sweeny_comodore
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http://www.bestbuy.com/site/Samsung+-+60%22+Class+/+LED+/+1080p+/+120Hz+/+3D+/+HDTV/2685156.p?id=1218344447702&skuId=2685156
http://www.sigsauer.com/CatalogProductDetails/p250-full-size.aspx
in .40
and i paid off a few bills and such.
i really wanted some new brewing equipment too, but hat can wait.
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Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine the original monotheism: http://en.wikipedia.org/wiki/Phallus
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ZigmundZag
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How about paying off that $4500 you owe to the gubmint?
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IMHO
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ZigmundZag posted:
How about paying off that $4500 you owe to the gubmint?
 
-----signature-----
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He's [Manegarm] like the Fred Phelps of atheism. ~Bubbledude
many of you are in the Republican boat, aka the ship of fools. ~Modeeb
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sweeny_comodore
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ill let my lawyer tell me how much i have to pay the thieving gubmint
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Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine the original monotheism: http://en.wikipedia.org/wiki/Phallus
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Colwynne
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That TV is meh. Active 3d is not what you want, you want passive.
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Altra_Shadowstalker
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120hz? Meh.
I need a new xbox, a subwoofer, a new bed with a decent frame.
But my tax return is going to replenish my savings that I've been eating into lately.
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I don't typo often, but when I do, I blame Swype.
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BubbleDude
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Pickup truck as a second vehicle.
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"It's much easier to just bitch on the internet than actually do something." - Altra_Shadowstalker
It probably came here in the first place because it did a search for "pedo forum." - Yukishiro
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Elocism
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why would you willingly give the government a no interest loan on your monies?
i owe a little bit each year, which is exactly where i want to be
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but faith can heal you
just do everything i tell you to do
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eodoll
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You can't avoid giving a no interest loan to the government when you work for someone else.
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Elocism
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wat
if you get a tax refund = no interest loan to the government
if you owe taxes = no interest loan from the government
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just do everything i tell you to do
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reesescups
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eodoll posted:
You can't avoid giving a no interest loan to the government when you work for someone else.
adjust your withholding...
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eodoll
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The tax withholding amount on most peoples paychecks are usually out of their control.
edit: I'd love to take that tax money that is withheld and put it into my ESPP program, I'd make alot more money.
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Elocism
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wat
-----signature-----
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but faith can heal you
just do everything i tell you to do
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reesescups
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eodoll posted:
The tax withholding amount on most peoples paychecks are usually out of their control.
haha what?
How so? You are the one that tells your employer how much to deduct...
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eodoll
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Okay if that's true I'll go check.. I thought the only thing I could adjust was the number of dependents.
Can I tell my employer to deduct 0?
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Altra_Shadowstalker
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I've made all of $.02 on the equivalent of what the government owes me in a savings account for the last 6 months. Pretending they owed me the return in it's entirety for the entire year, I might have made ten cents on my savings! More likely I would have just spent the few extra bucks on knick knacks and then have to dig further into my savings to pay what I owe.
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"Goddammit, Swearengen, I don't trust you as far as I could th'ow you, but I enjoy the way you lie."
I don't typo often, but when I do, I blame Swype.
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reesescups
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eodoll posted:
Okay if that's true I'll go check.. I thought the only thing I could adjust was the number of dependents.
Can I tell my employer to deduct 0?
I don't know about telling them to deduct 0, but you should be able to sit down with them and figure out how many 'dependents' to deduct for.
Figure out how much you normally get back, and then add in that amount averaged out over the year (based on how often you get paid). If your year to year income is fairly stable, it should be pretty easy to calculate.
For instance if you always get back about (easy numbers) $1,200. They you want to up your dependents to the point where they are withholding about $100 less per month. Easy peasy. Most HR software should be able to tell you right away what your after tax check and withholding will be with X dependents.
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eodoll
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Yeah, I dont think that would work for me... I think the max is 9, i usually put down 6. If you have a mortgage in california (where houses are expensive) then you're looking at a big mortgage interest deduction.
But if I could pay 0 in taxes and put all of that into my corporate ESPP program then I'd be getting a real good return on that cash.
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reesescups
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eodoll posted:
Yeah, I dont think that would work for me... I think the max is 9, i usually put down 6. If you have a mortgage in california (where houses are expensive) then you're looking at a big mortgage interest deduction.
But if I could pay 0 in taxes and put all of that into my corporate ESPP program then I'd be getting a real good return on that cash.
I am no HR person, just expressing what I used to do in that situation back in the day. However, you should still go discuss it with them or a CPA or Tax Attorney. I am sure there is a way to cut down on how much you are giving them especially if you know you are going to be getting a crap ton back.
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__Bonk__
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I owe $650 to the government. I hope my tax return covers most of it!
