Do you usually get a tax refund or have to pay
- Thread starter walterjay
- Start date
Don't ask... Ha!
Actually, paying a lot of income taxes basically means you have a lot of income. A nice problem to have and far better than the other way.
I try to estimate my tax burden, but I was off this year.
Actually, paying a lot of income taxes basically means you have a lot of income. A nice problem to have and far better than the other way.
I try to estimate my tax burden, but I was off this year.
Pay 
. The new deduction form is a scam. We claim the right amount and it's not enough. We even just guess and withhold more to try to break even.
. The new deduction form is a scam. We claim the right amount and it's not enough. We even just guess and withhold more to try to break even.
Well, if you get a refund, that means you gave the gvt a free loan for the year. Buy yeah, cranking out another check at tax time ain't no fun.Pay
4WD
$50 site donor 2024
Pay … No, PAY !!!
A refund is not a gift. A payment is not a penalty.
# amt of refund +-# amt of pay/2=0
# amt of refund +-# amt of pay/2=0
Heh, usually a refund from Uncle Sam, but discovered this year that wife's withholding wasn't right, so had to pay a bit and she fixed her withholding. On the local front, I have to pay quarterly estimated tax because I work in a township where there is zero local tax.
The goal should be a net zero...don't owe, don't pay.
Not necessarily realistic, but I got close for a few years...I think feds owed us 300-ish. But we took some investment losses, which we keep rolling over and get a little more back from the feds than normal. Once those are rolled off it will be back to 300-ish.
Not necessarily realistic, but I got close for a few years...I think feds owed us 300-ish. But we took some investment losses, which we keep rolling over and get a little more back from the feds than normal. Once those are rolled off it will be back to 300-ish.
Fifty-fifty, but this year I had to pay.
We do our own taxes and attempt to manage our withholding so our refund does not exceed about $200 total +/-.
Our 2022 results were messed up due to changes we missed (some personal, some government). After 3 weeks of attempting to figure out the messed up government forms/changes, I gave in and visited a tax advisor. She was somewhat confused also and gave me several general tips and said its all a guessing game - check your monthly statement and readjust as needed. Sigh.
Our 2022 results were messed up due to changes we missed (some personal, some government). After 3 weeks of attempting to figure out the messed up government forms/changes, I gave in and visited a tax advisor. She was somewhat confused also and gave me several general tips and said its all a guessing game - check your monthly statement and readjust as needed. Sigh.
Well, if you paid the least amount through the year and then trued up at tax time, the gvt would be giving you a free loan. You could put that in an interest bearing account, pay down your debts, etc.
I'm pretty sure there are restrictions on how much you can do that, then penalties are imposed.
There's this: https://www.irs.gov/taxtopics/tc306
And also info about "safe harbor" rules: https://www.hrblock.com/tax-center/irs/tax-responsibilities/avoiding-underpayment-tax-penalty/
People talk about the % that "rich" people pay and we're certainly not rich, but Turbotax shows our "effective tax rate" is just 8.46%. I don't use a tax accountant/lawyer to do our taxes (as I said, we use Turbotax !) and we claim literally nothing besides our kids and some education expenses. That % seems awfully low to me though !
Certainly. You have to pay enough quaterly to avoid the penalty.
Not really when you add property taxes, sales taxes, usage taxes (e.g. auto registration), taxes you pay on gasoline, etc.
Scott
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