Well fortunatly Im in the lower class bracket and have kids so I get a nice refund.
So time to start on my project. Plan on having a roller at least by summer.
Wats yer plans??? RR
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.
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...
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.
[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.
3cross that is a deduction to be proud of![cl congrats!
we usually get some money back and we usually decide which "extra" bill will get paid with it.......occasionally the wifey and i will get something for the house-very rarely do i get to spend any of it on my hotrod...