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Politics

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Re: Politics

Postby psu_dad » Wed Apr 19, 2017 10:12 am

Popular, by definition, doesn't necessarily mean "likable". Doing your federal taxes with software has become infinitely more popular than doing it with Pen & Paper. That doesn't mean people like doing it. It just beats the alternative.

And I totally nailed my payroll deductions this year. My goal is a refund of "0" dollars. This year it was $25. Owing that much would have been better, but still pretty good.
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Re: Politics

Postby Blue&White » Wed Apr 19, 2017 10:25 am

I always struggle with that. My comp has a decent variable aspect to it and my wife's income varies. And, she has different write offs each year from being self employed. My goal is always to get something back, but not too much. This year we netted out at $2k, which I think is ok. Somehow I always end up owing the state money. I always think I'm overpaying slightly, but I always end up owing something. So, as long as my federal refund offsets that, I'm good.

I had a nice surprise this year, though. I had no idea we could write off Philly school tax against my local taxes. So, I am getting a $1,300 refund on my local taxes. Sure, it would have been better had I known that all year long and didn't pay that local tax at all, but this is the next best option.
#Cespedespaid!
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Re: Politics

Postby Carl Spackler » Wed Apr 19, 2017 12:48 pm

We got back a nice chunk but it was planned that way as a forced savings plan with any bonus adding up to more with holding and more refund to pay off more dental work, the well rehab project, etc. We made it through the entire car accident (its now back in the garage for more work and $$$$$$) through management of our cash flow and the refund with some to spare, good news. We will probably always do it this way, the refund goes into the savings acct, the balance anyway so it ends up in the same pot, a bit later and we likely lost the $0.65 in interest that we would have "earned" had we balanced our W-4 form and took the extra pay bi-weekly with the chance that due to this and that it might not have made it into savings. Everyone does it differently and for their own reasons. It's change back from an overcharge by the govt. and the change back is not sufficient for the services rendered, my position. We need far less govt. and more independence and liberty (my libertarian side showing) and less charge to support the entire govt. payroll for the little that really comes back for every dollar sent to them. Happy Days.
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Re: Politics

Postby PittGradPSUMad » Wed Apr 19, 2017 12:56 pm

I collect SS and two pensions. I refuse to have federal income tax withheld from my checks because I hate the idea of the gubermint getting it one second sooner than necesssary. Instead, I transfer 10% from my monthly gross into a savings account and let it accrue it's meager .000000000001% interest. That said, I will admit that I hated every moment of writing that check to the treasury on Tuesday. That sucks.
Yeah, well...you know...that's just like, uh, your opinion, man.
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Re: Politics

Postby psu_dad » Wed Apr 19, 2017 7:48 pm

I'm no accountant, but it's my understanding that if you have too little deducted over the course of the year and end up writing a big honking check in April, the IRS can slap your wrist. Does that not apply to SS and pension income?
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Re: Politics

Postby PittGradPSUMad » Wed Apr 19, 2017 9:43 pm

Apparently not. This is the second year I've pulled this stunt...no repercussions. Yet. I expect to be in a lower tax bracket for 2017 and shouldn't get hit as hard next April.
Yeah, well...you know...that's just like, uh, your opinion, man.
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Re: Politics

Postby Carl Spackler » Wed Apr 19, 2017 11:58 pm

psu_dad wrote:I'm no accountant, but it's my understanding that if you have too little deducted over the course of the year and end up writing a big honking check in April, the IRS can slap your wrist. Does that not apply to SS and pension income?


I am not familiar with that penalty and they do love them some penalty don't they? We got back several thousand and have for years. Never over the five thousand mark, well maybe once due to a tax year where everything hit just right so the amount to engender IRS scrutiny must be higher.
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Re: Politics

Postby psu_dad » Thu Apr 20, 2017 8:36 am

We got back several thousand and have for years.

The IRS doesn't care about that. They like that. It means they got their money early. It's when YOU have to write THEM a big check in April that they get annoyed. They want their money earlier than that,

I looked it up. Apparently, if the amount of the check you send them in April exceeds 10% of your total tax obligation, then there's a problem. They expect you to have at least 90% of your annual tax obligation withheld over the course of the year. There are a few exceptions. For example, if the check you send them is less than $1000, they let it go, regardless of the percentages.

In Mad's case, in lieu of a fine, I suspect the IRS will just send a SWAT team to his house at 2AM to kick in his door and beat the snot out of him. No biggie.
Donald Trump is a douchebag.*

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Re: Politics

Postby PittGradPSUMad » Thu Apr 20, 2017 9:19 am

Oh shit!
Yeah, well...you know...that's just like, uh, your opinion, man.
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Re: Politics

Postby psu_dad » Thu Apr 20, 2017 9:34 am

Should you end up in prison, don't fall for that "You dropped your soap" bit.
Donald Trump is a douchebag.*

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