(Topic ID: 42963)

Got my tax return, got a new pin!

By vster23

11 years ago


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  • 61 posts
  • 40 Pinsiders participating
  • Latest reply 11 years ago by Spidey171
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#54 11 years ago
Quoted from amalongi:

If you have received a tax return for three straight years, I would suggest spending a bit of time and recalculate your tax deductions. Letting the government use your money without paying you interest (which is exactly what you are doing by overpaying taxes during the year) is not good financial managment.
Nice collection though! Enjoy the machines.

Every time I hear people say this I chuckle....I'm assuming its one of those things guys heard their dad say 20 years ago and its simply regurgitated nonsense. Perhaps 20-30 years ago it had some validity when interest rates were much higher. However, at today's rates its simply not true unless you are actively investing your excess cash in the stock market or some other investment vehicle that is earning more than a meager 1%. $5000 * 1% * 25% tax = $37.50 in your pocket....lol....vster23, you should really learn to manage your finances better

#56 11 years ago
Quoted from royce6135:

This is important because the gov taxes you on your refund you get which is total bs.

What!? Lol....I'm a CPA and I can assure you this is not true. Unless you are referring to including state income tax refunds on your federal tax return. But this is only done if you claimed a federal income tax deduction for state income tax paid. In any event, if you are Average Joe tax payer this is generally inconsequential.

#57 11 years ago
Quoted from captainadam_21:

The stock market is at and all time high? Where are you getting this 1% from?

Read clearly man, I said UNLESS you are investing in the stock market or some other investment vehicle that is making more than 1%. If not and you are keeping your liquid savings in a typical money market or equivalent bank account (which many people do) your not even making 1% on that cash.

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