Taxes Tomorrow. Good Day = F30 soon - Page 2

badazzm · 02-06-2013, 05:35 PM

Quote:

Originally Posted by goalieman24

I am as well, and completely agree.

Change the tax withholding around so that more is coming in every paycheck instead of getting that lump sum many months later. Having more every paycheck will more likely get used for things with a purpose, like making bigger payments towards outstanding debts. But instead, people get that refund check and have the mentality that it wasn't theirs to begin with and go out and buy that big screen TV or some other unnecessary splurge... while still paying 10+ percent on that credit card balance.

After all, one of the most basic principles of finance is 'money received now is worth more than money later'.

Good/Bad advice. If you have a bigger paycheck, you will spend more. If you get a nice refund around tax time, you can use it towards much better things (unless how suggested by you, if you have credit card debt, bigger paycheck is better). However, my own pay stub is perfectly executed so I owe nothing and get nothing during tax time. You can do this but if you can't control your monthly expenses, do 0 exemptions so have something coming back!

badazzm · 02-06-2013, 05:37 PM

BTW - Good luck on the car

BMWFB02 · 02-06-2013, 06:03 PM

I'd go for an M3, the only thing I miss about the F30 is the HUD

BayMoWe335 · 02-06-2013, 11:58 PM

Quote:

Originally Posted by badazzm

That's because maybe you are an accountant? Most of the common people have little to no idea when it comes to tax time.

Finance. Everyone should be smarter about money. Honestly, most are just complete idiots and what makes them an idiot is that they think they are smart and what they do is right.

badazzm · 02-07-2013, 01:24 AM

Quote:

Originally Posted by BayMoWe335

Finance. Everyone should be smarter about money. Honestly, most are just complete idiots and what makes them an idiot is that they think they are smart and what they do is right.

Ok smart guy. I am CPA. Was talking about regular people.

Templar · 02-07-2013, 09:18 AM

Question for you CPA's and smart tax folks. I'm active duty Army, so I feel that I have little to no control over my income. Is it even possible for me to adjust my withholding so that I do not get a refund and do not owe anything come tax time? I don't know of any method I could use to do so in the military... I usually always get a refund. Depending on deployed time, it can be a lot or not so much, but I don't remember a year since I started filing taxes that I haven't gotten a refund.

Joekerr · 02-07-2013, 12:41 PM

Quote:

Originally Posted by Templar

Question for you CPA's and smart tax folks. I'm active duty Army, so I feel that I have little to no control over my income. Is it even possible for me to adjust my withholding so that I do not get a refund and do not owe anything come tax time? I don't know of any method I could use to do so in the military... I usually always get a refund. Depending on deployed time, it can be a lot or not so much, but I don't remember a year since I started filing taxes that I haven't gotten a refund.

Honestly I think its more of a question for the Army / HR within the army. While a CPA could help you calculate what should be withheld, we can't change the amount the Army withholds, that's up to them. All you could do is basically take it in to them and ask to reduce withholdings based on prior years and calculations.

Do you donate to charity and other things - is that what is driving the refund? Because they can't predict (nor will they) that.

Templar · 02-07-2013, 01:26 PM

Quote:

Originally Posted by Joekerr

Honestly I think its more of a question for the Army / HR within the army. While a CPA could help you calculate what should be withheld, we can't change the amount the Army withholds, that's up to them. All you could do is basically take it in to them and ask to reduce withholdings based on prior years and calculations.

Do you donate to charity and other things - is that what is driving the refund? Because they can't predict (nor will they) that.

I have on and off, but even in the years where I didn't donate, I still got a refund, just not quite as much.

You do give a good point, and I figured going to my HR and Finance folks would be the best course of action, but thought I'd ask in case anyone had any experience. Thanks!

smyles · 02-07-2013, 03:56 PM

Is there a W4 form or its equivalent in the military? Just change the deductions, or add a fixed amount (your typical refund divided by # of pay periods, I assume 26) on top of it.

badazzm · 02-07-2013, 08:18 PM

Quote:

Originally Posted by Templar

Question for you CPA's and smart tax folks. I'm active duty Army, so I feel that I have little to no control over my income. Is it even possible for me to adjust my withholding so that I do not get a refund and do not owe anything come tax time? I don't know of any method I could use to do so in the military... I usually always get a refund. Depending on deployed time, it can be a lot or not so much, but I don't remember a year since I started filing taxes that I haven't gotten a refund.

