The check's in the mail...

[PacMan]

Originally Posted by BFloFoxRider.

yea thats what i figured
but dont alot of your taxes get refunded usually?

Not a "lot", no.

[BFloFoxRider.]

Originally Posted by PacMan

Not a "lot", no.

usually enough to get some sick new bike parts at least though right?

[bighit8]

Well if you are lucky, sometimes you owe, There is a lot more involved than just getting so called free money.

[PacMan]

Originally Posted by BFloFoxRider.

usually enough to get some sick new bike parts at least though right?

I don't see my return as this awesome bonus when it's money they already took from me. It usually goes to bills.

[92se-r]

I pay 30% of my income in taxes. I'm not getting a check. What's up with that?

[g-dub]

As my undergrad econ prof taught me: NFL (no free lunch). Save the money for the upcoming inflation. You'll need it.

[allison]

Originally Posted by BFloFoxRider.

yea thats what i figured
but dont alot of your taxes get refunded usually?

Nah, we owed the last two years, and will again. The only difference is that we keep our money until mar/april instead of the gobment making money off of our money until then.

[bighit8]

N.F.L can also stand for nice F-ing Luck!

[BFloFoxRider.]

Originally Posted by bighit8

N.F.L can also stand for nice F-ing Luck!

Or No F'ing Luck

[bighit8]

I claim nothing, not even myself so I never owe. ( cant claim my kids, read previous post) It gives me a false sense of security.

[PacMan]

Originally Posted by bighit8

I claim nothing, not even myself so I never owe. ( cant claim my kids, read previous post) It gives me a false sense of security.

Same here. My wife claims 1 and I claim 0. We have 3 kids too. I'd rather get money back than have to pay.

[reflux]

Originally Posted by El Rolo

simple economics...who do you think is going to pay for this?

Please indulge me, as I'm having trouble figuring this out. When the economy slows down again after said "stimulus checks" are spent, what is going to happen? Will the government issue another set of checks? The unfortunate truth is that the American people, for arguably upwards of 2 decades (high by my understanding), have been spending money they don't have. Once the dust settles from the current recession, the general population will have to come to terms with the paradigm shift in the economic and military situation. The economic stimulus checks serve two purposes 1) postpone the inevitable, the paradigm shift and 2) create votes.

*Edit - If I'm wrong, and I hope I am, please help me to understand the situation.*

[queenwilhelmina]

bighit - Though it's nice getting a nice little tax return. Let me let you in on a little secret. And that goes for the rest of yous.

Claim 12 (or 11) on your W-4 and receive the most money you possibly can. It is YOUR money. Take the amount that would have gone to taxes and put it in an ING savings account. Around November, change your W-4 to withhold all or most of your last few paychecks to pay your taxes owed. You'll have the $ in your ING account to replace your paychecks.

The end result is that you have earned interest all year on your "tax" money. Interest rates obviously dropped a little bit recently, but it's still extra money if you think about. I believe their interest rates right now are above 3% which is pretty good for a basic savings account. It may only amount to an extra $100, but hey $100 is $100!!!

[foofighter]

you're assuming these chaps will remember to do that

[reflux]

Originally Posted by queenwilhelmina

stuff

It couldn't hurt to do some math...namely interest and underpayment penalties the IRS and FTB will assess. Sure, you can make $100 in interest on your savings account, but it doesn't do you any good if the taxing authorities charge you 3x that in P&I. I'm just sayin'...

[queenwilhelmina]

Originally Posted by reflux

It couldn't hurt to do some math...namely interest and underpayment penalties the IRS and FTB will assess. Sure, you can make $100 in interest on your savings account, but it doesn't do you any good if the taxing authorities charge you 3x that in P&I. I'm just sayin'...

Absolutely. Doing the math is essential or you'll pay penalties. As long as you know what your tax liability is and you pay it before Jan 1, you'll be fine. I always wind up overpaying anyway.

[Pain Freak]

It's really stupid, it does nothing to fix the problems that got us into this mess. It just delays the inevitable.

Folks we heading for a recession, or the the reality is we have already been in one and it will continue.

[nappyt]

Originally Posted by queenwilhelmina

bighit - Though it's nice getting a nice little tax return. Let me let you in on a little secret. And that goes for the rest of yous.

Claim 12 (or 11) on your W-4 and receive the most money you possibly can. It is YOUR money. Take the amount that would have gone to taxes and put it in an ING savings account. Around November, change your W-4 to withhold all or most of your last few paychecks to pay your taxes owed. You'll have the $ in your ING account to replace your paychecks.

The end result is that you have earned interest all year on your "tax" money. Interest rates obviously dropped a little bit recently, but it's still extra money if you think about. I believe their interest rates right now are above 3% which is pretty good for a basic savings account. It may only amount to an extra $100, but hey $100 is $100!!!

I have a buddy that does that. Works well for him because he has the discipline. I would never even try to do that. But from a dollars and cents point of view it works.

[b5driver]

Originally Posted by queenwilhelmina

bighit - Though it's nice getting a nice little tax return. Let me let you in on a little secret. And that goes for the rest of yous.

Claim 12 (or 11) on your W-4 and receive the most money you possibly can. It is YOUR money. Take the amount that would have gone to taxes and put it in an ING savings account. Around November, change your W-4 to withhold all or most of your last few paychecks to pay your taxes owed. You'll have the $ in your ING account to replace your paychecks.

The end result is that you have earned interest all year on your "tax" money. Interest rates obviously dropped a little bit recently, but it's still extra money if you think about. I believe their interest rates right now are above 3% which is pretty good for a basic savings account. It may only amount to an extra $100, but hey $100 is $100!!!

And the nice thing is that ING has the neat little auto-withdrawl feature.