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Taxes - ?

 
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Aske
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Taxes - ?
« on: January 20, 2007, 03:30:02 PM »

do you (over) pay in and want a refund (nice surprise spending $ every year)

or do you shaft the gubmint and pay in @ 4/15 because you dont like giving them an interest free loan while you can earn some interest over 12 months
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
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Aske
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Re: Taxes - ?
« Reply #1 on: January 20, 2007, 03:32:47 PM »

also, have you had additional children  just to lower your tax burden, only to later post on figs asking how many deductions you can claim ?
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Russia has invaded a sovereign neighboring state and threatens a democratic government elected by its people. Such an action is unacceptable in the 21st century.
--  Chimpy McFlightsuit, CEO of Bu$hco Industries of 'Merka
Fuzzy
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Re: Taxes - ?
« Reply #2 on: January 20, 2007, 03:33:22 PM »

try to get as close to break even as we can but the last couple of years we have owed around $500 (combined state and fed). I'd rather have my money over the course of the year.

I file the last day if we owe.
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spacey
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Re: Taxes - ?
« Reply #3 on: January 20, 2007, 03:36:24 PM »

I have standard paycheck deductions based on a conservative W-4. I generally get a refund at the end of the year, but it's not usually very large.
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BFBoy
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Re: Taxes - ?
« Reply #4 on: January 20, 2007, 04:32:51 PM »

Ideally, break even, but a small refund is ok. I had a couple of years with some rather hefty payments, which is not cool. I usually wait till the last week to post, even if I'm getting a refund.
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Clive
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Re: Taxes - ?
« Reply #5 on: January 20, 2007, 04:43:41 PM »

My previous job had an uneven income flow: we took draws against a percentage of the collections on our billings, and then settled up each six months.  The "settle-up" checks in June and December were treated as BONUS for tax purposes, so huge amounts would be withheld.  Consequently, we under-withheld on our draws, then prayed that things worked out.

For 2004, we ended up owing a significant sum.  To avoid a two-in-a-row penalty, we had to overshoot in 2005 (and did).

Since my right to the percentage vested when the firm invoiced, checks still trickle in every six months.  So I get to deal with that headache, even though I'm on salary here.  Otherwise, the goal is to hit it on the nose or even owe, but not more than $500.
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stroh
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Re: Taxes - ?
« Reply #6 on: January 20, 2007, 04:57:49 PM »

I'm going back to "single zero" this year.  I want the big check next year, and I feel I need to support Merka.  I'll let them use my money for the year.  Troops need to eat, and have bullets, and stuff.
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Eagleone
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Re: Taxes - ?
« Reply #7 on: January 21, 2007, 12:04:53 AM »

Break even is the norm -- except this year with being downrange for 9 of the 12 months I'm not sure.
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MP
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Re: Taxes - ?
« Reply #8 on: January 21, 2007, 12:50:14 AM »

I'm getting about $650 back from the $9k I made part time
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JDerion
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Re: Taxes - ?
« Reply #9 on: January 21, 2007, 11:08:31 AM »

I usually try to break even but this year we're overpaying. We came up way short last year due to a large freelance writing project my wife did (and had nothing withheld) and I don't want to repeat that performance. 
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Uisce Beatha
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Re: Taxes - ?
« Reply #10 on: January 21, 2007, 08:13:13 PM »

Pay huge on 4/15.

And 6/15 and 9/15 and 1/15.  Quarterly pre-payments and hope to God it was enough.  Has been pretty good the last few years since I engaged an accountant.  If we do get anything back it goes toward the first quarterly for the following year. 

Roll the dice with state income tax.  Hopefully put enough away during the year to cover.
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Re: Taxes - ?
« Reply #11 on: January 21, 2007, 08:19:42 PM »

Pay huge on 4/15.

And 6/15 and 9/15 and 1/15.  Quarterly pre-payments and hope to God it was enough.  Has been pretty good the last few years since I engaged an accountant.  If we do get anything back it goes toward the first quarterly for the following year. 

Roll the dice with state income tax.  Hopefully put enough away during the year to cover.
My dad does the same thing. Sometimes it works out pretty well, other times, not so much.
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E-A-G-L-E!
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Re: Taxes - ?
« Reply #12 on: January 21, 2007, 08:28:53 PM »

No taxes here for me.  I suppose that's one good thing about not having a job...
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