Tax Day

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17 Apr 2012 18:14 #24654 by Twodavez
Tax Day was created by Twodavez
Happy Tax Day!

Hope everyone is already filed or has their return ready to put in the mail today!

And just remember, if you're getting a refund (especially if it's large >$1,000), you've overpaid and given the government a interest free loan all year long. Do yourself a favor and talk it over with your tax guy/gal and get your W-4 updated so you're not getting as much of a refund and get to use your money throughout the year, instead of just just April.

Good luck everyone!

“Always do right. This will gratify some people and astonish the rest.” - Mark Twain

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17 Apr 2012 18:24 #24655 by THUMPer
Replied by THUMPer on topic Re: Tax Day
state gave me monies. i owed IRS $50. i was happy.

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18 Apr 2012 00:15 #24666 by jj_Sky5000
Replied by jj_Sky5000 on topic Re: Tax Day
totaly agree with Twodave i would try to break even . large refund means your over paying. you could be getting interest on the money instead of the goverment.

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18 Apr 2012 00:34 #24667 by L0rdG1gabyt3
Replied by L0rdG1gabyt3 on topic Re: Tax Day
I claim everybody in my family.... but since I have so many dependents and don't make a ton of money, I just about get it all back at the end of the year... not complaining though... it got me a nice computer this year.

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18 Apr 2012 01:22 #24668 by lonewolf170
Replied by lonewolf170 on topic Re: Tax Day
There are benefits to getting a check >1000 for some people. Yes the government is keeping the money longer and you aren't getting interest. BUT you can't spend the money and get screwed over at tax time when you owe.

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18 Apr 2012 01:39 #24669 by Arxon
Replied by Arxon on topic Re: Tax Day
also Lone that money can be used to take the family on vacation. I think of it as a bank without fees.

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18 Apr 2012 02:31 #24671 by Twodavez
Replied by Twodavez on topic Re: Tax Day

Arxon wrote: also Lone that money can be used to take the family on vacation. I think of it as a bank without fees.


Well i'm pretty sure any bank would open you up a savings account with a min balance of 200.00, then pay you to keep your money in there. the government doesn't.... You could always set up an auto draft to another bank and not give yourself access to the money until the end of the year. Or there are programs at banks called Christmas Club or Vacation club where you make deposits then at either Oct or June you get a check from your savings...

I understand that most people can't keep their hands off money if they have it, but that's another problem all together. Nothing reading Total Money Makeover wouldn't fix. Just imagine if instead of paying the bank interest, you could be giving more to charity, or investing more for you and your family's future.

My wife and i took his 16 week course Financial Peace University and it was the best $100 we ever spent.

I preach because i care about you all and i would love to see everyone be financially able to buy a the newest technology for cash!!!! :woohoo:

“Always do right. This will gratify some people and astonish the rest.” - Mark Twain

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18 Apr 2012 04:12 #24673 by Dreyvas
Replied by Dreyvas on topic Re: Tax Day
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18 Apr 2012 15:39 #24674 by DrDeath
Replied by DrDeath on topic Re: Tax Day

Twodavez wrote:

Arxon wrote: also Lone that money can be used to take the family on vacation. I think of it as a bank without fees.


Well i'm pretty sure any bank would open you up a savings account with a min balance of 200.00, then pay you to keep your money in there. the government doesn't.... You could always set up an auto draft to another bank and not give yourself access to the money until the end of the year. Or there are programs at banks called Christmas Club or Vacation club where you make deposits then at either Oct or June you get a check from your savings...

I understand that most people can't keep their hands off money if they have it, but that's another problem all together. Nothing reading Total Money Makeover wouldn't fix. Just imagine if instead of paying the bank interest, you could be giving more to charity, or investing more for you and your family's future.

My wife and i took his 16 week course Financial Peace University and it was the best $100 we ever spent.

I preach because i care about you all and i would love to see everyone be financially able to buy a the newest technology for cash!!!! :woohoo:


Twodavez, I got to give you props man. I'm a graduate of the Dave Ramsey plan, completely debt free. I encourage everyone to read that book and take ownership of your finances if you haven't already. "Live like no one else, so you can live like no one else!"

I wouldn't worry so much about making a lousy 2% on a savings account. Try taking your tax return and throwing it at some debt :)
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18 Apr 2012 19:00 #24675 by drpain
Replied by drpain on topic Re: Tax Day
Well I got double owned again this time around, mainly because the Wife's W-4's were a mess and not enough was being taken out so I had to cut a nice $2,000 check to the monkeys in Washington. Wasn't to happy but that's life so hopefully next time around it's way less or about as equal as I can get.

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18 Apr 2012 20:25 #24676 by L0rdG1gabyt3
Replied by L0rdG1gabyt3 on topic Re: Tax Day

DrDeath wrote: Try taking your tax return and throwing it at some debt :)

Oh yeah... did that too, and still bought a computer. :woohoo:

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24 Apr 2012 21:13 #24759 by Ender
Replied by Ender on topic Re: Tax Day
Sooo..i wasn't going to say anything...but I did the Dave Ramsey plan/classes too =) My wife and I are pretty much debt free. We have a car and house that we have enough money to pay for in full, but we're making more money by just paying the normal amount and investing the rest. =) Dave Ramsey is the man. Woot woot!