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I keep my eyes fixed on the sun!
A change in feeling is a change in destiny.
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sweeny_comodore
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Colwynne posted:
That TV is meh. Active 3d is not what you want, you want passive.
its got an awesome picture. samsung aps is where its at. ive got hulu and netflix at the push of a button on the remote.
i really dont give two shits about 3d. i didnt care about it 5 years ago when i bought my last tv, which was also 3d, and i dont care about it now.
i would have liked to have gotten a 240hz tv but this one was in an open box for under $2k. so im not going to complain.
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Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine the original monotheism: http://en.wikipedia.org/wiki/Phallus
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ZartanAround
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sweet .40
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what are nice chickens like you doing in a coop like this?
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Mastara
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I'm looking at that sig too in either .40 or 9mm. Also getting a weatherby vanguard S2 in 7mm rem mag, a new california king size bed for the wife and I, some new clothes and maybe a new tv for my wife to play mw3 with me on. Normally get back about 5-7k each year. Gotta love the tax breaks of being married with kids and a college student  good ol america
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Boooooommmm Heeeaaaddddshhhhooooottttt! http://www.carellaross.com/img/truth_its_the_new_hate_speech.jpg Mastatheimposta - 10L2 SB Merlin
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Bonzoboy1
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What the hell is a tax return?
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Politicians are like diapers, they should be changed often and for the same reason.
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Sansfear
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Elocism posted:
why would you willingly give the government a no interest loan on your monies?
i owe a little bit each year, which is exactly where i want to be
Same here.
That way I get to invest my money and earn interest on it instead of letting the government do the same.
It isn't difficult to do, just monitor your taxes on a quarterly basis and make sure you on track. If you are underpaying too much, simply send in a quarterly tax payment and you'll avoid any penalty.
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Moe_Nox
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Bonzoboy1 posted:
What the hell is a tax return?
Bonzo beat me to it.
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The Nanny State cometh Currency should be bacon cheeseburgers and blow jobs... - Reese Life at the Outpost: http://www.collegehumor.com/video:1771556
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Taliesihne
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eodoll posted:
Okay if that's true I'll go check.. I thought the only thing I could adjust was the number of dependents.
Can I tell my employer to deduct 0?
Yes, this is what I do.
I lose ~30% to generic taxes (taxes meaning anything the govt takes.) and end up in the hole a couple of hundred dollars a year.
As Elo stated, this is where you want to be.
Full disclosure - we did get a huge tax return last year because of the homebuyer credit. I was able to pay for surgery because of it. We also redid our floors and put up a fence.
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Tipztoe
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don't shop at best buy. Worst store ever.
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Akza
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i owe taxes and my withholding is normal with little deductions ;/
last year i had to pay ~$1000 and this year it looks like I have to get a refund of $50.
seems like it's pretty close... never understood why people get these super huge refund checks... talk about a bad use of your money.
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sweeny_comodore
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if youre not getting a big fat return, youre not trying hard enough.
my exemptions are adjusted so they take a minimum out of my paychecks.
i have deductions galore that lowers my taxable income to around $20k. i think this year i hit 17k taxable income.
every penny of taxes i paid on income over 17k gets refunded to me.
that is where you want to be, not owing.
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Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine the original monotheism: http://en.wikipedia.org/wiki/Phallus
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Akza
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good for you.
just as long as you're not one of the people complaining long and hard about the federal deficit or whining whenever bush tax cuts are about to expire.
i pay a 19.5% effective tax rate... i havent fully done my taxes yet this year though.
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Taliesihne
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That extra money you are getting back from the govt I am investing in a retirement fund where it makes more money.
Investment with a 5\6% yield > Investment with no yield.
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Sansfear
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sweeny_comodore posted:
if youre not getting a big fat return, youre not trying hard enough.
my exemptions are adjusted so they take a minimum out of my paychecks.
i have deductions galore that lowers my taxable income to around $20k. i think this year i hit 17k taxable income.
every penny of taxes i paid on income over 17k gets refunded to me.
that is where you want to be, not owing.
You're doing it wrong.
That big fat return you are crowing about is an interest-free loan you are giving to the government.
Instead of getting your $5K (or whatever) check back from the government, put $400/month (whatever / 12) into a retirement account earning 5-10+% interest.
The only reason to use your tax return as an 'investment' is if you don't have the self-control required to avoid spending the extra money.
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Tych2
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Some of you people crack me up.
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Drill Anwar!
Kapie
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_Enkidu_
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I think the last time I got a tax refund was 1987! 
You can keep any money going to the government by checking exempt. If you do this when you make more than the EIC limit they will tell you to stop doing that. In that case max out your exemptions and you should be fine. Or just make more than 100K a year in the market and always have to pay and pay and pay...
