Go Back   Club Lexus Forums > General Forums > The Clubhouse
Sign in using an external account
Register Forgot Password?

Got Your Federal Taxes Done?

Reply
 
 
 
 
Thread Tools Search this Thread Display Modes
Old 04-15-15, 06:34 AM   #1
mmarshall
Lexus Fanatic
Trader Score: (0)
 
mmarshall's Avatar
 
Join Date: Oct 2003
Location: Virginia
Posts: 52,534
Default Got Your Federal Taxes Done?

Don't forget.....tonight, at midnight, is the normal deadline for filing Federal tax returns, unless one gets an extension (deadlines for state returns, of course, may vary).

Many people today file electronically, but, for those still sending paper returns by mail, they must be postmarked by midnight (with paper returns, it makes sense to send them by Certified Mail, as a formal record will be kept of the mail-progress and verify delivery). Many Post Offices, anticipating long lines on Tax Night (sometime stretching out the front door for a block or more), typically stay open until midnight or later to accommodate the (literal) last-minute rush, and will sometimes postmark the returns midnight even if time goes past that.

I've already got my big Federal refund, and am still waiting for the smaller state refund. (It's odd that the Federal returns seem to get processed quicker, even though they have many millions more to deal with than a state). Perhaps it's also because of the much greater number of employees at the IRS.

Even though I'm not bad off economically, the refunds this year, for me, will still come in handy. I need a new bathroom upstairs after almost 40 years (the old one is rapidly wearing out) and the two refunds combined this year will pay for a new bathroom without having to dip into my savings.
This ad is not displayed to registered members.
Register your free account today and become a member on Club Lexus!
__________________

Last edited by mmarshall; 04-15-15 at 06:38 AM..
mmarshall is offline   Reply With Quote
Old 04-15-15, 07:19 AM   #2
geko29
Oil Burner
Trader Score: (0)
 
Join Date: Feb 2007
Location: IL
Posts: 3,192
Default

Got my federal refund on Feb 13 and the state on March 9th. No excuse to wait until the very end unless you owe a ton.
__________________

geko29 is offline   Reply With Quote
Old 04-15-15, 08:35 AM   #3
bagwell
Lexus Fanatic
Trader Score: (0)
 
bagwell's Avatar
 
Join Date: Oct 2002
Location: back in Denver
Posts: 7,838
Default

my wife sold her small business in 2014 - so we owed, just sent today....

boy I miss getting that nice refund
__________________
2013 Subaru WRX Limited, Navigation, HID, Leather, Sunroof, LED everything, Red vinyl tails
2010 Audi A5 2.0T Quattro, Sport Pkg w/19 inch, B&O, Bi-Xenon
bagwell is online now   Reply With Quote
Old 04-15-15, 08:49 AM   #4
Vasili
Lexus Test Driver
Trader Score: (0)
 
Vasili's Avatar
 
Join Date: May 2012
Location: Living in Ebriated
Posts: 1,096
Default

A month ago.

Got more than ever back from them.
Vasili is offline   Reply With Quote
Old 04-15-15, 09:33 AM   #5
Allen K
Epic Allen
Trader Score: (4)
 
Allen K's Avatar
 
Join Date: Apr 2007
Location: NJ
Posts: 6,194
Default

I was optimistic with my withholds and ended up owing ~$5k
__________________
2015 GS350 AWD F-Sport, Atomic Silver/Cabernet

2007 IS350, Tungsten/Black Lux/Nav/ML - Sold after 111,667 reliable miles

TLN # π--> Allen G(oat)

Thanks...
Allen K is online now   Reply With Quote
Old 04-15-15, 10:12 AM   #6
Stormwind
Lexus Test Driver
Trader Score: (0)
 
Join Date: Jan 2007
Location: CA
Posts: 1,514
Default

Quote:
Originally Posted by geko29 View Post
Got my federal refund on Feb 13 and the state on March 9th. No excuse to wait until the very end unless you owe a ton.
I usually get mine done a week before hand but I always waited until the very last day of 15th to mail out my check.
Stormwind is offline   Reply With Quote
Old 04-15-15, 11:48 AM   #7
mmarshall
Lexus Fanatic
Trader Score: (0)
 
mmarshall's Avatar
 
Join Date: Oct 2003
Location: Virginia
Posts: 52,534
Default

Quote:
Originally Posted by geko29
Got my federal refund on Feb 13 and the state on March 9th.
Good. Hope you can put it to a good use. Everyone's needs and priorities, of course, are different, but, when I was working, before I retired, most of my refunds each year went to additional tax-free bond purchases to help fund retirement.


