Topic: The 2007 Tax Refund Thread..

[blackdiamond]

uhhhhh...have you ever heard of the IRS?

My trick is to claim 0 deductions even though I have a son.  It's not as good as investing, because I don't get interest on it, but I've not paid taxes for nearly two decades doing it.  And it's a savings account in a way for people like me who can't seem to save money any other way.  

You won't have to worry about the IRS as long as you fill out your W-2 correctly BUT mark the block to withold taxes at the single rate.

[Kurlee Daddee]

I'm placing an order for a set of 4.88's and a new cat back exhaust for my truck. Then its time for some 

[Plekto]

I should clarify that - heh - I meant I haven't OWED taxes at the end of the year for nearly two decades.  I claim the minimum that I legally can and it always nets me a nice chunk of change back, though my taxes ARE higher as you might expect.

The prospect of owing thousands at the end of the year... I'll gladly pay a few hundred more per month in taxes to avoid that nightmare.

[Lady Di [OP]]

uhhhhh...have you ever heard of the IRS?

   he's not doing anything illegal. If he was claiming deductions he didn't have on his return... now you'd have a problem.

[Lady Di [OP]]

I should clarify that - heh - I meant I haven't OWED taxes at the end of the year for nearly two decades.  I claim the minimum that I legally can and it always nets me a nice chunk of change back, though my taxes ARE higher as you might expect.

The prospect of owing thousands at the end of the year... I'll gladly pay a few hundred more per month in taxes to avoid that nightmare.

   OK I see what DTB was getting out.
I agree with you, it's nice to have a bigger check every week, and it would be great if I could put that into savings that would collect interest, but it never stays in there.
It's cool getting back a big honkin check in the beginning of the year.

[Plekto]

Yeah, that was my problem, too.  If there's money in savings or in a fund, it tends to get used.  I don't make interest on my money(then again, with the dollar getting punked, maybe it's not SO bad - least I'm not losing any, either). 

It usually ends up being 3-4K, which I then slowly eat into every month as emergencies arise.  this year, though, I got sideswiped by my transmission replacement a week after I replaced the brakes and tires.  That "fund" saved my bacon.  Otherwise, it would have sat there for 2-3 months.

P.S., yes, you can claim 0 deductions.  Expect your taxes to jump to 30% or so, though. 

[Not A Toy]

Im married and I we both claim 0 it taxes the pants off of us but we get and got a good refund this year.. im getting a long arm kit at least one arb and hopefully some new rubbers... carpet in my front room and the rest is going to some debt.

[blackdiamond]

Im married and I we both claim 0 it taxes the pants off of us but we get and got a good refund this year.. im getting a long arm kit at least one arb and hopefully some new rubbers... carpet in my front room and the rest is going to some debt.

If you have debt other than auto and home loans, especially credit card debt, I'd suggest paying it off if possible.  Why pay interest on it and when the monthly payments are gone you should have money to buy toys with.

 

Paying credit card interest is like  your money.