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Feb 12th, 2024
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 Re: Tax refund
[Re: bill oxner]
#7431763
02/12/19 12:37 PM
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Joined: Sep 2009
Posts: 14,011
NDN98
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Just finished gathering up all my tax documents and receipts to take to my accountant. Haven't got a refund in several years and not expecting one now.
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Re: Tax refund
[Re: bill oxner]
#7431765
02/12/19 12:46 PM
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Joined: Oct 2008
Posts: 18,087
Jasb
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Re: Tax refund
[Re: huntingag01]
#7431784
02/12/19 01:09 PM
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Joined: Dec 2012
Posts: 11,913
Simple Searcher
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Never understood why people let the government hold on to their money, interest free, for a year and then have to justify to the government, why they need it back.
100% agree on this one. Not a tax expert, but didn't plan on this change. I haven't had a refund since they year we got married 15 yrs ago. I always make sure that there is plenty withheld and I get some of my money back, I hate when I have to write them a check for more. But only the extra that was withheld in January the previous year was held for a year, the December withholding was only held for a a little better than a month. My CPA asked if I wanted the IRS to hold $500-$1000 of mine for a year, and I said "they don't, some of it they only held for a month or two."
![[Linked Image]](https://live.staticflickr.com/4340/36432483774_50a6be0c41_m.jpg) "Man is still a hunter, still a simple searcher after meat..." Robert C. Ruark
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Re: Tax refund
[Re: bill oxner]
#7431810
02/12/19 01:30 PM
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Joined: Sep 2012
Posts: 12,866
PMK
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haven't even started pulling stuff together to take to our CPA. She always runs the numbers and we put the optimum into an IRA for my wife (no 401k available) which usually just about zeros out any refund.
"everyone that lives dies but not everyone who dies lived..."
~PMK~
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Re: Tax refund
[Re: Simple Searcher]
#7431839
02/12/19 01:49 PM
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Joined: Jul 2008
Posts: 21,617
pegasaurus
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Never understood why people let the government hold on to their money, interest free, for a year and then have to justify to the government, why they need it back.
100% agree on this one. Not a tax expert, but didn't plan on this change. I haven't had a refund since they year we got married 15 yrs ago. I always make sure that there is plenty withheld and I get some of my money back, I hate when I have to write them a check for more. But only the extra that was withheld in January the previous year was held for a year, the December withholding was only held for a a little better than a month. My CPA asked if I wanted the IRS to hold $500-$1000 of mine for a year, and I said "they don't, some of it they only held for a month or two." You are right but what about the the rest that is held up to 10 months?  I just prefer making choices on what to do with my money and will gladly write a check if necessary, rather than giving it to the Govt to hold until I justify why I want it back. I prefer to play the game the other way around. I use the system in the way it is designed. I hold on to my money and only pay what the Govt convinces me that I owe based on their rules.
Funny thing about getting older:
Your eyesight starts getting weaker but your ability to
see through people's BS gets much better.
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Re: Tax refund
[Re: bill oxner]
#7431849
02/12/19 01:56 PM
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Joined: Jan 2011
Posts: 65,527
SnakeWrangler
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I don’t have a clue. Spitfire handles all that crap....
I believe in science and I’m an insufferable [censored] Actually, BBC is pretty damn good "You Cannot Simultaneously Be Politically Correct And Intellectually Honest!"
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Re: Tax refund
[Re: bill oxner]
#7431854
02/12/19 02:02 PM
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Joined: Nov 2004
Posts: 11,410
Choctaw
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If I get a refund that only means someone other than my family benefited from my earnings last year.
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Re: Tax refund
[Re: bill oxner]
#7431871
02/12/19 02:20 PM
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Joined: Aug 2008
Posts: 14,950
don k
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![[Linked Image]](https://texashuntingforum.com/forum/pics/userpics/2019/02/full-9089-177852-img_1434.jpg) I spent $50,000 to get a $2500 refund.
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Re: Tax refund
[Re: bill oxner]
#7432142
02/12/19 06:42 PM
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Joined: Jan 2016
Posts: 7,759
snake oil
THF Trophy Hunter
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Joined: Jan 2016
Posts: 7,759 |
End of Feb. or first of April for taxes. Don't think all our tax stuff is in yet..
"You may all go to hell and I will go to Texas".
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Re: Tax refund
[Re: Choctaw]
#7432157
02/12/19 06:52 PM
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Joined: Nov 2009
Posts: 91,416
bill oxner
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If I get a refund that only means someone other than my family benefited from my earnings last year. The refund comes from our own withholding. I withhold 25% from my RMD which is the money I have saved. In case you don't know, RMD is my required minimum distribution. I have to take it out. They still get to keep most of it. Take $40,000. They withhold $10,000. I don't get all that back. Same example with my pension.
