Tax Refund? (Page 6): Yup. IT’s personal choice. People should just do it whichever way is comfortable for them.

whatdat Loc: Del Valle, Tx.

apacs1 wrote:

For most of us it doesn't make any difference whether we give money to the gov't or vice versa. It's an academic exercise and won't affect our quality of life. You're wasting time even talking about it.

Yup. IT’s personal choice. People should just do it whichever way is comfortable for them.

Longshadow Loc: Audubon, PA, United States

whatdat wrote:

Yup. IT’s personal choice. People should just do it whichever way is comfortable for them.

But it's amazing how many people adamantly believe what they do (in anything) is best for others/everyone..........

apacs1 Loc: Lansdale, PA

Longshadow wrote:

But it's amazing how many people adamantly believe what they do (in anything) is best for others/everyone..........

Sad, but true.

Real Nikon Lover Loc: Simi Valley, CA

Hang on. You ain't seen nothing yet. Pretend we are in 1928. Nuf said.

DirtFarmer Loc: Escaped from the NYC area, back to MA

Real Nikon Lover wrote:

Hang on. You ain't seen nothing yet. Pretend we are in 1928. Nuf said.

1929 got a bad rap. Certainly the stock market (which was the epitome of irrational exuberance) went down significantly then, but the REAL problem was the government response that followed. The Dow in 1929 dropped from a high around 380 to around 210, which created lots of problems but then it kept dropping until mid 1932 when it reached a low around 42. The problems from that point engulfed the whole world, which didn't recover until after WWII. The market didn't get back to the 1929 high until 1955. (Note the log scale on the chart).

So the 1929 crash was a factor of about 45%. By 1932.5 it was a factor of 10. By comparison, the 2008 market drop was around 50%, similar to 1929, but much less than 1929-1932.5.

(Download)

Real Nikon Lover Loc: Simi Valley, CA

DirtFarmer wrote:

1929 got a bad rap. Certainly the stock market (which was the epitome of irrational exuberance) went down significantly then, but the REAL problem was the government response that followed....

Exactly. The other problem of the 30's was the unemployment. If that happens again there will be far worse issues than what was seen in the 30's. People survived better then due to a higher percentage of those living/working on farms and ranches. The only civilizations that have survived were nomadic.

johnnievegas

I received a refund check for $5.00. The closest I've gotten to perfect.

Longshadow Loc: Audubon, PA, United States

johnnievegas wrote:

I received a refund check for $5.00. The closest I've gotten to perfect.

PhotogHobbyist Loc: Bradford, PA

jaymatt wrote:

What's all this discussion about a tax refund? I have never had one. I don't understand why people overpay the government every year just to get it back the net year.

There are some people who believe that getting a refund means you have loaned money to the government, tax free. Those folks prefer to underpay their taxes, thus having a little more in their pockets for current use. It must be a personal thing.

Longshadow Loc: Audubon, PA, United States

PhotogHobbyist wrote:

There are some people who believe that getting a refund means you have loaned money to the government, tax free. Those folks prefer to underpay their taxes, thus having a little more in their pockets for current use. It must be a personal thing.

LittleBit Loc: St. Louis, MO

Some people prefer to spend their money during the year by not having the government take their money during the year. They run the risk of not having paid enough in taxes and have to pay the government back. Some people like the government holding on to their money (like a savings account) and receive it in a lump sum that they can do something with (like a vacation, new furniture, down payment on a new car, a home repair, etc.).

DirtFarmer Loc: Escaped from the NYC area, back to MA

LittleBit wrote:

Some people prefer to spend their money during the year by not having the government take their money during the year. They run the risk of not having paid enough in taxes and have to pay the government back. Some people like the government holding on to their money (like a savings account) and receive it in a lump sum that they can do something with (like a vacation, new furniture, down payment on a new car, a home repair, etc.).

Neither is inherently good or bad. It all depends on your cash flow situation.

If you are always short of cash, overwithholding will help you at tax time and you will enjoy a refund.
If you are always flush with cash, you might as well spend your money as you go and not worry about trying to make your tax filing a zero sum game.

Longshadow Loc: Audubon, PA, United States

DirtFarmer wrote:

Neither is inherently good or bad. It all depends on your cash flow situation.

If you are always short of cash, overwithholding will help you at tax time and you will enjoy a refund.
If you are always flush with cash, you might as well spend your money as you go and not worry about trying to make your tax filing a zero sum game.

Many things are not "bad", some people simply <adamantly> don't like them,
so in their mind, "they are bad".

The rub occurs when people are told something is "bad" because they believe it is so.

Lucian Loc: From Wales, living in Ohio

Canisdirus wrote:

Simple...you aren't gaining anything by doing that.
You keep your money with yourself...and grow it far past what the govt. gives you...which is zero.

Far better to owe than not.

There is very little out there that can grow to make a significant difference within a year. Therefore, for many people, getting a tax refund is like a forced savings account. What could you suggest that gives significant interest to your money within a years time? Let's see some proof of what you are saying.

Rascal gene

IRS seldom audits those with refunds coming back and often now does with those that do not! According to my CPA