Home Discord Chat
Go Back   ChiefsPlanet > Nzoner's Game Room
Reload this Page Money Your tax withholding strategy
Register FAQDonate Members List Calendar

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

Reply
Page 3 of 5 12 3 45
 
Thread Tools Display Modes
Old 01-08-2013, 05:59 PM  
DaFace DaFace is offline
Kind of a mod
 
DaFace's Avatar
 
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $-1863101
Your tax withholding strategy
Just a poll for random discussion now that tax season is rolling around again...
Posts: 53,153
DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.DaFace is obviously part of the inner Circle.
     Reply With Quote
Old 01-18-2013, 12:03 AM   #31
Buck Buck is offline
Take a Chill Pill
 
Buck's Avatar
 

Join Date: Nov 2006
Location: South Carolina
Casino cash: $6010295
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: 44,606
Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.
     Reply With Quote
Old 01-18-2013, 06:43 AM   #32
Fire Me Boy! Fire Me Boy! is offline
Cast Iron Jedi
 
Fire Me Boy!'s Avatar
 

Join Date: Nov 2004
Casino cash: $9999900
VARSITY
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.
Posts: 35,253
Fire Me Boy! is obviously part of the inner Circle.Fire Me Boy! is obviously part of the inner Circle.Fire Me Boy! is obviously part of the inner Circle.Fire Me Boy! is obviously part of the inner Circle.Fire Me Boy! is obviously part of the inner Circle.Fire Me Boy! is obviously part of the inner Circle.Fire Me Boy! is obviously part of the inner Circle.Fire Me Boy! is obviously part of the inner Circle.Fire Me Boy! is obviously part of the inner Circle.Fire Me Boy! is obviously part of the inner Circle.Fire Me Boy! is obviously part of the inner Circle.
     Reply With Quote
Old 01-18-2013, 06:53 AM   #33
Saulbadguy Saulbadguy is offline
When a nightmare becomes real
 
Saulbadguy's Avatar
 

Join Date: Nov 2003
Casino cash: $736966
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?
__________________
http://www.goemaw.com
Posts: 47,020
Saulbadguy threw an interception on a screen pass.Saulbadguy threw an interception on a screen pass.Saulbadguy threw an interception on a screen pass.Saulbadguy threw an interception on a screen pass.Saulbadguy threw an interception on a screen pass.Saulbadguy threw an interception on a screen pass.Saulbadguy threw an interception on a screen pass.Saulbadguy threw an interception on a screen pass.Saulbadguy threw an interception on a screen pass.Saulbadguy threw an interception on a screen pass.Saulbadguy threw an interception on a screen pass.
     Reply With Quote
Old 01-18-2013, 07:20 AM   #34
El Jefe El Jefe is offline
Don't tread on me.
 
El Jefe's Avatar
 

Join Date: Nov 2006
Location: Where the peaches grow
Casino cash: $9030572
Quote:
Originally Posted by Scorp View Post
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.
Posts: 8,540
El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.
     Reply With Quote
Old 01-18-2013, 07:21 AM   #35
El Jefe El Jefe is offline
Don't tread on me.
 
El Jefe's Avatar
 

Join Date: Nov 2006
Location: Where the peaches grow
Casino cash: $9030572
Quote:
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.
Posts: 8,540
El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.El Jefe Forgot to Remove His Claytex and Got Toxic Shock Syndrome.
     Reply With Quote
Old 01-18-2013, 08:05 AM   #36
Chief Roundup Chief Roundup is offline
Admitted Planet Junky
 
Chief Roundup's Avatar
 

Join Date: Oct 2000
Casino cash: $-1568373
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?
__________________
Fanaticism is nowhere.
There is no tenderness or humanity in fanaticism.
Posts: 19,565
Chief Roundup has enough rep power to blowy ou to bits.Chief Roundup has enough rep power to blowy ou to bits.Chief Roundup has enough rep power to blowy ou to bits.Chief Roundup has enough rep power to blowy ou to bits.Chief Roundup has enough rep power to blowy ou to bits.Chief Roundup has enough rep power to blowy ou to bits.Chief Roundup has enough rep power to blowy ou to bits.Chief Roundup has enough rep power to blowy ou to bits.Chief Roundup has enough rep power to blowy ou to bits.Chief Roundup has enough rep power to blowy ou to bits.Chief Roundup has enough rep power to blowy ou to bits.
     Reply With Quote
Old 01-18-2013, 08:13 AM   #37
ChiefsCountry ChiefsCountry is offline
The Insider
 
ChiefsCountry's Avatar
 

Join Date: Jan 2004
Location: Lake of the Ozarks
Casino cash: $-1571248
Pay my cpa to figure it out for me.
Posted via Mobile Device
Posts: 52,122
ChiefsCountry is obviously part of the inner Circle.ChiefsCountry is obviously part of the inner Circle.ChiefsCountry is obviously part of the inner Circle.ChiefsCountry is obviously part of the inner Circle.ChiefsCountry is obviously part of the inner Circle.ChiefsCountry is obviously part of the inner Circle.ChiefsCountry is obviously part of the inner Circle.ChiefsCountry is obviously part of the inner Circle.ChiefsCountry is obviously part of the inner Circle.ChiefsCountry is obviously part of the inner Circle.ChiefsCountry is obviously part of the inner Circle.
     Reply With Quote
Old 01-18-2013, 08:14 AM   #38
Dayze Dayze is offline
Resident Glue Sniffer
 
