Paying taxes...aargh

[Keith A]

I would have much rather spent that money on some new bike gear...that is all.
:crap:

So what did you buy with your refund...or what did you have to sell to pay Uncle Sam?

[Mzilliox]

i spent mine (part of refund) on a bike that arrived just today! sometimes i love tax season:banana:

Hope yours is forgettable

[Keith A]

i spent mine (part of refund) on a bike that arrived just today! sometimes i love tax season:banana:

Hope yours is forgettableYou need to at least post a picture so I can live vicariously.

[Mzilliox]

soon i promise, it arrived only moments ago as i was gearing up to leave for a ride, ill snap some pics when i get back shortly.

Its baby blue, steel, and involves sax max lugs:eek:

[Keith A]

soon i promise, it arrived only moments ago as i was gearing up to leave for a ride, ill snap some pics when i get back shortly.

Its baby blue, steel, and involves sax max lugs:eek:I won't rest tonight until I see it
:eek:

[donevwil]

My refund will almost cover the first installments of 2017 fed and state estimated taxes, net loss.

I did get in line for a new frameset though (approved by my smarter half).

[gomango]

We just transferred all of our returns into our kids' college funds.

Pretty decent investment we think.

I don't need another bike right now, nor does my wife.

She just received her new MAP, so I think she's all set for a bit.

FWIW I'm all set as well. I'm picking up my new Jackson Kraken tomorrow.

https://c1.staticflickr.com/4/3741/32168697114_2afae4fa8d_b.jpg (https://flic.kr/p/R1CYUS)Untitled (https://flic.kr/p/R1CYUS) by gomango1849 (https://www.flickr.com/photos/36270004@N06/), on Flickr

https://c1.staticflickr.com/3/2635/32631833000_f07c1f4bae_b.jpg (https://flic.kr/p/RHyF5m)Untitled (https://flic.kr/p/RHyF5m) by gomango1849 (https://www.flickr.com/photos/36270004@N06/), on Flickr

https://c1.staticflickr.com/1/688/33013809855_ff17528212_b.jpg (https://flic.kr/p/Sijpuc)Untitled (https://flic.kr/p/Sijpuc) by gomango1849 (https://www.flickr.com/photos/36270004@N06/), on Flickr

[ColonelJLloyd]

I'm actually a tax accountant. So, this is my busiest time of the year.

Imagine how painful it is to know that your new bike is in a box at your LBS and you don't have the time to collect it let alone start building it up. :cool:

https://c1.staticflickr.com/4/3836/33704932492_bfb418b721_b.jpg

[jtakeda]

I bought a plane ticket to Japan and a Dave kirk :0

[Keith A]

I'm actually a tax accountant. So, this is my busiest time of the year.

Imagine how painful it is to know that your new bike is in a box at your LBS and you don't have the time to collect it let alone start building it up. :cool:
Don't have to imagine, my mom worked for a CPA for many years. I'm sure you are looking forward to 19 April :)

[gomango]

I'm actually a tax accountant. So, this is my busiest time of the year.

Imagine how painful it is to know that your new bike is in a box at your LBS and you don't have the time to collect it let alone start building it up. :cool:

https://c1.staticflickr.com/4/3836/33704932492_bfb418b721_b.jpg

I love it already.

[oliver1850]

Just spent an hour on the phone with the state trying to sort out a cryptic letter I got from them that reduced my estimates by $100 with no explanation. This after staying up all night shuffling papers. Wish we had a simpler taxation scheme.

[CMiller]

Down payment on my custom Sycip!

[coffeecake]

Last payment on my student loan!!! :banana:

A weight off of my shoulders. Would have rather purchased some new carbon clinchers, but maybe next year :cool:

[FlashUNC]

Refund got me groading.

https://c2.staticflickr.com/4/3721/33035113496_fccb384953_b.jpg

[donevwil]

Down payment on my custom Sycip!

You getting one of those slick 25th anniversary editions?

[Keith A]

Refund got me groading.

https://c2.staticflickr.com/4/3721/33035113496_fccb384953_b.jpg

Nice.

[makoti]

I paid both state & fed, but less than $200 total, so I'm actually very happy this tax season. Didn't give a big loan to those idiots.

