DakotaT
12 years ago

Why do you write a big check to the IRS every year? I get a check from them every year.

Originally Posted by: Zero2Cool 



I have self employment income to report. If you get a refund from them, you are giving the government an interest free loan.


UserPostedImage
Zero2Cool
12 years ago

I have self employment income to report. If you get a refund from them, you are giving the government an interest free loan.

Originally Posted by: DakotaT 



Ooh, I see, cuz of the self employment thing.

What do you mean I'm giving the government and interest free loan because I get a refund? They take 20% out of my checks and sit on it and then give it to me at the end of the year??
UserPostedImage
Wade
  • Wade
  • Veteran Member
12 years ago
Because they have the use of that 20% from the time it's withheld to the time you cash the refund. Use of money = ability to get return (interest).


And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)
Zero2Cool
12 years ago

Because they have the use of that 20% from the time it's withheld to the time you cash the refund. Use of money = ability to get return (interest).

Originally Posted by: Wade 



Why this is so horrible? If we didn't pay the taxes per paycheck, and rather paid a large sum at the end of the year. What's the benefit?

I'm trying to figure out the benefits to this thinking. I'm assuming it would be better to put that 20% in a savings account, and then build the interest yourself and then pay INTO your taxes at the end of the year?
UserPostedImage
Dexter_Sinister
12 years ago

Why this is so horrible? If we didn't pay the taxes per paycheck, and rather paid a large sum at the end of the year. What's the benefit?

I'm trying to figure out the benefits to this thinking. I'm assuming it would be better to put that 20% in a savings account, and then build the interest yourself and then pay INTO your taxes at the end of the year?

Originally Posted by: Zero2Cool 



That is the most reasonable way to do it.

People are giving up interest by being so lazy they make the IRS same their money for them..

But imaging how many people would fail to have the discipline to save the money and fall behind on their taxes. Then we would have to spend tax money to collect it. It is more cost effective to have the money taken out before people can go spend it.

Personally I try to set it up so I have to pay in every year instead of getting a refund. I think refunds are bad. It means you had money that could have been working for you but didn't because the IRS had it.
I want to go out like my Grandpa did. Peacefully in his sleep.
Not screaming in terror like his passengers.
Wade
  • Wade
  • Veteran Member
12 years ago

Why this is so horrible? If we didn't pay the taxes per paycheck, and rather paid a large sum at the end of the year. What's the benefit?

I'm trying to figure out the benefits to this thinking. I'm assuming it would be better to put that 20% in a savings account, and then build the interest yourself and then pay INTO your taxes at the end of the year?

Originally Posted by: Zero2Cool 



That's exactly it. If you have the funds, you can invest it. If the government has them, you can't.

Of course, if you are like me and tend to consume rather than invest, then it's smarter to use withholding as insurance.

For people who are disciplined with their wealth (DakotaT), withholding is either another case of government-as-coercive-thief (if you share my anarchist bent) or another opportunity to ensure the good things of government (if you share DakotaT's government-as-necessary liberalism). For people who are lousy with money (like me) its the price of ensuring we're able to pay our share.




And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)
Dexter_Sinister
12 years ago

Everything you say before the dash is well-said. But the final, underlined statement does not follow from it.

Yes, a true Christian should act compassionately and in a giving manner toward those less fortunate and less capable. And we're going to have to account to Him for every one of our failures to do so.

But my paying taxes or not isn't going to be part of that accounting. Indeed, if I need the coercion of the state to get me to pay or do my share, that share isn't going to help me a bit with God. Because I'm doing it for the wrong reason. I'm simply doing it to cover my ass and keep out of jail and not look bad in the public eye. I'm not doing it to please God and follow his example.

Originally Posted by: Wade 



Christ said pay your damn taxes. If you want to fight over taxes, you love your money than you love me.

I kind of paraphrased.
I want to go out like my Grandpa did. Peacefully in his sleep.
Not screaming in terror like his passengers.
Zero2Cool
12 years ago
So, if a guy has around $650 taken out of every check, what can he do?

