NWI INGO General Post - Part 14

[Snapdragon]

Working on my income taxes. I hate this time of the year.

Mine are done. I got a pathetic $300 federal this year, but at least I didn't have to pay.

 

[jedi]

Working on my income taxes. I hate this time of the year.

he,he,he.. oh come now its fun to play with numbers!
IL did a rate increase in july 2017 but my employeer did not adjust for this increase till 01-2018. so while i typically owe IL about $150 this time around that number jumped up to $400!

 

[KLB]

I hate having to pay IL income tax.

 

[jedi]

do they not take it out per check?
i have them take out a littlw but ensure i have to give them some at the end. that state can wait till april 10 each year to get their money.

 

[KLB]

do they not take it out per check?
i have them take out a littlw but ensure i have to give them some at the end. that state can wait till april 10 each year to get their money.

Yes. I usually am right around even with them. It is not having to write a check, it is having to pay them at all. I hate having to support that cesspool.

 

[jedi]

well think of it this way. i figured out my daily IL tax rate and it comes out to around 19.76 per day. that money allows me the prvillage (yeah right) to use their highway which they do keep clean of snow better then indiana and get on the bus to get to work.

 

[d.kaufman]

I claim zero throughout the year, so they hit my check pretty hard, but come February i get a nice check back. Enough to get my driveway redone and splurge a little on some firearms.

 

[jedi]

u r giving them an interest free loan then.
f... that.. i prefer not to

 

[jedi]

if all workers actually had to pay monthly or quaterly the taxes to the feds and state the citizens would revolt knowing how much they take.

instead the system is designs to make ya all happy you are getting a big check...

 

[d.kaufman]

u r giving them an interest free loan then.
f... that.. i prefer not to

I dont really see it that way. I end up getting back more than i pay in, by a couple grand. So im basically charging them intrest for holding it for me.

 

[KLB]

I dont really see it that way. I end up getting back more than i pay in, by a couple grand. So im basically charging them intrest for holding it for me.

Except you would get the extra anyway. Jedi is correct about letting them keep the money.

I always love to hear about people that get more back than they pay when I see how much I paid for the year.

 

[jedi]

omg every1 mark your calendar, klb said i am correct.

yeah yeah a broken clock is correct twice a day.

 

[d.kaufman]

Except you would get the extra anyway. Jedi is correct about letting them keep the money.

I always love to hear about people that get more back than they pay when I see how much I paid for the year.

The perks of working your ass off, making under 40k, and having kids/dependents. Id prefer to pay a flat tax and not have to worry about the whole filing crap, but it is what it is. Not like saving the extra each week and putting it in a bank gives you any intrest anyway. Hell banks charge you just to have an account anymore. I consider it a savings account in a sense. I wont keep large sums in a bank, because i dont trust them, and if i have the cash just laying around im more likely to spend it on stuff i really dont need. This way, each year, i get my taxes back, and generally invest it in repairs/upgrades to the house.

 

[melensdad]

I am retired, but invest and do other things from time to time. Consequently I don't have anyone who takes "withholding" since I get no wages. I pay quarterly taxes. My quarterlies are over $10K each. Then I usually pony up a bunch more in April. I can't complain that I make money in retirement, but its a huge PITA to keep track of and a bite in the a$s in April.

 

[bigretic]

omg every1 mark your calendar, klb said i am correct.

yeah yeah a broken clock is correct twice a day.

I think it was completely accidental.

 

[jedi]

The perks of working your ass off, making under 40k, and having kids/dependents. Id prefer to pay a flat tax and not have to worry about the whole filing crap, but it is what it is. Not like saving the extra each week and putting it in a bank gives you any intrest anyway. Hell banks charge you just to have an account anymore. I consider it a savings account in a sense. I wont keep large sums in a bank, because i dont trust them, and if i have the cash just laying around im more likely to spend it on stuff i really dont need. This way, each year, i get my taxes back, and generally invest it in repairs/upgrades to the house.

not more then 6 dependents right?
meaning u plus 5 kids or u plus other half pkus 4 kids..

 

[jedi]

what i mean by tgmhat is with the new tax laws families of 6+ end up losing due to the no more exemptions rule change. sure kids are worth 2k vs 1k but that only helps math wise for families with 1 to 3 kids. 4 kids its iffy. 5 kids and you lose out math wise.

 

[d.kaufman]

not more then 6 dependents right?
meaning u plus 5 kids or u plus other half pkus 4 kids..[/QUOTE

I claim 2 kids, wife, and head of household. Other 3 kids are on their own now. Wife is stay at home mom for the youngest and prefer to keep it that way. We do fine. Nice modest house, well over 2/3 paid for. 2 cars, both paid for. Keep our bills to a minimum and live within our means. However neither of us are great at SAVING money. So the claiming zero all year works best for us. Gives a nice check in late February early March that allows us to either spend on repairs or upgrades to the house or take a vacation. Haven't taken a vacation in years though. We are saving here and there though cause in 2-3 years we want to get the hell out of Lake county. Looking for some property in either Winimac or Walkerton, prefer Walkerton though for the school system for the youngest.

 

[jedi]

then the tax law change will help u next year

 

[gundawg]

Hey Gundawg, I don't think I'll be able to do a table at the gun show this time. Got lots of stuff going on that weekend.

Too bad, I was looking forward to meeting you. I'm not sure it would have worked out anyway. Danny wasn't even sure he could give me one table in the area I wanted to be in, close to the dealer i use for transfers.