Life Income Taxes - Page 4

Lono · 01-15-2009, 02:13 PM

Wife and I both got our W-2's today. Getting $5001 back, not too shabby. Can finally pay the old lady's Trailblazer off. Anyone else got their's done yet?

**Buck** · 01-15-2009, 05:33 PM

Damn I hope that I get a refund.

This is my first year of not being a full time student, so we'll see.

BWillie · 01-15-2009, 05:33 PM

Can you write off being a Chiefs fan?

**bogey** · 01-15-2009, 05:35 PM

Quote:

Originally Posted by BWillie007

Oh, so you are saying it's for the manly gay? Feminine gay doesn't file head of the household. Gotcha.

zing!!!

**007** · 01-15-2009, 05:47 PM

Quote:

Originally Posted by BWillie007

Can you write off being a Chiefs fan?

Bailout!!!!!!!

**Iowanian** · 01-15-2009, 07:06 PM

Charitable contributions are deductions.....for those that don't have any big expenses and need deductions to hide some of their money.

I'm hoping I don't get slayed, I shouldn't but I don't even know what to expect.

**SAUTO** · 01-15-2009, 07:14 PM

Quote:

Originally Posted by ChiTown

This

Who's hands do you want your money in for a longer period of time - Yours or the Governments? Seriously, I generally laugh at people that are so excited about getting their refund checks. People act as if the Government is "Giving" them money that is theirs instead of yours. lol

REALLY what about the people who get back more than they paid in(count me out on that front as a business owner

) but i know many people who do.

Simplex3 · 01-15-2009, 07:28 PM

I've always thought it was strange that I have to make quarterly payments to the government based on what I *think* I'll earn this year, and if I screw up and don't pay enough soon enough I get slapped with fines. However, if I over pay they never seem to return the favor.

**SAUTO** · 01-15-2009, 07:29 PM

Quote:

Originally Posted by Simplex3

I've always thought it was strange that I have to make quarterly payments to the government based on what I *think* I'll earn this year, and if I screw up and don't pay enough soon enough I get slapped with fines. However, if I over pay they never seem to return the favor.

sucks doesnt it?

**Buck** · 01-15-2009, 07:35 PM

I know this is the wrong thread, but I just checked my Credit score.

Equifax gave me a 725, good right?

**007** · 01-15-2009, 07:40 PM

Quote:

Originally Posted by BuckinKaeding

I know this is the wrong thread, but I just checked my Credit score.

Equifax gave me a 725, good right?

Not bad but has room to improve. 750 and up is excellent. Mine's 816. I was shocked.

**Buck** · 01-15-2009, 07:42 PM

Quote:

Originally Posted by Guru

Not bad but needs to improve. Mine's 816. I was shocked.

Okay. Luckily, I'm only 22, and I'll have plenty of time to get it up.

Whats the highest you can get?

**007** · 01-15-2009, 07:48 PM

Quote:

Originally Posted by BuckinKaeding

Okay. Luckily, I'm only 22, and I'll have plenty of time to get it up.

Whats the highest you can get?

850

Mark M · 01-15-2009, 08:15 PM

Quote:

Originally Posted by Guru

850

Actually, they're trying to change that.

All of the big three bureaus--Experian, Equifax and TransUnion--got together and were going to change it to more of a 400 - 1000 scale with a corresponding letter grade, like school.

Fair Issac & Co. (FICO, as in "FICO score") stepped in and, ironically enough, sued them for collusion or some such nonsense. Which is screwed up since FICO has a monopoly on the algorithms used in most credit scoring. (Some companies have their own methods in which FICO scores are just part of their underwriting.)

IIRC, Equifax is fighting it, while the other two just gave up.

Oh, and three things to Buckin--

1. A 725 is actually pretty good, especially at your age. During my 20's, my score was somewhere between Paris Hilton's IQ and Mel Gibson's blood alcohol content.

Sadly, in this economy, a 725 is what a 680 - 700 was a few years ago to most lenders.

2. Make sure you just didn't sign up for a monthly service. Most places not only charge for a score but also sign you up for some bullpuckey "monitoring" service.

3. You really don't need to know your score, nor do most folks. Seriously -- just run your report each year for free and, as long as your payment history is solid, you're good. And if you've had issues, get 'em taken care of and you'll be fine.