[dumbod]

I recognize and appreciate that taxes are the cost of civilization but the only time that the AMT doesn't suck is when it blows. It turned a big refund into a big payment.

I'll be alright tomorrow but today, arrrgh.

[CMiller]

You getting one of those slick 25th anniversary editions?

Potentially! Those are all wet painted and I had a powdercoat in mind. I saw the First 25th anniversary frame in person and it was super nice

[ripvanrando]

I hope to be getting a nice chunk of change because I overpaid quarterly taxes but that also means I made less than forecast.

I paid my DB accountant $1700 and got the papers to him in January and "we" filed an extension.

Guessing a full on Italian ride coming back.

[R3awak3n]

I will know on Monday. I know I am cutting it close, went to my accountant way too late. But I won't get any money back, I know that. I probably actually owe money.

That said I just bought a bike frame so tax season yay

[Mzilliox]

https://c1.staticflickr.com/3/2862/33195811584_4c7152d79a_h.jpg (https://flic.kr/p/Szpdg3)Goodrich head badge (https://flic.kr/p/Szpdg3) by Matt.zilliox (https://www.flickr.com/photos/41573599@N06/), on Flickr

Oversized steel yumminess ala Curt Goodrich

[flydhest]

mzilliox, that is totally sweet.

[thirdgenbird]

Oversized steel yumminess ala Curt Goodrich

One of my favorite frames (and colors) ever. As a bonus, you have never let me down on a build.

Tax return? Savings account.

[biker72]

What refund?????:D
Maybe next year.

[Tandem Rider]

We are using the refund to help us move.

Matt, I hope to see that thing on the road when the move is done.

[commonguy001]

The Tax Man!
Filed today but they aren't getting my money until next week.
No new bikes for me this year but I'm pretty flush with good ti and steel already :beer:

[Llewellyn]

As an accountant it's really hard to convince people that the best tax return is zero - no refund and nothing to pay. If you get a refund you're just getting your own money back that you've loaned to the government for zero interest, and if you have to pay...well it's obvious why that's not good.

[572cv]

Last payment on my student loan!!! :banana:

A weight off of my shoulders. Would have rather purchased some new carbon clinchers, but maybe next year :cool:

Big congrats on the payoff! I still remember that one. Lots of biking to come, more fun now that you have lost all that weight ;)

[Aaron O]

I'm one of the poor SOBs preparing your taxes :(

[Llewellyn]

I'm one of the poor SOBs preparing your taxes :(


You have my sympathies. I did tax work for a while - only about 6 months but it was long enough to know that I'm not cut out for it.

[FL_MarkD]

As an accountant it's really hard to convince people that the best tax return is zero - no refund and nothing to pay. If you get a refund you're just getting your own money back that you've loaned to the government for zero interest, and if you have to pay...well it's obvious why that's not good.

This.

If the only way you can save for toys is give the money to the government to hold for you.... :eek:

[pdonk]

I thought I was getting a nice return. Turns out my company did not fill in my forms correctly so now I am still getting a return but will have to pay back a large portion of it.

Had hoped to get a new bike. But not likely this year.

[crankles]

I'm actually a tax accountant. So, this is my busiest time of the year.

Imagine how painful it is to know that your new bike is in a box at your LBS and you don't have the time to collect it let alone start building it up. :cool:

https://c1.staticflickr.com/4/3836/33704932492_bfb418b721_b.jpg

That IS sad

[gomango]

https://c1.staticflickr.com/3/2862/33195811584_4c7152d79a_h.jpg (https://flic.kr/p/Szpdg3)Goodrich head badge (https://flic.kr/p/Szpdg3) by Matt.zilliox (https://www.flickr.com/photos/41573599@N06/), on Flickr

Oversized steel yumminess ala Curt Goodrich

Pretty.

I've seen a few of these floating around town.

https://c1.staticflickr.com/6/5527/10501730083_572a50f11d_b.jpg (https://flic.kr/p/h117tM)IMG_1860 (https://flic.kr/p/h117tM) by gomango1849 (https://www.flickr.com/photos/36270004@N06/), on Flickr

https://c1.staticflickr.com/8/7313/10501510236_73d73d9f93_b.jpg (https://flic.kr/p/gZYZ8j)IMG_1847 (https://flic.kr/p/gZYZ8j) by gomango1849 (https://www.flickr.com/photos/36270004@N06/), on Flickr

[Aaron O]

You have my sympathies. I did tax work for a while - only about 6 months but it was long enough to know that I'm not cut out for it.

