Ok, Watching a financial show tonight and they were on the topic of income tax refund... Now this person's advice was why give the gov't more money out of your check... Change your w4 and get more money weekly that you can use.... What is everyones opinion on this????? I claimed 0 on my w4 so i can get more money back at the end of the year but i'm wondering if i'm better off seeing that money weekly... What do you think??
I want more money in my check!!! Financial help!!!
- Thread starter y26
- Start date
BoostKillsStres
TIRE-FRYER VIA HAIR-DRYER
- Joined
- May 25, 2001
I always have claimed 1, don't see any reason to give the govt a tax free loan w/ my money all year long. At tax season everything usually comes up pretty close, just have to keep an eye on things.
You are better off seeing the money weekly. If you have credit cards and have a balance on those cards, the extra money could keep you from paying high interest. Unless you have a yearly lump sum payment thats due every march and you don't trust yourself to save for it. Otherwise, get your money, it's just sitting there.
I have no idea what exemptions net on a W4 so I just state the % income tax I want to pay based on my last tax return. Turbotax/taxcut tells you what you rate is. I still get money back at the end of the year, but it's way less than I used to get when I claimed exemptions.
Gary Wells
White turbo Buick trailer park trash
- Joined
- Mar 2, 2002
FWIW & IMHO:
I can not understand why anybody wants to let the IRS have all of that money during the year. It's not like they pay any interest on it. I figure that as long as I break even, it's ok. Even if you owe them at the end of the year, but can pay them by the due date, it's ok also. Why let them "borrow" money during the year? They are not going to pay any interest. But if you are late, they are going to charge you interest. Actually, they are going to charge you one hell of a lot of interest. So what do you benefit by leaving them money during the year? If this is your "savings account", still this is not the best idea. If you got back $ 2400.00 this year from last years total income tax return, that is $ 200.00 a month that you should have been putting in some type of account that pays some type of interest.
I can not understand why anybody wants to let the IRS have all of that money during the year. It's not like they pay any interest on it. I figure that as long as I break even, it's ok. Even if you owe them at the end of the year, but can pay them by the due date, it's ok also. Why let them "borrow" money during the year? They are not going to pay any interest. But if you are late, they are going to charge you interest. Actually, they are going to charge you one hell of a lot of interest. So what do you benefit by leaving them money during the year? If this is your "savings account", still this is not the best idea. If you got back $ 2400.00 this year from last years total income tax return, that is $ 200.00 a month that you should have been putting in some type of account that pays some type of interest.
Gary Wells
White turbo Buick trailer park trash
- Joined
- Mar 2, 2002
FWIW & IMHO:
I will admit that I like to see some money coming back at he end of the year, but it bothers me when I hear, "Gee, I get back about $3k to $4K every year."
When asked why, they generally respond with, "Its my way of saving money that I would have otherwise spent on non-needed items during the year." I am happy if I get back enough to pay my accountant and have any left over. Anything else is a waste of good money loaned to an Unc that does not appreciate it. $ 500.00, that is a good amount to get back, and have a little cushion if your calculations go in err.
I will admit that I like to see some money coming back at he end of the year, but it bothers me when I hear, "Gee, I get back about $3k to $4K every year."
When asked why, they generally respond with, "Its my way of saving money that I would have otherwise spent on non-needed items during the year." I am happy if I get back enough to pay my accountant and have any left over. Anything else is a waste of good money loaned to an Unc that does not appreciate it. $ 500.00, that is a good amount to get back, and have a little cushion if your calculations go in err.
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