Check out Software and Computer Support for Photographers section of our forum.
Tax Refund?
May 5, 2024 15:01:40 #
May 5, 2024 15:03:24 #
Canisdirus wrote:
Under a mattress...just the opposite.
I owe tens of thousands every year...not dimes.
I owe tens of thousands every year...not dimes.
But not everyone is in that position. Different circumstances in paying estimates and/or withholding.
But like I said, some will literally worry about every dime.
Some will drive 30+ minutes to save a buck or two.
Some will drive around to find gas 5¢ less per gallon, get 15 gallons and save 75¢.
But they'll get a $$ designer coffee at Starbucks.......
For those who get back a few hundred, doesn't matter to them.
Maybe to you based on your principles, but not to them.
And that's wrong?????
May 5, 2024 15:15:21 #
Flash Gordon wrote:
Incorrect in some circumstances (such as mine).You tell them how much you want withheld!
There is no option for me to request less withholding monthly than the standard, which is based on tax tables.
Check out Video for DSLR and Point and Shoot Cameras section of our forum.
May 5, 2024 15:22:58 #
Longshadow wrote:
But not everyone is in that position. Different ci... (show quote)
Yes, I made that disclaimer already...
Small change...don't worry about it. Some folks can't save money on their own.
May 5, 2024 15:31:34 #
Canisdirus wrote:
Yes, I made that disclaimer already...
Small change...don't worry about it. Some folks can't save money on their own.
Small change...don't worry about it. Some folks can't save money on their own.
And some worry about the government getting too much up front. Anything is too much.
Everyone has their own concerns, whether warranted or not, large or small, real or imagined.
May 5, 2024 16:50:33 #
As a tax advisor for 40 years I never advised my clients to overpay in order to get a big refund. It is your money when you earn it in January and it will buy a certain number of widgets. You let the IRS keep your money until the next Spring and then you get it back. You go to buy widgets and guess what---you can't buy as many because of inflation, which is constant no matter what party is in office. Most people have no understanding of the "time value" of money. It is not taught in the majority of our public schools at all. Then, students run up credit card debt and get in trouble. Banks understand the "time value" of money, and they hope you don't.
May 5, 2024 17:16:39 #
kvanhook wrote:
As a tax advisor for 40 years I never advised my c... (show quote)
Yea, I suppose I should purchase all the widgets I might want over the next year or two now since the cost will be greater later. We'll see how much I owe in taxes later, and I could always sell a widget or two if need be.
I'll agree that one really shouldn't intentionally over estimate (pay) a great deal, only enough in an attempt to come close to balancing out. Not easy sometimes for non-tax professionals. Those of us with "simple" returns, basically income and deductions, can simply use Turbo Tax. Granted, more complicated returns are better off being handled by a tax professional.
Check out Film Photography section of our forum.
May 5, 2024 17:21:51 #
Canisdirus wrote:
Yes, I made that disclaimer already...
Small change...don't worry about it. Some folks can't save money on their own.
Small change...don't worry about it. Some folks can't save money on their own.
Those who simply cannot save are probably better off over-paying some (not a ton) since they may not be able to come up with the tax due amount when they need it.
May 5, 2024 19:04:28 #
Longshadow wrote:
Those who simply cannot save are probably better off over-paying some (not a ton) since they may not be able to come up with the tax due amount when they need it.
Yes, that is unfortunately true...many do not learn the lessons.
I was lucky...my dad instilled a methodology that has served me and my family very well.
The basic premise is simple...pay yourself first...not last...because no one else will do that for you.
Everything positive springs from that.
May 5, 2024 19:16:55 #
Canisdirus wrote:
Yes, that is unfortunately true...many do not learn the lessons.
I was lucky...my dad instilled a methodology that has served me and my family very well.
The basic premise is simple...pay yourself first...not last...because no one else will do that for you.
Everything positive springs from that.
I was lucky...my dad instilled a methodology that has served me and my family very well.
The basic premise is simple...pay yourself first...not last...because no one else will do that for you.
Everything positive springs from that.
May 5, 2024 23:23:33 #
clint f.
Loc: Priest Lake Idaho, Spokane Wa
The pittance I would earn on my overpayment isn’t worth worrying about. Coming up with $ is aggravating given the ineptitude of govt. What we did was file single, no dependents to pay in the max contribution then file jointly listing all the dependents for the max refund. The size of the refund determined the nature of the family vacation. Small refund camping on the beach, a bigger one stay in a resort or whatever. I know that’s economically unsound but the interest I didn’t earn isn’t as bad as the vacations were good.
May 6, 2024 05:48:22 #
Linda From Maine wrote:
How many did you interview to arrive at this conclusion?
.
.
Really? We're talking about withholding from your payroll check from your employer. NOT independent contractors where quarterly tax payments are made. Geez you don't know it all. I'm speaking from MY experience. Maybe it's time to see a professional for your taxes.
May 6, 2024 05:50:37 #
kvanhook wrote:
As a tax advisor for 40 years I never advised my c... (show quote)
Thanks for the clarification. Some non professionals haven't a clue.
May 6, 2024 05:54:15 #
Ollieboy wrote:
Ah, so your employer was bigger than my employer Really? We're talking about withholding from your payroll check from your employer. NOT independent contractors where quarterly tax payments are made. Geez you don't know it all. I'm speaking from MY experience. Maybe it's time to see a professional for your taxes.
.
May 6, 2024 06:00:14 #
Linda From Maine wrote:
Ah, so your employer was bigger than my employer
.
.
What are you talking about? Since you have a reading comprehension problem I'll explain it again. I have been told by many CPAs and professional tax preparers not to over withold on taxes. Since you were there with me, please tell me what they said.
If you want to reply, then register here. Registration is free and your account is created instantly, so you can post right away.
Check out Traditional Street and Architectural Photography section of our forum.