I would assume the guy couldn't do anything about the MED/EE or OASDI/EE deductions, but with Federal and State ... what can be done? I would also guess it would have something to do with a W4?
UserPostedImage
DakotaT
12 years ago

So, if a guy has around $650 taken out of every check, what can he do?

I would assume the guy couldn't do anything about the MED/EE or OASDI/EE deductions, but with Federal and State ... what can be done? I would also guess it would have something to do with a W4?

Originally Posted by: Zero2Cool 



It has to do with how many exemptions you claim. Go talk to your payroll clerk and tell her you think you are having too much deducted because you are getting a refund from the IRS on your tax return. Tell her these faceless momolucs you take financial advice from think you should change your W4. Then take her advice.


UserPostedImage
wpr
  • wpr
  • Preferred Member
12 years ago

I have self employment income to report. If you get a refund from them, you are giving the government an interest free loan.

Originally Posted by: DakotaT 



I do too. It is the best way as far as I am concerned
UserPostedImage
Fan Shout
beast (4h) : Sounds like P Luke Elzinga has a rookie try out opportunity from the Titans
dfosterf (7h) : Luke Elzinga Punter Oklahoma stil unsigned. Green Bay has been mentioned as good fit
beast (14h) : The Packers re-signed three exclusive rights free agents WR Melton, P Whelan and RB Wilson.
Zero2Cool (29-Apr) : February 5, 2002 (age 23) ok no. packers.com is wrong
Zero2Cool (29-Apr) : Micah Robinson is only 19??
Zero2Cool (29-Apr) : 6 first rounders on Packers defense now
Zero2Cool (29-Apr) : LB Isaiah Simmons. Signed. Called it!!! Oh yeah!
Martha Careful (29-Apr) : ty bboystyle...fat fingers
bboystyle (29-Apr) : Tom*
Martha Careful (28-Apr) : RIP Packer Safety Tim Brown
beast (27-Apr) : Yeah, but also some of the wording suggestions Jax only pranked called the QB, not the others... and if he had an open spreadsheet & 3 calls
beast (27-Apr) : Thank goodness he's not leaving the Turtle in the Red Tide
Mucky Tundra (27-Apr) : Cowboys 1st round pick Tyler Booker will indeed be bringing his pet turtle to Dallas with him
Mucky Tundra (27-Apr) : that contained all prospects info and contact
Mucky Tundra (27-Apr) : beast, according the Falcons statement Jax came across it on an ipad. If I had to guess, probably an open spread sheet or something
Zero2Cool (27-Apr) : Simmons put up an emoji with cheese.
beast (27-Apr) : Not sure anyone is interested in Isaiah Simmons... Collin Oliver might of taken his potential slot
beast (27-Apr) : I'm going with Jax Ulbrich is not telling the whole truth... he accidentally came across it? Why would a defensive coordinator have a QB #?
Zero2Cool (27-Apr) : He's not that great, but final piece of the script.\
Zero2Cool (27-Apr) : If we add Isaiah Simmons, book your Super Bowl tickets
Mucky Tundra (27-Apr) : Colts 1st round TE Tyler Warren also got prank called, was that Jax Ulbrich as well?
Zero2Cool (27-Apr) : Jax Ulbrich, Jeff Ulbrich’s son, released an apology for his role in the Shedeur Sanders prank call.
Martha Careful (27-Apr) : apparently he did not participate in practice or play on the east west shrine game nor the NFL combine. The kid was a mediocre spoiled brat
Mucky Tundra (27-Apr) : Yeah that one that was a super wounded duck that Sanders supporters are highlighting to prove a point
