Paying U.S. Income Tax

Lon · Post by **Lon** » Wed Aug 22, 2007 10:14 am

Do you get money back each year? Why do people love that idea? If you get money back, what you have done is make an INTEREST FREE LOAN to the government. You can legally claim more exemptions which will give you more monthly income and then save that extra money yourself and earn some interest. Letting the government use your money all year is a bad way to force yourself into saving. IMHO

minks · Post by **minks** » Wed Aug 22, 2007 11:46 am

Lon;683835 wrote: Do you get money back each year? Why do people love that idea? If you get money back, what you have done is make an INTEREST FREE LOAN to the government. You can legally claim more exemptions which will give you more monthly income and then save that extra money yourself and earn some interest. Letting the government use your money all year is a bad way to force yourself into saving. IMHO

same goes for here in Canada. I only get a we bit of money back for child care issues, the Government takes their taxes from me on a monthly basis as it should.

chonsigirl · Post by **chonsigirl** » Wed Aug 22, 2007 12:18 pm

It is nice to get a refund back, for that one thing a year you could never afford to have. Thihs year, my refund bought the four plane tickets for my daughter's wedding. It was well worth it.

G-man · Post by **G-man** » Wed Aug 22, 2007 2:44 pm

Lon;683835 wrote: Do you get money back each year?

:wah:

It is nice to get a refund back, but... it's not really a refund... it was your money all along, but the government used it to invest at a minimum of 10%... just think how much more money you could've had if you'd taken that and invested it over the course of a year?

Lon · Post by **Lon** » Wed Aug 22, 2007 4:28 pm

Was my post confusing??????

Nomad · Post by **Nomad** » Wed Aug 22, 2007 5:03 pm

Lon;684015 wrote: Was my post confusing??????

I wasnt going to log in. Just a quick look to see whats going on then off to watch a movie.

So anyhoo I saw this and couldnt resist.

Yes Lon it was confusing. You know it reminds me of a kid I grew up with. Brucie, he lived a couple of doors down and we used to make him eat insects. Ants, crickets, one time we gave him a bumblebee and he ate it. All I really remember is the funny look on his face when it stung his tongue and then him running around in circles.

So the next time you start a confusing thread let me know. I love this stuff. :-6

Accountable · Post by **Accountable** » Wed Aug 22, 2007 5:20 pm

I write a check every year. I'm keeping my money as long as I can before I give my part to the gov't. This year I learned out about a little rule they have for people like me. They charge a fine if you have "too much" or "too little" withheld. It's my money; I should be able to withhold whatever I want -- or none at all if I want.

Stupid rule damn near cost me.

Lon · Post by **Lon** » Wed Aug 22, 2007 7:07 pm

I believe that as long as you have paid 90% of your prior years tax liability you are OK, no penalties.