Damn these new tax laws!!!!!

[cowboy1]

You should never "try" to get money back. When you do, you are loaning the government money for zero interest. You would be better served to reduce your witholding and get as near to zero as possible. Invest the money you would have loaned out free.

Good point!

 

[1slow01Z71]

My wifes cousin gets back more than I do and I pay damn near as much in taxes as she grosses. But she is a deadbeat high school dropout working at a shitty job and has a kid. I on the other hand own my own home, have a wife who stays at home with our son so Ive got a decent amount of deductions too. Pisses me off to no end.

Hopefully this year will be good since Ill be able to claim two property tax payments on this years taxes and made just under the next tax bracket. If she still gets back more than me Im going to just cry about the raping Im receiving.

 

[Greg_TX]

Hell has anyone paid attention to they're pay stubs lately, quite a large increase in the tax taken out as of late.

Yep - the 2% payroll tax break (for employees) went away.

 

[txinvestigator]

The bulk of the OP's return is not overpayment, most of the $3000 he is seeking comes from the Child Tax Credit and claiming Head of Household and such. Of the $1,800 he's getting back I would say maybe $200-$400 of that is actual overpayment. That comes out to be about $8 to $15 every two weeks. Personally, I'd take the few hundred at the end of the year rather then throwing in $15 every two weeks to a savings account, which charges about that much per month just to maintain.

I'm just a dumb ass, so pardon this question; how do you know? Have you examined his return?

 

[Greg_TX]

You should never "try" to get money back. When you do, you are loaning the government money for zero interest. You would be better served to reduce your witholding and get as near to zero as possible. Invest the money you would have loaned out free.

Banks pay shit for interest, so it really doesn't matter who has your money. If someone reduces their withholding and gets more in their paycheck, chances are pretty good that they'll spend it instead of save it (evaporation factor). CDs are only paying around .27% for one year and .87% for 5 years, so tying up your money in those won't gain you much. If you have an employer-sponsored 401k plan, then it makes sense to reduce your withholding and increase your 401k contribution by an offsetting amount. Any other investment ideas would either tie up your money for a period of time or expose you to short-term capital gains taxes.

 

[txinvestigator]

Banks pay shit for interest, so it really doesn't matter who has your money. If someone reduces their withholding and gets more in their paycheck, chances are pretty good that they'll spend it instead of save it (evaporation factor). CDs are only paying around .27% for one year and .87% for 5 years, so tying up your money in those won't gain you much. If you have an employer-sponsored 401k plan, then it makes sense to reduce your withholding and increase your 401k contribution by an offsetting amount. Any other investment ideas would either tie up your money for a period of time or expose you to short-term capital gains taxes.

Are you suggesting giving it free to the government is the best option, then?

 

[kusai]

Heck this year I owe a lot of money to gobbermint which I really dont have.

 

[Greg_TX]

Are you suggesting giving it free to the government is the best option, then?

I'm saying it's no different than putting it in the bank other than the pocket change you'll get from the bank for interest.

 

[stdreb27]

You guys need to find an interest bearing checking account. Credit unions are offering around 3%.

I went from fighting 25 dollar fees every month with Wells Fargo (because their free checking was no longer free) to making almost 1000 bucks last year, with navy army ccu. Ing has a pretty good checking account too.

 

[scap99]

You guys need to find an interest bearing checking account. Credit unions are offering around 3%.

I went from fighting 25 dollar fees every month with Wells Fargo (because their free checking was no longer free) to making almost 1000 bucks last year, with navy army ccu. Ing has a pretty good checking account too.

Doesn't hurt to have a financial planner in your corner, either.

 

[deemus]

Hell has anyone paid attention to they're pay stubs lately, quite a large increase in the tax taken out as of late.

2% to be exact.

 

[deemus]

You guys need to find an interest bearing checking account. Credit unions are offering around 3%.

I went from fighting 25 dollar fees every month with Wells Fargo (because their free checking was no longer free) to making almost 1000 bucks last year, with navy army ccu. Ing has a pretty good checking account too.

Bank of Texas has free checking too. Even for businesses.

 

[scap99]

2% to be exact.

50% increase.
4% to 6%

 

[deemus]

50% increase.
4% to 6%

2% of gross income.

 

[scap99]

50% increase.
4% to 6%

My bad. 33.33% increase. Fuzzy math

 

[scap99]

2% of gross income.

What you paid last year went up 50% to what your paying this year.

 

[scap99]

My bad. 33.33% increase. Fuzzy math

Double bad. Was thinking margin, not markup.
I sell on margin, and markup confuses me.

50% increase is right.

 

[scap99]

Last year the govt collected $4/100, this year they collect $6/100.

To go from $4 to $6 is a 50% increase for them. Wish I got 50% raises on demand at work.

 

[deemus]

Last year the govt collected $4/100, this year they collect $6/100.

To go from $4 to $6 is a 50% increase for them. Wish I got 50% raises on demand at work.

The SS tax was 4.2% of gross income on payroll taxes for the last two years. For 2013 its back to 6.2% of gross income. That's the main difference in paychecks that people are talking about. Your math at 50% is correct too, but its really a 2% increase in SS taxes. CPA nerd here. I do these taxes and prepare payroll reports.

 

[TexasRedneck]

Your math at 50% is correct too, but its really a 2% increase in SS taxes. CPA nerd here. I do these taxes and prepare payroll reports.

I'm a taxpayer, and when I see a tax line increase by 50%, I don't give a shit what the "percentage of gross income" it is, I see MY money going to some worthless POS too damned lazy to get a freakin' job, and their "free" cell phones.