Broadband Tech > General Questions > tax refund question

reply to XPAMD

Re: tax refund question

reply to saratoga66
I agree.
A large tax refund is a sign you are shorting yourself in your paycheck. Better to stiff the man, and get more cash in your pocket.

Granted the man will want his due when you pay taxes. So try not to stiff him to much.

I recall someone crowing about getting back a thousand dollars in their tax refund. I was like "WTF dude. You like lending your money for free. At least the banks with their shitty interest rates will have paid you interest on that thousand dollars."
The government just takes it and uses it for free. But some people don't care, they think large refunds are ok, meanwhile they struggle with paying bills etc, because they have to much in taxes taken from their checks.
--
Is a person a failure for doing nothing? Or is he a failure for trying, and not succeeding at what he is attempting to do? What did you fail at today?.

reply to davidhoffman
I agree. Tax perparers have no idea how long it will take the IRS to process the paper work. Though I honestly feel that the IRS should pay you interest on the money. After all, they require you to pay interest on the money you owe them, after a certain length of time.
--
Is a person a failure for doing nothing? Or is he a failure for trying, and not succeeding at what he is attempting to do? What did you fail at today?.

reply to Critsmcgee
Ahh..
depends on the amount of a refund.
I would say if you are getting back more then a grand from the fed, you have a problem with how your federal withholding is set up. You should consider taking a closer look at it, maybe chop a few deductions off of it.
--
Is a person a failure for doing nothing? Or is he a failure for trying, and not succeeding at what he is attempting to do? What did you fail at today?.

Consider this:
If you owe the government money and are late in paying what you owe, you'll owe interest on top of the money you owe.

Meanwhile, while you are kindly allowing the government to hold onto your tax over payment, they aren't paying you interest. Also consider that if things get "bad", the federal government might copy what a few states did, and dely repaying you your tax over payment.

That isn't the type of savings plan I'd want. Better to adjust your with holding so the government doesn't grab to much of your paycheck. Then you can take the extra money and open a CD at your local bank. At least there, it'll earn interest.
--
Is a person a failure for doing nothing? Or is he a failure for trying, and not succeeding at what he is attempting to do? What did you fail at today?.

What's the interest rates on CDs these days?

Also, that money is what you've accumulated over the year, not what you've had all year long, so you couldn't put most of it into a CD anyways.

Tax rates seem to fluctuate for us over the years and I never really know what's up until it's tax season. I'd rather be in the clear than to have to pay back.

This nonsense about interest and "government savings" and whatever is the difference of pennies here.

I got my return in January.
--
A government big enough to give you everything you want, is strong enough to take everything you have. -MLK

reply to mikedz4
My taxes were accepted on Monday and in my bank account on Friday. Not bad!

reply to Archivis
And it's that type of thinking that allows the government to pass things like the Patriot act, and put in place the TSA.
Because they think it's no harm in letting dear old Uncle Sammy to have a little extra.
--
Is a person a failure for doing nothing? Or is he a failure for trying, and not succeeding at what he is attempting to do? What did you fail at today?.

reply to mikedz4

reply to bionicRod

said by bionicRod:

said by Snakeoil:

And it's that type of thinking that allows the government to pass things like the Patriot act, and put in place the TSA.
Because they think it's no harm in letting dear old Uncle Sammy to have a little extra.

Quite a leap there.

reply to mikedz4
When your a 1%er its so hard forking over 35% of all those short term gains.

But, we have to pay the rent and buy food for those that can't support themselves.
--
Cut your losses short and let your winners run.

Margin, and I appreciate your largess. Thanks

reply to 05381257

reply to mikedz4
I e-Filed on February 1st via TurboTax online, and the IRS has yet to confirm online they have it. TurboTax says the feds accepted it though.

Check again today. Just checked now and saw this: