masterkilla Posted January 2, 2006 Share Posted January 2, 2006 curious to know what everyone is gonna get for their legacy w/ their taxes...you must get at least one thing for the car, right? also..what would you recommend i get for my stock spec b...taking suggestions Link to comment Share on other sites More sharing options...
NHLEG Posted January 2, 2006 Share Posted January 2, 2006 If you mean a tax return, that means you paid too much to Uncle Sam to begin with and gave him an interest free loan for the year. Can't understand why people get so excited to get their own money back? I pay estimated quarterly taxes and always owe on April 15. It really sucks having to pay Uncle Sam 4 big ass checks a year and if everybody had to do it this way, we'd have a tax payer revolt on our hands. If you are getting a return, you are overpaying. Why? Reduce what you let the government take from your pay checks. Link to comment Share on other sites More sharing options...
mccorry Posted January 2, 2006 Share Posted January 2, 2006 Can't understand why people get so excited to get their own money back? +1.... money I get back goes right into the bank. Link to comment Share on other sites More sharing options...
Mister S Posted January 2, 2006 Share Posted January 2, 2006 If you mean a tax return, that means you paid too much to Uncle Sam to begin with and gave him an interest free loan for the year. Can't understand why people get so excited to get their own money back? I pay estimated quarterly taxes and always owe on April 15. It really sucks having to pay Uncle Sam 4 big ass checks a year and if everybody had to do it this way, we'd have a tax payer revolt on our hands. If you are getting a return, you are overpaying. Why? Reduce what you let the government take from your pay checks. 'cause most americans wouldn't save the extra few bucks they would get a week so having the Uncle do it works for them, and if everyone would have to pay in our tax rate would be a tad higher since the Uncle is getting a tax free loan on all the people who get money back. I understand it both ways, no need to criticize Link to comment Share on other sites More sharing options...
BDII Posted January 2, 2006 Share Posted January 2, 2006 meh, gotta pay off my credit card, that I maxed out buying stuff for my GT Need forum help? Private Message legGTLT Link to comment Share on other sites More sharing options...
Ridgeracer Posted January 2, 2006 Share Posted January 2, 2006 I want to finish paying for this car. Still owe 15K. "Gimme mines Balboa...Gimme mines".....Clubber Lang - Mr. T Link to comment Share on other sites More sharing options...
mccorry Posted January 2, 2006 Share Posted January 2, 2006 That sucks. I hate car payments and refuse to have any. Link to comment Share on other sites More sharing options...
Ridgeracer Posted January 2, 2006 Share Posted January 2, 2006 Well I'm going to try to pay it off this year if possible. "Gimme mines Balboa...Gimme mines".....Clubber Lang - Mr. T Link to comment Share on other sites More sharing options...
legandrex Posted January 2, 2006 Share Posted January 2, 2006 Refund check pays for property taxes. No toys for me. Link to comment Share on other sites More sharing options...
2Simpletons Posted January 2, 2006 Share Posted January 2, 2006 I'm in the camp of the interest-free loan. Both my wife and I claim 0 on the W-4. Every year we get a nice fat return because that's the way we like it. Yeah I know the Gov.'s getting an interest free loan...who cares. What would I be getting? 1.5%...2%?? I'd rather have the $5K-$6K in a nice lump sum that I can throw on something. Lump sums go much farther than little piddly amounts. And yes I am saving a ton and have mutiple IRA's on top of this. I just look forward to that "untouchable, non-liquid" savings account every Feburary. It's always done great things for me in the past years. That said, we're not quite sure what we'll do...definitely pay off some debt with it, maybe put some of it towards toys...dono yet. Link to comment Share on other sites More sharing options...
fweasel Posted January 2, 2006 Share Posted January 2, 2006 I'm in the camp of the interest-free loan. Both my wife and I claim 0 on the W-4. Every year we get a nice fat return because that's the way we like it. Yeah I know the Gov.'s getting an interest free loan...who cares. What would I be getting? 1.5%...2%?? I'd rather have the $5K-$6K in a nice lump sum that I can throw on something. Lump sums go much farther than little piddly amounts. And yes I am saving a ton and have mutiple IRA's on top of this. I just look forward to that "untouchable, non-liquid" savings account every Feburary. It's always done great things for me in the past years. That said, we're not quite sure what we'll do...definitely pay off some debt with it, maybe put some of it towards toys...dono yet. What he said ignore him, he'll go away. Link to comment Share on other sites More sharing options...