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill ![[Linked Image]](https://texashuntingforum.com/forum/pics/usergals/2017/07/full-3669-105539-full_16668_105507_image.jpg)
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Re: Tax refund
[Re: bill oxner]
#7432164
02/12/19 07:01 PM
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Joined: Jul 2008
Posts: 33,378
bigbob_ftw
Big Sprocket Bob
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Big Sprocket Bob
Joined: Jul 2008
Posts: 33,378 |
If I get a refund that only means someone other than my family benefited from my earnings last year. The refund comes from our own withholding. I withhold 25% from my RMD which is the money I have saved. In case you don't know, RMD is my required minimum distribution. I have to take it out. They still get to keep most of it. Take $40,000. They withhold $10,000. I don't get all that back. Same example with my pension. you don't get paid interest on that money.
![[Linked Image]](http://texasfishingforum.com/forums/pics/usergals/2017/07/full-20284-169974-image_preview.jpg) Ultra MAGA '24.
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Re: Tax refund
[Re: bigbob_ftw]
#7432181
02/12/19 07:20 PM
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Joined: Nov 2009
Posts: 91,416
bill oxner
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If I get a refund that only means someone other than my family benefited from my earnings last year. The refund comes from our own withholding. I withhold 25% from my RMD which is the money I have saved. In case you don't know, RMD is my required minimum distribution. I have to take it out. They still get to keep most of it. Take $40,000. They withhold $10,000. I don't get all that back. Same example with my pension. you don't get paid interest on that money. It's my IRA. It grows every year. Sometimes more that my distribution. There is a chart that tells you how much you have to take out every year. You have to take out a bigger percentage each year. I think at 96 you have to take out half. I just found the chart. You have to take out half when you are 115. You can withdraw as much as you want over your RMD. https://www.bankrate.com/finance/money-guides/ira-minimum-distributions-table.aspx
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill
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Re: Tax refund
[Re: bill oxner]
#7432219
02/12/19 07:52 PM
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Joined: Jul 2006
Posts: 110,797
dogcatcher
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At the current interest rates paid on savings, the argument of losing money on interest earnings is useless.
Combat Infantryman, the ultimate hunter where the prey shoots back.
_____________"Illegitimus non carborundum est"_______________![[Linked Image]](https://texashuntingforum.com/forum/pics/usergals/2018/09/full-3152-162968-charge_air_assault.jpg)
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Re: Tax refund
[Re: bill oxner]
#7432234
02/12/19 08:03 PM
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Joined: Dec 2011
Posts: 1,933
gtrich94
Pro Tracker
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Pro Tracker
Joined: Dec 2011
Posts: 1,933 |
We got a refund this year that was around the same amount we usually get. The big change for me was that for the first time in probably 20 years, I couldn't throw together enough stuff to itemize. The new 24K standard deduction we got for a family of 4 was a couple of K higher than the amount of itemized deductions I had. The 10K cap on property taxes cut that deduction by a couple of K. Add to that to a couple of K less in charity dedications and I was just short of the new standard deduction. On the positive side, there is a whole lot less to get audited on by going with the standard deduction.
Last edited by gtrich94; 02/12/19 08:04 PM.
Thanks,
Rich
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Re: Tax refund
[Re: don k]
#7432237
02/12/19 08:07 PM
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Joined: Oct 2004
Posts: 39,549
redchevy
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I spent $50,000 to get a $2500 refund. Nice Don, what year/HP is it? Diesel?
It's hell eatin em live
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Re: Tax refund
[Re: redchevy]
#7432282
02/12/19 08:39 PM
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Joined: Aug 2008
Posts: 14,950
don k
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I spent $50,000 to get a $2500 refund. Nice Don, what year/HP is it? Diesel? 2006 Caterpillar D5G XL 90 HP Sold a JD 450C, a Caterpillar D7 17A,and a AC Model D Grader plus had to add a little cash to get it.
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Re: Tax refund
[Re: dogcatcher]
#7432312
02/12/19 08:59 PM
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Joined: Jul 2008
Posts: 21,617
pegasaurus
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Posts: 21,617 |
At the current interest rates paid on savings, the argument of losing money on interest earnings is useless. In one respect you are correct. For me the interest would be a few hundred bucks but on the grand scale that is a lot of cash going back into savings and/or the economy from millions of people. The whole point of withholding taxes from people’s checks was to ensure people had the money to pay their tax bills. That’s like the insurance company saying, give us 20K a year to cover your anticipated premiums and we will give you back what you don’t spend at the end of the year. Would you do that??? I think not. I adjust withholdings and manage my liabilities and deductions so I am within a couple hundred bucks either way of zero.
Funny thing about getting older:
Your eyesight starts getting weaker but your ability to
see through people's BS gets much better.
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Re: Tax refund
[Re: dogcatcher]
#7432315
02/12/19 09:09 PM
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Joined: Jul 2008
Posts: 33,378
bigbob_ftw
Big Sprocket Bob
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Big Sprocket Bob
Joined: Jul 2008
Posts: 33,378 |
At the current interest rates paid on savings, the argument of losing money on interest earnings is useless. winner!
Ultra MAGA '24.
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Re: Tax refund
[Re: bigbob_ftw]
#7432321
02/12/19 09:12 PM
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Joined: Nov 2009
Posts: 91,416
bill oxner
OP
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OP
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Posts: 91,416 |
At the current interest rates paid on savings, the argument of losing money on interest earnings is useless. winner! Word.
