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Tax Refund?

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NorthShoreBuck said:
Have they indexed it to inflation or any economic indicator?
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Nola,

NO... that's the problem, they haven't inflated it for inflation yet (each year that goes by, more and more folks are falling under AMT)...

FYI: If you will be subject to AMT you actually want to hold off on the deductible items and increase AGI if at all possible (basically the exact opposite of what you usually do)...
 
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gbear

I know they had discussed indexing, I was not sure if they did or not. The only way around I found was to take away some deductions. I remember running it both ways and reducing deductions was less painful than paying the AMT. I guess since I have not seen it in a few years I have not been agressively using deductions, car and office used to be two biggies.
 
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L-villebuck said:
Just reading through this thread unless you own a business, do not brag about getting $2,700 back from taxes. It shows your ignorance towards money management. If you work for someone your goal should be $0.00
back and and actually maybe pay a little. Uncle Sam does not pay interest!
It makes me sick that people I actually work with "brag" about how much they are getting back. One fellow employee even told me that it was his "savings" for the year. Some really dumb fuckers out there. Of course the dude was in his late 20's. Wake up you youngins. You probably believe Social Security will be there when you retire!!!!!!
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L-Ville, see my post above. There is simply no way I can get it down to $0. If there is, please tell me so I can do it!
 
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L-villebuck, for some, having a refund is like a savings account. Speaking for myself, I have a hard time saving money. If it's there, I'll spend it. So if I pay a little more each week in taxes to get a big refund at the end of the year it's worth it to me.
 
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Scarlet,
You are a perfect example. Money management is simple. Most young people are not hip to how the system works. I have a 10 year old daughter
and I spend alot of time with her math and explain the interest rates.(BTW it is proven if you excell in numbers you will go far) She understands the total conception. Credit cards are the root of all evil. Trust me. I was there once and will never go back again. These credit card companies feed on you college students. Best thing is to never have your mom and dad co-sign for a credit card. It is pretty simple, if you can't afford don't buy it.
The reason I say don't let Mom and Dad co-sign is because they will go after them for money. Credit cards are a unsecured loan, unlike a car or house loan.
 
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L-ville
Not to highjack this thread but you cannot travel without credit cards. Wise use of all credit develops your credit history and score which is essential for mortgages and other loans. Talk about float, you are buying something and do not have to pay for it for up to 30 days afterward. That money can be in an interest bearing account working that whole time.

If you wisely manage your money and invest then no refund is good. We are a nation of spenders and the tax system is a forced method of saving as many have indicated here. The other factor that is not considered is folks that have widely fluctuating income or deductions. It is difficult for me to know year to year what my income or deductions will be. I have always aimed for owing less than $1000 but it does not always work that way. The best plan for me is to at least pay what I did last year to escape any interest or penalties.
 
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NorthShoreBuck said:
L-ville
Not to highjack this thread but you cannot travel without credit cards. Wise use of all credit develops your credit history and score which is essential for mortgages and other loans. Talk about float, you are buying something and do not have to pay for it for up to 30 days afterward. That money can be in an interest bearing account working that whole time.

If you wisely manage your money and invest then no refund is good. We are a nation of spenders and the tax system is a forced method of saving as many have indicated here. The other factor that is not considered is folks that have widely fluctuating income or deductions. It is difficult for me to know year to year what my income or deductions will be. I have always aimed for owing less than $1000 but it does not always work that way. The best plan for me is to at least pay what I did last year to escape any interest or penalties.
Click to expand...

Credit Cards are best if you pay the balance off monthly. I mean, my Discover Card pays me to use it while cash does not. Why wouldn't I use the credit card?

Nola is right, you need to use them to build a credit history.
 
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L-villebuck said:
Scarlet,
You are a perfect example. Money management is simple. Most young people are not hip to how the system works. I have a 10 year old daughter
and I spend alot of time with her math and explain the interest rates.(BTW it is proven if you excell in numbers you will go far) She understands the total conception. Credit cards are the root of all evil. Trust me. I was there once and will never go back again. These credit card companies feed on you college students. Best thing is to never have your mom and dad co-sign for a credit card. It is pretty simple, if you can't afford don't buy it.
The reason I say don't let Mom and Dad co-sign is because they will go after them for money. Credit cards are a unsecured loan, unlike a car or house loan.
Click to expand...
Money management is simple when you have plenty of it. When you're living just within your means in an effort to put your kids in the best school system and own a nice home, it gets a little trickier. I allow money to go to uncle sam so that I get that lump sum at year end. It pays for a great many things that wouldn't happen with out it.
 
Upvote 0
L-villebuck said:
Scarlet,
You are a perfect example. Money management is simple. Most young people are not hip to how the system works. I have a 10 year old daughter
and I spend alot of time with her math and explain the interest rates.(BTW it is proven if you excell in numbers you will go far) She understands the total conception. Credit cards are the root of all evil. Trust me. I was there once and will never go back again. These credit card companies feed on you college students. Best thing is to never have your mom and dad co-sign for a credit card. It is pretty simple, if you can't afford don't buy it.
The reason I say don't let Mom and Dad co-sign is because they will go after them for money. Credit cards are a unsecured loan, unlike a car or house loan.
Click to expand...

I never said that I'm in credit trouble, or am in debt. I just can't SAVE money. Everything I buy I can afford, it's just that money burns a hole in my pocket. Bars have a lot to do with that. So, if I have more money taken out of my check, it's the same as a savings account for me. I just don't know how much is there until the end of the year.
 
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Thump said:
Credit Cards are best if you pay the balance off monthly. I mean, my Discover Card pays me to use it while cash does not. Why wouldn't I use the credit card?

Nola is right, you need to use them to build a credit history.
Click to expand...

I agree. I've never paid a dime to any credit card company. Never paid a bill late. They pay me 3% back at the end of every month on all gas purchases and 1% back on everything else.
 
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ScarletInMyVeins said:
I never said that I'm in credit trouble, or am in debt. I just can't SAVE money. Everything I buy I can afford, it's just that money burns a hole in my pocket. Bars have a lot to do with that. So, if I have more money taken out of my check, it's the same as a savings account for me. I just don't know how much is there until the end of the year.
Click to expand...

SIMV - that's an honest confessional. But, a suggestion, using the same discipline of having money automatically diverted from the paycheck.
Increase your exemptions so you would have more money in the paycheck.
Set up a personal retirement account or added funds automatically diverted to your 401k or similar. The money is going into an account that has stringent rules about access, its not burning that hole in your pocket, it is earning interest for you and your future and it isn't being diluted in value by the worst bunch of money-managers in the world (our elected officials). Plus, dependent on the account it is going in pre-tax - all the better.
 
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