I used to watch that particular station many years ago. They were one of the best local news outfits I had ever viewed. It's good to see they are still doing a good job.
Non-story. 98% of those that get refunds should not be getting a dime back. just think, if all those refunds went to building something, to better their country and themselves in the long run, say a wall.
[This message has been edited by E.Furgal (edited 01-19-2019).]
Ya all do know the difference between tax refund and tax credit? Tax refund, you pay in a bunch, you get some of it back. Tax credit, you pay in nothing or some and you get some or a bunch that you never earned, and possibly did not deserve but the government made a well intended rule that you can benefit from.
You have your own business? Seems like a lot of work to poke at it monthly. Good for you, should reduce surprise!
Surprise can still happen. We all know this. I file to keep things in order, ahead of schedule, and on point. We were audited a few months back. Panicked at first, but all was well within a few moments of opening up work already done to prevent this. Literally a non issue because of bookkeeping on our end.
For what it is worth, I know what I owe and pay into it because my hands have ink on them.
President Reagan tried to get legislation passed that would require taxpayers to not overpay the IRS in order to reduce the refund volume. Those that overwithheld were to be penalized. He was unsuccessful in his efforts, but it made a lot of sense to me. It would reduce the cost of tax collection, allow for more accurate revenue estimation and also encourage people to begin to save on their own, rather than relying on the government. Even though it didn't pass, I began to balance my tax withholding, and saving the money in an interest bearing account. ( Remember those? Banks actually paid you to use your money! Good times!) It worked out well, I had more control over my finances.
Originally posted by Tony Kania:I am 46. I have every pay stub that I have ever earned going back to when I worked at the Detroit News as a news carrier when I was 12.
Good gosh that is a lot of paperwork. I try to keep as little as possible, we were up to a 1/4 of a 2 car garage when I put my foot down and only mortgage payoff statements, and other documents up to ten years. To be clear, the video was not about tax refunds, it was about tax credits and lots of money being stolen by people that would be illegals, some that are not even in the country.
[This message has been edited by FriendGregory (edited 01-24-2019).]
Admittedly, I don't do our taxes, the wife takes care of that but, I do provide guidance when I can. I have managed to convince her that the smaller return we get, the less (of our money) the government got to use interest free. My goal has always been to zero out at tax time. Every year I light up a burn pile of tax records over seven years old. I enjoy that fire....
Rams
[This message has been edited by blackrams (edited 01-24-2019).]
After getting done figuring out how much I will owe this time, what's left over from what we have set aside for it over the year will probably be enough for my wife and I to go to our favorite restaurant, catch a movie and stop by Coldstone for dessert. Or I could just use it to buy the high output alternator I want for the stereo I'm putting in the Mazda...
Maybe I'll surprise myself though. I might have saved more than I think since I will be claiming one less dependent this year and "over" saved to compensate not knowing how big of a impact that will have. Perhaps I will be able to do both!
Good gosh that is a lot of paperwork. I try to keep as little as possible, we were up to a 1/4 of a 2 car garage when I put my foot down and only mortgage payoff statements, and other documents up to ten years. To be clear, the video was not about tax refunds, it was about tax credits and lots of money being stolen by people that would be illegals, some that are not even in the country.
Not really. It is just pay stubs. I had three stacks of automotive magazines up until a few short years ago that were nearly 8 feet high. I have little else from childhood.
Nearing our third year. Paperwork has not been tremendous. I want it to be.
I figure you to be a rather intelligent fellow. I could have worded the thread differently now that I look at it in retrospect.
Heh, so I'm not the only one who keeps old pay stubs. I still have every pay stub going back to when I got my first civilian job (after leaving the military).
It should be no surprise to anyone that income tax returns are being used as "stealth welfare". That's what a lot of the tax breaks are really about (at least, the ones for poor people). Are people just now realizing this?
It was mentioned earlier about keeping your taxes to near minimum return or just paying by saving. I applaud those that do this. It is really the way it should be done. The government should not earn on your money. You should.
quote
Originally posted by Blacktree:
Heh, so I'm not the only one ...
I still do not have much from my youth, but I got that old red white and blue K Swiss box all taped up.
Kind of cool the memories this thought gave me.
[This message has been edited by Tony Kania (edited 01-25-2019).]
Originally posted by Tony Kania:Paperwork has not been tremendous. I want it to be.
I know you to be a rather intelligent fellow and from what I can tell, so long as your health holds, you are due to accumulate lots of paperwork. If you have access to a 401K, do that. If no 401K, a Roth. If you have confidence in your area to increase in price as (I believe) the strength of the US dollar goes down, figure out how to get the cheapest properties in the best neighborhood you can afford to rent out. These items will accumulate you a flood of paperwork over time. We had 9 mortgages briefly, each about an inch thick.
Quiet, like a volcano.
