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Bingo! I always owe a little each year, but little enough to avoid a penalty, etc., for paying inadequate quarterly estimates throughout the year. I do NOT give the Fed Gov an interest free loan. Period.
Doubtful, people just put all their nest eggs into a Govt retirement plan. Sometimes it backfires and you can't diversify like other investors can. Very risky gamble.
This thread is a reminder for me to have a quick look at my own returns. Nothing has changed so I assume I will pay the same as last year. Nothing.
I know I'll pay more due to the $10,000 SALT tax deduction cap. HOWEVER, the increase in my tax liability is MUCH lower than it would have been had I not fled blue state Taxinois (i.e., Illinois).
Most people prefer having more taken out so that they do not owe more after Christmas and Holiday season.
That's remarkably stupid. WHY give the Fed Gov an interest free loan? It would be MUCH better to take that supposedly earmarked and intentional federal income tax overpayment and put it into an interest-bearing account. That way, one gets both their money back PLUS interest. The Fed Gov doesn't pay interest on tax refunds.
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By not having that return a lot of credit card and other bills will not be getting paid off.
I'm speechless... That excuse is the epitome of financial illiteracy. /SMH
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This tax cut is the same POS as the flat tax in NC. It did not work and still does not work.
It's fair. Earn little; pay little. Earn a lot; pay a lot.
If someone evaluates the year they had financially, based on their tax return, they're doing something wrong. A knowledgeable person would look at their total take home pay, minus all taxes. If you want a big refund, have more taken out of your paychecks. You'll have a bigger refund, but that doesnt mean you made more money.
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