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Topic: I’m tired of paying federal taxes all year.
Replies: 32   Last Post: Apr 16, 2019 2:41 PM by: Skeeta56®
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Replies: 32  

I’m tired of paying federal taxes all year.

[2]
Posted: Apr 15, 2019 11:24 PM
    Reply

Then in middle April sending them some more.
My daughter Graduating in 2016 and paying my house off has killed me .
Don’t even get me started on high deductible health INS. Well one good thing is , if my 401k keeps going like it is I will be a rich old man. But you know it’s going to go back down eventually.
That’s all end of rant??


Re: I’m tired of paying federal taxes all year.

[1]
Posted: Apr 16, 2019 12:33 AM
    Reply

I just use the short form each year.

How much did you earn? _________

How much did you pay in taxes? _________

Send in the rest.


after yesterday . . .


Posted: Apr 16, 2019 2:41 PM
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I can’t even read this post or joke about it . . .

2019 white level member

Eventually

[4]
Posted: Apr 16, 2019 2:39 AM
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They will need to seize all the IRAs and 401Ks. They will need those trillions to fund the very necessary social safety nets our democracy provides. You will get what you need provided to you, so you don’t have to worry. The problem is that some people have way more than they need, and what’s fair about that? They’ll fix that problem. And we’ll all live happily ever after.

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Photobucket is holding my sig pic hostage. Screw them.


Re: Eventually

[1]
Posted: Apr 16, 2019 3:02 AM
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Am I correctly picing up on the sarcasm here - or is this Bernie or AOC? Guess I'll go with sarcasm.

2019 orange level member


Re: Eventually

[1]
Posted: Apr 16, 2019 3:15 AM
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So what are you saying I need to quit my job and have a few more kids ?
I’m working 7pm to 7am right now ,I sure would like to be in the bed.


Re: Eventually

[4]
Posted: Apr 16, 2019 5:09 AM
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Actually, I think we are fine with giving up all things SS and Medicare. Who needs that? If you get sick, oh well, not my problem. I would prefer all the extra money and my taxes go to the corporations and the wealthy, so they can buy new jets and yachts. Ya know, trickle down actually works! They really need it, plus they worked hard to get that wealth, even if they inherited it.

Eff those in need, they should’ve planned better and worked harder.


Re: Eventually


Posted: Apr 16, 2019 7:25 AM
    Reply

I'm with you, I don't need my money, let's give more to the rich.


Re: Eventually


Posted: Apr 16, 2019 11:24 AM
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Someone will have to pay my share to the rich because I don't have any. I've got a 1:30 PM appointment at the garbage container behind Pixie & Bill's to scrounge for some edible leftovers.

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You know there is nothing keeping you from giving


Posted: Apr 16, 2019 7:34 AM
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your money to those that need it. Dig a little deeper and give a bit more.

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Re: You know there is nothing keeping you from giving


Posted: Apr 16, 2019 10:31 AM
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I thought we were doing one of those sarcastic threads about entitlement. ;)


Re: Eventually


Posted: Apr 16, 2019 9:54 AM
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No one prevents you from giving more. If everyone that thought like you gave more, there would be no problems at all. Plus everyone knows that these wealthy corporations do not employ millions of people or produce products that we need or pay a return to those individuals who risk their own money to invest in them. When will everyone see that it isd best to nationalize these corporations so that they will belong to the people?


They will seize it by taxing the crap out of it when you're

[1]
Posted: Apr 16, 2019 8:16 AM
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ready to take some out.

2019 white level member

Re: They will seize it by taxing the crap out of it when you're


Posted: Apr 16, 2019 8:44 AM
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Well that does suck you have to pay taxes on that money . I know my dad died last March and my mom closed out the rest of his IRA this year .
Federal took about 10% and I got an extension to see what the state taxes will be.
She is 80 and I’m not sure how to file this.
She paid the federal taxes by taxing up.


Re: I’m tired of paying federal taxes all year.


Posted: Apr 16, 2019 7:42 AM
    Reply

" Well one good thing is , if my 401k keeps going like it is I will be a rich old man."

