Tax time. Happy anyone??
- Thread starter ratrodney
- Start date
Help Support Rat Rods Rule:
jpswino
Well-known member
My plan is to find a way to pay what I owe. 
Arkansawer
Well-known member
rodney, im in the same situation as you. Unfortunately my "rat rod" is jacked in the air so most of my return is going on tires.
CR55
It's just a little surface rust!
I've been self employed for the last 35 years, so I always have to pay. I wouldn't mind paying so much if they would stop pi@@ing the money away!...CR
oliver bros garage
Well-known member
I'm hoping to get atleast a small amount back.
the reverend muddy grimes
Brother Binder
I should get enough back to finish the model a. Trying to spend as little as possible on the IHC.
bob w
Still crazy after all these years!
I know it's dumb, but I have 'em withold way too much. That way I get a pretty big check in the spring. Unfortunately the wife wants a new car...
the reverend muddy grimes
Brother Binder
Bob, tell your wife what I tell mine...."Its good to want things, it builds character." of course I am very used to the couch at this point...lol
adam f
Well-known member
I do the exact opposite. More on my check, but a smaller refund at the end of the year. Joint return with my wife and I and my daughter, we get back $800 or so.
Sadly, mine will go to bills
Reverend D
Well-known member
Oh joy, we'll get a refund which they'll take to put against what we already owe them... Wall street gets a bailout, but you think they'll forget about the pittance by comparison that I owe them? Nooooooo. Oh well, they'll get it when I get it...
Regards,
Rev. Don
Regards,
Rev. Don
jpswino
Well-known member
Not to be an a$$hole, but the gov. does not pay you interest on your money. Its much smarter to short pay them and make investments that way you are holding, using and working with YOUR money all year BEFORE taxes. Then pay them what you owe AFTER you have used the money all year to make MORE money.
Guys that know how to make money pay almost nothing all year long so that they can use that money and make money then give Uncle Sam his vig after you have maxed its use for the year.
Guys that know how to make money pay almost nothing all year long so that they can use that money and make money then give Uncle Sam his vig after you have maxed its use for the year.
bob w
Still crazy after all these years!
[P Warning: Boring post ahead: If you get a $2,400 Federal refund it means you had $200/month too much witheld. The Government has $200 of yours for 12 months, $200 for 11 months, etc. At 2% bank interest you lose $4.80 on the first month's witholding and less on each subsequent month. The total interest one loses is less than $35.00. It's no different than if you squirrelled away all your change and five dollar bills each year in a shoe box and called it your Rat Rod Fund. And it amounted to $2,400.
I managed to retire at age 55 even though I grossly mismanaged my income in this manner. For me, getting a lump sum each spring, even though it costs me about $35.00 in lost interest, is worth it. Besides, that $2,400 wouldn't have been in the bank earning interest, it would have been spent each month.
There's no disagreement with the practice of minimal witholding and a big payment on Aprl 15th. As long as you don't go too far and incur penalties. It simply isn't that big a savings if you choose to go the other way.
I managed to retire at age 55 even though I grossly mismanaged my income in this manner. For me, getting a lump sum each spring, even though it costs me about $35.00 in lost interest, is worth it. Besides, that $2,400 wouldn't have been in the bank earning interest, it would have been spent each month.
There's no disagreement with the practice of minimal witholding and a big payment on Aprl 15th. As long as you don't go too far and incur penalties. It simply isn't that big a savings if you choose to go the other way.
51FordF1
Well-known member
Since I retired and have such little income now, I do get a refund......Trouble is, when I get it, it goes to pay bills........
anvil
Well-known member
I do not like this game called TAX. In one way or another I lose every year.This year they get my house also.
dogpatch1
Well-known member
yep yep.
this time of year is both great, and not so great,
great cause all my customers pay for repairs with their tax refunds.
not so great cause all my taxes are getting ready to be due soon....
and i got audited last year so yeah, lets go another round, DING DING!
lol. just remember the tax man is your friend! ha. freakin ha!
dp1
this time of year is both great, and not so great,
great cause all my customers pay for repairs with their tax refunds.
not so great cause all my taxes are getting ready to be due soon....
and i got audited last year so yeah, lets go another round, DING DING!
lol. just remember the tax man is your friend! ha. freakin ha!
dp1
hotrod preacher
"Official RRR Chaplain"
3cross that is a deduction to be proud of
