haha i plan on getting like 3g back this year.... guess well see

 

Well on the flip side: when I want to go out I can just stick the "kids" in a cage and go out

 

I usually get $5-8k back each year. On my withholdings I select "Married but withhold at higher single rate" plus I don't claim any deductions during the year. Higher taxes taken out but it's an easy way for me to save and get a big refund check.

Some people say I'm giving the government interest-free use of my money for a year. What I do know is I would have nickle and dimed that big refund check away throughout the year. Have always done it this way, always will.

 

You're basically giving the government a tax free loan by using them as your savings plan.

If I had the choice to get 3 grand back or pay 3 grand I'd rather pay the three grand because at least I've had the money during the year, for IRA's, investments, motorcycle whatever.

I'm not pleased with having to pay 3 grand, and I am going to go through my itemizations and see if I can't get a bit more creative here, but anyway you cut it using the government as your bank is not a good thing if you have the discipline to be smarter with your money.

Idealy you either OWE or RECEIVE very little back.

Last year I owed 150bucks which means I was perfectly dialed in.

This year, ah who knows. Maybe i'll make some Mileage deductions and see what happens.

EDIT: This wasn't meant to sound condesending / or attacking on you Jeff - if thats what works for you, thats great. I'd just rather have that 5 grand in my IRA earning interest throughout the year, or more importantly turning into a motorcycle or something.

 

Isn't that what I already said? Actually, I think I said 'interest-free loan'.

I also said that if I withheld more throughout the year I would have nickle and dimed it away. Now I am looking forward to a big fat check back from them. Always done it this way, always will.

 

Yes... interest free would be correct. Not Tax free. Have "Tax" on the brain.

And I moved away from talking about you specifically into the general. Which I also didn't make clear.

Taxes are evil and I don't want the government having any of my money. I spend it freely enough to keep it circulating

 

Just a question, but when you guys are itemizing, what are some examples of what you're including? In my case I can't ever come up with enough to beat the standard deduction. I'm afraid I just don't properly understand/realize what I can be claiming.

 

You can ballpark Mileage.

I'm in sales so I drive a lot.

Business lunches/entertaining (again the sales thing).

Medical expenses. Which include your Co-pays / Insurance premiums / Prescriptions etc

Anything you pay taxes on you can deduct - such as vehicle personal property tax / stickers etc.

Owning your own home helps a lot when itemizing as you can deduct the interest paid and various other things associated with home ownership.


Just a few examples.

 

National sales tax. Govt takes 30% on every purchase and then everyone is even. No refunds, no april 15th madness and no bullchit. You want a $100,000 car? Add another $30,000 to the sticker

Now where'd I put my bulletproof vest?

 

I'd be more in favor of a uniform income tax amount for everyone.

But thats not really the worst idea ever Kuro