Tax Return

[Anakin_Skywalker]

What are you guys going to do with your tax return money?

[virus692]

N-Y-B
None You' Beeswax

Edit: I am just a hair bitter about some tax stuff... so it seemed like a bad Q. my plan was to get a new bed and saber stuff then I learned my company did my tax info wrong so I am getting much less than was calc. [/ ] Bitter rant

[xwingband]

N-Y-B
None You' Beeswax

lol, not like he asked for your SSN...

If I were getting a lot I might think of something. I'm not so it'll just be a nice little check.

[Yoiaholic]

Being a self employed realtor this time of year just kills me. I have to pay my taxes quarterly and instead of getting money back from the government I'm always writing a check. Ask the average Joe on the street how much tax he paid last quarter and he'd have no idea even after seeing his paystub. I will know down to the penny.

Its not that I'm bitter that all of you are getting refunds I just wish more people actually wrote the check so you can see the value of a flat tax....

Lets hear it for all the self employed out there! LOL

[Firebird21]

Being a self employed realtor this time of year just kills me. I have to pay my taxes quarterly and instead of getting money back from the government I'm always writing a check. Ask the average Joe on the street how much tax he paid last quarter and he'd have no idea even after seeing his paystub. I will know down to the penny.

Its not that I'm bitter that all of you are getting refunds I just wish more people actually wrote the check so you can see the value of a flat tax....

Lets hear it for all the self employed out there! LOL

I am also self employed so I know exactly what you're talking about.


What I do is take 25-30% off the top of every pay check and put it into a "Taxes Savings Account" and I use it to pay the quarterlies and anything I may owe at the end of the year. The best thing is that if there's anything left in the account after the taxes are calculated it's an instant refund!

Also, it's better to have to pay at the end of the year than to get a refund. Reason being that if you pay the minimum on the taxes and put the rest into savings to be used to pay the remainder at the end of the year then you make the interest on the money, not Uncle Sam.

[vortextwist]

Being a self employed realtor this time of year just kills me. I have to pay my taxes quarterly and instead of getting money back from the government I'm always writing a check. Ask the average Joe on the street how much tax he paid last quarter and he'd have no idea even after seeing his paystub. I will know down to the penny.

Its not that I'm bitter that all of you are getting refunds I just wish more people actually wrote the check so you can see the value of a flat tax....

Lets hear it for all the self employed out there! LOL

I am also self employed so I know exactly what you're talking about.


What I do is take 25-30% off the top of every pay check and put it into a "Taxes Savings Account" and I use it to pay the quarterlies and anything I may owe at the end of the year. The best thing is that if there's anything left in the account after the taxes are calculated it's an instant refund!

Also, it's better to have to pay at the end of the year than to get a refund. Reason being that if you pay the minimum on the taxes and put the rest into savings to be used to pay the remainder at the end of the year then you make the interest on the money, not Uncle Sam.

I think about doing that every year and it seems when It comes around to that time something breaks down or goes out. I try to pay the minimum but I still get some back becouse I over paid on my taxes.

[Yoiaholic]

You are right FB and since I'm on pace to smash last years income at this point I plan on doing that. I actually have a meeting with my financial planner on friday and hopefully we can work something out. for the past 4 months I've been a hawk with write offs and reciepts so I'm hoping to get it down to 15-20%... wishful thinking I'm sure but I can hope.

[Firebird21]

Well at a 20% total tax payment after putting away 25% you'd get 5% back instantly.


So say you make $50k you'd get an instant tax return of $2,500. Do 30% and pay 15% you'd get $7,500 instantly! And you'd be making intrest on it all year long. I don't know the formula for calculating what that would be but it's money you wouldn't otherwise have.

Think of all the sabers you could build...

Edit: FYI: This is the 44,000th post.

[Yoiaholic]

Well here's why I've been hesitatant to do this in the past. In real estate I can never guarantee I'll get paid until we get to closing. There are too many variables and tons of deals fall apart.

For example last year I had one month that I made 12k the next I made 800. I just can't afford to throw into escrow that kind of cash since I don't know when I'll get paid again.

[Lord Maul]

fb, great sig man. i'm dying over here
back on topic...i don't get a tax return