Government shutdown impacting you yet?

[Jehanne]

Paying more, to get by with less isn't a finacial plan.


It' s simply being lazy.


...

It' s your money - take charge of it.

Anyone who graduated 8th grade has the math skills necessary.

---

I have a MBA, actually.  If I was the only one spending the money, then, yes, it would make sense, but (and, this is a big but), we also get financial assistance, and for some programs/agencies, that is based upon net income as opposed to gross.

P.S. We also receive SSI for a disabled son, and per the Law, our savings account cannot go above $2,000.

[onlinebiker]

If you' re worried about your tax refund - and ESPECIALLY if it' s because you are low income - you are doing it wrong.

I'm self-employed. I literally have to overpay every quarter or I get penalized for late payments. At the end of the year, I get a refund. I want it not because we are poor. We're decidedly not poor. I want it because it's my money.

You need to declare more exemptions - so you have to pay in by April 15th.

This doesn't work for self-employed people and can be dangerous for low-income people who would be harmed by a penalty. I pay 35.1% into my tax account every time I get paid because anything short of that is a problem for Uncle Sam.

Do the math, dummy.

The math you're talking about doesn't pan out for everyone. Moreover, the neat little brackets they shove us all into are not nearly accurate enough come filing time for someone to be able to finesse their withholdings to within a few bucks in either direction.

If you are getting a refund - you are providing the US Government with an interest free loan, for your earning year.

True.

That' s right - that " refund" costs you money.

Yes, we know, which makes the refund I'm owed all the more important to me.

Better plan --- and financially sound as fuck --- put money aside every month - and collect the interest on it --- then pay in on April 15th......

Nope. That's a bad plan. If you do not pay Uncle Sam every three months the correct percentage of taxes you owe, they will penalize you 4% if you earn over a certain amount. Extremely poor people get out of this payment. Try finding a 4% interest rate on a savings account. When you do, let me know.

Or, snivel about what the " convenience " of your forced " savings" of a refund costs you - when the government doesn't come through on time.... Hint - the government doesn't get penalized for late payment...

Which is a fucking problem that everyone has a goddamn right to snivel about.

Nope.

You can' t bitch.

You knew the score going into this game - but you decided to take the " easy" way out - and opt the refund path.

You trusted the government - to come through in a timely manner.

Bad idea.

Governments should be tolerated, not trusted.

Get ahead of it next year. Plan. Put aside money. Do not touch that money under any circumstances. ( put it under a mattress if you don't trust a bank).

Next year - pay in.

You will be ahead in the game.

The math never lies.

[Jehanne]

The math never lies.

Okay, our savings goes up, but our SSI and tax refund goes down, along with other "handouts"?  Math rules!

[Rev. Rye]

Well, this is probably a good time to be thankful that, since I have a $200/month stipend, I'm technically too poor to have to file an income tax return. That said, I have been working on the books for my work place, but I don't think I have to be the one to fill out the form.

That said, Trump is apparently hell-bent on making this last as long as he sees fit, which could easily be years. It's actually plausible that I could actually end up being affected by this bullshit for once.

[Jehanne]

Well, this is probably a good time to be thankful that, since I have a $200/month stipend, I'm technically too poor to have to file an income tax return. That said, I have been working on the books for my work place, but I don't think I have to be the one to fill out the form.

That said, Trump is apparently hell-bent on making this last as long as he sees fit, which could easily be years. It's actually plausible that I could actually end up being affected by this bullshit for once.

The irony of all of this is that those individuals who are facing tax audits will have their audits delayed!!  Hmmm...

[Figbash]

Not us, but we have a friend who has used up all of her sick time and is now working for free. She is wondering how she will pay for rent. We live in a very HCOL area, lots of people (especially young people) work paycheck to paycheck.

[Rev. Rye]

The irony of all of this is that those individuals who are facing tax audits will have their audits delayed!!  Hmmm...

I'm not sure that "audits delayed" is the right term, considering that he's been under audit for over a decade. Put on hold, perhaps, but not exactly delayed.

[Shell B]

Nope.

You can' t bitch.

I obviously can. I don't think you know what can't means.

You knew the score going into this game - but you decided to take the " easy" way out - and opt the refund path.

Did you read anything I wrote? I literally cannot get away with paying less into my taxes quarterly because I'm self-employed. If I owe more than $1,000, I will have to pay a 4% penalty. A savings account with that kind of interest rate is unheard of. I always owe more than $1,000, so the numbers work in my favor if I overpay and get a refund rather than bank it. It's the only way to only pay the government what I owe them.

You trusted the government - to come through in a timely manner.

What? Why on Earth would you assume I trusted them? I didn't. I'm forced to pay them on time, pay more or go to court/pay them anyway. I want my money in a timely manner. How does that mean I expect or trust it to be there?

Get ahead of it next year. Plan. Put aside money. Do not touch that money under any circumstances. ( put it under a mattress if you don't trust a bank).

No, you idiot. I've already explained twice how I would lose money that way. Fucking hell, I hope you don't give stupid people that advice. You will get raped in penalties for not paying out every quarter by the 15th of the 3rd month. I put my money in a high-yield savings account every month until the third month. I make pennies on it, and I pay my quarterly taxes by the deadline. Repeat four times a year. Get no penalty. Get money back because I cannot claim deductions until tax season.

The math never lies.

It doesn't, but you clearly don't know how to math.

[Jackalope]

Paying more, to get by with less isn't a finacial plan.


It' s simply being lazy.


...

It' s your money - take charge of it.

Anyone who graduated 8th grade has the math skills necessary.

---

Ever hear of refundable tax credits, which many lower income families receive and can be substantial?

And you would still be eligible for those credits if you paid in --- which would put you further ahead. ( I asked my SO - who does this shit for pay).


Getting a refund costs you money - end of story.

The fuck are yoi on about? Im talking about the common situation of a lower income person who has -zero- withheld and get, for example, the earned income tax credit, which being fully refundable is fully payable in the form of a refund to people who have zero withheld?

Are they stupid? Or are you just being an obtuse asshole?

---

I have a moderately complicated tax situation. I have earned income, unearned income, and capital gains. My unearned income varies widely. I itemize, and will continue to do so. How much is the "right" amount to withhold to avoid being stupid, hmm? Not to mention that the IRS *requires* me to overwithhold because I unintentionally underwithheld for three consecutive years.

Not everyone fits into nice little boxes.

[Shell B]

Methinks the loud one doesn't actually understand taxes.