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill
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Re: Tax refund
[Re: pegasaurus]
#7432351
02/12/19 09:37 PM
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Joined: Nov 2009
Posts: 91,416
bill oxner
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OP
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Joined: Nov 2009
Posts: 91,416 |
At the current interest rates paid on savings, the argument of losing money on interest earnings is useless. In one respect you are correct. For me the interest would be a few hundred bucks but on the grand scale that is a lot of cash going back into savings and/or the economy from millions of people. The whole point of withholding taxes from people’s checks was to ensure people had the money to pay their tax bills. That’s like the insurance company saying, give us 20K a year to cover your anticipated premiums and we will give you back what you don’t spend at the end of the year. Would you do that??? I think not. I adjust withholdings and manage my liabilities and deductions so I am within a couple hundred bucks either way of zero. The current interest rate is around 2%. I'm not good at math but I don't see a few hundred bucks on $2,000. Keep in mind that the money withheld is not withheld for the full year.
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill
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Re: Tax refund
[Re: bigbob_ftw]
#7432355
02/12/19 09:40 PM
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Joined: Jan 2011
Posts: 65,527
SnakeWrangler
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At the current interest rates paid on savings, the argument of losing money on interest earnings is useless. winner! While that may be the case....you still didn’t have the use of your money while it was in the possession of the government..... I would rather have the use of my money....there are investment other than simple savings....
I believe in science and I’m an insufferable [censored] Actually, BBC is pretty damn good "You Cannot Simultaneously Be Politically Correct And Intellectually Honest!"
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Re: Tax refund
[Re: bill oxner]
#7432361
02/12/19 09:43 PM
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Joined: Jul 2006
Posts: 110,797
dogcatcher
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Posts: 110,797 |
At the current interest rates paid on savings, the argument of losing money on interest earnings is useless. In one respect you are correct. For me the interest would be a few hundred bucks but on the grand scale that is a lot of cash going back into savings and/or the economy from millions of people. The whole point of withholding taxes from people’s checks was to ensure people had the money to pay their tax bills. That’s like the insurance company saying, give us 20K a year to cover your anticipated premiums and we will give you back what you don’t spend at the end of the year. Would you do that??? I think not. I adjust withholdings and manage my liabilities and deductions so I am within a couple hundred bucks either way of zero. The current interest rate is around 2%. I'm not good at math but I don't see a few hundred bucks on $2,000. Keep in mind that the money withheld is not withheld for the full year. $40 at 2%, or about $3.33 per month, but when considering the 2000 slowly accrued over 12 months, the amount will be about $20.
Combat Infantryman, the ultimate hunter where the prey shoots back.
_____________"Illegitimus non carborundum est"_______________
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Re: Tax refund
[Re: bill oxner]
#7432373
02/12/19 09:55 PM
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Joined: Jul 2008
Posts: 21,617
pegasaurus
THF Celebrity
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Joined: Jul 2008
Posts: 21,617 |
At the current interest rates paid on savings, the argument of losing money on interest earnings is useless. In one respect you are correct. For me the interest would be a few hundred bucks but on the grand scale that is a lot of cash going back into savings and/or the economy from millions of people. The whole point of withholding taxes from people’s checks was to ensure people had the money to pay their tax bills. That’s like the insurance company saying, give us 20K a year to cover your anticipated premiums and we will give you back what you don’t spend at the end of the year. Would you do that??? I think not. I adjust withholdings and manage my liabilities and deductions so I am within a couple hundred bucks either way of zero. The current interest rate is around 2%. I'm not good at math but I don't see a few hundred bucks on $2,000. Keep in mind that the money withheld is not withheld for the full year. Your mileage may vary. But, Like I said. For me, it would be a few hundred a year. I wish I only paid 2K in taxes. 
Funny thing about getting older:
Your eyesight starts getting weaker but your ability to
see through people's BS gets much better.
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Re: Tax refund
[Re: pegasaurus]
#7432378
02/12/19 09:59 PM
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Joined: Oct 2004
Posts: 39,549
redchevy
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That’s like the insurance company saying, give us 20K a year to cover your anticipated premiums and we will give you back what you don’t spend at the end of the year. Would you do that??? I think not.
I pay my insurance premiums and I don't get any of it back at the end of the year? And yes you pay it the year in advance or they don't cover you.
It's hell eatin em live
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Re: Tax refund
[Re: redchevy]
#7432380
02/12/19 10:04 PM
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Joined: Jul 2008
Posts: 21,617
pegasaurus
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That’s like the insurance company saying, give us 20K a year to cover your anticipated premiums and we will give you back what you don’t spend at the end of the year. Would you do that??? I think not.
I pay my insurance premiums and I don't get any of it back at the end of the year? And yes you pay it the year in advance or they don't cover you. So would you pay more than you need to just to get it back a year later?
Funny thing about getting older:
Your eyesight starts getting weaker but your ability to
see through people's BS gets much better.
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