Thread: Tax time !

Originally Posted by Nuckle

Buying a can of dip and a case of beer with my return. I would throw up if I knew the Federal Gov. drew interest on $3000 or $4000 of my money. I try to set things up to have as little of a return as possible. I want my money when I make it and not 12 months later. They will damn sure charge you a penalty if you do not pay enough through the year but will not pay you a penny of interest if you over pay.

Nuck

I couldn't agree more. Back when i made real money, thats exactly what i did... i paid every quarter. I wanted my money to make money. But circumstances change, and now i just get back what i get back. Honestly, i don't even budget a return in, so when it comes around its like found money! (Even though it was mine in the first place).

Originally Posted by asianator365

Originally Posted by Drax1970

Don't forget you will be getting more in May or June...

Should be $1200 if it is only you working or $1800 if your wife works as well.

Scott has kids so he gets more.

Yep figured that in. I am of course assuming he only has 2 kids...

Originally Posted by AttackRabbit

Originally Posted by Nuckle

Buying a can of dip and a case of beer with my return. I would throw up if I knew the Federal Gov. drew interest on $3000 or $4000 of my money. I try to set things up to have as little of a return as possible. I want my money when I make it and not 12 months later. They will damn sure charge you a penalty if you do not pay enough through the year but will not pay you a penny of interest if you over pay.

Nuck

My thoughts exactly. In 2006 the IRS distributed $229 billion in refunds with the average being about $2600 http://www.irs.gov/taxstats/article/0,,id=96629,00.html. If you assume that this amount arrives over the course of the year and is compounded monthly at a rate of 8%, we see that the IRS made over $8.5 billion off of the generosity of the American taxpayer.
(not my forum, but I couldn't resist jumping in)

'Rabbit

Exactly. Usually mine comes out so I owe about $50. Just the way I want it. This year I ended up owing $250 because of interest bearing account I have. Whatever, I'd still rather owe them at the end of the year than vice versa.