8 months till' letters, then I have to figure out what I want to do when I grow up. I like some things about tax so far, but the 80-90 hour weeks are getting to me.

Ideally I'd like to find a niche role auditing contracts.

And a big plus one to the zero position, but people think they're being clever by overpaying, and the partners encourage it because it makes for happier customers.

[mhespenheide]

As an accountant it's really hard to convince people that the best tax return is zero - no refund and nothing to pay. If you get a refund you're just getting your own money back that you've loaned to the government for zero interest, and if you have to pay...well it's obvious why that's not good.

My favorite return is +/- ~$100 or so. I'm not loaning the government anything at 0% interest, and I don't have the hit of an unanticipated payment. That said, our rental property did better than anticipated, so I'll be sending in some extra...

I know it's ultimately a good problem to have, but it still hurts.

[eddief]

To help buy the mother of all bombs.

[roguedog]

oh my pretty... what is it??? i'm a sucker for those forks.


I'm actually a tax accountant. So, this is my busiest time of the year.

Imagine how painful it is to know that your new bike is in a box at your LBS and you don't have the time to collect it let alone start building it up. :cool:

https://c1.staticflickr.com/4/3836/33704932492_bfb418b721_b.jpg

[bigbill]

I do volunteer taxes for VITA at United Way. I work with the low income and elderly people of the county so I've seen some odd situations. When I have all my info, I go in early and do my own taxes using the IRS computers. The first full year of military retirement pay plus my second career (engineer) pay really hurt. Each had withholdings but the combination of both incomes pushed me over a tax bracket. I ended up owing a nice Colnago with Chorus. The next year I adjusted my withholdings but still owed a Colnago Master Light frameset. This year I got a refund, about a Zonda wheelset.

[KidWok]

Ugh...I'm a commercial real estate broker paid on 1099-Misc with nothing withheld. Just filed today...is this what it's like when you drop your soap in jail?

Tai

[mhespenheide]

Ugh...I'm a commercial real estate broker paid on 1099-Misc with nothing withheld. Just filed today...is this what it's like when you drop your soap in jail?

Tai

Seriously, Tai? I mean, in one consideration, you got an interest-free loan from the government for (one assumes an average of) six months, but -- really? You don't have to claim quarterly estimates or the like?

[steveoz]

Ugh...I'm a commercial real estate broker paid on 1099-Misc with nothing withheld. Just filed today...is this what it's like when you drop your soap in jail?

Tai

Duuuuude...at least claim mileage...assuming you drive to the properties..and you gotta have some receipts ... I'm self employed and I feel your pain - it hurts at this time of the year :eek:

[oliver1850]

Ugh...I'm a commercial real estate broker paid on 1099-Misc with nothing withheld. Just filed today...is this what it's like when you drop your soap in jail?

Tai

Not paying quarterly estimates? Thinking you should be. Just to protect yourself from penalties.

[jghall]

Not quite finished yet, but hopefully I've planned well enough that it is somewhere between $0 and a few hundred back. With anything left, 529 college savings.

[Aaron O]

Ugh...I'm a commercial real estate broker paid on 1099-Misc with nothing withheld. Just filed today...is this what it's like when you drop your soap in jail?

Tai
Office expenses, supplies, miles, phone/net, your medical insurance...

No one with schedule c income should be doing their own return, or going to a low end tax box store...and the quarterly estimates are right - probably state as well, and possibly even city.

[R3awak3n]

1099 people should be doing quarterly taxes, it will soften the blow. I mean, I am 1099 myself, I always put aside 35% just in case but taxes usually range from 20-25%

[Schmed]

It hurts a bit to write quarterly checks that would otherwise pay for a small truckload of Moots frames, but it's the cost of doing business. And... that means we have some profits, so be thankful for that, I say.

Then again.... it'd be nice to have a few of these hanging in the garage...

http://calistogabikeshop.com/images/library/large/moots-routt-frameset-229103-13.jpg

[false_Aest]

I got my first refund ever so I spent most of it paying off debt. Then I bought an OK set of speakers + some purgeable heat sinks.

[Mzilliox]

Pretty.

