W4 Tax Form question· Page 2

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DakotaT
Select Member

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.

Zero2Cool
Elite Member Topic Starter

12 years ago

#12

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??

Wade
Veteran Member

12 years ago

#13

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
Elite Member Topic Starter

12 years ago

#14

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?

Dexter_Sinister
Registered

12 years ago

#15

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
Veteran Member

12 years ago

#16

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
Registered

12 years ago

#17

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
Elite Member Topic Starter

12 years ago

#18

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?

DakotaT
Select Member

12 years ago

#19

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.

wpr
Preferred Member

12 years ago

#20

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

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beast (18h) : And horrible time management multiple times... and not being able to score more than 3 points on a team with talent

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Zero2Cool (23-Dec) : I mean, unlikely, yes, but mathematically, 5th is possible by what I'm reading.

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