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sweeny_comodore
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Sansfear posted:
sweeny_comodore posted:
if youre not getting a big fat return, youre not trying hard enough.
my exemptions are adjusted so they take a minimum out of my paychecks.
i have deductions galore that lowers my taxable income to around $20k. i think this year i hit 17k taxable income.
every penny of taxes i paid on income over 17k gets refunded to me.
that is where you want to be, not owing.
You're doing it wrong.
That big fat return you are crowing about is an interest-free loan you are giving to the government.
Instead of getting your $5K (or whatever) check back from the government, put $400/month (whatever / 12) into a retirement account earning 5-10+% interest.
The only reason to use your tax return as an 'investment' is if you don't have the self-control required to avoid spending the extra money.
i dont think you quite understand how it works.
lets say you make $100k/yr.
at a 10% tax rate you just gave the gubmint $10k.
now after you do your taxes and take into account for all your deductions like property taxes, children, tools and equipment for work, your taxable income is actually only $50k.
so, half of that money you paid in taxes gets handed back to you.
so unless you know a way to only get taxed on half of your actual income, then its not possible to avoid that interest free loan.
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Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine the original monotheism: http://en.wikipedia.org/wiki/Phallus
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Tych2
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-----signature-----
We have enough youth. What we need is a fountain of smart.
Drill Anwar!
Kapie
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Yukishiro1
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sweeny_comodore posted:
i dont think you quite understand how it works.
lets say you make $100k/yr.
at a 10% tax rate you just gave the gubmint $10k.
now after you do your taxes and take into account for all your deductions like property taxes, children, tools and equipment for work, your taxable income is actually only $50k.
so, half of that money you paid in taxes gets handed back to you.
so unless you know a way to only get taxed on half of your actual income, then its not possible to avoid that interest free loan.
/facepalm
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Taliesihne
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Or divert 10% of that 100k tax free to an investment that will yield a ~6% return.
I'm not a business major, but it's generally a good thing to get more back then you put in.
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Yukishiro1
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what sort of funds are you investing in that get a stable 6% return?
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Taliesihne
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Yukishiro1 posted:
what sort of funds are you investing in that get a stable 6% return?
I get about a 3% return and 3% in matching Yuki.
I take 7% of my pay for my 401k, 10% is actually invested.
But from what I can remember, a 5\6% yield is average for a 401k over 30 years.
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sweeny_comodore
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Taliesihne posted:
Or divert 10% of that 100k tax free to an investment that will yield a ~6% return.
I'm not a business major, but it's generally a good thing to get more back then you put in.
yes, but you still have to pay taxes out of your paycheck.
if you got $100k in paychecks through out the year, then you paid taxes on $100k that comes right out of your paycheck.
if your taxable income is only 20k then you are due back the tax money you paid on that remaining 80k.
so, unless youre not paying taxes at all on your 100k, then you will still get some back if you claim enough deductions.
correct?
investing 10% of that money is in addition to any loans you are giving the government.
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Taliesihne
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You don't pay taxes on retirement investments like a 401k and Roth Ira.
That money is taken straight off the top.
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_Enkidu_
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Matching accounts are much higher than 3%! Try 103%.
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Yukishiro1
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Taliesihne posted:
Yukishiro1 posted:
what sort of funds are you investing in that get a stable 6% return?
I get about a 3% return and 3% in matching Yuki.
Oh well sure if you haven't yet maxed out your matching contributions that's a no brainer.
I'm already at the max there.
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Yukishiro1
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sweeny_comodore posted:
Taliesihne posted:
Or divert 10% of that 100k tax free to an investment that will yield a ~6% return.
I'm not a business major, but it's generally a good thing to get more back then you put in.
yes, but you still have to pay taxes out of your paycheck.
No you don't. Unless you work for some crap company that doesn't allow you to choose your exemptions.
Depending on how much you're abusing the tax code you might not be able to get rid of 100% of the interest free loan but you can get pretty close.
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sweeny_comodore
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Taliesihne posted:
You don't pay taxes on retirement investments like a 401k and Roth Ira.
That money is taken straight off the top.
i am aware of that
theres also some insurance payments that come straight off the top.
so taking all that into account, you made 100k. you paid taxes on 100k.
using deductions, like donations to charities, large gifts, etc.. you should be able to get your taxable income below 100k.
the resulting difference in actual taxed income will be refunded to you.
if youre doing things right, then you cant not give the government a loan.
paying into a 401k is not in lieu of paying taxes to the government and is irrelevant to the discussion here.
unless you are saying you used your tax return to pay more into your 401k?
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_Enkidu_
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If you aren't making a lot of money, just increase your deductions or check the 'exempt' box and keep all your cash. It's that simple. Just be ready to pay Uncle Sammy in April.
