Nothing like picking up your tax return and owing another 4 grand on top of the 16 already paid. But with that said I’d rather use MY money during the year than the politicians use it !

I would rather use the politicans money

1st year since 1989 when I went in business that I don't owe a penny!

I about fell over when the accountant told me.

I'm liking this retirement thingy, going shooting here in a bit, and money will be deposited in my acct. next Wednesday.

Life is good!

I took 2poors advice and got my wife a second job……

Hate that.Only twice have I had to pay in.

I thought you were a smart money manager.

Sure dont appear to be by having to pay in 4 grand.

^^^^wow someone woke up grumpy,,,,,,,,lol

Just a realist making a real observation....

My goal is to hit +/- $100

Don't want to owe them anything and sure don't want them holding MY money for any amount of time

My refund is coming. Lord knows when it will get here.

X2

Jbyrd sure likes to tell everyone financial advice and laugh at anyone who does things different.

If you’re paying $4000 back, you are not in the “loop” of your business!

4 grand on top of the 16 already paid = 20 grand

You mean pay above what was taken from your check, right?

For me the best way is to keep as much as I can and either get back a few hundred or pay a few hundred but that’s how I roll . Kind of like escrowing money on a house payment for taxes and insurance I refused to give the bank an interest free loan but again that’s me .

LOL you might want to rethink that statement. I used the tax money during the year to make more. ! As stated before rather it be in my pocket than Uncle Sam's.
Ask yourself another question. I want you and Jurassic both to ponder. If I paid 20,000 in income taxes HOW MUCH income did I have. What hurts me is not having any debt to right off. I'll pay the tax every day over making a mortgage payment...
Hate to break it to you but most people pay that and more if they have any income at all.

Heck if I could I'd keep it all and pay 20,000 at the end of each year . Stick 20,000 grand in a 12 month CD at 4.25. JP you and swamp can do the math to figure out the benefit.
Simple interest is 850
Put it in one compounded monthly or quarterly is even better.

Are you justifying having to pay $20,000 to the gov’t because you made a lot of money?

Cookoo

Carry on jbyrd. You da man. As long as you're happy with annually writing multi-thousand dollar checks to the government you can brag about it.


You don't have to justify you financial decisions. Wait! Yes you do....because you posted it on Tman.

Everyone is NOT gonna agree with your financial choices of drawing SS disability and selling ice cream on the streets.

Get a guide license,,,, fishing can be your write off…
20 g …..stupidity….

I come here for the tax and investing advice!

X2 jybrd63. It makes no sense to let Uncle Sam earn the interest on the tax money you owe him if you can earn it for yourself. I know your pain when you have to write that check to him but it is tempered by the annual interest paid to you on it. Have never been risk taking enough to play the market with but being my own bank I earn 5-10% secure on the maximum I can owe without penalty. You’re tax return is smoke and mirrors to knowing the the taxes you owe and WHY. The whole tax prep industry separate you from knowing what you are being taxed on and why.

I like to break even, or owe them a small amount....If they owe me I haven't met my goal.

Already got State back less than 2 weeks after filing. Waiting on Federal.

Yes, I let the government use my money and I collect from them every year.

My accountant use to get mad at me for some reason, she'd give me pre-addressed envelopes and payment vouchers every year but I wouldn't use them. I'd wait until the end of the year and cut a check for the whole year.

I believe everyone should do that at least once. I bet most would pay more attention to the downward spiral That weve been in and that's trying to be fixed right now.

Isn't it something how you have to pay the government money on the money that you worked your butt off for ?

I've always let em take out the maximum so I can count on a springtime refund bigger than jbyrd has to pay extra. Works for me.

Aged out of disability ( let you think on that one)
Ice cream isn’t mine. That’s some one else’s baby

I’ll be willing to bet it’s more than I paid! But because I do it it’s the biggest sin ever committed

Jbryd, I'm with you on keeping my money throughout the year. I pay at the end of the year. My money best serves me throughout the year then someone else drawing interest off of my money. Getting a spring refund is nice but, I save my money throughout. That takes discipline. My money. I use it when I need it.
So, Jbryd. I'm with ya buddy. Keep your money close to ya.
Plus my accountant doesn't have an issue with doing my taxes at the end of year. I tend to do mine myself quarterly and put the money back. An emergency fund if needed. If not, then it's there if taxes are owed.
Let's go fishing Jbryd.

Sarge

By the time we get 4-8 more inches of rain lake access might be impossible!

You dont really age out of disability. Check amount stays same when you reach your retirement age...minimum of 62 for you and me with 67 being 100% age.

Hey, we'll just fish in the streets and ditches. Hope ya'll get back to normal soon.

