Taxes: Get em done or wait till the last minute?

[ISUAlum2002]

You know, I'd much rather pay in than get money back. When you're getting money back, that means you've loaned the government money interest free. I'd much rather have those fund in MY accounts earning interest for me.

[Ficklone02]

Yes I am a CPA. Let's just say my Schroeder Motorsports, LLC business helps me a bunch.

Should be a hobby loss.....did you really think you were gonna actually make money doing that? Ha, jk

[4VR4CY]

Oh man that gets me all giddy inside! I bought a house in March and got married this summer - not to mention the student loan interest. I'm hoping for an enourmous return.

Married is a bad thing for taxes. Kids are good, spouses are not.

[Ficklone02]

You know, I'd much rather pay in than get money back. When you're getting money back, that means you've loaned the government money interest free. I'd much rather have those fund in MY accounts earning interest for me.

Exactly, I try to set things up with my withholdings at the beginning of each year, so I have to pay in at the end.

[cmoneyr]

Married is a bad thing for taxes. Kids are good, spouses are not.

That's why I only have baby mommas, much more fiscally responsible.

[isucyfan]

We're poor and have a kid who's now worth $1,000 a year, so I don't have too much to worry about on that front.

Yeah, those kids are cash cows. I'm sure I don't spend more than $1000/year on each of mine. Everything else is pure profit, baby!!

[cmoneyr]

Yeah, those kids are cash cows. I'm sure I don't spend more than $1000/year on each of mine. Everything else is pure profit, baby!!

Yeah same here, as long as you don't count food, clothes, doctor, medicine, birthday, christmas, daycare or toys. Then definitely, all profit!

[isucyfan]

Yeah same here, as long as you don't count food, clothes, doctor, medicine, birthday, christmas, daycare or toys. Then definitely, all profit!

Those things you list are simply suggested amenities.

Maximize your profit!!

[isufbcurt]

Should be a hobby loss.....did you really think you were gonna actually make money doing that? Ha, jk

I was waiting for you to say that, but show me the last time some of the airlines have had a profit or even some of the car manufacturers.

Also, I get paid to race (in the form of 1099's), have merchandise sales (shirts), advertising income, and also sell our used parts to other racers. Add to it the amount of time we put into it, so yeah I consider it a business.

And no I don't ever plan to make money with it, because as long as there is Sec. 179 depreciation I will use whatever income we generate to upgrade equipment and then expense it, thus always making my taxable income zero.

Missed you at basketball the other night.

[The_Architect]

Married is a bad thing for taxes. Kids are good, spouses are not.

[benjay]

You know, I'd much rather pay in than get money back. When you're getting money back, that means you've loaned the government money interest free. I'd much rather have those fund in MY accounts earning interest for me.

Some people make a big deal out of this. It's really not a big deal at all unless you are actually one of the few with the discipline to put that extra $100/month in a high interest savings account (or retirement/investment account). Even then, the money you make off it is probably small.

If you're of the "less disciplined" nature and fear you'll spend it frivolously, you might as well overpay during the year and get that large lump sum in your refund. It's like forced savings that you can actually do something with at the beginning of each year.

[CyPlainsDrifter]

Easy....
If I owe.... I wait until the last minute.
If they own.... I file ASAP.

Last year I owed a bunch. This year.... I get a little back, so I received my W2 yesterday and finished the taxes 30 minutes ago!

[Ficklone02]

I was waiting for you to say that, but show me the last time some of the airlines have had a profit or even some of the car manufacturers.

Also, I get paid to race (in the form of 1099's), have merchandise sales (shirts), advertising income, and also sell our used parts to other racers. Add to it the amount of time we put into it, so yeah I consider it a business.

And no I don't ever plan to make money with it, because as long as there is Sec. 179 depreciation I will use whatever income we generate to upgrade equipment and then expense it, thus always making my taxable income zero.

Missed you at basketball the other night.

I'm on the shelf with a sprained ankle.....who won? Not that I really care much about rep....but did you **** off someone, or what?

[Ficklone02]

Some people make a big deal out of this. It's really not a big deal at all unless you are actually one of the few with the discipline to put that extra $100/month in a high interest savings account (or retirement/investment account). Even then, the money you make off it is probably small.

If you're of the "less disciplined" nature and fear you'll spend it frivolously, you might as well overpay during the year and get that large lump sum in your refund. It's like forced savings that you can actually do something with at the beginning of each year.

I do know its makes a difference for me to witthold less throughout the year....especially the first few years out of college when I needed the extra cash flow, and I had student loans to pay for. By the time the next filing season hit, my student loan was paid down a few thousand more than it would have been, and so the regular payments were hitting principal more and more.......

[herbicide]

Really? I just bought a house last March and am anticipating a big return from interest alone. Am I missing something? I claim 1 and my wife claims 0.

You should get a huge return if you are paying mortgage interest. Your property taxes are deductible as well.

Maybe they meant they truly "own" as in no more mortgage.

If you are making mortgage payments and not getting a refund, you must have very low withholdings.