I've seen a few of these floating around town.

https://c1.staticflickr.com/6/5527/10501730083_572a50f11d_b.jpg (https://flic.kr/p/h117tM)IMG_1860 (https://flic.kr/p/h117tM) by gomango1849 (https://www.flickr.com/photos/36270004@N06/), on Flickr

https://c1.staticflickr.com/8/7313/10501510236_73d73d9f93_b.jpg (https://flic.kr/p/gZYZ8j)IMG_1847 (https://flic.kr/p/gZYZ8j) by gomango1849 (https://www.flickr.com/photos/36270004@N06/), on Flickr

OOOOh nice build ideas. mine doesn't say Team Issue, because, well, you know, im not on the team. those guys had to earn theirs, i just bought mine, haha

[Elefantino]

Refund?! Refund?!!

https://youtu.be/fQaavQNGsMY

(Another break-even guy here. I prefer to keep my money than let the feds have it interest free.)

[Keith A]

Mzilliox -- Thanks for the pictures...looking forward to seeing the build.

[ColonelJLloyd]

oh my pretty... what is it??? i'm a sucker for those forks.

Thanks. It's a steel, disc, fat-tire, multi-purpose frame. Fitz Cyclez in Santa Rosa, CA.

[Mzilliox]

Mzilliox -- Thanks for the pictures...looking forward to seeing the build.

almost done, keep your eyes peeled later today. pretty much have it ready for a test ride and some bar wrap as i type. maybe some minor indexing adjustments, but its pretty close as is. Cobbled together as a parts bin build... may get some extra lovin in the future, but for now i want to ride!

[false_Aest]

=
(Another break-even guy here. I prefer to keep my money than let the feds have it interest free.)

How do you do it? Break even I mean. Every year since I got out of college I ended up owing about $1k to the US and up to $250 to the state.

[gomango]

almost done, keep your eyes peeled later today. pretty much have it ready for a test ride and some bar wrap as i type. maybe some minor indexing adjustments, but its pretty close as is. Cobbled together as a parts bin build... may get some extra lovin in the future, but for now i want to ride!

Excited to see this one.

A Goodrich in my size would make my credit card come out to play.

FWIW A certain forum member here scored one of the two local Goodrich's available recently on ebay. Can't wait to see it in person.

We would have been bidding against each other if it fit me. :)

[christian]

How do you do it? Break even I mean. Every year since I got out of college I ended up owing about $1k to the US and up to $250 to the state.

If you're a salaried employee, you can update your W4 deductions or additional contributions. On the other hand, better to owe a bit -- otherwise it's just an interest-free loan to the government.

[Mzilliox]

Excited to see this one.

A Goodrich in my size would make my credit card come out to play.

FWIW A certain forum member here scored one of the two local Goodrich's available recently on ebay. Can't wait to see it in person.

We would have been bidding against each other if it fit me. :)

I didn;t need a new bike after building the Zanc, but this one sort of found me, and well, like you say, its a Goodrich! oh and i love blue bikes, all of them.

[fuzzalow]

To every one of you blokes saying you don't "want to give an interest free loan to the government". Sure, in theory, that's great. But maybe there's a better use of your time & effort.

Current T-bills rates are floating right around, what, 1%? That doesn't sound like the 'Gummint is making a killing off of your backside to me. Not that 1% is meaningless in financial terms in capital markets, 100 basis points is a lot. But in personal finance terms for most tax refund amounts, it is a meaningless, insignificant opportunity cost.

But if saying it appeals to your inner-Bannon, then don't deny yourself the pleasure and by all means, have at it.

[ripvanrando]

Refund?! Refund?!!

https://youtu.be/fQaavQNGsMY

(Another break-even guy here. I prefer to keep my money than let the feds have it interest free.)

I'm with you. We give enough. Why provide an interest free loan.

I usually overpay a little just in case. Revenue is hard to predict when sun shines and roads beckon. I love riding in the Fall and usually make less money resulting in overall lower taxes

I converted to an S-Corp last year and overpaid based upon my old formula.

[merlinmurph]

What is this "refund" you speak of? ;-)

Waiting for the accountant to get back after filing an extension. I'll end up paying a good chunk because the company I worked for got bought last year and there ended up being a lot of stock activity as a result, i.e. everything became vested, everything was sold or converted, etc.

