It's starting. Kansas in financial deepshit

[Fosters]

Again, they are not going to pay OVER PAYMENT of taxes. That does not mean you dont have to still pay the income tax you are required too. Why let the state use your money for free all year anyways??? Your goal should be to break even or maybe owe a little at the end of the year. Then when shit like this happens it doesnt effect you.

That's my goal too... I have it set on minimum deductions but somehow have managed to get money back the past 2 years...I'm guessing it's because of the interest on the mortgage, but there's no way for me to account for that on the W4

[titanium]

CARRY ON MY WAYWARD SONNNNNNNN

FTMFW!!!

[mustang cobra93]

CARRY ON MY WAYWARD SONNNNNNNN

FTMFW!!!

[OrangeCrush 86]

That's my goal too... I have it set on minimum deductions but somehow have managed to get money back the past 2 years...I'm guessing it's because of the interest on the mortgage, but there's no way for me to account for that on the W4

Take more exemptions.

I don't have to worry luckily, I'm getting that 7500. Thanks for paying part of my mortgage guys (and also be sure to enjoy the associated inflation, as I'm sure this money was borrowed from the fed or China lolz)!

[SFC]

Yeah did we not talk about an article stating that Cali was not going to pay tax returns either?

Ya, we might as well have said it started back in 2003 with Texas then. ZOMG! Or Iowa in 2000!!!

If I didn't know any better, I'd think this happens EVERY YEAR in some state or another. No, that can't be it.

[SFC]

Again, they are not going to pay OVER PAYMENT of taxes. That does not mean you dont have to still pay the income tax you are required too. Why let the state use your money for free all year anyways??? Your goal should be to break even or maybe owe a little at the end of the year. Then when shit like this happens it doesnt effect you.

Sure it does. If I paid them $5,000 too much in 2008 and they don't give it back, you can bet your ass I'm paying them $5,000 too little in 2009, and we can go to court over it. Not even the fed will be able to argue that one. Which is why they WILL be paying it out as soon as they get their budget signed. But that wouldn't make a good headline, would it?

Of course, the media is ALWAYS honest, they aren't ever just looking for a good headline.

[Fosters]

Take more exemptions.

I don't have to worry luckily, I'm getting that 7500. Thanks for paying part of my mortgage guys (and also be sure to enjoy the associated inflation, as I'm sure this money was borrowed from the fed or China lolz)!

I can't... I'd have to lie on my W4 to do that... Well, maybe, can I claim head of household if I'm just single w/ no kids?

[LES]

That's my goal too... I have it set on minimum deductions but somehow have managed to get money back the past 2 years...I'm guessing it's because of the interest on the mortgage, but there's no way for me to account for that on the W4

HUH?? Minimum? You want the max deductions. Claiming 0 will cause them to take the most from your check. Thus resulting in a tax "REFUND". My wife claims 0 and I claim 2. Looks like we owe about $500 this year. So we did pretty good.

[LES]

I can't... I'd have to lie on my W4 to do that... Well, maybe, can I claim head of household if I'm just single w/ no kids?

What do you mean lie?? I dont think there is any rule to the dependents you can claim. I know for fact that when I was building my house I claimed 10 dependents. The max. So I could save more money for a down payment.

[Fosters]

HUH?? Minimum? You want the max deductions. Claiming 0 will cause them to take the most from your check. Thus resulting in a tax "REFUND". My wife claims 0 and I claim 2. Looks like we owe about $500 this year. So we did pretty good.

minimum deductions = max numbers I can add up on there, as in they take out the minimum amount of taxes each paycheck.

What do you mean lie?? I dont think there is any rule to the dependents you can claim. I know for fact that when I was building my house I claimed 10 dependents. The max. So I could save more money for a down payment.

Hrm... I always thought you actually have to have people depending on you - kids, non working spouse, etc...

[LES]

minimum deductions = max numbers I can add up on there, as in they take out the minimum amount of taxes each paycheck.



Hrm... I always thought you actually have to have people depending on you - kids, non working spouse, etc...

Dude you dont even have to have it deducted from your check if you dont want to. You can estimate it and pay it Quarterly if you want. Then pay what more you owe at the end of the year or if you over paid get a refund. Odviously if you are getting money back each year then the goverment is using your money interest free all year.

[Fosters]

Dude you dont even have to have it deducted from your check if you dont want to. You can estimate it and pay it Quarterly if you want. Then pay what more you owe at the end of the year or if you over paid get a refund. Odviously if you are getting money back each year then the goverment is using your money interest free all year.

well, sunofabish!

yeah, I know ideally I'd play it like blackjack - get as close as possible but not over, but damn if I knew I could claim extra dependents than I actually have... I should just turn democrat and not pay any...

[LES]

Sure it does. If I paid them $5,000 too much in 2008 and they don't give it back, you can bet your ass I'm paying them $5,000 too little in 2009, and we can go to court over it. Not even the fed will be able to argue that one. Which is why they WILL be paying it out as soon as they get their budget signed. But that wouldn't make a good headline, would it?

Of course, the media is ALWAYS honest, they aren't ever just looking for a good headline.

Aww you are correct. I am sure that is what will happen. A Credit twords next years taxes. But most peoples returns wont cover what the ywill owe for a full year. So eithe rway yo uwill be required to pay the difference. I guess I never thought of it as being a prepayment for your next years taxes. I guess it has been so long since I got a refund of any amount I did not look at it that way.

[LES]

well, sunofabish!

yeah, I know ideally I'd play it like blackjack - get as close as possible but not over, but damn if I knew I could claim extra dependents than I actually have... I should just turn democrat and not pay any...

There are some loop holes I know. I have never really looked that deep into it. I just know I worked with a guy that told HR to not take income taxes from his check, the company said they cant do that. He said yes you can, and after consulting with our HR company they said yes , if the employee ask for that they need to do it. It is then the responsibility of that employee to pay those taxes at the end of the year or quarterly. So it would be like getting a W2 with the income tax withheld box saying "0". Imagine how that would look on your taxes at the end of the year LOL Get ready to write one hell of a check

[LES]

Maybe STormy can chime in on the lagalities of it.