Quote:
No excuse to wait until the very end unless you owe a ton.
I agree on the general timing.....unless you're waiting for records or data you still need and don't yet have, usually, the earlier, the better. And, again, even if you may owe money instead of getting a refund, I am of the general opinion that in most cases, the quicker one settles and gets out of debt, the better....especially when you are dealing with the government.
__________________
mmarshall is offline   Reply With Quote
Old 04-15-15, 12:56 PM   #8
geko29
Oil Burner
Trader Score: (0)
 
Join Date: Feb 2007
Location: IL
Posts: 3,192
Default

Quote:
Originally Posted by mmarshall View Post
Good. Hope you can put it to a good use. Everyone's needs and priorities, of course, are different, but, when I was working, before I retired, most of my refunds each year went to additional tax-free bond purchases to help fund retirement.
I max out on my 401k every year, and my wife gets Profit Sharing, so we're in pretty good shape for retirement. Our tax refund went out the same week it came in, and paid off my car loan. It's nice not having a payment again.
__________________

geko29 is offline   Reply With Quote
Old 04-15-15, 01:31 PM   #9
T0ked
Lexus Champion
Trader Score: (2)
 
T0ked's Avatar
 
Join Date: Nov 2002
Location: New York
Posts: 2,508
Default

Very painful today, LOL. I always owe because of my private practice, but this year was exceptionally painful. Just mailed out the check today.
__________________
2015 MINI Countryman All4S
2008 Toyota FJ Cruiser, TRD exhaust and intake, Rock sliders, A-Track, Rear Lockers
2007 Mercedes Benz S550, PPackage II, AMG Sport Package, 19" staggered


"Psychology is just meta-hacking an OS that was randomly bashed out by a million monkeys on typewriters over a few billion years and runs on constantly changing, badly shielded hardware with a lot of legacy design issues. I think."
T0ked is offline   Reply With Quote
Old 04-15-15, 03:32 PM   #10
tecman
Lead Lap
Trader Score: (0)
 
tecman's Avatar
 
Join Date: Aug 2013
Location: Ga
Posts: 698
Default

Quote:
Originally Posted by mmarshall View Post

I've already got my big Federal refund, and am still waiting for the smaller state refund. (It's odd that the Federal returns seem to get processed quicker, even though they have many millions more to deal with than a state). Perhaps it's also because of the much greater number of employees at the IRS.

Even though I'm not bad off economically, the refunds this year, for me, will still come in handy. I need a new bathroom upstairs after almost 40 years (the old one is rapidly wearing out) and the two refunds combined this year will pay for a new bathroom without having to dip into my savings.
Quote:
Originally Posted by geko29 View Post
Got my federal refund on Feb 13 and the state on March 9th.
Quote:
Originally Posted by bagwell View Post
my wife sold her small business in 2014 - so we owed, just sent today....

boy I miss getting that nice refund
Quote:
Originally Posted by Vasili View Post

Got more than ever back from them.

Why are you guys excited about constantly receiving big refunds? I prefer to break even or owe taxes. What is the point of letting the government hold your money rather than you holding it and choosing what to do with it.

Sounds like poor tax planning to me
__________________
2011GX Black
2003 MDX Black
tecman is offline   Reply With Quote
Old 04-15-15, 04:13 PM   #11
BrettJacks
Lexus Champion
Trader Score: (0)
 
BrettJacks's Avatar
 
Join Date: Apr 2011
Location: Las Vegas
Posts: 3,927
Default

Tax preparer checking in(need a quick break from the chaos)

I've had maybe a couple hours of sleep in the last 2 days.

Filed my own tax return in January, of course, and received a nice refund. Nevada has no income tax, so I don't have that to worry about. I can't count how many extensions we've filed this week.....I'd say at least half of our client-base extends every year(and then they push the limit to the very end of the September and October deadlines).

If you want your CPA to like you, be sure not to wait until April 14 to submit your information to him.
__________________
-Brett
2012 Ford Fusion SE 3.0 V6
1992 LS400 - SOLD!

This is your trigger warning.
BrettJacks is offline   Reply With Quote
Old 04-15-15, 05:53 PM   #12
T0ked
Lexus Champion
Trader Score: (2)
 
T0ked's Avatar
 
Join Date: Nov 2002
Location: New York
Posts: 2,508
Default

Quote:
Originally Posted by tecman View Post
Why are you guys excited about constantly receiving big refunds? I prefer to break even or owe taxes. What is the point of letting the government hold your money rather than you holding it and choosing what to do with it.