Sorry bro. Got no military clients so I have no idea if military even has a W-4. To get the perfect paycheck though, you need to figure out your tax for the year (dinkytown.com has a nice web tool) and divide it by # of paychecks you get. Then go to paycheckcity.com. Put your income in and keep increasing the federal deductions until you reach the amount you got earlier. For state, do the same. GL!

BayMoWe335 · 02-07-2013, 08:37 PM

Quote:

Originally Posted by badazzm

Ok smart guy. I am CPA. Was talking about regular people.

Touchy? I wasn't even talking about you. In general, what I said is true and you should know what I mean if you're really a CPA.

badazzm · 02-07-2013, 10:13 PM

Quote:

Originally Posted by BayMoWe335

Touchy? I wasn't even talking about you. In general, what I said is true and you should know what I mean if you're really a CPA.

I know you are not talking about me. But the way you said it to OP about having no idea about the amount of refund he will get was stupid. I do taxes for people who make 7 figures for living. Even they have no idea what the number will be. OP is happy to get his car after he gets the refund and you come in telling him he is an idiot for not having any idea what his refund will be. Very classy.

BayMoWe335 · 02-07-2013, 11:07 PM

Quote:

Originally Posted by badazzm

I know you are not talking about me. But the way you said it to OP about having no idea about the amount of refund he will get was stupid. I do taxes for people who make 7 figures for living. Even they have no idea what the number will be. OP is happy to get his car after he gets the refund and you come in telling him he is an idiot for not having any idea what his refund will be. Very classy.

Rich doesn't mean smart.

badazzm · 02-08-2013, 01:46 AM

Quote:

Originally Posted by BayMoWe335

Rich doesn't mean smart.

Haha. U crack me up man. There is a reason they are rich and we are not.

MP0WER · 02-08-2013, 08:20 AM

Quote:

Originally Posted by badazzm

Haha. U crack me up man. There is a reason they are rich and we are not.

No shit. Wealthy people think differently. Worrying about taxes doesn't make them money. They pay someone for that. The more they think and worry about taxes the less time is spent making money. You would think someone in finance would know that, even give that as advice many times.....

badazzm · 02-08-2013, 01:41 PM

Quote:

Originally Posted by MP0WER

No shit. Wealthy people think differently. Worrying about taxes doesn't make them money. They pay someone for that. The more they think and worry about taxes the less time is spent making money. You would think someone in finance would know that, even give that as advice many times.....

You would be surprised how much they worry about their taxes. That's the only thing they worry about actually.

Red Bread · 02-08-2013, 02:29 PM

Quote:

Originally Posted by badazzm

You would be surprised how much they worry about their taxes. That's the only thing they worry about actually.

In that case, try taking their money, they won't even notice.

badazzm · 02-08-2013, 03:01 PM

Quote:

Originally Posted by Red Bread

In that case, try taking their money, they won't even notice.

They pay me enough already hoping to bring their taxes down! More would be ripping them off. Which is one thing we CPA's don't do, if you can believe that. Lol!

02-06-2013, 06:03 PM	#25
BMWFB02 Major Drives: 2013 ///M3 E92 DCT ZCP Join Date: Aug 2011 Location: The greatest country in the world Posts: 625 iTrader: (0)	I'd go for an M3, the only thing I miss about the F30 is the HUD __________________

02-07-2013, 09:18 AM	#28
Templar Lieutenant Colonel Drives: 2011 E92 M3 Join Date: Feb 2009 Location: NC Posts: 1,702 iTrader: (1) Garage List 2011 BMW M3 [5.00]	Question for you CPA's and smart tax folks. I'm active duty Army, so I feel that I have little to no control over my income. Is it even possible for me to adjust my withholding so that I do not get a refund and do not owe anything come tax time? I don't know of any method I could use to do so in the military... I usually always get a refund. Depending on deployed time, it can be a lot or not so much, but I don't remember a year since I started filing taxes that I haven't gotten a refund. __________________ '11 BMW E92 ///M3 - ZCP and DCT '11 Ford F-150 XLT - Supercrew, 4x4, Ecoboost V6, Chrome/Convenience Package, Tow Package

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02-06-2013, 05:37 PM	#24
badazzm Lieutenant Drives: MR E92 ///M3 Join Date: May 2012 Location: San Jose, CA Posts: 448 iTrader: (0)	BTW - Good luck on the car

02-07-2013, 03:56 PM	#31
smyles Private First Class Drives: X5 Join Date: Jan 2012 Location: DC Posts: 136 iTrader: (0)	Is there a W4 form or its equivalent in the military? Just change the deductions, or add a fixed amount (your typical refund divided by # of pay periods, I assume 26) on top of it.