It looks like your 401k will smile at you TODAY at least. The market is trending up (probably due to interest rates being constant thru 2019 and most of 2020).


Stop complaining...


Posted: Apr 16, 2019 7:45 AM
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...this is the "good old days."

It's only going to get [much] worse here on out. :(


Re: Stop complaining...

[1]
Posted: Apr 16, 2019 7:48 AM
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They told me "Cheer up, it could be worse". So I cheered up, and sure enough, it got worse.

Just an old saying my dad used to say.

Life is good. :)


Re: I’m tired of paying federal taxes all year.

[3]
Posted: Apr 16, 2019 7:54 AM
    Reply

"My daughter Graduating in 2016 and paying my house off has killed me "

My Mom used to tell me not to pay off my house or I'd lose the deduction. That's crazy talk! Sure, you lose the deduction on the interest. That deduction for me was about 25%, so on a 4% note, the government was subsidizing about 1%. I had to work hard to convince her that instead of paying $800 in interest every month to the bank, then "getting back" 1/4 of it as a deduction (or laying out about $600 every month in interest, after tax deduction) that NOT PAYING the $800 every month and then having to pay about $200 per month on the back end as increased taxes NETTED me about $600 every month.

Paying the government $200 in increased taxes but paying the bank zero every month or paying the bank $800 and having the government let me keep $200 every month.

There's some ways to pay lower taxes, but paying the bank $3 for every $1 in deductions isn't a good one.

At best, the deduction is a "nice to have" if you can't avoid having to pay the bank, it's better to get the deduction than to not get it. But only if you can't do better.

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Re: I’m tired of paying federal taxes all year.

[1]
Posted: Apr 16, 2019 8:28 AM
    Reply

My guess it was somewhat dependent on when your mother was buying a house.

In 1980, the average home price was $47,000 vs $200,000. Even accounting for inflation, the 2019 housing cost is still about 35% more than 1980 ($147,000).

So in 2019, if you purchase a home, the finance charge is $143,000 over 30 years at 4 %

Compare this to 1980 where the equivalent (inflation adjusted) cost would be $105,000 at 4%.

Total cost over 30 years for a "average home" in 1980 is 248,000 after interest. In 2019 it is $343,000.

I don't know my tax history as well, but I am guessing that 1980 was a bit more favorable for homeowners as corporate taxes took more of a burden tax load. The "everyman" is now shouldering a bit more of the tax load now.

The thing that folks need to do is put as much as they can into paying down the principle early in the life of the loan. However, at the end-of-term "payoff" might not be as big of a hit since that is mostly principle anyway.

That being said, I put all my tiny "tax refund" (interest-free loan to the gubbermint) into the mortgage so I am a bit bias.


Re: I’m tired of paying federal taxes all year.


Posted: Apr 16, 2019 9:12 AM
    Reply

No. It's because my mother cannot do simple math. The deduction is in essence a discount on the interest you paid on your house. Paying nothing is always better than paying something and getting a discount.

It doesn't matter what the interest rates are or what the tax bracket is.

There might be some edge case were there is some advantage to having some interest deduction due to other cosiderations, but in the vast majority of cases, paying off your house means you're not paying any more interest to the bank. That's worth "losing" a deduction (subsidized interest) almost every single time...even if your taxes go up as result, the additional tax dollars will be less money than the interest payments.

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Re: I’m tired of paying federal taxes all year.


Posted: Apr 16, 2019 9:36 AM
    Reply

I won't make claims about anyone's math skills... that is why we include "e" is statistics. lol :)

While I agree with you on not paying finance charges, the tax codes did change in the mid 1980s. It used to be all-interest was tax deductible. I do think there is some context to consider when addressing tax options. Some folks take the "rules of thumb" when the first learned their taxes and don't change. Some tax person could have told your mother that 40 years ago and then she kept on with that. Again, taxes are not my forte but I do pay attention.

In today's housing market, I completely agree with you about paying it off... but todays housing market is predatory and bonkers. So in order to combat the predatory nature, you must accelerate the payoff date. The interest alone on an average house is as much as the purchase price 40 year ago when account for inflation.