If you make enough, you can't help but pay in the end. I have 0 deductions and pay a pile every year anyway. Modeeb always tells me this is a good thing, but I still don't like it!
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steelsixsix
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Slow down son you are going to run out of stupid.
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sweeny_comodore
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then you need more deductions.
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Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine the original monotheism: http://en.wikipedia.org/wiki/Phallus
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Kjarhall
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Dear Sweeny,
From,
The Outpost
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You're a crazy moron*
*http://vnboards.ign.com/outpost/b22180/115147923/r115151508/
hah! true story tho i'm a woman an i even love boobs..how can you not??- HallowEve
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sweeny_comodore
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so let me get this straight....
its legal to have 0 taxes taken out of your paycheck every week, or whenever you get paid?
invest the money instead and then pay large amounts at the end of the year, provided you cant deduct enough to make your taxable income =0?
so if i made 100k/year, i dont have to let the government take taxes out of my paycheck so long as im prepared to pay at the end of the year?
and then, i dont have to pay at the end of the year if i can come up with enough deductions to eliminate any taxable income, on paper?
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Yukishiro1
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You should be able to select your exemptions. You can select an option saying you're completely exempt but depending on how much you make the IRS may send you nasty letters for doing it.
Just by maxing out your exemptions you should be able to get rid of most of the automatic deductions from your paycheck.
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sweeny_comodore
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i never thought that was legal.
i would always look over my shoulder like i expected to be carted off to jail for claiming the 2 i do claim
so i could go in tomorrow and adjust my exemptions up to 4 or even 8?
whats the maximum before they start getting nosey into my file?
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Tych2
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Sweeny, let me give you a piece of advice or two.
1) Be able to admit you don't know and seek out people that do know. (This goes for everything in life)
2) Be prepared to pay for that knowledge unless you choose to learn it on your own. (Again this goes for everything in life)
The beauty of the internet is there is a wealth of knowledge out there mostly free of charge if you are willing to invest your time.
HTH
PS. Your assumptions in this thread are incorrect and I am not willing to teach you properly.
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Tipztoe
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why wouldn't you help the US by giving them an interest free loan? You a commie or something?
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Sansfear
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Taliesihne posted:
You don't pay taxes on retirement investments like a 401k and Roth Ira.
That money is taken straight off the top.
Just a clarification. 401Ks are taken from pretax income and taxed when you withdraw it in retirement.
Roth IRAs are taken from after-tax income, but your withdrawals (including interest) will be tax-free when you withdraw them in retirement.
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Sansfear
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sweeny_comodore posted:
i never thought that was legal.
i would always look over my shoulder like i expected to be carted off to jail for claiming the 2 i do claim
so i could go in tomorrow and adjust my exemptions up to 4 or even 8?
whats the maximum before they start getting nosey into my file?
I think the max is 9.
All you are doing with exemptions is to try and match up your taxes withheld with the taxes you owe at the end of the year. It is an estimate only and will vary greatly depending on your situation.
Example: You work a second part time job and have no deductions.
On the 2nd part time job, they take out no/few taxes, but when you add it to your primary job income, you are going to be taxed at a much higher rate and will end up owing money at the end of the year.
In that case, you may need to lower your exemptions and/or ask to have additional money taken out each week to balance out.
In your case, since you have a ton of deductions, you should increase your exemptions and lower the amount they take out each week. Monitor it on a quarterly basis to see that your projected taxes and your withheld taxes are fairly close.
If you are falling behind(or still paying too much), you can adjust exemptions again.
If you have no taxes taken out at all and you owe a significant amount of taxes at the end of the year, you may pay a penalty, which is why you should monitor it.
Here's the IRS info on it. Looks like if you underpay by less than $1000, there is no penalty.
http://www.irs.gov/publications/p505/ch04.html
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steelsixsix
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This thread is what is wrong with our country. Nobody saves for tomorrow. That refund should be saved and invested. Instead you will blow it, then bitch tomorrow that you don't enough money for health care, retirement, whatever. Pretty sure you'll be back bitching about the people who have money and you don't. Your problems begin with you.
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Taliesihne
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Not really sure how you can say that SixSix when the only person not saving for the future is getting reamed by everyone else who does.
But you're right, this thread does exemplify a major issue with the country - people ignore facts.
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steelsixsix
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What? He said he is getting money back and the first thing on his mind is blowing it. Save and learn to invest for tomorrow. Stop wasteful spending.
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sweeny_comodore
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The tv was a replacement for the one that was going out.
The sig wss because I can
Why do you assume I didnt save or invest some?
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Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine the original monotheism: http://en.wikipedia.org/wiki/Phallus
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Rhint
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Iv'e never been able to get it just right and so I end up giving the gov the interest free loan. I do better than I used to but I err on the side of caution.
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