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Author Topic: Tax Refund(s) Yes/No"  (Read 599 times)

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HawgWild

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Tax Refund(s) Yes/No"
« on: February 05, 2018, 10:37:03 am »

Filed my taxes last Friday. Owed money to the Feds as I have every year since the 1980s. Got to thinking, a lot of people look forward to getting a refund. I'm more of the camp that wants to avoid giving Uncle Same an interest free loan. In fact, I try to owe right up to the line before a penalty kicks in. (I've had to pay a penalty twice over the years and that's no fun at all.)

Do you try to manage your withholding to get a good amount back? Pay in or little id any? Never really mattered? Your finances are too complext to do this?

Just curious.

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woodrow hog call

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Re: Tax Refund(s) Yes/No"
« Reply #1 on: February 05, 2018, 12:47:54 pm »

We most always have to pay in more, I guess I should look at it as getting to use Uncle Sam's money for most of the year before I have to pay him back, but I have a hard time doing that. I guess it's all about perspective, maybe I need to change mine.
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widespreadsooie

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Re: Tax Refund(s) Yes/No"
« Reply #2 on: February 05, 2018, 12:51:53 pm »

I try to true up taxes mid year in order to break around even.
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CSCSW

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Re: Tax Refund(s) Yes/No"
« Reply #3 on: February 05, 2018, 04:35:48 pm »

Im just getting into investing and know very little. Why is it that we Im guessing the we meant as fellow investors are having to pay on?
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widespreadsooie

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Re: Tax Refund(s) Yes/No"
« Reply #4 on: February 05, 2018, 04:57:24 pm »

Im just getting into investing and know very little. Why is it that we Im guessing the we meant as fellow investors are having to pay on?

Interest, dividends, capital gains derived from stock, other capital gains, business investments, real estate investments. Basically anything that makes a dollar that doesn't derive from your job.
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zane

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Re: Tax Refund(s) Yes/No"
« Reply #5 on: February 06, 2018, 08:08:58 am »

I try to break about even.

This year will be interesting though. Next year even more..
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DeltaBoy

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Re: Tax Refund(s) Yes/No"
« Reply #6 on: February 23, 2018, 02:36:55 pm »

With all those medical bills we got $4,700 back.
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HawgWild

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Re: Tax Refund(s) Yes/No"
« Reply #7 on: February 23, 2018, 04:14:27 pm »

Just adding up your insurance premiums gets you a good start on this deduction.
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kodiakisland

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Re: Tax Refund(s) Yes/No"
« Reply #8 on: February 23, 2018, 08:10:48 pm »

I would never, ever get a refund on purpose.  I almost always owe.  The trick is to owe, but not enough to pay the penalty.  Never, ever give the government an interest free loan.
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NuttinItUp

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Re: Tax Refund(s) Yes/No"
« Reply #9 on: February 24, 2018, 09:21:05 am »

I would never, ever get a refund on purpose.  I almost always owe.  The trick is to owe, but not enough to pay the penalty.  Never, ever give the government an interest free loan.

^^^This^^^

People get so happy about getting money back around tax time, and I always just shake my head thinking, if you had invested that money instead, you would have more. Entirely the wrong approach to get money back from the government.



(Note: I fully understand most people have no will power, so this may be the only way they would have this sum of money because they would have pissed it away anyway.)
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tasteslikechicken

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Re: Tax Refund(s) Yes/No"
« Reply #10 on: February 26, 2018, 08:11:57 pm »

I take my beating every year in early April.
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widespreadsooie

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Re: Tax Refund(s) Yes/No"
« Reply #11 on: February 26, 2018, 08:14:59 pm »

I take my beating every year in early April.

Not by accident, I hope.
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DeltaBoy

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Re: Tax Refund(s) Yes/No"
« Reply #12 on: February 28, 2018, 12:36:15 pm »

We use it to pay for College and Summer School and for some trip during the summer.  We tryed the other way and did not like having to 800 to 1,200 bucks to pay them.
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HawgWild

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Re: Tax Refund(s) Yes/No"
« Reply #13 on: February 28, 2018, 02:06:24 pm »

Filed my Federal/state taxes on-line 2/2 and got my state refund check on 2/25. Nothing back from the Feds. I owe them.
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HiggiePiggy

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Re: Tax Refund(s) Yes/No"
« Reply #14 on: February 28, 2018, 05:51:53 pm »

I sold my rental property. We owe this year.
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hawgrunner

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Re: Tax Refund(s) Yes/No"
« Reply #15 on: March 18, 2018, 01:41:41 am »

I'd like to break even but always paying.
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HawgWild

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Re: Tax Refund(s) Yes/No"
« Reply #16 on: March 18, 2018, 05:32:40 pm »

I have paid the Feds every year since the mid 1980's. The State, never paid in to them.
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bulldog04

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Re: Tax Refund(s) Yes/No"
« Reply #17 on: March 23, 2018, 09:34:34 pm »

I just got into cattle farming a couple years ago and have gotten a refund every year. Its just a small operation. Ive always paid or got a small amount back
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