Zero2Cool (27-Apr) : Shough is the guy who missed guys at combine isn't he?
beast (27-Apr) : It's not official until I'm dead! I have a chance still! (Not really)
Mucky Tundra (27-Apr) : I could feel my body decomposing in real time when I read that
Mucky Tundra (27-Apr) : @MIKEYSAINRISTIL Tyler Shough will officially be the last person drafted to the NFL born in the 1900’s
Mucky Tundra (26-Apr) : saw the tweet, he meant the city
Mucky Tundra (26-Apr) : Was that for the team or the city?
Zero2Cool (26-Apr) : Adam Schefter @AdamSchefter · 3m Draft grade is in: Green Bay gets an A. The people, the city, the venue were all superb. NFL Draft’s next
Zero2Cool (26-Apr) : Matt LaFleur says Jaire Alexander is participating in #Packers offseason program, which has been conducted virtually during this first week
Zero2Cool (26-Apr) : ✅ ...
buckeyepackfan (26-Apr) : Check
Zero2Cool (26-Apr) : Matthew Golden cahanged 81 to 22??
TheKanataThrilla (26-Apr) : Sam Howell to Vikings...guess no Aaron
Martha Careful (26-Apr) : 1 round 7 min, with one extra minute if there is a trade. 2nd round 4 minutes, 3rd -3, 2 thereafter IMO
Martha Careful (26-Apr) : Agree
dfosterf (26-Apr) : Great idea imo
dfosterf (26-Apr) : 1st round to 7 minutes with one extension
dfosterf (26-Apr) : NFL comissioner wants to shorten the 2st
Mucky Tundra (26-Apr) : @jalenreagors They’re discussing if Sheduer can go back to college on NFL Network LMFAOOOOO
beast (26-Apr) : Great point Martha
beast (26-Apr) : Buddy Ryan used to say if a candy bar goes missing, there are two to blame, Rex and Rob 🤪 jk 😁
Martha Careful (26-Apr) : Bum Phillips used to say there are two ways to get better. Get better players or get players to play better. We have a new DL coach
Zero2Cool (26-Apr) : Yes. Look at the losses last year. They can win.
beast (26-Apr) : Can Packers win with their current DL?
bboystyle (26-Apr) : waiting for a pass rusher.
dfosterf (25-Apr) : 5 minutes between picks in the 3rd
dfosterf (25-Apr) : 3rd. Hate this phone
Please sign in to use Fan Shout
2024 Packers Schedule
Friday, Sep 6 @ 7:15 PM
Eagles
Sunday, Sep 15 @ 12:00 PM
COLTS
Sunday, Sep 22 @ 12:00 PM
Titans
Sunday, Sep 29 @ 12:00 PM
VIKINGS
Sunday, Oct 6 @ 3:25 PM
Rams
Sunday, Oct 13 @ 12:00 PM
CARDINALS
Sunday, Oct 20 @ 12:00 PM
TEXANS
Sunday, Oct 27 @ 12:00 PM
Jaguars
Sunday, Nov 3 @ 3:25 PM
LIONS
Sunday, Nov 17 @ 12:00 PM
Bears
Sunday, Nov 24 @ 3:25 PM
49ERS
Thursday, Nov 28 @ 7:20 PM
DOLPHINS
Thursday, Dec 5 @ 7:15 PM
Lions
Sunday, Dec 15 @ 7:20 PM
Seahawks
Monday, Dec 23 @ 7:15 PM
SAINTS
Sunday, Dec 29 @ 3:25 PM
Vikings
Sunday, Jan 5 @ 12:00 PM
BEARS
Recent Topics
3h / Green Bay Packers Talk / dfosterf

18h / Green Bay Packers Talk / Martha Careful

21h / Green Bay Packers Talk / Zero2Cool

21h / Packers Draft Threads / Mucky Tundra

22h / Green Bay Packers Talk / wpr

29-Apr / Green Bay Packers Talk / wpr

27-Apr / Packers Draft Threads / Mucky Tundra

27-Apr / Green Bay Packers Talk / beast

27-Apr / Green Bay Packers Talk / Mucky Tundra

27-Apr / Around The NFL / bboystyle

27-Apr / Green Bay Packers Talk / Mucky Tundra

27-Apr / Green Bay Packers Talk / Martha Careful

27-Apr / Packers Draft Threads / wpr

27-Apr / Packers Draft Threads / wpr

27-Apr / Packers Draft Threads / wpr

Headlines
Copyright © 2006 - 2025 PackersHome.com™. All Rights Reserved.