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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, 05:59 PM   Topic Starter
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, 06:02 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, 06:05 PM   #3
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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?
This
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Old 01-18-2013, 03:10 PM   #4
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This

Exactly, I claim exempt.
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Old 01-08-2013, 06:05 PM   #5
R8RFAN R8RFAN is offline
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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?
Same or similar
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Old 01-18-2013, 07:20 AM   #6
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I typically owe $2500-$3000 every year. Why let the Government earn interest on your money?
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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Old 01-18-2013, 10:54 AM   #7
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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, 11:13 AM   #8
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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, 11:57 AM   #9
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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 01-08-2013, 06:03 PM   #10
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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, 06:05 PM   #11
R8RFAN R8RFAN 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 01-18-2013, 06:43 AM   #12
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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.
This is what I did, and your second paragraph is exactly why I changed my withholding. I still over-withhold, I just don't do as much.
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Old 01-08-2013, 06:04 PM   #13
R8RFAN R8RFAN 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, 06:08 PM   #14
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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, 06:09 PM   #15
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Under. No way I am giving the government an interest free loan.
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