******n IRS

SkyHog

SkyHog

Touchdown! Greaser!
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Feb 23, 2005
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Everything Offends Me
Gawddamn IRS

Seriously. I micromanaged my deductions all year long, with the goal of getting within +/- $100 on my withholdings. I ran their BS withholding calculator every quarter and adjusted as needed to get there.

Today, I ran through my taxes and am getting almost 3k back. I don't understand how I missed up. Blegh. Lost income opportunity I guess.
 
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SkyHog said:
Seriously. I micromanaged my deductions all year long, with the goal of getting within +/- $100 on my withholdings. I ran their BS withholding calculator every quarter and adjusted as needed to get there.

Today, I ran through my taxes and am getting almost 3k back. I don't understand how I missed up. Blegh. Lost income opportunity I guess.
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I hate it when that happens. :D
 
I dont mind a refund.

I feel like it is a little savings account with money I would have otherwise blown on stuff I probably wouldn't remember.
 
Interesting perspective Nick! LOL

I am disappointed I am not getting more back.

David
 
Haven't had a refund in probably five years.
 
SkyHog said:
Seriously. I micromanaged my deductions all year long, with the goal of getting within +/- $100 on my withholdings. I ran their BS withholding calculator every quarter and adjusted as needed to get there.

Today, I ran through my taxes and am getting almost 3k back. I don't understand how I missed up. Blegh. Lost income opportunity I guess.
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Don't claim as many deductions on your Schedule A - presto! the refund dissappears.

:)
 
Why would you want to give the government an interest free loan with your hard earned money? :confused:
 
How much time and effort did you put into micromanaging the deductions?

How much additional income would you have made off the $3k if you'd received it throughout the year instead of in one refund?
 
Geico266 said:
I would rather pay in than get money back.
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Me too. The only thing I can think of that screwed me was the birth of my second son last year. I might not have reduced my withdrawal enough to compensate.

C'est la vie. I'll try again this year. I was good in 2013, i paid in $120. That's about as close as you can get...
 
flhrci said:
Interesting perspective Nick! LOL

I am disappointed I am not getting more back.

David
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But the only way to get more back is by having overpaid even more throughout the year. There are better places to stash a few extra bucks than the 'IRS 0% Savings Account'.
 
F01LA said:
How much time and effort did you put into micromanaging the deductions?

How much additional income would you have made off the $3k if you'd received it throughout the year instead of in one refund?
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It would have gone into my 401k or IRA, most likely, so considerably more.
 
I've always tried to get as close to zero as possible. Some years better than others, and sometimes the federal vs state refund/shortage averages out to nearly zero.

I figure if I can get within a couple hundred dollars either way I did OK. But a $3k refund, I know your pain. That's $250 more per month of flying!
 
Why not just pay in the minimum amount they will allow then sign a check on 4/15. If I were king of America all taxes would be due in one lump sum on 4/15.
 
bartmc said:
Why not just pay in the minimum amount they will allow then sign a check on 4/15. If I were king of America all taxes would be due in one lump sum on 4/15.
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I have thought about it, but I'd be concerned that I'd have difficulty writing an $30k check in one lump sum.
 
I did ours last night and the net was a refund of $30. Quite pleased with the result :)
 
bartmc said:
Why not just pay in the minimum amount they will allow then sign a check on 4/15. If I were king of America all taxes would be due in one lump sum on 4/15.
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If you "owe too much" they will hit you with fees. Ask how I know :hairraise:
 
jesse said:
Haven't had a refund in probably five years.
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Just wait until you're writing healthy four-figure checks on Apr 15 after you've withheld M/0 all year.
 
pilot_dude said:
If you "owe too much" they will hit you with fees. Ask how I know :hairraise:
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Yeah no kidding. My tax accountant has preprepared prepayment stubs with a schedule so I don't get my pee pee whacked anymore for underpayment.
 
tiger said:
But the only way to get more back is by having overpaid even more throughout the year. There are better places to stash a few extra bucks than the 'IRS 0% Savings Account'.
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I get it.

I just wasn't expecting to overpay as much as I did. And actually thought I would get more back because of student loan interest. The whole tax code is still confusing and has yet to be straightened out by Congress. Oh there I go dreaming again!

