Well, I did it early with a few hours to spare - I gave the IRS my vacation money

[escape]

Anyone else still waiting until the last minute to file?

 

[mamacatnv]

I'm sorry paying sucks....

I mailed our extension today - I am a procrastinator.

At least you have 8 1/2 months to rebuild the fund

 

[MARY-IN-OH]

We're finished! (Cuttin it pretty close, I know!) First time we didn't file an extension in years. Wanted to get it out of the the way - paying that is! (yuck!) - - Now...to try and recover so we can get to the world in December!!

 

[KristaTX]

Just pay them more this year out of each check, and maybe this time next year they will owe you your vacation money instead .

And yes, I know why some people don't do that (free loan to the government yada yada yada). I've just noticed that the people who get money back every year sure seem a lot happier than the ones who have to pay.

 

[DisneyMommyMichelle]

ughh we have been done since January we owed big time, but then we had our adoption credit added in and that made us come out a teensy bit ahead so it helped pad DDs college fund

 

[MouseWorshipin]

Yes, we wait until the last minute to pay, as well.

Why give them more than you have to?

 

[Cass]

Just pay them more this year out of each check, and maybe this time next year they will owe you your vacation money instead .

No way, I get interest on that money - 3.5% it adds up. Then you pay when you have to

 

[KristaTX]

No way, I get interest on that money - 3.5% it adds up. Then you pay when you have to

If you do that, then you do it the best way possible. And I'm sure some people do. But my guess is that for most people that money (the actual taxes owed and any excess) just disappears out a gradual and almost invisible budget leak, and the money is just gone with nothing big (like a vacation or money to pay your taxes) to show for it. And if money is actually owed come April 15th, it is painful and feels like the government is taking your money.

 

[MouseWorshipin]

it is painful and feels like the government is taking your money.

The government IS taking your money.

Even if we didn't pay at the end of the year, and paid it all sooner (and lost the interest), they'd STILL be taking our money.

Plus, not everyone can predict how much they'll make. If you have an hourly or salaried job, you can come close. If you have a business, it is harder.

 

[Charade]

For those that have to pay, why don't you adjust your w-4's and have more taken out over the year instead of waiting to the last minute to send out one big check?

Same question for those that get big refunds? (only adjust to take out less).

 

[WDW Poly Princess]

I did mine back in January so I could use the refund to buy my AP this year. Sometimes being poor comes in handy!

 

[ashjohnson80]

We just mailed ours this evening and we're getting money back. I wish DH would let me buy another WDW vacation with it, but that ain't happening.

 

[ducklite]

Our accountant filed an extension for us this year. We've been working at this for a couple months, but our return was VERY complicated this year, bought and sold several pieces of real estate (at one point for a couple months we were carrying FIVE mortgages--OUCH!), started a small business, sold stock options, made a job change, non-cash charitable contributions, etc. and I had to spend a lot of time digging for records that weren't always easy to find because of our move.

It looks like we're getting a substantial refund--in the five digits. That's amazing considering we thought we might end up paying due to some of capital gains. I'm afraid to adjust our withholdings because I know we'll never have a year like this again. Normally we get back about 1/3 of what we are this year.

Anne

 

[swea_pea1]

The government IS taking your money.

Even if we didn't pay at the end of the year, and paid it all sooner (and lost the interest), they'd STILL be taking our money.

BINGO!

The only way to get them to take less money is to lower your taxable income. The last year DH and I had to pay was when we had our 401(k) contributions at 6%. We went to 10% and have been getting refunds ever since.

If you can live without it on a monthly basis by increasing your withholding, you can live without it to contribute towards your own retirement. To me, it makes more sense to pay myself than to pay the IRS.

 

[Rock'n Robin]

We also filed on time for the first time in ages. DH had his own business for 10 years and closed it in Sept. 04, so 2005 was the first year in a long while we had normal paychecks from employers. We got a refund from federal but owe our city a lot. We each pay 2.25% to the citites where we work, but the city where we live only gives us credit for .75% and makes us pay another .75% on top of it so we pay 3% local tax. My employer won't take $ out for another city. Every year our city gets snippy with us because we don't pay estimated, but this is the first time we really have an idea what to pay because of the former business situation.
Robin M.

 

[Galahad]

For those that have to pay, why don't you adjust your w-4's and have more taken out over the year instead of waiting to the last minute to send out one big check?

Same question for those that get big refunds? (only adjust to take out less).

I want to owe (on tax day) as much as I can without paying a penalty.

 

[salmoneous]

I'm off to pay my taxes now - we got an extra day in MA due to Patriots day.

 

[punkin]

I want to owe (on tax day) as much as I can without paying a penalty.

I do too. Unfortunately, this year did not work out this way and we overpaid big time. Oh Well. When I get my refund it will pay for a year of private school for my younger DD. I am going to adjust the W4s way down. Right now they show 7 exemptions (we have 4 in the family) and I am thinking of upping that to 10.

 

[escape]

For those that have to pay, why don't you adjust your w-4's and have more taken out over the year instead of waiting to the last minute to send out one big check?

Same question for those that get big refunds? (only adjust to take out less).

Actually, I got a little windfall in 2005 that I wasn't expecting. However, it seems a lot of it ended up going to the government.

 

[escape]

Our accountant filed an extension for us this year. We've been working at this for a couple months, but our return was VERY complicated this year, bought and sold several pieces of real estate (at one point for a couple months we were carrying FIVE mortgages--OUCH!), started a small business, sold stock options, made a job change, non-cash charitable contributions, etc. and I had to spend a lot of time digging for records that weren't always easy to find because of our move.

It looks like we're getting a substantial refund--in the five digits. That's amazing considering we thought we might end up paying due to some of capital gains. I'm afraid to adjust our withholdings because I know we'll never have a year like this again. Normally we get back about 1/3 of what we are this year.

Anne

We also had to file an extension. Our return is complicated as well. However, our initial assessment showed us owing.