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Thread: DAMN Trump and his tax cuts!

  1. #1
    Senior Member BISHOP's Avatar

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    DAMN Trump and his tax cuts!

    With my wife's meager income included, we broke about $84K Which put us in a higher tax bracket.

    Even with this I'm getting the smallest return ever. GRRR.
    I broke $74 alone and only paid-in just over $7k. But with a spouse, child, and a house as deductions, I'm only getting just over $3k back.

    This is mostly in jest because I know I got more in my pocket, but seriously I LIVE for the refund at the end of the year.

    I knew I was in trouble when I saw what I PAID in taxes was less than I got in refunds for the past several years.

    I guess no whole-house generator again this year.... Nor vacation, or a new $2000 rifle


    BISHOP

  2. #2
    Team Guns Network Silver 04/2013 alismith's Avatar

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    Quote Originally Posted by BISHOP View Post
    With my wife's meager income included, we broke about $84K Which put us in a higher tax bracket.

    Even with this I'm getting the smallest return ever. GRRR.
    I broke $74 alone and only paid-in just over $7k. But with a spouse, child, and a house as deductions, I'm only getting just over $3k back.

    This is mostly in jest because I know I got more in my pocket, but seriously I LIVE for the refund at the end of the year.

    I knew I was in trouble when I saw what I PAID in taxes was less than I got in refunds for the past several years.

    I guess no whole-house generator again this year.... Nor vacation, or a new $2000 rifle


    BISHOP
    Damn, I can't think of any rifle I'd shell out $2000 for. $1500 is about my upper limit for anything. Most of what I prefer is about $600 or less.
    "Valar morghulis; valar dohaeris."

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  3. #3
    Senior Member BISHOP's Avatar

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    I just saw a stripped receiver I would like to buy for $2000.


    BISHOP

  4. #4
    Senior Member NAPOTS's Avatar

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    you do realize that getting a smaller return just means you overpaid less throughout the year. 3k is not a bad return either.

  5. #5
    Team Guns Network Silver 04/2013 alismith's Avatar

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    Quote Originally Posted by BISHOP View Post
    I just saw a stripped receiver I would like to buy for $2000.


    BISHOP
    Damn. Is that for a minigun?
    "Valar morghulis; valar dohaeris."

    "Never say, "gun control" but instead say, "victim disarmament." - L Neil Smith

    Making good people helpless won't make bad people harmless.

    Freedom isn't free.

    "Attitude is the paintbrush that colors our world." TV Series, Haven.

    My Spirit Animal has rabies.

    I'd rather be an American than a Democrat.

  6. #6
    Administrator imanaknut's Avatar

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    It is funny how many people didn't realize that getting more during the year just might wind up getting less of the money that they loaned to the government free of interest back at the end of the year.

  7. #7
    Senior Member BISHOP's Avatar

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    OH I completely understand what it means, and have been telling people why their refunds are smaller.

    But I still like getting back 7K.

    I can live with a bit less if I can get a fat return.

    I'm one of those that wants a fat return. A lot of people will just say to save the $$ yourself. Well if I have access to my own $$ I'll spend it. So this is my way of saving $$ without having to try, or think of it. And under no reason can I access it until the beginning of the year.
    People say put that $$ in the bank. You are just giving the Gov an interest free loan and you could be making that interest. WELL these days the interest wouldn't even get you a case of beer. so its still not worth my time.

    $3000 is a good return if you're single with no deductions or a house, but sh1tty for a married guy with a child and a house.

    A $2000 M-79 receiver was spotted on gunbroker last week. I could probably come up with 1/2 that fast but not the other 1000.


    BISHOP

  8. #8
    Guns Network Lifetime Member #2

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    Quote Originally Posted by BISHOP View Post
    OH I completely understand what it means, and have been telling people why their refunds are smaller.

    But I still like getting back 7K.

    I can live with a bit less if I can get a fat return.

    I'm one of those that wants a fat return. A lot of people will just say to save the $$ yourself. Well if I have access to my own $$ I'll spend it. So this is my way of saving $$ without having to try, or think of it. And under no reason can I access it until the beginning of the year.
    People say put that $$ in the bank. You are just giving the Gov an interest free loan and you could be making that interest. WELL these days the interest wouldn't even get you a case of beer. so its still not worth my time.

