TheSamba.com :: View topic

Fri Feb 22, 2008 9:06 am

So I spend all year trying to make sure I'm paying enough taxes and not paying too many taxes...

It seems every other year I either owe or get a refund.

How do you just break even? I don't get it...

Fri Feb 22, 2008 9:28 am

If you ever figure it out, let me know too....

Fri Feb 22, 2008 9:40 am

Close counts in this game. If your refund is small or the check you write is big, but not big enough that you have to pay a penalty, you are winning.

Fri Feb 22, 2008 10:16 am

you can fine tune it, if you know how much tax liability you will have. i dont ever make the same every week so for me its hopeless, but you might be able to figure it. if your witholding isnt quite enough, the W-4 allows you to specify an additional amount withheld, which you can specify, IIRC. do the math and ask your employer to provide a new form to fill out.

Fri Feb 22, 2008 10:21 am

We get back under $100, makes me feel that the tax accountant is worth his money.

Fri Feb 22, 2008 10:32 am

http://www.irs.gov/individuals/article/0,,id=96196,00.html

Fri Feb 22, 2008 10:35 am

here's one for you- we file state every year and always get X-amount back..a month ago I got a letter from State saying we owe $700.00 for 2004... :roll:

Fri Feb 22, 2008 2:06 pm

mynameismud wrote: here's one for you- we file state every year and always get X-amount back..a month ago I got a letter from State saying we owe $700.00 for 2004... :roll:

Make 'em prove it. I have a coworker that just had Canada tell her she owes taxes for 2006 and she hasn't lived in Canada since 2003 (and no, she does not own any property up there are have any involvements with time spent working up there)

Fri Feb 22, 2008 2:32 pm

dquattlebum wrote: So I spend all year trying to make sure I'm paying enough taxes and not paying too many taxes...

It seems every other year I either owe or get a refund.

How do you just break even? I don't get it...

do exactly what the federal government does, but do it for yourself...don't have taxes taken from your salary checks during the year. figure out approximately what you will owe for the entire year (overshoot if anything), and deposit the tax amount from each check accordingly. You can collect interest over the course of the year (saving account, CDs, what-have-you), then pay the IRS only what you owe them. Then YOU keep the interest on your tax money...not THEM.

Fri Feb 22, 2008 5:39 pm

millerje78 wrote: dquattlebum wrote: So I spend all year trying to make sure I'm paying enough taxes and not paying too many taxes...

It seems every other year I either owe or get a refund.

How do you just break even? I don't get it...

do exactly what the federal government does, but do it for yourself...don't have taxes taken from your salary checks during the year. figure out approximately what you will owe for the entire year (overshoot if anything), and deposit the tax amount from each check accordingly. You can collect interest over the course of the year (saving account, CDs, what-have-you), then pay the IRS only what you owe them. Then YOU keep the interest on your tax money...not THEM.

Thats a bit intriguing. Never considered doing that.

Fri Feb 22, 2008 8:58 pm

One year I got a nice bonus from work, so I didn't pre-pay enough taxes to cover it. I was assessed a $2.00 fine (yes, two dollars US). The IRS wanted me to pre-pay the next year and pay quarterly towards it, to avoid the penalty the next year, so let's see: four stamps ($1.64 then or so) plus hassle to save a few cents? They must think I'm an idiot, maybe a stupid idiot (the worst kind).

Fri Feb 22, 2008 9:06 pm

I got 12k back this year.

Fri Feb 22, 2008 9:34 pm

I hate the IRS. If I break even I consider it good. I pay quarterly as i am self employed. The harder you work the more you get to pay , Its rather thoughtfull of them. :lol:

Sat Feb 23, 2008 3:47 am

I get 3 - 4 grand every year between fed and state

Sat Feb 23, 2008 4:59 am

2 years ago I took my father in law's bright (sarcasm intended) idea; I have three people in my house self included and I claimed 10. Yeah you guessed it, the first year I owed $5000. I left it the same for the 07 year too unfortunatley grossed over $100K and am too afraid right now to do my taxes... :roll:

Sat Feb 23, 2008 7:09 am

State,I usually end up with a 3-400 dollar refund. But fed for the past three years, I end up paying around 15 bucks. I don't get it, I need to buy a house I think.

Sat Feb 23, 2008 7:29 am

chipmcluk wrote: State,I usually end up with a 3-400 dollar refund. But fed for the past three years, I end up paying around 15 bucks. I don't get it, I need to buy a house I think.

you are set up just right then. the federal tax-draws on your checks are set up almost perfectly if you are plus or minus $15 every year! keep it like it is, and don't plan your year around a refund! you are doing it right!

Sat Feb 23, 2008 6:00 pm

I got back $54 Federal, $45 State and it cost me $85 to have my returns done. I cleared $14. I am trying to get it closer next year.

Sat Feb 23, 2008 6:33 pm

jmillers62 wrote: I got back $54 Federal, $45 State and it cost me $85 to have my returns done. I cleared $14. I am trying to get it closer next year.

That is rediculous you have to do with out the $14 all year, how do you manage? :?

Sat Feb 23, 2008 7:45 pm

Live within your means and pay the piper when he claims his due. Oh, and STFU about it. There are two certainties in life, and they are "Death and Taxes". The harder you work to avoid them, the sooner they claim your debt.