| Author |
Topic:
tax return toys [Locked] |
Akza  Posts: 271
Registered: 2002-9-8 18:02:25
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
good for you.
just as long as you're not one of the people complaining long and hard about the federal deficit or whining whenever bush tax cuts are about to expire.
i pay a 19.5% effective tax rate... i havent fully done my taxes yet this year though.
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Taliesihne  Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
That extra money you are getting back from the govt I am investing in a retirement fund where it makes more money.
Investment with a 5\6% yield > Investment with no yield.
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Jesus saves, Allah protects, and Cthulhu thinks you'd make a nice sandwich
First comes smiles, then lies. Last is gunfire. -Roland Deschain, of Gilead
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Sansfear  Posts: 757
Registered: 2008-8-31 05:04:52
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
sweeny_comodore posted:
if youre not getting a big fat return, youre not trying hard enough.
my exemptions are adjusted so they take a minimum out of my paychecks.
i have deductions galore that lowers my taxable income to around $20k. i think this year i hit 17k taxable income.
every penny of taxes i paid on income over 17k gets refunded to me.
that is where you want to be, not owing.
You're doing it wrong.
That big fat return you are crowing about is an interest-free loan you are giving to the government.
Instead of getting your $5K (or whatever) check back from the government, put $400/month (whatever / 12) into a retirement account earning 5-10+% interest.
The only reason to use your tax return as an 'investment' is if you don't have the self-control required to avoid spending the extra money.
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Tych2 Title: Obama Appointed Outpost Czar
Posts: 2,511
Registered: 2005-3-1 06:56:47
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
Some of you people crack me up.
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We have enough youth. What we need is a fountain of smart.
Drill Anwar!
Kapie
Drevid in Tanks
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_Enkidu_ Title: Zen Badger
Posts: 280
Registered: 2001-12-24 05:02:15
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
I think the last time I got a tax refund was 1987! 
You can keep any money going to the government by checking exempt. If you do this when you make more than the EIC limit they will tell you to stop doing that. In that case max out your exemptions and you should be fine. Or just make more than 100K a year in the market and always have to pay and pay and pay...
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
Sansfear posted:
sweeny_comodore posted:
if youre not getting a big fat return, youre not trying hard enough.
my exemptions are adjusted so they take a minimum out of my paychecks.
i have deductions galore that lowers my taxable income to around $20k. i think this year i hit 17k taxable income.
every penny of taxes i paid on income over 17k gets refunded to me.
that is where you want to be, not owing.
You're doing it wrong.
That big fat return you are crowing about is an interest-free loan you are giving to the government.
Instead of getting your $5K (or whatever) check back from the government, put $400/month (whatever / 12) into a retirement account earning 5-10+% interest.
The only reason to use your tax return as an 'investment' is if you don't have the self-control required to avoid spending the extra money.
i dont think you quite understand how it works.
lets say you make $100k/yr.
at a 10% tax rate you just gave the gubmint $10k.
now after you do your taxes and take into account for all your deductions like property taxes, children, tools and equipment for work, your taxable income is actually only $50k.
so, half of that money you paid in taxes gets handed back to you.
so unless you know a way to only get taxed on half of your actual income, then its not possible to avoid that interest free loan.
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Jesus? No, but there is indeed a god shaped hole in the heart of man, why is yours so empty? -- snarf igraine
the original monotheism: http://en.wikipedia.org/wiki/Phallus
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Tych2 Title: Obama Appointed Outpost Czar
Posts: 2,511
Registered: 2005-3-1 06:56:47
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
-----signature-----
We have enough youth. What we need is a fountain of smart.
Drill Anwar!
Kapie
Drevid in Tanks
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Yukishiro1 Posts: 3,243
Registered: 2002-9-20 23:52:57
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
sweeny_comodore posted:
i dont think you quite understand how it works.
lets say you make $100k/yr.
at a 10% tax rate you just gave the gubmint $10k.
now after you do your taxes and take into account for all your deductions like property taxes, children, tools and equipment for work, your taxable income is actually only $50k.
so, half of that money you paid in taxes gets handed back to you.
so unless you know a way to only get taxed on half of your actual income, then its not possible to avoid that interest free loan.
/facepalm
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Taliesihne Title: Wind on the Deep Waters
Posts: 1,117
Registered: 2004-2-19 04:47:59
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
Or divert 10% of that 100k tax free to an investment that will yield a ~6% return.
I'm not a business major, but it's generally a good thing to get more back then you put in. 
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Jesus saves, Allah protects, and Cthulhu thinks you'd make a nice sandwich
First comes smiles, then lies. Last is gunfire. -Roland Deschain, of Gilead
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Yukishiro1 Posts: 3,243
Registered: 2002-9-20 23:52:57
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Date Posted:
1/1/00 12:00am
Subject:
tax return toys |
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what sort of funds are you investing in that get a stable 6% return?
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