NWI Ingo General Post part 15

[Ballstater98]

I've culled a lot of lumber. My SIL culls beaver, yote, coons and &ct.

What is 12 oz. and sport culling?

Autocorrect got me.

 

[Ballstater98]

Got my W2s today. Just finished E-filing and i am done with both State and Federal!

Slow down there! I don't even have all my forms yet.

 

[d.kaufman]

Slow down there! I don't even have all my forms yet.

Mine are simple. Especially with the raising of the standard deduction. No itemizing needing to be done. Wanted to get them done before the next shutdown on the 14th. Dont know if it will matter or not but we shall see

 

[2A_Tom]

Autocorrect got me.

I still cannot figure what word you meant.

 

[KLB]

We'll do our taxes in April. Not in any hurry to see if we owe more this year or will get a little back.

 

[KLB]

I still cannot figure what word you meant.

He corrected the post to "curling"

 

[lonehoosier]

We'll do our taxes in April. Not in any hurry to see if we owe more this year or will get a little back.

Right?! Could never understand giving the government a interest free loan. One of these days they will not be able to pay you back.

 

[d.kaufman]

Right?! Could never understand giving the government a interest free loan. One of these days they will not be able to pay you back.

I take advantage of the tax system thats in place. If they wanna give me child tax credits and earned income credits, why would i refuse them?

 

[lonehoosier]

I take advantage of the tax system thats in place. If they wanna give me child tax credits and earned income credits, why would i refuse them?

I take all those things too and still don’t give them anymore money then they need. I just adjust my withholdings. To each their own, I just don’t understand it nor do I need to.

 

[d.kaufman]

Im asked at the start of each year by the owners how many do i claim. I tell them how many(4), they forward that to whomever their accounting service is and they take taxes out accordingly. Can i tell them i want no Federal taxes witheld? Is that an option? I have no idea and im not paying an accountant to find out either.

 

[2A_Tom]

We have this conversation every year, The people who want a big refund have no Idea what you are talking about LH.

 

[lonehoosier]

Im asked at the start of each year by the owners how many do i claim. I tell them how many(4), they forward that to whomever their accounting service is and they take taxes out accordingly. Can i tell them i want no Federal taxes witheld? Is that an option? I have no idea and im not paying an accountant to find out either.

You can find calculators online that can figure out what you should clam that gets you to keep more of your money.

 

[lonehoosier]

We have this conversation every year, The people who want a big refund have no Idea what you are talking about LH.

You must spread some Reputation around before giving it to blue falcon again

 

[jedi]

Im asked at the start of each year by the owners how many do i claim. I tell them how many(4), they forward that to whomever their accounting service is and they take taxes out accordingly. Can i tell them i want no Federal taxes witheld? Is that an option? I have no idea and im not paying an accountant to find out either.

you can claim 99 "dependents" on the system which in turn means 0 taxes withheld per check for the feds. while you do t have 99 dependents it is legal to claim that or any other number. HOWEVER taxes are due quaterly to uncle sam. 99% of the people pay taxes every check so the quaterly payment is null and void to them. You can run into trouble, most small 1st yesr biz do, by not paying quaterly and then owing more than 1k in taxes at the end of the year. if you owe more then 1k uncle sam will slap a pentalty for not paying quaterly.

here is an example very board.
you make 1000 a month. your tax rate is 20%.
so 200 of that 1000 belongs to uncle same.
you SHOULD pay $600 every quater *.
this will ensure that at the end of year you paid a total of 2400 (600 x 4 quaters) and thus not owe anything.

if you hold thay 600 per qauter and not send it in then at end of ywar you owe 2400 plus penalty for owing more then 1000.


* the government quaters are not every 3 months. its 4 payments a year but not evenly over 90 days each. plus the payments are not all in the same year.

april, june, sept and jan.

its possible to do the basic math and figure out how much to withdhold a month. heck the irs has the calulator and it will figure it out for you based on your last yax return. its very precise.

if every citizen had to manually pay the taxes every 3 months instead of getting it takes from tjeir check every 2 weeks. the nation would burn dc to the ground as they discover the amount of theft thay really occurs.

 

[d.kaufman]

I just did 2 online calculators and both are within $3 of what is being withheld weekly.

So next thing would be if i tell the accounting service take zero in federal taxes out am i then screwed from filing a return?
My whole thing is not wanting to be on the wrong side of the IRS

Tax calculator says they're taking out proper amount. What do you do? I imagine it all makes a difference on what income level you're at. 2 people working or not, filing jointly or separately, etc.

 

[d.kaufman]

So doing some more online searching i can claim 8 which would then have zero federal taxes taken out. Then do taxes as normal claiming the appropriate amount.

Heres the thing though for the giving the gov an intrest free loan.
Every year when i get my tax return it gets put back into the house and a small vacation. That usually all happens in the spring to summer timeframe.
So lets say i pay zero in federal and in turn put that money in my savings account, which earns zero intrest, because banks suck, and then i use the money for above said purposes. Not much different than giving the gov an intrest free loan. Instead im giving the pos bankers an intrest free loan. So really whats the difference. I still have to do a tax return when its all said and done and that extra money not being withheld has given me zero return in the mean time.

Maybe im thinking about it wrong and i guess will be different for each persons situation as well.

Thanks Jedi for a somewhat understandable reply to the situation, and for not being condescending. Its appreciated

 

[Usmccookie]

Looks like everything worked out okay.
Water is back.
Doesn't seem to be broken anywhere.

Also, I just got a flame rod.
When I get done with dinner I will install it. Hopefully that will mean the furnace is on.

Glad to hear it! Didnt get so lucky here.. haha

 

[Ballstater98]

Undefeated! Microbrews and backyard curling with neighbors was a great time. Now to warm up with some Willett bourbon.

 

[Ballstater98]

I still cannot figure what word you meant.

https://www.olympic.org/curling

 

[Ballstater98]

Punxsutawney Phil did not see his shadow. GB wins.