Tax Time Is Here
- Thread starter crazypipe
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I wonder how much of a bump the online e-tailers get from tax refund spending? Thanks Uncle Sam for giving me back my money.
Won't happen from me, I have them withhold the least possible amount, I want to make interest off my own money, thank you very much.
I agree! I've never understood the mentality of lending, at no interest, money to the government and then being thankful when getting a refund. It makes absolutely no sense to me. I'll pay what I must and keep the rest, thank you very much!
pylorns and warren, Right on! My first employer was an elderly chap who somehow managed to get by with zero withholding from our pay (maybe it was the small size of the business). He always said it was our money and that we should keep it until we absolutely had to hand it over.
I keep a close eye on a couple of brands on eBay and it seem like to me tax time to the pre Chicago lul is a good time to sell. We always look forward to getting a refund, its like a small savings account. We've been short side a few times and that really sucks. 8O
Just putting your monthly over-payment in a savings account generates a small amount of money, you still lose at today's interest, just not as much. A refund means that you are not managing your money well. What you get back, factoring in inflation, is less than you paid in. So it is nothing like a "small" savings account at all. By over-paying you are costing your family money. Intentionally losing money causes me to lose sleep. It's akin to telling the tobacconist to "keep the change" every time you make a purchase.
I'm not a miser by any stretch of the imagination. I burn up a certain amount of money every month through my pipe. But, giving the government a loan and allowing them to give you back less than you loaned is not a fiscally healthy way to manage your money. On the other hand, if you have more money than you need or want, I suppose it really doesn't matter.
I'm not a miser by any stretch of the imagination. I burn up a certain amount of money every month through my pipe. But, giving the government a loan and allowing them to give you back less than you loaned is not a fiscally healthy way to manage your money. On the other hand, if you have more money than you need or want, I suppose it really doesn't matter.
I understand that POV very well and it makes the most sense, financially.
However, many people view this small return as a sort of "slush fund" that you don't have access to.
If it's sitting in a savings account, only your own will is there to stop you from getting into it
and we all know what PAD and TAD can do to will power!
I like to receive a small return each year which we are allowed to spend on fun and personal items.
This year, we are upgrading our kayaks for another trip down the Verde River in March!
I overpay because I am never sure what my year end earnings will be. Regardless of what anyone else says, I would rather get money back than pay in considering the time of year taxes fall on. I have too many birthdays, holidays and such to pay for and it's usually the slow time of year for work. I wouldn't mind taking out the exact amount but there are far too many variables to make it reliable for myself.
Been there, done that! I have very little withholding so I have to write a check every year. At least I'm sending them money worth less than when I made it and not a penny more than they demand.
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