U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-22-2019, 05:11 PM
 
8,753 posts, read 5,903,615 times
Reputation: 16327

Advertisements

Quote:
Originally Posted by oceangaia View Post
You really see no incentive in you holding possession of your money that can be accessed at any time versus the government holding possession of your money that can only be accessed at end of year by filing a return? You already said you had the discipline to hold possession and not spend it but if it was in a savings account and you had a sudden expense like major car repair or AC repair then you could access it. The govt isn't going to let you have that overpaid "refund" early even if your life is depending upon it.
We are lucky enough that we have enough liquid assets to cover anything short of a major catastrophe. 5k won't help

We owe 0 dollars and have our future is funded

How about everyone managing heir money and our financial advisor and MrsM and I will manage ours

When interest goes up, I'll alter my strategy
Reply With Quote Quick reply to this message

 
Old 02-22-2019, 05:14 PM
 
8,975 posts, read 4,239,533 times
Reputation: 11484
Just goes to show how people will always find a way to justify their brain-dead decisions.
Reply With Quote Quick reply to this message
 
Old 02-23-2019, 04:35 AM
 
68,641 posts, read 69,369,484 times
Reputation: 46371
not everyone can predict their taxable income in advance .. when you pay estimated like we do on market investments you can over pay a lot like last year when markets turned south in the last quarter ..

so we pay around the higher end of our tax range assuming it is an up year , but that range can end up anywhere from zero tax on the market income to 70k ... that is a lot of variable to predict in advance ..

but we just apply any overage to next years estimated so we never see it anyway .... when the day comes i have to worry about lost 1 or 2% on excess tax with-holdings which are cumulative anyway and not on lump sum , which get taxed as well , i better review my financial plan because in the scheme of things it should be irrelevant . .
Reply With Quote Quick reply to this message
 
Old 02-23-2019, 03:56 PM
 
36,525 posts, read 14,011,431 times
Reputation: 23125
Why folks are so concerned about how others handle their withholding, refund, and savings is somewhat of a mystery.

MYOB.

We prefer to get money back instead of owing a chunk of change each spring. It's our business how we handle our finances.

I haven't checked to see if our total tax bill went down or up. Makes no difference to me. It is what it is.

Our taxes could drop in half and my opinion of Trump, the Republicans, and their Russian backers wouldn't change.
Reply With Quote Quick reply to this message
 
Old 02-23-2019, 04:48 PM
 
18,320 posts, read 13,026,010 times
Reputation: 13644
Quote:
Originally Posted by mathjak107 View Post
not everyone can predict their taxable income in advance .. when you pay estimated like we do on market investments you can over pay a lot like last year when markets turned south in the last quarter ..

so we pay around the higher end of our tax range assuming it is an up year , but that range can end up anywhere from zero tax on the market income to 70k ... that is a lot of variable to predict in advance ..

but we just apply any overage to next years estimated so we never see it anyway .... when the day comes i have to worry about lost 1 or 2% on excess tax with-holdings which are cumulative anyway and not on lump sum , which get taxed as well , i better review my financial plan because in the scheme of things it should be irrelevant . .
Most people who are earning a salary or hourly wage don’t really have a ton of variation so they should be able to narrow the liability/withholding. Taken a step further with how poor most Americans understand personal finances they’d be better served learning a bit a paying down debt monthly instead of overpaying the govt and then celebrating in April when they get a refund
Reply With Quote Quick reply to this message
 
Old 02-23-2019, 04:49 PM
 
18,320 posts, read 13,026,010 times
Reputation: 13644
Quote:
Originally Posted by GotHereQuickAsICould View Post
Why folks are so concerned about how others handle their withholding, refund, and savings is somewhat of a mystery.

MYOB.

We prefer to get money back instead of owing a chunk of change each spring. It's our business how we handle our finances.

I haven't checked to see if our total tax bill went down or up. Makes no difference to me. It is what it is.

Our taxes could drop in half and my opinion of Trump, the Republicans, and their Russian backers wouldn't change.
MYOB doesn’t really work here because it’s a place for discussion and people put themselves out there.
Reply With Quote Quick reply to this message
 
Old 02-23-2019, 07:09 PM
 
8,753 posts, read 5,903,615 times
Reputation: 16327
Quote:
Originally Posted by GotHereQuickAsICould View Post
Why folks are so concerned about how others handle their withholding, refund, and savings is somewhat of a mystery.

MYOB.

We prefer to get money back instead of owing a chunk of change each spring. It's our business how we handle our finances.

I haven't checked to see if our total tax bill went down or up. Makes no difference to me. It is what it is.

Our taxes could drop in half and my opinion of Trump, the Republicans, and their Russian backers wouldn't change.
I can agree with everything you said, except your last sentence
Reply With Quote Quick reply to this message
 
Old 02-24-2019, 09:41 AM
 
4,093 posts, read 1,758,510 times
Reputation: 2164
Our AGI was about $5K more this year and our tax rate ended up being 10%. 2% less than the year prior. I think it was the increased child tax credit that really helped us out.
Reply With Quote Quick reply to this message
 
Old 02-24-2019, 10:25 AM
 
8,975 posts, read 4,239,533 times
Reputation: 11484
It occurred to me that maybe some of those saying they received a much smaller refund live in a high tax state and the SALT caps have reduced their deductions, causing an increase in AGI. Of course, this wouldn't apply to those always taking the standard deductions.
Reply With Quote Quick reply to this message
 
Old 02-24-2019, 12:10 PM
 
Location: Log "cabin" west of Bangor
5,633 posts, read 6,637,335 times
Reputation: 10123
There was an article about this in the local paper last week. Changes made to withholdings and tax rules took [some] people by surprise. Some people ended up owing a lot more than they had planned on.

I ended up owing a big chunk for 2017 so I made adjustments. For 2018 I have a small amount owed to the state, which will be covered by a slightly larger amount due back from the Fed. I prefer to keep as much of my own money as possible, and try to balance so that I neither owe a great deal nor expect a great deal back. In the relatively recent past I re-fi'd my house, cutting the interest and term in half so my interest deduction is gone and I will no longer be itemizing. C'est la vie. My house will be paid off much sooner and I'll save a ton of money that would have been wasted paying interest.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. | Please obey Forum Rules | Terms of Use and Privacy Policy

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top