    $3000 is a good return if you're single with no deductions or a house, but sh1tty for a married guy with a child and a house.

    A $2000 M-79 receiver was spotted on gunbroker last week. I could probably come up with 1/2 that fast but not the other 1000.


    BISHOP
    So then change your w4. easy peasey. Let the gov't use as much as you want. Step 4 (c) https://www.irs.gov/pub/irs-pdf/fw4.pdf
    Last edited by 1 Patriot-of-many; 02-04-2020 at 11:32 AM.

  9. #9
    Senior Member BISHOP's Avatar

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    Oh yeah, I know that. I already put $20. From each check in. Looks like I may have to change that to $100.


    BISHOP

  10. #10
    Administrator imanaknut's Avatar

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    Have to agree about the bank interest rates being almost worthless.

  11. #11
    Senior Member JTHunter's Avatar

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    Quote Originally Posted by BISHOP View Post
    With my wife's meager income included, we broke about $84K Which put us in a higher tax bracket.

    Even with this I'm getting the smallest return ever. GRRR.
    I broke $74 alone and only paid-in just over $7k. But with a spouse, child, and a house as deductions, I'm only getting just over $3k back.

    This is mostly in jest because I know I got more in my pocket, but seriously I LIVE for the refund at the end of the year.

    I knew I was in trouble when I saw what I PAID in taxes was less than I got in refunds for the past several years.

    I guess no whole-house generator again this year.... Nor vacation, or a new $2000 rifle


    BISHOP
    Why in the world would you want to give the government an interest free loan? They sure as Hell won't give YOU one ! You are MUCH better off putting that "extra" take-home pay in an interest bearing account then use those funds to pay what little you MIGHT owe the IRS.
    If you file jointly, you and your spouse can claim 3 deductions, yourself, her, and your child. You might also "bank" most of your wife's earnings in a traditional IRA, reducing your taxable income. If you can afford it, YOU can also deduct a fair amount from your income, further reducing your taxable income. The problem with a traditional IRA is the mandatory withdrawals that used to start at 70.5 years. That new "SECURE Act" has changed that to - IIRC - the year AFTER you turn 72.
    The point is for YOU to keep your money, make it grow for you during the year, then make your refund as small as possible.
    As for keeping the money out of your hands, lock it into a 6-month CD, then "ladder" them so you have one coming out at the same time as a new one goes in. Even if you only do the minimum, usually $1000, if you do a new one every 3-4 months, you will have one coming out at tax time. Even with low interest rates, keeping them in rotation - "LIFO" (last in first out) - you will have extra cash quarterly.
    Last edited by JTHunter; 02-04-2020 at 03:39 PM.
    “I have little patience with people who take the Bill of Rights for granted. The Bill of Rights, contained in the first ten amendments to the Constitution, is every American’s guarantee of freedom.” - - President Harry S. Truman, “Years of Trial and Hope”

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    Team GunsNet Bronze 10/2014

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    agree with jthunter. ssi wanted to know if i wanted to have 10% of my ssi income withhheld for taxes? i replied no. the clerk said i don't blame you. never give those bastards 1 cent.

  13. #13
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    If you don't own your home, better off putting that extra 100 into the mortgage than the irs or bank.
    “The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first.”
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  14. #14
    Senior Member BISHOP's Avatar

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    WHOA, this has slipped into investing. No no no. I want fat cash at the beginning of the year to blow on toys and crap irresponsibly, not be an adult.


    BISHOP

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    Guns Network Lifetime Member #2

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    Quote Originally Posted by BISHOP View Post
    WHOA, this has slipped into investing. No no no. I want fat cash at the beginning of the year to blow on toys and crap irresponsibly, not be an adult.


    BISHOP
    I understand what you are a saying. A forced savings plan. Out of sight out of mind.

  16. #16
    Team GunsNet Platinum 02/2015 davepool's Avatar

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    Quote Originally Posted by BISHOP View Post
    WHOA, this has slipped into investing. No no no. I want fat cash at the beginning of the year to blow on toys and crap irresponsibly, not be an adult.


    BISHOP

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