Dayze's Avatar
 

Join Date: Nov 2003
Casino cash: $1759358
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
__________________
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..
Posts: 37,460
Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.
     Reply With Quote
Old 01-18-2013, 09:18 AM   #39
Buehler445 Buehler445 is offline
Supporter
 
Buehler445's Avatar
 

Join Date: Apr 2007
Location: Scott City KS
Casino cash: $-1575266
Quote:
Originally Posted by Chief Roundup View Post
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.
Posts: 60,010
Buehler445 is obviously part of the inner Circle.Buehler445 is obviously part of the inner Circle.Buehler445 is obviously part of the inner Circle.Buehler445 is obviously part of the inner Circle.Buehler445 is obviously part of the inner Circle.Buehler445 is obviously part of the inner Circle.Buehler445 is obviously part of the inner Circle.Buehler445 is obviously part of the inner Circle.Buehler445 is obviously part of the inner Circle.Buehler445 is obviously part of the inner Circle.Buehler445 is obviously part of the inner Circle.
     Reply With Quote
Old 01-18-2013, 09:35 AM   #40
Buck Buck is offline
Take a Chill Pill
 
Buck's Avatar
 

Join Date: Nov 2006
Location: South Carolina
Casino cash: $6010295
Quote:
Originally Posted by Chief Roundup View Post
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.
Posts: 44,606
Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.Buck is obviously part of the inner Circle.
     Reply With Quote
Old 01-18-2013, 09:38 AM   #41
ChiTown ChiTown is offline
Stroking to the SB Champs!
 
ChiTown's Avatar
 

Join Date: Aug 2000
Location: Flatlands of Kansas
Casino cash: $-511038
Quote:
Originally Posted by ChiefsCountry View Post
Pay my cpa to figure it out for me.
Posted via Mobile Device
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.
__________________
Posts: 40,927
ChiTown is obviously part of the inner Circle.ChiTown is obviously part of the inner Circle.ChiTown is obviously part of the inner Circle.ChiTown is obviously part of the inner Circle.ChiTown is obviously part of the inner Circle.ChiTown is obviously part of the inner Circle.ChiTown is obviously part of the inner Circle.ChiTown is obviously part of the inner Circle.ChiTown is obviously part of the inner Circle.ChiTown is obviously part of the inner Circle.ChiTown is obviously part of the inner Circle.
     Reply With Quote
Old 01-18-2013, 09:41 AM   #42
Dayze Dayze is offline
Resident Glue Sniffer
 
Dayze's Avatar
 

Join Date: Nov 2003
Casino cash: $1759358
holy shit.

yeah....CPA route lol. That's insane
__________________
Life is 99% inspiration, 1% Perspiration, and 1% Attention to Detial.

RIP & Godspeed:
Saccoppo
Lonewolf Ed
Fire Me Boy
Posts: 37,460
Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.Dayze is obviously part of the inner Circle.
     Reply With Quote
Old 01-18-2013, 09:44 AM   #43
DaKCMan AP DaKCMan AP is offline
Beloved & Awesome CP Celebrity
 
DaKCMan AP's Avatar
 

Join Date: Aug 2000
Location: Florida
Casino cash: $5584952
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.
__________________
https://chiefsplanet.com/BB/signaturepics/sigpic78_6.gif
Posts: 35,714
DaKCMan AP has disabled reputation
     Reply With Quote
Old 01-18-2013, 10:37 AM   #44
alnorth alnorth is offline
.
 
alnorth's Avatar
 

Join Date: Dec 2002
Casino cash: $57156239
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.
__________________
how many emo kids does it take to change a lightbulb?
HOW MANY?!
none they just sit in the dark and cry
Posts: 36,130
alnorth is obviously part of the inner Circle.alnorth is obviously part of the inner Circle.alnorth is obviously part of the inner Circle.alnorth is obviously part of the inner Circle.alnorth is obviously part of the inner Circle.alnorth is obviously part of the inner Circle.alnorth is obviously part of the inner Circle.alnorth is obviously part of the inner Circle.alnorth is obviously part of the inner Circle.alnorth is obviously part of the inner Circle.alnorth is obviously part of the inner Circle.
     Reply With Quote
Old 01-18-2013, 10:40 AM   #45
rageeumr rageeumr is offline
Veteran
 
rageeumr's Avatar
 

Join Date: Apr 2005
Location: St. Louis :(
Casino cash: $9989900
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.
Posts: 2,313
rageeumr 's adopt a chief was Sabby Piscitellirageeumr 's adopt a chief was Sabby Piscitellirageeumr 's adopt a chief was Sabby Piscitellirageeumr 's adopt a chief was Sabby Piscitellirageeumr 's adopt a chief was Sabby Piscitellirageeumr 's adopt a chief was Sabby Piscitellirageeumr 's adopt a chief was Sabby Piscitellirageeumr 's adopt a chief was Sabby Piscitellirageeumr 's adopt a chief was Sabby Piscitellirageeumr 's adopt a chief was Sabby Piscitellirageeumr 's adopt a chief was Sabby Piscitelli
     Reply With Quote
Reply
Page 3 of 5 12 3 45

« Previous Thread | > Nzoner's Game Room < | Next Thread »

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump




All times are GMT -6. The time now is 10:17 AM.

Contact Us - ChiefsPlanet - Archive - Top

This is a test for a client's site.
Fort Worth Texas Process Servers
Covering Arlington, Fort Worth, Grand Prairie and surrounding communities.
Tarrant County, Texas and Johnson County, Texas.
Advertise with us!
Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2025, vBulletin Solutions, Inc.