Credit scores are way overrated as a true judge of credit risk and history. The actual, you know, history is more important, and scores take into account other stuff (e.g. how much you've moved, etc.) that are tangentially related, yet given more weight than they should.

Just my $.02 ... keep the change.

MM
~~

P.S. My score is a around 805, but I pulled that myself.

**007** · 01-15-2009, 08:24 PM

Quote:

Originally Posted by Mark M

Actually, they're trying to change that.

All of the big three bureaus--Experian, Equifax and TransUnion--got together and were going to change it to more of a 400 - 1000 scale with a corresponding letter grade, like school.

Fair Issac & Co. (FICO, as in "FICO score") stepped in and, ironically enough, sued them for collusion or some such nonsense. Which is screwed up since FICO has a monopoly on the algorithms used in most credit scoring. (Some companies have their own methods in which FICO scores are just part of their underwriting.)

IIRC, Equifax is fighting it, while the other two just gave up.

Oh, and three things to Buckin--

1. A 725 is actually pretty good, especially at your age. During my 20's, my score was somewhere between Paris Hilton's IQ and Mel Gibson's blood alcohol content.

Sadly, in this economy, a 725 is what a 680 - 700 was a few years ago to most lenders.

2. Make sure you just didn't sign up for a monthly service. Most places not only charge for a score but also sign you up for some bullpuckey "monitoring" service.

3. You really don't need to know your score, nor do most folks. Seriously -- just run your report each year for free and, as long as your payment history is solid, you're good. And if you've had issues, get 'em taken care of and you'll be fine.

Credit scores are way overrated as a true judge of credit risk and history. The actual, you know, history is more important, and scores take into account other stuff (e.g. how much you've moved, etc.) that are tangentially related, yet given more weight than they should.

Just my $.02 ... keep the change.

MM
~~

P.S. My score is a around 805, but I pulled that myself.

But, for now, this is what they primarily use. Pulling your credit history is a good thing but if you don't understand what you are looking at you will never know what it really means. The score at least gives you an idea where you stand. It is not a bad thing. Just don't go solely on the score.

If you pay attention to what you are doing and paying off your bills rather than just paying minimums then you are on the right track.

**Mr. Flopnuts** · 01-15-2009, 08:26 PM

Quote:

Originally Posted by CrazyPhuD

Nah you want to owe the government as much as possible without owing fees. Why? Just like when you get a refund back from the government you gave them an interest free loan. When you owe the government money you're getting and interest free loan from the government. If you take that money and put it in something that makes money you make out ahead. This of course depends upon a person being able to manage their finances, but really you want to owe money.

This.

01-15-2009, 02:13 PM
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9903836	Income Taxes Wife and I both got our W-2's today. Getting $5001 back, not too shabby. Can finally pay the old lady's Trailblazer off. Anyone else got their's done yet?
Posts: 812

01-15-2009, 05:33 PM	#46
Buck Take a Chill Pill Join Date: Nov 2006 Location: South Carolina Casino cash: $6190295	Damn I hope that I get a refund. This is my first year of not being a full time student, so we'll see.
Posts: 44,604

01-15-2009, 05:33 PM	#47
BWillie Are you ready to Rumble? Join Date: Apr 2006 Casino cash: $-1248759	Can you write off being a Chiefs fan?
Posts: 52,448

01-15-2009, 07:06 PM	#50
Iowanian Supporter Join Date: Aug 2000 Location: Utopia Casino cash: $1818454	Charitable contributions are deductions.....for those that don't have any big expenses and need deductions to hide some of their money. I'm hoping I don't get slayed, I shouldn't but I don't even know what to expect.
Posts: 62,927

01-15-2009, 07:28 PM	#52
Simplex3 MVP Join Date: Sep 2003 Casino cash: $10004900	I've always thought it was strange that I have to make quarterly payments to the government based on what I think I'll earn this year, and if I screw up and don't pay enough soon enough I get slapped with fines. However, if I over pay they never seem to return the favor.
Posts: 28,527

01-15-2009, 07:35 PM	#54
Buck Take a Chill Pill Join Date: Nov 2006 Location: South Carolina Casino cash: $6190295	I know this is the wrong thread, but I just checked my Credit score. Equifax gave me a 725, good right?
Posts: 44,604