Sarge

Lol. He gave $20,000 of his money away. Not sure how that’s keeping it close to ya.

He didn’t give 20 grand away he paid what he owed to the government. Canadians should know something about taxes with the “free “ health care but I’m with Jbyrd don’t give them an interest free loan but you must be disciplined enough to have the cash on hand when it’s time to pay up and obviously he does .

So you didn’t pay taxes this year JP?

You must be communist!!

Some of you guys are ok with giving your profits away to the gov’t. Like good citizens the way the gov’t wants you.

Keep drinking the kool-aid!

You guys rolled up that sleeve fo’ sho!

Yep some folks don't seem to understand economics. But, if you feel like paying throughout the year. Please go ahead. This will insure the government doesnt run out of money. LOL. I like getting my monthly military retirement at the first of every month.
Sarge

Oh I pay taxes. But it’s nowhere near $20,000.

You just brought in another family from Africa by giving the gov’t that money.

You should have invested that in yourself. You need to start a brother business if you’re dishing out that kind of money.

Are you incorporated?

Some have no clue. They just want to think the only way they come out is if they get a refund. Never dawns on them that it is there money to begin with. We pay every year and am blessed to have it. Every one pays taxes. Weekly quarterly or yearly.
Hopefully all have a great weekend.

Jbryd. The Canucks will be paying us more money in the form of tariffs. They need us more then we need them.
Plus their Healthcare they think is free. NOT
Only thing I need from Canada is more BELISLE traps.

Sarge

You think because you’re making interest on the money all year that you’re winning.

You’re dumbo!

hey j Between state and federal I'm geting oner 14 k back. Just enough to max out the wife and my roths. Paid in just over 30k. Business dedications and dependents sure make a difference. But no one cares one bit.

O crap well maybe Blain does may need to pust my Tax returns, portfolio, and property deads for him. Others will say I'm bragging. Same as some will say I work to much and my wife must be cheating and get nasty in PMs because of it but at the same time say union workers are lazy but don't work much if any overtime themselves. The world seriously messed up

I would prefer to run closer to zero or pay in a little.
But my income changed a lot from year to year last year was over high than the year before as do my business write offs.

Stinks to have to pay in but if your disciplined enough to put it up and invest it it is a smarter move. Few people are capable of not spending it.

As long as yall are happy....I'm happy!

You bet swamp!

Jurassic Serious question. How is having the government taking and holding your money you can't use all year then giving some back to you smarter than keeping it and making a few thousand then paying in exactly what you owe. Your a few thousand ahead or more. in my cast they took over 30k and I got 14 k back.

How much would I have made on that 30k invested last year. for the year I was at 23%

It's smart but difficult for most people to be discipline and not blow the money and be in trouble at tax time.

Sorry. Maybe if you invest more in the right things you can make more thus more taxes. I’m sure some people on here can help you find something or some one to invest in. But don’t get discouraged if you work at it maybe some day!
I hear there are some great deals on cheap stocks right now!!

Lol lol

It's called making your money work for you. Why allow someone else to make money off your money. Taxes are going to be paid regardless. I guess I'm a dumbo. I can live with that.

Sarge

Why are you ok with giving the gov’t quarterly payments, monthly payments, or one large yearly payment?

I’m not ok with giving them any of my money.

You guys are completely ok with paying them. As long as you feel like it’s on your terms.

Jbyrd wanted us all to know that he paid them a ridiculous amount, cause that must mean he makes a ton of money.

Jbyrd must get a nice thank you letter in the mail that makes him feel all warm and fuzzy inside.

So JP you’re saying you pay no taxes in Canada. What is your secret formula in the Canadian tax system which obviously is different than in the USA

Jurassic. You really are making a huge leap getting I'm ok with paying taxes But im less ok with jail or other means of force the government will use on me to make me pay. Same as you and why you pay whatever your tax.bracket requires . You Didn't answer the question at all Tried to straw man then go back to attack J.

I get it J bird and I have butted heads but when he is right he is right. Seems like a lot of people don't like it if they think someone may be doing better than them financially...


just because some people make a higher income does not mean they are better off than someone that makes.1/2 or even 1/4 as much as they do Any more than it means the guy with high dollar cars and house is loaded and has a larger net worth than the guy with the 20 year old truck and old run down house.

Heck more school teachers retire millionaires that Doctors.

Neighbor down the road farms 9000 acres has 5 3/4 ton crew cab diesel pickup trucks he only needs 2 but doesn’t want to pay taxes so he works the system

On page 2 I said I do pay taxes.

Good for him! He’s taken control of something the gov’t is trying to control. And you and Jbyrd, and PF are ok with giving up that control.

