Tax Return Check

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  • jdhdiggs
    jdhdiggs Posts: 4,305
    edited March 2007
    Sharebuilder would be your friend as well...
    There is no genuine justice in any scheme of feeding and coddling the loafer whose only ponderable energies are devoted wholly to reproduction. Nine-tenths of the rights he bellows for are really privileges and he does nothing to deserve them. We not only acquired a vast population of morons, we have inculcated all morons, old or young, with the doctrine that the decent and industrious people of the country are bound to support them for all time.-Menkin
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  • markmarc
    markmarc Posts: 2,309
    edited March 2007
    I know it's easy to criticize others, but for many circumstances are such that the fiscal discipline comes from having the money in the gov'ts hands. It's inot the brightest way, but if it works, and they are able to use the money from their return, good for them.

    It's important to keep in mind that if you are self employed, or in sales, it can get pretty crazy going back and forth on deductions. Some months you can make a fortune, others it suck big time.
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  • Demiurge
    Demiurge Posts: 10,874
    edited March 2007
    bobman1235 wrote:
    jdhdiggs, believe me, I completely understand how moronic the thought process is. It doesn't make it any less true.

    I get paid every two weeks. The first thing I do when I get my paycheck is pay off every bill that's in my pile o' bills. Anything that's left tends to just get spent. I don't even really KNOW where it goes, I just see that I have money in the bank, so I go out and do something with it, I guess. If I had an extra hundred dollars every two weeks in that paycheck that wasn't going to taxes, it would just end up in the same void. Whereas, when at the end of the year, I get 1500 dollars back from the government, I tend to do something useful with it (like go on vacation).

    Sure, I could throw that same hundred bucks a paycheck into a savings account, and actually make interest on it, and have even more money at the end of the year to go on vacation with. But, personally, I don't trust myself to do that (or at least, I never did; over the past year or so I've gotten a LITTLE better at it).

    And I KNOW I'm not alone in this. It's illogical and inefficient, but it's the way it is.

    Do yourself a favor and buy Quicken, Microsoft Money, or whatever.

    Start tracking EVERYTHING (it's easy after you get going). Hell, you don't even need to follow a strict budget, but you'll definitely see where your money is going. :)

    I was in the same boat as you. I don't know what you make, but assume you get by without fear of having money (?). If that's the case, you have money to save....and there's always room to cut in any budget. I don't care who you are. Just the fact some of you have internet access is one expense that's not needed for most people. Hey, it's $25 a month. 4 payments like that a month and you have a car payment.
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  • Demiurge
    Demiurge Posts: 10,874
    edited March 2007
    jdhdiggs wrote:
    Sharebuilder would be your friend as well...

    A Roth IRA would also be a good friend. If you put $4,000 (max for 2007) or whatever in, you can take that same amount out and not get penalized. You get penalized and taxed if you try to take the interest payments out.
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  • bobman1235
    bobman1235 Posts: 10,822
    edited March 2007
    The sad thing is I use Quicken RELIGIOUSLY. Every penny is accounted for. There's just way too much in the "Entertainment" and "Dining" slices of the "expenses" pie chart. :D
    If you will it, dude, it is no dream.
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  • Demiurge
    Demiurge Posts: 10,874
    edited March 2007
    bobman1235 wrote:
    The sad thing is I use Quicken RELIGIOUSLY. Every penny is accounted for. There's just way too much in the "Entertainment" and "Dining" slices of the "expenses" pie chart. :D

    You need to find some cheaper hookers then. :p:p
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  • PolkThug
    PolkThug Posts: 7,532
    edited March 2007
    Demiurge wrote:
    A Roth IRA would also be a good friend. If you put $4,000 (max for 2007) or whatever in, you can take that same amount out and not get penalized. You get penalized and taxed if you try to take the interest payments out.

    +100 After a matching funds 401k, a Roth IRA is the next place to go.
    Never Forget
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  • jdhdiggs
    jdhdiggs Posts: 4,305
    edited March 2007
    You can run Roth IRA's from sharebuilder... ;)
    There is no genuine justice in any scheme of feeding and coddling the loafer whose only ponderable energies are devoted wholly to reproduction. Nine-tenths of the rights he bellows for are really privileges and he does nothing to deserve them. We not only acquired a vast population of morons, we have inculcated all morons, old or young, with the doctrine that the decent and industrious people of the country are bound to support them for all time.-Menkin
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  • Ron-P
    Ron-P Posts: 8,516
    edited March 2007
    I've got a little over $4,600 coming back, no bills so it's all going into savings other then some really nice seats for the up and coming Cirque du Soleil: Corteo show coming later this year...and maybe a few Blu-ray and HD-DVDs.
    If...
    Ron dislikes a film = go out and buy it.
    Ron loves a film = don't even rent.
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  • shack
    shack Posts: 11,154
    edited March 2007
    My goal is to write the IRS a check for between $50 and $500 each year. This means I've done a good job of setting my withholding.
    "Just because you’re offended doesn’t mean you’re right." - Ricky Gervais

    "For those who believe, no proof is necessary. For those who don't believe, no proof is possible." - Stuart Chase

    "Consistency requires you to be as ignorant today as you were a year ago." - Bernard Berenson
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  • cfrizz
    cfrizz Posts: 13,415
    edited March 2007
    :eek: I cry if I have to write the IRS a check. Most times I get money back. Only once did I have to write a check, that was because I had so many capital gains one year on my mutual funds. I was NOT a happy camper!

    I either take that money & put it directly into my savings account, or buy myself a new toy. Last years was spent on my Sunfire amp!:D
    shack wrote:
    My goal is to write the IRS a check for between $50 and $500 each year. This means I've done a good job of setting my withholding.
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  • Demiurge
    Demiurge Posts: 10,874
    edited March 2007
    PolkThug wrote:
    +100 After a matching funds 401k, a Roth IRA is the next place to go.

    Yep, aaaaand you can take up to $10,000 in dividends out tax free on a house, no matter your age. You'll get penalized on a car and pretty much everything else, but if you're saving young for a house a Roth IRA is a top notch money making machine.
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