I think most people would rather keep the money as a snub to the government, rather than to use it to invest during the year. There isn't really an investment that would be worth the risk that would make any money over such a short time period.
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I think most people would rather keep the money as a snub to the government, rather than to use it to invest during the year. There isn't really an investment that would be worth the risk that would make any money over such a short time period.
You don't keep anything as a snub to the gov. They get theirs one way or another. I suppose if you budget very carefully and are banking a lot each month it's fine, but if your car breaks down then you owe a few thousand in taxes that hurts. Most people aren't going to make much money if they invest it in that 9 to 12 month period between taxes, and even if you make a profit you still have to give the tax money back. To me it makes a lot more sense to get a lump sum and if you need it for something use it, if not dump it all into investments. In the long run it doesn't make much of a difference if you invest it now or 12 months from now, especially if you are having to be careful due to the risk of overspending during the year.Quote:
Originally Posted by Irving
It's why I let them over tax me on property taxes right now as well. I'd rather have the highest payments possible and get that money back so my budget reflects worst case scenario than find out I owe money at a really inconvenient time.
Like I said everyone has their own way and thoughts but man after owing like 16 grand I just can't imagine ever taking that risk.
I just don't like anyone holding MY money for me. I would rather hold too much and give them what I owe at the end of the year!
This is what I meant.Quote:
Originally Posted by cableguy11
Uh oh, looks like I didn't pay enough in estimated and I'll end up owing a lot more than I thought. Good thing I didn't spend on stuff like I wanted to do.Quote:
Originally Posted by Irving
Thanks for following up on that. I was not understanding why property taxes would be over-assessed. Forgot about the Mortgage company escrows.Quote:
Originally Posted by HBARleatherneck
Every year I have to wait to see if the legislature will fund the Property Tax Senior Exemption or if I have to pay up more. Too bad there is not more certainty like other states that just give a Homestead Exemption.
Apparently had my withholding set pretty close to perfect.... ended up owing the state an extra $150, and getting back about $200 from federal.
I ended up getting $600 back from state and owing an additional $2,700 to Federal. Actually pretty good, thanks accountant!
Nice!Quote:
Originally Posted by DenverGP