Taxes

[Timothy]

Woot, woot!!!

Taxes done, owe the drunken uncle less than a Benjamin and gettin a few Bennies back from the boorish commies on Beacon Hill!

All in all, in the black for 2017!

[alfsauve]

State refund came yesterday.   Spent on bills today.

[red364]

First time in years I've gotten a refund, I'm liking it!  Self employment usually doesn't include refunds...

[les snyder]

... I'll be 70 1/2 this year and the required minimum distributions on my IRAs start ... taking a voluntary 10% on the RMDs required a little effort getting the paperwork in place...I did learn that I can roll some qualified pre tax IRA money to a Roth (after paying the tax, naturally), but have to limit the amount so not to bump into the next tax bracket...you try to save what you can during your working years, and put away some retirement funds...for you younger guys, look into an after tax Roth if you are offered a payroll deduction, if they are still available, and not run into the tax problem when your income is reduced...  so back to the quarterly payments..

[TAB]

Between  personal, pay roll and Corp taxes... I gve them 7 figures. 

[Sponsor]

[Big Frank]

I paid H&R Block to do my state and federal taxes for several years. I used to do my own until I found out I screwed them up. This year I had some gambling winnings to report which required extra time and (paper)work so it cost me more than ever to get them done. That's also the reason I have to pay city taxes for the first time in years. The city is nice enough not to tax my pension and social security, but any winnings above $600 are reported to the IRS by the state, and everyone wants a piece of the pie.

I used to have an extra $50 a month federal taxes withheld so I knew I would always get hundreds of dollars for a refund. I quit doing that and now I never know how big my refund will be, or if I'll even get one. I have to file city taxes myself. It only takes a few minutes to fill it out, but I still have some time until I have to do that and mail them in. I got $13 back from the state, and my federal refund was about half of what I paid H&R Block.

[fatbaldguy]

Less than $100 from Uncle Sugar. Got that withholding figured about right. $600 from the State. Doing something wrong with that one.

[Timothy]

Less than $100 from Uncle Sugar. Got that withholding figured about right. $600 from the State. Doing something wrong with that one.

Several guys I work with will give MORE money out of their check than what the drunken uncle wants and hope for a larger refund!

Single income, no kids expecting about 6.5k back...  It makes no sense!

[MikeBjerum]

Several guys I work with will give MORE money out of their check than what the drunken uncle wants and hope for a larger refund!

Single income, no kids expecting about 6.5k back...  It makes no sense!

The government hates that!  When I did our church's payroll I had to remind employees that the plan of working for a big refund had two issues:  1.  You are lending money to the government interest free and paying interest on your loans all year; and 2.  If you play this game too much, there are penalties.  The government has a rule that if you continually get a large refund, you will be fined.  They hate having to give back money they shouldn't have received in the first place, especially when you are planning it that way.

[Big Frank]

I liked getting a $400-$500 total refund from Uncle Sam and the state because I didn't have to worry about having enough money in the bank to pay my taxes. But I thought that was still too much of my money to not have all year. I'm going to leave it as is for now with zero extra taken out, but if I owe anything next year, I'll have enough extra taken out the following year to cover it from then on. A refund of $100 would be good. Then I would know most of my money would be in one of my accounts earning interest instead of the government having it. When I got refunds of around $900 I would sometimes use my refund to buy a new gun or something I wanted, but why wait for a refund next year when I can have the money this year?