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24 Apr 2012 21:26 #24762 by Myndmelt
Replied by Myndmelt on topic Re: Tax Day
No Tax Return for me. The taxes hit hard this year. Real hard. :dry:

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24 Apr 2012 22:40 #24768 by Twodavez
Replied by Twodavez on topic Re: Tax Day

Ender wrote: Sooo..i wasn't going to say anything...but I did the Dave Ramsey plan/classes too =) My wife and I are pretty much debt free. We have a car and house that we have enough money to pay for in full, but we're making more money by just paying the normal amount and investing the rest. =) Dave Ramsey is the man. Woot woot!


Why would'nt you want to say something? I think if everyone tried to help everyone else out, this community would just grow stronger!

Sorry about the hit there Myndmelt. I know my mom, who's self employed, always pays a heafty sum each year. Just remember 2012 is a new year. Even though we're 1/4 done with it :-)

“Always do right. This will gratify some people and astonish the rest.” - Mark Twain

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25 Apr 2012 15:51 #24789 by DrDeath
Replied by DrDeath on topic Re: Tax Day

Ender wrote: Sooo..i wasn't going to say anything...but I did the Dave Ramsey plan/classes too =) My wife and I are pretty much debt free. We have a car and house that we have enough money to pay for in full, but we're making more money by just paying the normal amount and investing the rest. =) Dave Ramsey is the man. Woot woot!


Ender, I guess I'm confused. If you have enough cheddar to pay off the house and car, why wouldn't you? Then, you'd be able to invest ALL of your income. Instead of dumping money down the toilet in interest payments, pay the house and car off, then you'll have more to GIVE and to invest. BTW, congrats on the pretty much debt free lifestyle and even paying attention to your finances. You've done more with just that than 70% of America.

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25 Apr 2012 16:07 #24790 by Twodavez
Replied by Twodavez on topic Re: Tax Day

DrDeath wrote:

Ender wrote: Sooo..i wasn't going to say anything...but I did the Dave Ramsey plan/classes too =) My wife and I are pretty much debt free. We have a car and house that we have enough money to pay for in full, but we're making more money by just paying the normal amount and investing the rest. =) Dave Ramsey is the man. Woot woot!


Ender, I guess I'm confused. If you have enough cheddar to pay off the house and car, why wouldn't you? Then, you'd be able to invest ALL of your income. Instead of dumping money down the toilet in interest payments, pay the house and car off, then you'll have more to GIVE and to invest. BTW, congrats on the pretty much debt free lifestyle and even paying attention to your finances. You've done more with just that than 70% of America.


Dave Ramsey talks about Baby steps. I agree that you should pay off the car, but not the house if it would lower your savings below the 3-6 months of living expenses. It's called an emergency fund, and having a fully funded one is worth more mentally and spiritually than having a paid for house. Keep working the steps, they've worked for millions of people!

“Always do right. This will gratify some people and astonish the rest.” - Mark Twain

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25 Apr 2012 16:11 #24791 by Twodavez
Replied by Twodavez on topic Re: Tax Day
Just in case anyone doesn't know, Dave Ramsey's baby steps are:
1. $1,000.00 in an emergency fund
2. Pay off all debt with the debt snowball
3. 3-6 Months of expenses in savings
4. Invest 15% of income for retirement
5. College Funding for children
6. Pay off your home early
7. Build wealth and give

It's all about "Living like no-one else now, so later you can life and GIVE like no-one else." If anyone is interest in transforming not only their life, but change their family tree, i'd highly suggest taking one of his 16 week courses called Financial Peace University. It teaches the same things in his Total Money Makeover book.

If you have any questions, or need an accountability partner (Like my wife and I did when we were going through all of this) just let someone on here know. We'd be happy to help you spend your money better and have your money working for you, not you working for your money.

- Exits Soapbox

Thanks for listening :)

“Always do right. This will gratify some people and astonish the rest.” - Mark Twain

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25 Apr 2012 20:25 #24794 by DrDeath
Replied by DrDeath on topic Re: Tax Day

Twodavez wrote: Just in case anyone doesn't know, Dave Ramsey's baby steps are:
1. $1,000.00 in an emergency fund
2. Pay off all debt with the debt snowball
3. 3-6 Months of expenses in savings
4. Invest 15% of income for retirement
5. College Funding for children
6. Pay off your home early
7. Build wealth and give


Right, so going by Dave's baby steps, Ender has completed steps 1-4, and maybe 5 (I don't know his child situation). So he's sitting on enough cabbage to pay the house and car off (and probably has enough to maintain baby step 3). He should proceed to baby step 6, pay off the house, and will no longer be throwing money away on a mortgage. That's the whole point of Dave's baby steps, is to get you to financial freedom...AKA, DEBT FREE! He could build his wealth faster if he didn't have a mortgage payment.
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