It's Tax Time. How Did You Do?

I understand where your are coming from, but adjusting ones withholding so they just take a small ding allows them a little extra each paycheck to set aside for a rainy day or just for fun once the tax bill is paid, or better yet roll it over to the next year and have even more money come the following year.

As for paying off the mortgage, you would do much better taking that withholding savings and transferring every paycheck savings into the mortgage, otherwise you are leaving money in Uncle Sam's pocket that you could be using to lower your principle and that will save you a lot on interest versus a once a year pump into the principle.

With a standard mortgage, any payment over the minimum goes entirely against the principle, which can shrink a 30 year down to 25 or less and that is real money in your pocket.

Another method is if one is holding credit card debt, just like a mortgage set up an automatic per pay check payment into the highest rate card and pay that puppy mother off, I would also suggest cutting that card in half.

I'm just a dumb hick, but my philosophy has always been, money in my pocket is always better than my money in someone's else's pocket.

The U.S. government burns through money like a drunk in a whorehouse, why would anyone give a dime more than what is required.

 

Interesting. I would think someone with that kind of money would have better things to do than hang out in an internet forum. Everyone does their own thing but I find it interesting.

 

Revoke the inane law that makes hospitals pay for this.

See? Easy solution!

 

I spend the better part of my working days sitting at a desk monitoring a wireless network, hanging out in forums, of which there are many, is a way to pass the time while getting paid to stare.

In theory I should receive a text when something turns red, but it doesn't always work and that get's me in a jam, so I sit and stare.

That is until a network element turns red, then it's off with the net and get back to actually working.

 

According to this article the average taxpayer got royally screwed thanks to Trump's "help".

Average Tax Refunds Down 8.4 Percent As Angry Taxpayers Vent On Twitter

Average tax refunds were down last week 8.4 percent for the first week of the tax season over the same time last year, according to the Internal Revenue Service. Dipping refunds are inflaming a growing army of taxpayers stunned by the consequences of the Trump administration’s tax law — and the effects of the partial government shutdown.


The average refund check paid out so far has been $1,865, down from $2,035 at the same point in 2018, according to IRS data. Low-income taxpayers often file early to pocket the money as soon as possible. Many taxpayers count on the refunds to make important payments, or spend the money on things like home repairs, a vacation or a car.


The IRS had estimated it would issue about 2.3 percent fewer refunds this year as a result of the changes in the federal tax law, according to Bloomberg. MSNBC reports that 30 million Americans will owe the IRS money this year — 3 million more than before Trump’s tax law.


“There are going to be a lot of unhappy people over the next month,” Edward Karl of the American Institute of CPAs told Politico. “Taxpayers want a large refund.” Some 71 percent of taxpayers received refunds last year worth about $3,000 on average, according to Karl.


Scads of taxpayers are complaining on Twitter that they have always received a refund — but now owe the IRS instead.

Read the rest ...

https://www.huffingtonpost.com/entr...witter-complaints_us_5c5e4576e4b0eec79b2379e4

 

My refund was lower too. But this is because our employers withheld less because of the lower tax rates. And this means that we were bringing home more money every month.

The amount of the refund isn't what really matters. What really matters is whether or not you paid more or less total taxes from 2017 to 2018.

 

I get back every penny of State and Federal income tax withheld. Last time I had to pay was 2004. When I look back at the Earned Income Credit and My State's additional tax credits I have a net gain.

 

per our President..... that makes you smart

 

so many people upset about their refund checks this year.... people getting less back or even owning the IRS, will Trump do a stimulus or something for the people to make up for this?

 

Good, you should pay more tax

 

Duh, their withholdings were much lower.
Simple math

 

but Trump did not tell anyone their refund checks would be smaller or they would own money next year... that is why people are upset, they did not expect it

I take it your against Trump giving a stimulus to the American people like Obama did

 

I always ensure enough is being withheld and I never plan on getting anything back. I most always get everything back but since I didn't plan on it it is always a pleasant surprise.

 

some people depend in that refund.... maybe not you or I... but some do, and I can understand why they are upset, I been there

 

It is very poor financial planning to depend on a tax refund. It is taxes not a savings account.

 

not everyone has a choice my friend, some live paycheck to paycheck

and people want consistency, if it was 2k last year, they expect it to be about the same this year if they did not change anything

Trump tried to make people think his tax cut made their checks bigger, but what he really did is took away their refund and spread it through the year, so here they thought that were making more money and really Trump just scammed them... Sad!

 

I disagree, we all have choices. If a person is living paycheck to paycheck they made bad choices. Again, poor financial planning.

 

How did you do?

My CPA has not completed my tax return because she needs more info, however, looks like I'll be getting a refund, main reason; I've "donated" my 2008 Dodge Ram to a regional food bank.

 

A booming economy, and according to several polls, 70% are living paycheck to paycheck....WOW!



.

 

yeah, they could just borrow a million from mom or dad right?

or how much was it Trump "borrowed" from his dad?

not everyone has the same choices, republicans are so out of touch with the working class people... Sad!

the fact is, many were surprised that their refund was lower then last year and yes, that hurt some financially, sad some on the right want to attack them for it

 

Again, I disagree. How is it that everyone does not have the same choices?

I'm not from a wealthy family, I didn't borrow from dad. I am not wealthy by any means but I have done OK and am comfortable.

 

not everyone was raised by a rich mommy or daddy to pay the bills and send them to college - duh

but not everyone is as lucky as you or I, I grew up on welfare too, luckily you did not need a degree for my field back then

they may have health issues or who knows what.... but it's cold of you to attack them for Trump's failure to communicate this in advance

 

I realize that. I would say most were not.

I was not lucky; what luck I had I created. I have only a high school diploma.

So you are saying people who need their refunds have health issues?

I don't remember attacking anyone. I also don't see it as Trumps fault that someone did not take care of their finances. Any paycheck I have ever received had how much money was being taken out for taxes. That is what it is for - taxes. A person should not plan on it coming back, that's why it was taken out - taxes. You do realize taxes are taken from peoples checks before they receive them because most would not be able to pay the tax at the end of the year. Poor financial planning.

 

there was some luck involved too, you may not want to call it that, but much in life is beyond our control, we can just sometimes increase the odds in our favor

some may have health issue, there are many reasons people need them, they expected them, Trump took them away without giving them a heads up, bad <or sick> guy!

 

OK if we want to call it luck then lets look at it this way: some have good luck, some don't. Guess those with bad luck have to work harder.