Tax return ballers, what are your plans in the upcoming months with your funds?

[Calmye]

The why is because you overpaid your taxes. So the government is giving you back your overpayment.

What Domingo is saying is that this overpayment you've given; the govt has used throughout the year and is now paying you what you are owed, but with no interest.


Getting a Big Tax Refund Means You're Doing It Wrong
http://online.wsj.com/news/articles/SB10001424052702303772904577334051286775814

Uuck this shyt is confusing AF!! Damn I feel dumb as hell whenever talking about taxes. Can you link me to something that can explain it a little better??...

 

[kevm3]

Most people are better leaving it alone and just getting a refund back. Last thing you want to do is start messing around and spend that money and find that you owe the government come tax time. You might be giving the gov an 'interest-free' loan, but how many people know how to get a great rate of return on their investment to even make it worthwhile? A lot of folks will just end up spending that money while opening themselves up to the possibility of not having the money to pay back if they owe.

 

[Black smoke and cac jokes]

Most people are better leaving it alone and just getting a refund back. Last thing you want to do is start messing around and spend that money and find that you owe the government come tax time. You might be giving the gov an 'interest-free' loan, but how many people know how to get a great rate of return on their investment to even make it worthwhile? A lot of folks will just end up spending that money while opening themselves up to the possibility of not having the money to pay back if they owe.

This.

What people are talking about in this thread are for financially literate individuals (not to call anyone dumb) who know about the time value of money principle. For the people in the thread who are having trouble with understanding the method, don't do it. Believe me, you don't want to owe the government and not be able to pay them. Also, you won't benefit from the "scheme" unless you know how to flip that money and interest during the year. Simply putting it in a savings account wouldn't suffice.

 

[Diyhai]

This.

What people are talking about in this thread are for financially literate individuals (not to call anyone dumb) who know about the time value of money principle. For the people in the thread who are having trouble with understanding the method, don't do it. Believe me, you don't want to owe the government and not be able to pay them. Also, you won't benefit from the "scheme" unless you know how to flip that money and interest during the year. Simply putting it in a savings account wouldn't suffice.

how is getting ur own money a scheme
only reason to have a tax return is if u arent discipline enough to use ur money wisely
and basically getting that sum at the end of the year is not gonna help someone who is careless with their money anyway
If u claim the right amount of deduction u will have little or nothing to pay
shyt is dumb to me sometimes when I see people struggle thru out the yr waiting on tax returns when they could have got that money thru out the yr

 

[MBwithadream]

y'all need to pay y'all tithes.

 

[Akata Man Bromo]

Just changed my deductions to 3 Let see how this works... I have a million flips I can do on the side with ANY extra cash I get

 

[unit321]

Uuck this shyt is confusing AF!! Damn I feel dumb as hell whenever talking about taxes. Can you link me to something that can explain it a little better??...

Example: Person earns $24,000 gross income a year. The person is paid monthly $2,000 gross. The federal tax taken out monthly can vary depending on marital status and deductions. Let's say the person is single and has 0 deductions. That's means they are going to take out the most amount of tax. (they meaning your employer who processes your payroll and taxes) As an example, your federal income tax is $500 a month. The net income for this person is $1,500 a month and that doesn't include state tax. So for that year, the person would have paid $6,000 a year in federal tax. So, the next year, this person files their taxes and finds out the tax they owe is $4,000 so they'll get a $2,000 income tax return. In this example, the federal government got a $2,000 interest-free loan.

Example 2: same person earns $24,000 gross income a year. The person is paid monthly $2,000 gross. Let's say the person is really single and has no kids but puts down married and 10 deductions. That means they are going to take out the least amount of tax. Let's say that is $50 a month. So for that year, the person would have paid $600 a year in federal tax. So, the next year, this person files their taxes and finds out the tax is $4,000 so they'll owe $3,400. In this case, the government did not have an interest-free loan.

So for those who can't deal with saving money but do not want to give an interest free loan, they would adjust their marital status and deductions so that they would neither owe money or get money. In this example, person 1 would want to get as close as possible to getting $4,000 a year taken out, or $333.33 a month.

 

[Leasy]

Not getting much back but the only amount I am getting is because of the loans I am paying back. Putting that Shyt in all stocks

 

[88m3]

file w2's breh's

 

[unit321]

I'm not sure how much I'm getting this year. I'll be splitting it up into various savings categories.

 

[Calmye]

Example: Person earns $24,000 gross income a year. The person is paid monthly $2,000 gross. The federal tax taken out monthly can vary depending on marital status and deductions. Let's say the person is single and has 0 deductions. That's means they are going to take out the most amount of tax. (they meaning your employer who processes your payroll and taxes) As an example, your federal income tax is $500 a month. The net income for this person is $1,500 a month and that doesn't include state tax. So for that year, the person would have paid $6,000 a year in federal tax. So, the next year, this person files their taxes and finds out the tax they owe is $4,000 so they'll get a $2,000 income tax return. In this example, the federal government got a $2,000 interest-free loan.

Example 2: same person earns $24,000 gross income a year. The person is paid monthly $2,000 gross. Let's say the person is really single and has no kids but puts down married and 10 deductions. That means they are going to take out the least amount of tax. Let's say that is $50 a month. So for that year, the person would have paid $600 a year in federal tax. So, the next year, this person files their taxes and finds out the tax is $4,000 so they'll owe $3,400. In this case, the government did not have an interest-free loan.

So for those who can't deal with saving money but do not want to give an interest free loan, they would adjust their marital status and deductions so that they would neither owe money or get money. In this example, person 1 would want to get as close as possible to getting $4,000 a year taken out, or $333.33 a month.

thanks Breh!we need more threads like this in the coli

 

[Mr swag]

Pocketing it. Think I'm only getting 1,000 anyways.


Need it for grad school

 

[IAmGettingAMailOrderBride]

If I got my first job last year In May how much do I get?