Worse, I think the housing market is likely going to enter another re-adjustment phase so those taking on mortgages with minimal DP and rising interest rates might find underwater conditions again. If you have the capital, play on a "buyers market" in about 5-10 years as there will likely some property available for those that plan.


Re: I’m tired of paying federal taxes all year.


Posted: Apr 16, 2019 8:35 AM
    Reply

Oh I’m def glad my house is paid for , I built a 3k foot house in 2002 , lived in it for 15 years . Cleared about 180k on it when I sold in 2017 bought a brand new 1800 sq foot house. It’s just me and my wife now and I wish I would have went even smaller.
I think we are both going to claim single and zero the rest of the year . I’m 47 now and at 59.5 I’m finished working. I get my INS just like I work their until I can get Medicare. I will have been there 35 years and can draw full pension. So I will just see at what age I start my SS hopefully when I’m 65.


Is this Wesley Snipes?***


Posted: Apr 16, 2019 8:42 AM
    Reply



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Best Is The Standard


Re: I’m tired of paying federal taxes all year.


Posted: Apr 16, 2019 9:11 AM
    Reply

Lost kids deduction, house deduction. Less expenses. More tax. Went to one on withholding. Haven't did that in decades.


Something Destitute Meth Head Coots Never Worry About***


Posted: Apr 16, 2019 9:14 AM
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Re: I’m tired of paying federal taxes all year.

[1]
Posted: Apr 16, 2019 9:20 AM
    Reply

I make a s#it ton of money and I steer a boat for a living . Life is great .
Gov't is going to get theirs , so why fret and moan ? Just accept the things you can't control and drink good beers .

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DB23


Re: I’m tired of paying federal taxes all year.


Posted: Apr 16, 2019 9:33 AM
    Reply

I am all for parents paying their own kids way in school or homeschooling. I just don't see why I should have to pay to educate your kids when I am doing the responsible thing by not having any. I mean it is rather silly that they expect us to pay for higher education when I don't need you to get a college experience to serve me my food and fix my car.

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You should never chalk up to conspiracy what you can reliably attribute to stupidity. Because stupidity is a much more powerful force in the course of human events.


Re: I’m tired of paying federal taxes all year.


Posted: Apr 16, 2019 11:33 AM
    Reply

TB, you don't want to have a serious in-depth conversation about economics, philosophy, music or world history with your maid, mechanic or server?


Cood be worse. Try NOT deducting STATE taxes all year, and


Posted: Apr 16, 2019 9:46 AM
    Reply

then having to pony up almost $6000 before April 15 to the state of South Carolina. (True story is true.) At least I get some comedy entertainment value out of Washington, can't think of much value of any kind I get from South Carolina government.

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Hey the Panthers might move here


Posted: Apr 16, 2019 10:07 AM
    Reply

For their practices. If that’s not worth all the state taxes we pay I don’t know what is


Could I pay a little more to keep them away?

[1]
Posted: Apr 16, 2019 11:15 AM
    Reply

Until they draft a Clemson player, I will never root for them.

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Re: Could I pay a little more to keep them away?

[1]
Posted: Apr 16, 2019 11:18 AM
    Reply

With Scam as their chosen leader we'll never have to worry about them needing funding for a Super Bowl victory parade.

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DB23


Re: I’m tired of paying federal taxes all year.


Posted: Apr 16, 2019 11:50 AM
    Reply

The Gov will penalize you when you draw from your 401K, and if you don't draw from it and invest it, they force you to use so much of it at certain ages. You are D-amned if you do, and D-amned if you don't bc big Gov is going to get you bc they make that laws that insures they get you!!!!! The most disappointing, sad, and hurtful thing is this, most all Americans know that Big Gov is the Robbin Hood for the richest 5%. The less fortunate in wealth has always payed the bills that Big Gov keeps running up, and the wealthiest sit back laughing while feasting on Champagne and Caviar while big time tax lawyers wearing white gloves are showing them how easy it is to step through the loop holes that were designed to help the richest to get away without paying near their fair share of Taxes...Amen!!!

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