-08-2013, 11:30 PM   #6
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I have no choice but to over-withhold. My income is relatively volatile and the risk of paying a penalty for underpayment is greater than the interest cost of overwithholding.
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Old 01-09-2013, 12:15 AM   #7
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I let them earn interest on my money...I like getting a return every February or March.
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Old 01-18-2013, 12:03 AM   #8
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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.
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Old 01-18-2013, 06:53 AM   #9
Saulbadguy Saulbadguy is offline
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Quote:
Originally Posted by Buck View Post
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.
Do you have any sort of retirement account?
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Old 01-18-2013, 07:21 AM   #10
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Originally Posted by Saulbadguy View Post
Do you have any sort of retirement account?
Could you PM me a great retirement account to start up? My wife has a 403b through her work, but I need to set something up as well.
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Old 01-18-2013, 08:05 AM   #11
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Quote:
Originally Posted by Buck View Post
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.
Hmmm how are you getting anything back today when the IRS isn't accepting returns until the 30th of January?
Did the government go ahead and start taking them now?
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Old 01-18-2013, 09:18 AM   #12
Buehler445 Buehler445 is offline
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Hmmm how are you getting anything back today when the IRS isn't accepting returns until the 30th of January?
Did the government go ahead and start taking them now?
This is my question. I was of the understanding that you couldn't e-file until 1/31/13.
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Old 01-18-2013, 09:35 AM   #13
Buck Buck is offline
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Hmmm how are you getting anything back today when the IRS isn't accepting returns until the 30th of January?
Did the government go ahead and start taking them now?
TaxAct. California already accepted my return. Federal is pending.
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Old 01-18-2013, 08:13 AM   #14
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Pay my cpa to figure it out for me.
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Old 01-18-2013, 09:38 AM   #15
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Pay my cpa to figure it out for me.
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Precisely this.

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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