Something to consider with tax time

[Brent S]

I just finished filing my taxes! Yeah. I used to hate it when I was self employed as I always owed money. Now it's awesome! I have one job, one w2, and I don't claim any exemptions or withholding, so I get a pretty good refund every year. I still pay too much, but why complain .
The point I wanted to make is about tax fraud. People are getting others info and filing their taxes falsely, claiming every deduction and getting your refund sent in the form of an untraceable debit card to them. This is one of the fastest growing frauds in the country. Lots of people file their taxes around April, and the IRS says "we allready mailed your refund two months ago". The moral of this story is to get motivated and get your stuff done early! You can claim fraud and eventually get it worked out with a lot of paperwork, but by filing early you eliminate the possibility.
Now I get to decide what to do with my extra money! Solar is still on my mind with getting started.

 

[alabaster]

Hadn't heard of that, but I always believe in getting things done as soon a possible. Procrastination never works out for me.

 

[jimLE]

i do mine soon as get my W2..one is i want to get it over with.two is,just like others.i could use the money.third is.like you pointed out..fraud..

 

[Maverick]

This year ought to be different (in a good way) I haven't got any money back since 1989, last year I sold all the cattle at a loss and retired. I may not get anything back but I shouldn't have to pay in either and that's just fine with me, the wife and I always filed separate (cheaper) and last year she got a whopping 8 dollars and some change back I think she said she might owe a couple of bucks this time.

 

[jontte]

I should get something back as I study now,but I'll have to wait 'till december...

 

[Brent S]

This year ought to be different (in a good way) I haven't got any money back since 1989, last year I sold all the cattle at a loss and retired. I may not get anything back but I shouldn't have to pay in either and that's just fine with me, the wife and I always filed separate (cheaper) and last year she got a whopping 8 dollars and some change back I think she said she might owe a couple of bucks this time.

I know all the financial advisors say that you should not let them hold any extra money from each paycheck, but if I got it it would be spent each week. This way I kind of have a second savings account, that I don't even see till its time to get it. I got three k between federal and state, yeah!
As far as the fraud thing, why in the hell would the IRS send an untraceable debit card to a post office box! That's the stupidest thing I've heard of. I say if it's not going into a bank account, or the address that your w2 went to, you should have to go to the IRS with photo ID. It almost seems like there trying to help the crooks.

 

[alabaster]

Brent, my grandfather was the same way. Even as a W2 employee, he did not want them holding money out of his check. He figured he would rather have the interest and pay only what he owed at the end of the year. He also was one of the few people I know that was good enough with money to actually accomplish that! I think the vast majority of us are like you, in that we would spend that money through the year and be stuck with a bill at the end. When I told my wife some years ago that I was going to have them hold another $100 a month, she was not happy. She thought I'd lost my mind. When we got the money back, she was a happy Mrs Alabaster. Next year, she did the same. I know I'm only fooling myself into thinking that I am getting more money, but so be it. I'm happy with it, so is the Mrs. Nothing else to worry about, I guess!

 

[Maverick]

I know all the financial advisors say that you should not let them hold any extra money from each paycheck, but if I got it it would be spent each week. This way I kind of have a second savings account, that I don't even see till its time to get it. I got three k between federal and state, yeah!
As far as the fraud thing, why in the hell would the IRS send an untraceable debit card to a post office box! That's the stupidest thing I've heard of. I say if it's not going into a bank account, or the address that your w2 went to, you should have to go to the IRS with photo ID. It almost seems like there trying to help the crooks.

I sold a bunch of my overhead to get debt free, I have my normal property tax and that's about as much debt as I have now. The less money I paid and the less money I got back from the IRS the less beholding I was with them, the wife has many many years before she retires and she feels the same the less she pays back the less she gets back the free'er she feels.

 

[Brent S]

Brent, my grandfather was the same way. Even as a W2 employee, he did not want them holding money out of his check. He figured he would rather have the interest and pay only what he owed at the end of the year. He also was one of the few people I know that was good enough with money to actually accomplish that! I think the vast majority of us are like you, in that we would spend that money through the year and be stuck with a bill at the end. When I told my wife some years ago that I was going to have them hold another $100 a month, she was not happy. She thought I'd lost my mind. When we got the money back, she was a happy Mrs Alabaster. Next year, she did the same. I know I'm only fooling myself into thinking that I am getting more money, but so be it. I'm happy with it, so is the Mrs. Nothing else to worry about, I guess!

If I actually made any money in my savings or checking accounts I would probably keep it. The 12 cents I get every so often dosent impress me enough to care about. Oh well, at least I'm not paying a fee. I used to be with a mega bank, when they started charging 5bucks a month to have a checking account I switched to a credit union.

 

[DavyRocket]

http://www.washingtontimes.com/news/2015/jan/18/obamacare-penalty-may-come-as-shock-at-tax-time/

 

[alabaster]

@DavyRocket , I imagine that's a fact. If not now, then eventually. They've postponed that so many times now, it's ridiculous. I have a strong hope that the GOP having both houses, they can change some of the train wreck that is Obamacare. If not repeal it, at least ditch a couple of the fatal flaws, like the tax penalty for not playing well with others.