[ripvanrando]

What is this "refund" you speak of? ;-)

Waiting for the accountant to get back after filing an extension. I'll end up paying a good chunk because the company I worked for got bought last year and there ended up being a lot of stock activity as a result, i.e. everything became vested, everything was sold or converted, etc.

Grab your ankles. Been there.

[makoti]

If you're a salaried employee, you can update your W4 deductions or additional contributions. On the other hand, better to owe a bit -- otherwise it's just an interest-free loan to the government.

I have very few deductions, so I put as much as I possibly can into my 401k. Brings down my earnings, I keep it, and I can afford a deluxe cardboard box when I retire.

[Llewellyn]

To every one of you blokes saying you don't "want to give an interest free loan to the government". Sure, in theory, that's great. But maybe there's a better use of your time & effort.

Current T-bills rates are floating right around, what, 1%? That doesn't sound like the 'Gummint is making a killing off of your backside to me. Not that 1% is meaningless in financial terms in capital markets, 100 basis points is a lot. But in personal finance terms for most tax refund amounts, it is a meaningless, insignificant opportunity cost.

But if saying it appeals to your inner-Bannon, then don't deny yourself the pleasure and by all means, have at it.

It's more about what else you can be doing with the money while the govt has it instead. And if they've got a few hundred million of overpaid taxes sitting there in the pot, even at 1% that still adds up to a pretty tidy amount.

But to bring it back to the OP's original point - I've had fairly hefty payments to make last few years so no new bike goodies for me, but I'm hoping to break pretty close to even this year. I'll know by about October

[sg8357]

In an old SF story, you picked what departments of the gummint got
your tax dollars. Your tax form consisted of a list of programs,
you filled your $$ per program adding up to your total tax bill.
Instead people lobbying the gummint, the gummint lobbies you.

I miss the future.

[Aaron O]

To every one of you blokes saying you don't "want to give an interest free loan to the government". Sure, in theory, that's great. But maybe there's a better use of your time & effort.

Current T-bills rates are floating right around, what, 1%? That doesn't sound like the 'Gummint is making a killing off of your backside to me. Not that 1% is meaningless in financial terms in capital markets, 100 basis points is a lot. But in personal finance terms for most tax refund amounts, it is a meaningless, insignificant opportunity cost.

But if saying it appeals to your inner-Bannon, then don't deny yourself the pleasure and by all means, have at it.

This is also true, but it's sort of a best practices/article of faith. There's also property, liquidity, expansion...interest rates aren't the only potential opportunity cost.

But it's still a good point.

[ColonelJLloyd]

People are often very irrational when it comes to tax payments and withholding. Very successful and highly educated people don't seem to be all that much more rational on the subject in my experience.

[KidWok]

Office expenses, supplies, miles, phone/net, your medical insurance...

No one with schedule c income should be doing their own return, or going to a low end tax box store...and the quarterly estimates are right - probably state as well, and possibly even city.

Yep...I'm claiming all that.

Haven't done quarterly...none of the brokers in my office seem to be doing quarterly either...We had a tax advisor come in last year and didn't hear him talk about doing quarterly taxes. I'm fairly new to real estate and last year was only my second year. Finally got my pipeline up high enough that I'm not draining my savings. Have been stripping and flipping bikes for walking money.

WA doesn't have state income tax.

Tai

[ColonelJLloyd]

Yep...I'm claiming all that.

Haven't done quarterly...none of the brokers in my office seem to be doing quarterly either...We had a tax advisor come in last year and didn't hear him talk about doing quarterly taxes. I'm fairly new to real estate and last year was only my second year. Finally got my pipeline up high enough that I'm not draining my savings. Have been stripping and flipping bikes for walking money.

WA doesn't have state income tax.

Tai

Technically, tax payments (estimated or withholding) should correlate in amount and time with the income earned. In something as seemingly seasonal as real estate this could very well mean that you need to pay more in certain times of the year. Either all of the brokers in your office are incurring underpayment penalties or are claiming that they earn all of their commissions in the last quarter of the year.

[Aaron O]

Technically, tax payments (estimated or withholding) should correlate in amount and time with the income earned. In something as seemingly seasonal as real estate this could very well mean that you need to pay more in certain times of the year. Either all of the brokers in your office are incurring underpayment penalties or are claiming that they earn all of their commissions in the last quarter of the year.