Scotty Posted January 2, 2006 Share Posted January 2, 2006 I think of the govt taking my money like a piggy bank. Every Febuary or March, I get to crack the piggy bank open. It's better than having to write out a huge check to the IRS on money you probably already spent. Link to comment Share on other sites More sharing options...
Deer Killer Posted January 2, 2006 Share Posted January 2, 2006 I'm in the camp of the interest-free loan. Both my wife and I claim 0 on the W-4. Every year we get a nice fat return because that's the way we like it. Yeah I know the Gov.'s getting an interest free loan...who cares. What would I be getting? 1.5%...2%?? I'd rather have the $5K-$6K in a nice lump sum that I can throw on something. Lump sums go much farther than little piddly amounts. And yes I am saving a ton and have mutiple IRA's on top of this. I just look forward to that "untouchable, non-liquid" savings account every Feburary. It's always done great things for me in the past years. That said, we're not quite sure what we'll do...definitely pay off some debt with it, maybe put some of it towards toys...dono yet. I think unless you've run-up every one of your credit cards the main idea behind doing this is irrelevant. If you can't be disciplined enough to save this money instead of spending it every paycheck, it's not like you can be "out of money" and just naturally not spend it, someone's always offering you a line of credit. Link to comment Share on other sites More sharing options...
harrydog Posted January 2, 2006 Share Posted January 2, 2006 'cause most americans wouldn't save the extra few bucks they would get a week so having the Uncle do it works for them, and if everyone would have to pay in our tax rate would be a tad higher since the Uncle is getting a tax free loan on all the people who get money back. I understand it both ways, no need to criticize I agree. If I adjusted my witholding so that I got no refund, the extra money in my weekly check would simply disappear with nothing to show for it. I prefer getting a refund check. Link to comment Share on other sites More sharing options...
MassiveAttack Posted January 2, 2006 Share Posted January 2, 2006 Last year I owed 25 dollars to Federal and got back $100 from State. I tried to get both as close to 0 as possible, but I'm no tax accountant for sure. This year we will most likely get a lot back, but that is because of the new house. I didn't feel like re-estimating our tax and our deduction for our mortgage is going to be huge this year. If I had to guess the return this year will be around $1500. Enough for a new deck for the house. Link to comment Share on other sites More sharing options...
mtorsani Posted January 2, 2006 Share Posted January 2, 2006 We owed $2700 last year but we have mortgage interest this year (finally), so hopefully we will get some money back....nothing for the car though. Will just pay down some bills. Link to comment Share on other sites More sharing options...
2Simpletons Posted January 2, 2006 Share Posted January 2, 2006 I think unless you've run-up every one of your credit cards the main idea behind doing this is irrelevant. If you can't be disciplined enough to save this money instead of spending it every paycheck, it's not like you can be "out of money" and just naturally not spend it, someone's always offering you a line of credit. No credit cards here buddy, just car and house. Didn't I just say I was saving a ton? Obviously I have discipline. It's just a different mentality-nothing wrong with it. I won't miss the $15 in interest I would have made on that saving throughout the year-sorry. I agree. If I adjusted my witholding so that I got no refund, the extra money in my weekly check would simply disappear with nothing to show for it. I prefer getting a refund check. ^^Yes, this is another good reason.^^ Link to comment Share on other sites More sharing options...
mlrtime Posted January 2, 2006 Share Posted January 2, 2006 If you mean a tax return, that means you paid too much to Uncle Sam to begin with and gave him an interest free loan for the year. Can't understand why people get so excited to get their own money back? I pay estimated quarterly taxes and always owe on April 15. It really sucks having to pay Uncle Sam 4 big ass checks a year and if everybody had to do it this way, we'd have a tax payer revolt on our hands. If you are getting a return, you are overpaying. Why? Reduce what you let the government take from your pay checks. +1 I try to come as close to 0 as possible. Link to comment Share on other sites More sharing options...