Sounds like poor tax planning to me
I agree. I want my money to work for me, not the government.
T0ked is offline   Reply With Quote
Old 04-15-15, 09:02 PM   #13
mmarshall
Lexus Fanatic
Trader Score: (0)
 
mmarshall's Avatar
 
Join Date: Oct 2003
Location: Virginia
Posts: 52,534
Default

Quote:
Originally Posted by tecman
Why are you guys excited about constantly receiving big refunds? I prefer to break even or owe taxes. What is the point of letting the government hold your money rather than you holding it and choosing what to do with it.
Quote:
Originally Posted by T0ked View Post
I agree. I want my money to work for me, not the government.
If interest rates were like they were years ago, and you were getting back really large amounts, then, yes, I think that viewpoint would be more significant. But, with many bank interest rates down near zero, the only significant fixed-income investment today that is not a complete joke, IMO, is tax-free municipal bonds which pay around 4%, Federal tax-free, and state-tax fee if you invest in bonds from that state (or Puerto Rico. Any more, you have to go to junk-bond ratings, which are too risky for me. Others either are not tax-free or only pay less than 1%....and taxable at that. Yes, stocks are an option, but they are also risky.

So, that, and given the fact that most people get only a few thousand back in refunds, I don't see where it is really a big deal...you aren't losing out on much, if any, potential interest on that money, and it's nice to get that extra deposit into your account each spring.....if noting else, it also helps people to manage their budget better day by day the rest of the year.
__________________
mmarshall is offline   Reply With Quote
Old 04-15-15, 09:11 PM   #14
mmarshall
Lexus Fanatic
Trader Score: (0)
 
mmarshall's Avatar
 
Join Date: Oct 2003
Location: Virginia
Posts: 52,534
Default

Quote:
Originally Posted by BrettJacks
Nevada has no income tax, so I don't have that to worry about.
You know why, don't you? Vegas draws so many tourists and gamblers from all over the country that the revenue from that keeps the state basically going without income tax. That, and the fact that legal prostitution in Nevada (something which is banned virtually everywhere else in the country) also brings in revenue.


Quote:
If you want your CPA to like you, be sure not to wait until April 14 to submit your information to him.

Either that or get an extension on the deadline, which is good till August.
__________________
mmarshall is offline   Reply With Quote
Old 04-16-15, 03:30 AM   #15
geko29
Oil Burner
Trader Score: (0)
 
Join Date: Feb 2007
Location: IL
Posts: 3,192
Default

Quote:
Originally Posted by tecman View Post
Why are you guys excited about constantly receiving big refunds? I prefer to break even or owe taxes. What is the point of letting the government hold your money rather than you holding it and choosing what to do with it.

Sounds like poor tax planning to me
As Mike said, 10 years ago when the fed funds rate wasn't 0-0.25%, I agreed with you and aimed to break even or owe a couple hundred bucks each year. I completely reversed course, for two reasons:

1) The median amount I'd earn on $1000 held in my Wealth Management account rather than withheld is a whopping twenty-five cents. Sure there are even more lucrative options along the guaranteed-return spectrum (and I'm not about to speculate with tax money), but the extra effort would net me a few dollars at best. Not worth it.

2) The wife is much happier and less stressed all year long knowing that we're not going to owe thousands, and is doubly relieved when the numbers come in.

If I were to put a price on the extra stress I'd deal with 365 days a year by ignoring #2, it would be in the tens of thousands of dollars--far more than I'd earn on those funds under even the most favorable conditions with high-risk investments. As an added bonus, the "detached" nature of the refund sum makes it very easy to select one of our financial goals and achieve it in one fell swoop, with no effect on the monthly budget or other savings. This year it was paying off my car 3 years early, last year it was bathroom remodeling.

So while yes, over-withholding makes no sense from an accounting perspective, I think this is one area where the rubes have it right. Accounting is concerned only with cost, and has no concept of value. In this framework, poor tax planning can be recast as good life planning.
__________________

geko29 is offline   Reply With Quote
Old 04-16-15, 03:30 AM
 
 
 
 
Reply

Similar Threads
Thread Thread Starter Forum Replies Last Post
Big Brother wants to Track & Tax us for miles driven! (New Tax) 1QWKGS4 Car Chat 19 03-05-13 08:57 AM
Lexus Lease Return is difficult moolman Car Chat 15 07-22-10 08:43 AM


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Forum Jump

All times are GMT -7. The time now is 03:19 PM.

Join ClubLexus

Copyright © 2000-2015 Internet Brands, Inc. All Rights Reserved
Privacy Policy | Disclaimer | Terms of Use | JOBS


Get all contact info