+1...

And I'd still suggest you get an accountant. Do it one year...see what the end result is.

[Elefantino]

How do you do it? Break even I mean. Every year since I got out of college I ended up owing about $1k to the US and up to $250 to the state.
I have a good accountant. I know nothing of finance and the $400 that I pay him every year is money very well spent.

[joosttx]

What is this "refund" you speak of? ;-)

Waiting for the accountant to get back after filing an extension. I'll end up paying a good chunk because the company I worked for got bought last year and there ended up being a lot of stock activity as a result, i.e. everything became vested, everything was sold or converted, etc.

Oh God that sucks. My account emailed me at 4:30am this morning with I need to pay. God bless her for working all night.

[Ray]

As an accountant it's really hard to convince people that the best tax return is zero - no refund and nothing to pay. If you get a refund you're just getting your own money back that you've loaned to the government for zero interest, and if you have to pay...well it's obvious why that's not good.

Why? If you have to pay, you've kept more of your own money longer, ostensibly NOT at zero interest (although pretty damn close to zero for past several years). So as long as you budgeted for it and have the $$$, I'd think you're better off paying...

-Ray

[Ray]

Thanks. It's a steel, disc, fat-tire, multi-purpose frame. Fitz Cyclez in Santa Rosa, CA.

I didn't know anybody was still making/using those old bi-plane crowns. I have an old red bi-plane fork from a Bridgeston MB-1 hanging on the wall in my office. I trashed the frame years ago, but the fork is so beautiful that I had to hang on to it.

If I was still riding enough to be buying new bike gear rather than selling lots of it off, I'd be looking for something like that...

-Ray

[Mikej]

We just transferred all of our returns into our kids' college funds.

Pretty decent investment we think.

I don't need another bike right now, nor does my wife.

She just received her new MAP, so I think she's all set for a bit.

FWIW I'm all set as well. I'm picking up my new Jackson Kraken tomorrow.

https://c1.staticflickr.com/4/3741/32168697114_2afae4fa8d_b.jpg (https://flic.kr/p/R1CYUS)Untitled (https://flic.kr/p/R1CYUS) by gomango1849 (https://www.flickr.com/photos/36270004@N06/), on Flickr

https://c1.staticflickr.com/3/2635/32631833000_f07c1f4bae_b.jpg (https://flic.kr/p/RHyF5m)Untitled (https://flic.kr/p/RHyF5m) by gomango1849 (https://www.flickr.com/photos/36270004@N06/), on Flickr

https://c1.staticflickr.com/1/688/33013809855_ff17528212_b.jpg (https://flic.kr/p/Sijpuc)Untitled (https://flic.kr/p/Sijpuc) by gomango1849 (https://www.flickr.com/photos/36270004@N06/), on Flickr

Cool is that an elite? What is your main type of fishing?

[sailorboy]

I didn't know anybody was still making/using those old bi-plane crowns.

-Ray

Pacenti was selling them for a while before he stopped making lugs--might still have some on his website. I bought a couple when they were on close-out for a one-day project. If someone needs one, lemme know.

[rounder]

It's more about what else you can be doing with the money while the govt has it instead. And if they've got a few hundred million of overpaid taxes sitting there in the pot, even at 1% that still adds up to a pretty tidy amount.

But to bring it back to the OP's original point - I've had fairly hefty payments to make last few years so no new bike goodies for me, but I'm hoping to break pretty close to even this year. I'll know by about October

Same here. Also an accountant, but not a tax accountant. My goal is to owe zero. Not gonna end up with a new bike or new anything else. My only goal is to not end up paying any unnecessary amounts that are due, especillialry any unnecessary penalties.

[Aaron O]

It won't be a refund, but hopefully I'm just a couple of days away from a very nice bonus.

What I'm really looking forward to is having the time/energy to commute to work a few days a week. Personally I prefer when clients are conservative and end up with large refunds - it makes them happier with us, deserved or not.

[Mikej]

It won't be a refund, but hopefully I'm just a couple of days away from a very nice bonus.

What I'm really looking forward to is having the time/energy to commute to work a few days a week. Personally I prefer when clients are conservative and end up with large refunds - it makes them happier with us, deserved or not.

