PDA

View Full Version : yEAH BABY


mrjamin
May 30, 2003, 11:30 AM
just found out i'm due for a 550 tax rebate (about $900 i think). Anyone else had a nice tax rebate in the past?

eyelikeart
May 30, 2003, 11:44 AM
I don't normally like to discuss money with people...but my refund this year made me $1800 richer... :D

Foxer
May 30, 2003, 11:55 AM
Since we bought a house a couple years back, we've been getting sizable refunds thanks to the Mortgage interest deduction. About 5 grand.

While it's nice to get that check, when I sit and think about how much was already taken from me in order to get that "generous" refund, it just makes me very, very mad.

I strongly advocate the aboltion of income tax WITHHOLDING (do they have that in UK?). It's on of the more insidious creations of man. If they didn't deduct from our pay checks each week, and then made us write out a big check at the end of the year for the whole thing, we'd have major reform, lower spending and tax cuts faster than you could say "taxpayer revolt."

pmac933
May 30, 2003, 01:03 PM
Actually, Foxer, you'd have to write them a check on a quarterly basis. My brother started his own business and made a decent amount of money. He didn't have any of his income withheld last year and only paid the government on April 15. Well, there is a tax law that basically requires you to pay the government any anticipated taxes that you owe every three months. If you fail to do so (which my brother did) and owe them more than $1000 for any given quarter, they penalize you and also tack on interest to those taxes. Needless to say, my brother was pretty upset about this. He was unfamiliar with this tax law, though, so I can see how it happened to him (and I'm sure it won't happen again).

Foxer
May 30, 2003, 01:46 PM
Originally posted by pmac933
Actually, Foxer, you'd have to write them a check on a quarterly basis.

Yes, under the current system that is the case. Also, if your income is over a certain amount you are expected to file quarterly as well.

However, I beleive that the whole scheme should be changed so that everyone writes out a check on April 15 for their whole tax amount due. I think it would just inject a bit of reality into our sysem.

3rdpath
May 30, 2003, 01:59 PM
from a financial standpoint, your best strategy is to end up paying the i.r.s. a small amount come april 15th...

if you get a nice refund, that means the i.r.s has gotten to use your money interest free for a year( approx). best to adjust your withholding rate so YOU actually get to use a little i.r.s money interest free until 4/15.

of course, while the i.r.s has your $$ you can't spend it...and there's something to be said for that.

jayscheuerle
May 30, 2003, 02:00 PM
If you're getting that much money back, then you're letting the government screw you by taking out too much. That's money that they've been drawing interest upon during the year, not you.

Of course, it's always nice to get that lump some of mad money, but you've been suckered into letting the government play with it all year while you made due with less... - j

3rdpath
May 30, 2003, 02:05 PM
from a financial standpoint, your best strategy is to end up paying the i.r.s. a small amount come april 15th...

if you get a nice refund, that means the i.r.s has gotten to use your money interest free for a year( approx). best to adjust your withholding rate so YOU actually get to use a little i.r.s money interest free until 4/15.

of course, while the i.r.s has your $$ you can't spend it...and there's something to be said for that.

wdlove
May 30, 2003, 02:32 PM
I ended up paying $450, because my wife's job lowered the withholding for some reason! Our interest deduction has also decreased. My hope of a nice refund is in the hands of a strong reelection of Republicans in '04! ;)