Originally posted by Cow Poke
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Federal Taxes
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Originally posted by Cow Poke View PostI never let them "take out taxes" from my income -- I do an estimate, and put that money in savings each month.
When they do payroll deductions, they're basically using your money totally interest-free, then applying it to your taxes due.
I'd far rather be earning interest on that money (currently 3.9%) and "pay in" at the end of the year, rather than get a "refund" of my own money.
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I hope to retire in two years, although it will probably be a couple years longer than that. My biggest obstacle is I still have a mortgage. I need to get this behemoth of a house sold and buy a bungalow outright, then it will be smooth sailing.
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Originally posted by Ronson View Post
My brother is retired and he is taxed. Feds will tax any income.
But I thought since CP was a retired cop, maybe his cop pension was tax free. And maybe his pastor salary since churches are 501c3?
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Originally posted by Cow Poke View Post
An EGGcellent point ---- if average citizens were required to pay quarterly - not from "withholdings", there would be FAR MORE uproar about the spending by "our government" like a whole navy of drunken sailors.
It is a bit stunning - however, I have the satisfaction of knowing that I've earned interest along the way - something the tax system will collect, but never pay.
Definition of "interest" - them what knows what it is collect it, them what don't understand it pays it.Some may call me foolish, and some may call me odd
But I'd rather be a fool in the eyes of man
Than a fool in the eyes of God
From "Fools Gold" by Petra
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Originally posted by Mountain Man View PostDidn't realize so many of you are that close to retirement. I still have a good 20 years before I will be considered "retirement age".
Originally posted by Mountain Man View Post
I think the paycheck withholdings are used partly to hide just how much we're really paying in taxes, but mostly because most people simply don't have the financial means and budgeting discipline to pay it all at once, and the government wants to be sure it gets its money.
Imo, it's just easier to overpay and then get a refund. A year's worth of interest is negligible on the difference or you'd just have to file the 1099 to pay on the interest.Last edited by Diogenes; 02-06-2023, 06:13 PM.P1) If , then I win.
P2)
C) I win.
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Originally posted by Sparko View Post
That's why I put all of my 401K contributions in a Roth fund. Unfortunately the company's matching contributions and profit sharing go into a regular taxable 401K. So I have a mix.P1) If , then I win.
P2)
C) I win.
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Originally posted by Mountain Man View Post
I think the paycheck withholdings are used partly to hide just how much we're really paying in taxes, but mostly because most people simply don't have the financial means and budgeting discipline to pay it all at once, and the government wants to be sure it gets its money.
I'm so glad they taught me about parallelograms instead of doing taxes -- it comes in so handy on parallelogram day!The first to state his case seems right until another comes and cross-examines him.
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Originally posted by Sparko View Post
That's why I put all of my 401K contributions in a Roth fund. Unfortunately the company's matching contributions and profit sharing go into a regular taxable 401K. So I have a mix.
But I thought since CP was a retired cop, maybe his cop pension was tax free. And maybe his pastor salary since churches are 501c3?
All my current retirement money goes into a 403(b), and when I start drawing that, I can even designate a large portion of that as housing allowance, which is non-taxable.
My police retirement was rolled into my 403(b), as was my 401(k) from my gas compression days.The first to state his case seems right until another comes and cross-examines him.
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Originally posted by Ronson View PostHey! I want a non-taxable housing allowance too!
Remember the days when we could write off the interest paid on a car loan? I understand that also applied to credit cards, but that was before my time.
I can carve out a non-taxable segment of my salary, as long as it meets certain criteria (actual expenses, fair market value, etc) so I'm not taxed on that, but I also get to deduct my actual mortgage interest and property taxes and so on.... It's about the only way some smaller churches can actually afford to pay a pastor.The first to state his case seems right until another comes and cross-examines him.
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Originally posted by Cow Poke View Post
there's an internet meme something like....
I'm so glad they taught me about parallelograms instead of doing taxes -- it comes in so handy on parallelogram day!Some may call me foolish, and some may call me odd
But I'd rather be a fool in the eyes of man
Than a fool in the eyes of God
From "Fools Gold" by Petra
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