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Sorry. My goal is to keep my tax liability to + or - $100. I don't like owing a lot, but a big refund means you gave the gov't an interest free loan.
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BizSuitStacy · M
@Moneyonmymind basics of finance is something they should teach in high school. The good news is you know now, and are still young enough to become financially secure for retirement. And thanks for the bc!
IronHamster · 56-60, M
@Moneyonmymind It angers me that money management isn't taught in schools. I think bankers like it that way. It's easier to take advantage of people that don't understand what's going on.
Moneyonmymind · 31-35, M
@BizSuitStacy sure thing @IronHamster I can see why you said that
Longleggedlady · 31-35, F
Become unemployed and economically in active, but figure out a plan on how to receive regular self created donations to fund your living standard.
House become charitable trust that provides you with accommodation etc.
House become charitable trust that provides you with accommodation etc.
Moneyonmymind · 31-35, M
@Howudoin I wasn't laid off I quit, toxic work environment long hours, paid really well but wasn't worth it for me, it may be a better fit for someone else
Longleggedlady · 31-35, F
@Moneyonmymind that is usually the case in retail, the hours are very long and the environment can be a bit toxic as you put it.
Moneyonmymind · 31-35, M
@Longleggedlady not retail, I worked in a distribution center
MrSmooTh · 31-35, M
That's why I'm waiting until the last minute. I make too much money apparently. Could have fooled me though.
Moneyonmymind · 31-35, M
@IronHamster Im debating on whether or not to pay them right away or to wait, I don't want to forget and get charged a penalty
IronHamster · 56-60, M
@Moneyonmymind I would not pay until April, but I would not wait until the last day because I want proof by return receipt that I did send the payment. That postcard coming back with the signature of whoever accepted it has saved me late penalties.
Moneyonmymind · 31-35, M
@IronHamster sound advice, thanks
Roadsterrider · 56-60, M
If I could wave a magic wand and make one political thing happen, it would be to end payroll deductions. At the end of the month I would have everyone with a job either go to the tax assessor and pay their taxes or write a check and put it in the mail. When everyone working wrote that check for income tax, social security, medicare, unemployment insurance, we they realize, they are giving a house payment or a car payment to the government every month, I am betting there would be a lot more informed voters on election day. The tax burden on the citizen would change.
Moneyonmymind · 31-35, M
@Roadsterrider I along with many others would appreciate that!
Lilymoon · F
[media=https://youtu.be/gMdcE8jdz70]
Moneyonmymind · 31-35, M
@Lilymoon bet you can't top me, I owe those fuckers $2000 XD
Lilymoon · F
@Moneyonmymind Damn 😬
Moneyonmymind · 31-35, M
@Lilymoon luckily my fed refund will more then cover it
Blondily · F
We owed a lot and paid it.
Glad that's done!
Glad that's done!
Moneyonmymind · 31-35, M
@Blondily I’m gonna pay them with part of my tax refund may as well 🤷🏾♂️
Ontheroad · M
I fixed that problem. Instead of doing payroll deductions on my federal taxes, I do Estimated Tax Payments quarterly and pay the amount I know I'm going to owe and split it up over the year. Come tax time I'm within a few dollars +/-.
Moneyonmymind · 31-35, M
@Ontheroad sounds better then paying $2000
Ontheroad · M
@Moneyonmymind Ouch!
Moneyonmymind · 31-35, M
@Ontheroad yeahhhh I’m not a happy camper this tax season
IronHamster · 56-60, M
I get nasty-grams from the IRS about my quarterlies. Most years, it makes more economic sense for me to eat the penalties and keep the money working.
If you get money back, it means you gave the government an interest free loan. They're not doing you a favor.
If you get money back, it means you gave the government an interest free loan. They're not doing you a favor.
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Moneyonmymind · 31-35, M
@jshm2 smart
Howudoin · 41-45, M
I owed the Fed's, but the state more than covers what I owe, so I win one after many years!
Moneyonmymind · 31-35, M
@Howudoin I couldn't see an instance when you owe the feds, at least in my case, I owe the state $2k but my fed refund will more then cover it so that's my plan
Howudoin · 41-45, M
@Moneyonmymind in my case the quarterly estimated tax payments to the Fed weren't sufficient for our side business
Moneyonmymind · 31-35, M
@Howudoin ahh
Flenflyys · 31-35, F
That has luckily never happened to me.
Moneyonmymind · 31-35, M
@Flenflyys lucky indeed
Moneyonmymind · 31-35, M
@Musicman even if I hired someone i would still owe money
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