David
 
paflyer said:
Just wait until you're writing healthy four-figure checks on Apr 15 after you've withheld M/0 all year.
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I write 5 figure checks every quarter, then another one on 4/15.
 
jesse said:
Haven't had a refund in probably five years.
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i_know_that_feel_bro_by_rober_raik-d4cxn5a_zps8a0eb9a5.png
 
bbridges51 said:
+1

You're complaining that you're getting money back?
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The thought for most is that if you are getting a refund it is because you paid too much so the gov't was earning interest on that money that you could have been earning interest on.

I understand that but I think it s worth paying that interest for them to save up some of my money for me. I think the largest check I ever got back was 8k. I don't know how much interest I could have earned on that sum built over a 12 month period but I know I wouldn't have saved that money myself. I am not that good with money. I tend to spend it.

I did correct it down so it wouldn't be that high again. Right now I have it dialed in so my refunds are sub 1k and I am content with that.

I like the refund.
 
Depends - if you automatically deposit x% of your income into a savings account, does it come out before or after taxes? That can make a difference.

Personally, I'd rather have the cash in hand, even if I spend it all or get 0.01% interest in the bank, than get it all back from the IRS.
 
I used to be all :mad: about a refund when banks actually paid interest. Now I'm like whatever, since my bank pays out a whopping 0.00000000000000001% interest. The only difference between the gov't having it now, and me having it now is that I don't file a 1099-INT for $1.37 in interest.
 
I wish I got a refund... pay every quarter... never ends... UGGG I hate taxes..
 
I try for +- $500. Last year I overwithheld as I got married and wanted a cushion
 
EdFred said:
I used to be all :mad: about a refund when banks actually paid interest. Now I'm like whatever, since my bank pays out a whopping 0.00000000000000001% interest. The only difference between the gov't having it now, and me having it now is that I don't file a 1099-INT for $1.37 in interest.
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I have no interest in making interest free loans to the government, nor having them tie up my funds if there's a dispute or error.
 
jesse said:
You can get 1% with a savings account easily. Not great but I'd rather have my 1%.



http://www.ally.com/bank/online-savings-account/
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Fun with math time.....

He has $3k for a refund. After 12 months.

Average balance thru the year of $1500.

1% is $15 on the savings account you linked.

The checking accounts (as I was commenting on) is even worse, as it required $15k balance to get 0.60%.

For the $1500 balance, it was 0.10%, which would be less than $2 for the year.

Yes, still $2 is $2...

The
 
JoseCuervo said:
Fun with math time.....

He has $3k for a refund. After 12 months.

Average balance thru the year of $1500.

1% is $15 on the savings account you linked.

The checking accounts (as I was commenting on) is even worse, as it required $15k balance to get 0.60%.

For the $1500 balance, it was 0.10%, which would be less than $2 for the year.

Yes, still $2 is $2...

The
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A tall boy of PBR that the government didn't get. I'm in.
 
There is a better system.

the US has a tax called the excise Tax, you pay it every time you buy gas, booze, cigarettes, It is basically America's sin tax.

Simply eliminate the income tax, and adjust the excise tax to be applied to all goods and services bought in the US.

That would eliminate 2/3rds of the IRS, the merchants become the tax collectors, no more administrative law.

now every one in America legally or illegally is going to pay their fare share.
 
JoseCuervo said:
Fun with math time.....

He has $3k for a refund. After 12 months.

Average balance thru the year of $1500.

1% is $15 on the savings account you linked.

The checking accounts (as I was commenting on) is even worse, as it required $15k balance to get 0.60%.

For the $1500 balance, it was 0.10%, which would be less than $2 for the year.

Yes, still $2 is $2...

The
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You forgot to tax the interest. Heh heh.
 
SkyHog said:
******n IRS
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You touch on but a tiny morsel of how the IRS aggrieves honest, hard-working people.
As I rolled in tonight at 8:30 after another 13 hour day, I contemplated how they would be taking so much of the profit from my endeavors, and the painful "what are they doing with it, anyway". Thank God for Pinot. Pain is controlled.
 
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