Yeah, I understand the whole don't give the Gubmt a free loan, but heck, we are on the hook for 20 tril already, might as well have a return than having to scrape up 2k.

[fuzzalow]

Why? If you have to pay, you've kept more of your own money longer, ostensibly NOT at zero interest (although pretty damn close to zero for past several years). So as long as you budgeted for it and have the $$$, I'd think you're better off paying...

-Ray

People handle and have different attitudes towards money. Nuthin' wrong with that and there is not much anybody can do to get away from paying the taxman. Y'know death and taxes and all that. So handle it in a way that makes the process livable, maybe even perfunctory, which is about as good as I can hope for when it comes to taxes. Whaddaya gonna do?

I am the complete opposite of what has been expressed by the crowd here in this thread. We almost never pay taxes due, there is always a slight tax refund of which I have never cashed but have always applied as prepayment to next year's taxes. I just let it sit in the account. It is not that much money but it serves as a useful buffer for the year-to-year variability in our tax behaviour.

For example after owning a home we rented for two years which removes a lotta tax advantages stemming from home ownership. The sitting balance in our Fed account made it pretty seamless - NYS didn't matter as much 'cos the write-offs are a lot less for itemized returns but we now pay the additional tax imposed on Manhattan residents - NYS ain't cheap. I dunno what excuse Yonkers uses to justify their added city tax which they charge their residents just like Manhattan charges hers.

I look at a running balance in tax accounts as saving for a rainy day. There will always the taxman, loitering about in the periphery of our lives. You do all you can to minimize the bill but there's no getting around payin'.

[Aaron O]

People handle and have different attitudes towards money. Nuthin' wrong with that and there is not much anybody can do to get away from paying the taxman. Y'know death and taxes and all that. So handle it in a way that makes the process livable, maybe even perfunctory, which is about as good as I can hope for when it comes to taxes. Whaddaya gonna do?

I am the complete opposite of what has been expressed by the crowd here in this thread. We almost never pay taxes due, there is always a slight tax refund of which I have never cashed but have always applied as prepayment to next year's taxes. I just let it sit in the account. It is not that much money but it serves as a useful buffer for the year-to-year variability in our tax behaviour.

For example after owning a home we rented for two years which removes a lotta tax advantages stemming from home ownership. The sitting balance in our Fed account made it pretty seamless - NYS didn't matter as much 'cos the write-offs are a lot less for itemized returns but we now pay the additional tax imposed on Manhattan residents - NYS ain't cheap. I dunno what excuse Yonkers uses to justify their added city tax which they charge their residents just like Manhattan charges hers.

I look at a running balance in tax accounts as saving for a rainy day. There will always the taxman, loitering about in the periphery of our lives. You do all you can to minimize the bill but there's no getting around payin'.

^^^ Smart.

[jlwdm]

I hate this time of year. Owe some more for 2016 and a large quarterly payment for 2017. These last six years have been by far my best earning years, but I am tired of paying so much to the government. I have to start taking Social Security in July.

I am struggling between continuing to work as long as my income is high (it won't last forever), working less or retiring. So far I am trying to work a little less.

Jeff

[joosttx]

I hate this time of year. Owe some more for 2016 and a large quarterly payment for 2017. These last six years have been by far my best earning years, but I am tired of paying so much to the government. I have to start taking Social Security in July.

I am struggling between continuing to work as long as my income is high (it won't last forever), working less or retiring. So far I am trying to work a little less.

Jeff

I chose to retire.

[gomango]

Cool is that an elite? What is your main type of fishing?

Yes it is.

The 13.5 Elite with all of the extra trimmings.

I've also added a Lowrance Hook-4.

I mainly fly fish for Muskies and smallmouth, but I'm taking up to our cabin for the walleye opener this summer.

I use 8-11 weight rods for Muskies. I have a Sage Musky and a Sage Accel switch rod. The switch rod is super versatile, especially during our steelhead seasons.

In fact, I brought it on our trip to the Dominican Republic last winter and caught a 17 lb Tarpon as well as loads of Horse Eye Jacks.

The Kraken 13.5 is a great boat. Easy to paddle and incredibly stable to cast from. Loads of storage as well. Easier to cartop than the 15.5.

Fun stuff!

[Aaron O]

Almost...