JP, You have an extremely elementary view of finances. I paid in far more than the 20k being talked about in this thread. We bought some land last year, that cannot be written off, we took out a loan on the land, we wanted to pay the land off early so we tossed a ton of money at the loan instead of buying write offs, that left us with massive tax bill. What is better, paying off the loan and avoiding interest or being in debt forever and paying a pile of interest but not having taxes?

The farmer with 5 pickups, he has 5 depreciating assets that require tags, insurance, etc. He would of been miles ahead to pay the taxes and invest the money into something worthwhile.

Some people think they need a bachelors degree to understand it.

Learn how to manage your profits. Clearly people have a different perspective on what’s best for them.

If you’re happy with spending your money on taxes, then I’m happy for you.

Your money is yours, and you guys can do whatever you want with it. I will do the same with mine.

jurassic You still didn't answer my original question. So it's clear you can't.

J bird has to pay in instead of geting money the government took that was extra and make money off of it and pay in exactly the minimum required. So he makes a proffit and ultimately has less money out of his pocket out for taxes.

you claim you pay your taxes so it's no different other than he is ultimately having less out of his pocket due to the offset of income made from time invested.

So How are you any different if yoy can explain it really slow so the simple like me can understand.

PF I don't have any dependants to claim. When I had house interest and 2 dependants I got back most years federal. Stat id pay couple hundred.

JP doesn't sound like you agree with your own statement. IF you really thought it was our money our business you would not have never crawled out from under the rock you call a home.

Geez, me and hippie are like peas in a pod! That's how I roll as well.

Supposedly you can get fined for not making quarterlies. I have never been though. I think I'm too small potatoes. Plus my income is irregular.

Are you even able to understand my answer? What do you pay income tax on? Now lower that number.

yes not capable of answering. got it You must not be able to understand thwe question. so try to change it.

Completely unrelated to the question. But some food for thought for you. Dependents check, Own a farm business and have business deductions check own rental property, deprecation on structure and additional deductions.

You have zero point and can't make any argument or answer simple questions. Very disappointed.

Not everyone is in the same boat I’m retired no business just living the dream so I have to pay some taxes

My refund came in 3 days, faster than anytime in history.

I'm retired, lived off my investment income only for years. Some years I pay in alot, others I get money back.
I pay quarterly. So my current years payments are based off last years income. Causes it to whipsaw back and forth.

If all you've ever done is work for someone else and had no other substantial income you can play with the with holding to get a end of the year result you want. Get some back if you want or pay a small amount in.

But when you work for yourself and your in a business that varies you can't do that. You might get stuck paying in alot.

I had some years that were very good, we'd stop billing completed jobs a month or more before the end of the year so that we could bill them in the next year, moving the taxes to maybe a slower year and keep our taxes down for the current year.


Spend money on depreciating assets (trucks and cars) and your money won't be taxed but it also ain't working for you to make more money.

ain't no way to avoid the taxman, he's gonna get his cut sooner or later. All you can do is try to minimize the cut.

Is the 20000 a total amount of taxes state federal and social security? If so 20000 total isn’t too bad without having any type of deductions.

Yes that was the total of state and federal. Didn’t owe anymore social security

Refund?

Those days have passed. Should have had more kids lol.

If you have investment or pension incomes that don't have withholdings then waiting to pay at the end will cost you quite a bit in late filing fees and most of the time it is greater than the value of the money you earned by holding off. We file quarterly to avoid those penalties.

Bryce

Now maximize things. Look at your trapping as a business not a hobby, throw in maybe a little other services things you like to do whatever that may be. Think about how to generate a little income. Then take dedications on that atv/utv, traps, new gun , milage on your truck are a few examples ..

I get it PF but extra income is cash and I do not care to do other things for a deduction just a lazy arse any more lol

If my tax bracket is 10-12 % and sales tax on the stuff I buy ( to avoid paying income taxes ) is 8% how much money did I save? Not to mention ( if the product was brand new ) the lost value of that purchase as soon as I took it out the door.

"For married couples filing jointly, the 10% tax bracket applies to incomes between $0 and $23,850.
The 12% tax bracket applies to incomes between $23,851 and $96,950."

Might be good now so enjoy, Retirement is a joke as your health can ruin all .

Nothing wrong with that. Some things are not worth the effort. I didn't claim the farm for years wanted it to be profitable first. Then had a tax year I was going to have to pay in 13k due to selling Some investment. I had all my farm expenses played out ran the numbers with the account and got some education on tax codes and I went from going to have to pay in over 13k to geting back between 3 and 4 k. Did the farm make money that year nope yet I came out over 16 k ahead. That I spent right back on the farm. Sure was better than paying in.

I got a little education from thr tax lady and after that did further research. Don't ever do anything questionable but using the tax code to your advantage is a benefit.