Direwolf Posted January 2, 2006 Share Posted January 2, 2006 Preliminary estimates show that I'll probably end up with a 5-6k refund this year. This is mostly an AMT credit from a prior tax year. If you've never been subject to AMT, please don't give me advice on adjusting my withholding. AMT is a tricky beast. That being said, I'll probably contribute as much of it as I can into my Roth (the max this year is 4k, but not sure I'm allowed to max out). And the rest will go into my "Miata fund". Since the XT is paid off, I'm hoping to pick up an MX-5 for summer use. Hopefully a 2006, since I really like the re-design. Link to comment Share on other sites More sharing options...
mlrtime Posted January 2, 2006 Share Posted January 2, 2006 I'm in the camp of the interest-free loan. Both my wife and I claim 0 on the W-4. Every year we get a nice fat return because that's the way we like it. Yeah I know the Gov.'s getting an interest free loan...who cares. What would I be getting? 1.5%...2%?? I'd rather have the $5K-$6K in a nice lump sum that I can throw on something. Lump sums go much farther than little piddly amounts. And yes I am saving a ton and have multiple IRA's on top of this. I just look forward to that "untouchable, non-liquid" savings account every Feburary. It's always done great things for me in the past years. That said, we're not quite sure what we'll do...definitely pay off some debt with it, maybe put some of it towards toys...dono yet. Try 4.25% and you can do a automatic partial deposit with most companies payroll system. Link to comment Share on other sites More sharing options...
jc51373 Posted January 2, 2006 Share Posted January 2, 2006 42" Pioneer Elite Plasma. Link to comment Share on other sites More sharing options...
StringFellow Posted January 2, 2006 Share Posted January 2, 2006 I'm in the camp of the interest-free loan. Both my wife and I claim 0 on the W-4. Every year we get a nice fat return because that's the way we like it. Yeah I know the Gov.'s getting an interest free loan...who cares. What would I be getting? 1.5%...2%?? I'd rather have the $5K-$6K in a nice lump sum that I can throw on something. Lump sums go much farther than little piddly amounts. And yes I am saving a ton and have mutiple IRA's on top of this. I just look forward to that "untouchable, non-liquid" savings account every Feburary. It's always done great things for me in the past years. That said, we're not quite sure what we'll do...definitely pay off some debt with it, maybe put some of it towards toys...dono yet. You are so right....not to mention you don't have to worry about having to pay Uncle Sam. I have done it both ways, and if you estimate what to take out of your paycheck and you estimate wrong, you have to pay. I don't like to touch the savings account for anything. Uncle Sam gets some interest from me, but in turn I get a nice check to pay my horrible homeowners fee and increase my savings account even more! -S Link to comment Share on other sites More sharing options...
StringFellow Posted January 3, 2006 Share Posted January 3, 2006 Try 4.25% and you can do a automatic partial deposit with most companies payroll system. Assuming you estimate right and don't have to pay Uncle Sam (because you didn't estimate right). Estimating is really tough when you have stock sales, real estate investments, etc. Lets see....$4k return.....4.25% is $170.......nah not worth it! Too much frustration and worry. -S Link to comment Share on other sites More sharing options...
iuksob03 Posted January 3, 2006 Share Posted January 3, 2006 damn extra income from my side job, looks like the AP has to go back! Link to comment Share on other sites More sharing options...
Nsaglibene Posted January 3, 2006 Share Posted January 3, 2006 hmmm hopefully it will be enough to get me a bit closer to stage 2... Link to comment Share on other sites More sharing options...
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