you guys need to adjust your witholdings. i used to get back a fair amount... then i changed my witholdings so it is almost even. i figured out what extra amount i was giving the IRS every year when i'd get a refund, and i have that amount moved from my checking to savings each time i get paid.
you guys need to adjust your witholdings. i used to get back a fair amount... then i changed my witholdings so it is almost even. i figured out what extra amount i was giving the IRS every year when i'd get a refund, and i have that amount moved from my checking to savings each time i get paid.
yeah, i've heard other people doing that as well. some say its better to get more in each paycheck and that way that money gets invested. a lot of people look forward to getting it in a big lump sum each year instead.
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yeah, i've heard other people doing that as well. some say its better to get more in each paycheck and that way that money gets invested. a lot of people look forward to getting it in a big lump sum each year instead.
that is because alot of people (myself included) have a hard time putting money aside to save so getting a big check from the gubment in May is just like putting money into a savings account that they can only access once a year...
that's no so bad. some of my friend who who work for themselves owe in the thousands.
No matter what I do, I can't seem to stay clear of the damn IRS. I just hope they don't audit me again. Every time my CPA tells me how much more money I have to pay this time of year I get sick to my stomach. No change this year.
__________________ Don't fight with an ignorant because he will drag you down to his own level and beat you to death with his skills.
Just wait and see what happens if the Hillary/Obama takes office and they let the tax cuts expire. The AMT will shift back down and hit so many more people. I'm not sure but I think the tax bracket would start around low-mid $100k.
FYI: AMT= Alternative Minimum Tax= figure your taxes as you normally would and if you are in this bracket you re-figure them to the AMT and you pay the HIGHER amount. It was originally targeted at less than 100 people (the highest bracket at the time) who had enough exemptions they paid little in taxes. Somebody just forgot to adjust it for inflation over the years and now it hits millions of people.
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Well my taxes are on their way... since i owe, i mailed them instead of e-file. one cool thing though, i found out that if you owe less than your stimulus rebate (mine is going to be $600), you just file your taxes without paying what you owe and they will deduct that from your rebate.
oh and i am in the first batch of rebate checks going out so i will have mine the beginning of next month. yah!
that is because alot of people (myself included) have a hard time putting money aside to save so getting a big check from the gubment in May is just like putting money into a savings account that they can only access once a year...
right. well in that case, why not just open a high yield savings acct, figure out how much you're overpaying, and have your HR dept direct deposit that amount into the savings and the remainder into your checking? you won't make a fortune off the interest, but at the end of the year, the amount in your savings will definitely be greater than the refund you would be getting otherwise.
between my state and federal I am getting back $3...I was getting back just over 100 with the Fedral and I owe 99 with the state. Not bad after collecting unemployment for 2 months and not taking any taxes out of those checks..
between my state and federal I am getting back $3...I was getting back just over 100 with the Fedral and I owe 99 with the state. Not bad after collecting unemployment for 2 months and not taking any taxes out of those checks..
consider the interest you would have earned off that $3 in a high interest savings account.
