Might want to check your witholding for 2009

[burleytog]

http://finance.yahoo.com/news/INSIDE-WASHINGTON-Rude-apf-15091434.html?.v=1

[SirSnookalot]

Good information.......thanks.

Either you get less of a refund or will have to pay back a small sum, just make sure you are prepared next April.  I'm sure your cpa or tax preparer will be up to speed by then.

Doesn't sound like a big deal, but information worth knowing.

[Pitchinkid]

By the time im in my 50's this place is gonna be like Thunder Dome. Im gonna have to fight Master Blaster to get a medicade card. Loser gets his organs sold on the internet.

[moby bass]

I am genuinely concerned for my children.

[Maxximus Redneckus]

I am genuinely concerned for my children.

x2 its time to start burying money,silver,gold,ammo,guns,medicine,,etc,,,etc

[Siebert Outdoors]

bout time the media publishes this.  All that tax refund is, is a different way to calculate it. Its not going to be good for the ones that dont know it, and have to pay next spring after spending all their money.

Im not changing mine  They take out so much now that I get a huge refund.  I'd rather have a little more each month then one big check in april.

[tyrius.]

Im not changing mine They take out so much now that I get a huge refund. I'd rather have a little more each month then one big check in april.

Why don't you change your withholdings so that you get more each week?

[flechero]

I think GMAN meant that he doesn't need to change it since he had so much already being taken out. (hence the big refund for last year)  By not changing it this time, he effectively gets more each month.  

[Fisher of Men]

Thanks Burley.  Our district bookkeeper alerted us to this a couple of weeks ago and suggested that we take an extra $70 out for withholding to offset it.

Sneaky.  Very sneaky. >

[grimlin]

Im not changing mine They take out so much now that I get a huge refund. I'd rather have a little more each month then one big check in april.

Why don't you change your withholdings so that you get more each week?

Worst mistake you can make  tyrius.I do what Gman does and tell them to take as much as they can.7 years ago i tried that "little as i could" i ended up owning money.

I file "0"...that's a lot of money coming out of each paycheck.But i ain't hurting at the end of the year.

[Root beer]

It the IRS what did you expect? I had a business venture idea where I give a tour of our nation's captial. As part of the tour, we stop in front of the IRS building and flip them off.

But since, my business venture is a not-for-profit organization and all proceed goes towards a charity, I do not pay taxes on my business.

I will avoid property tax the same way. I declared my land a church and religion matter, since I do not endorse political campaign, I pay no taxes.

If I was a CEO, I would give myself a 1.00 salary with no bonus as part of my compensation. At end of the year I would have board of director to "donate" me 5 million dollar for a job well done. Since the 5 million dollar is a donation and is not part of my salary nor compensation, it is indeed tax-free.

 

Two things are certain in life: Taxes and Death.

[tyrius.]

Worst mistake you can make tyrius.I do what Gman does and tell them to take as much as they can.7 years ago i tried that "little as i could" i ended up owning money.

I file "0"...that's a lot of money coming out of each paycheck.But i ain't hurting at the end of the year.

I'd rather owe them a small amount than give them my money interest free for the entire year.  I change my with holdings each year to try and get as close to zero as possible.

[SPEEDBEAD.]

By the time im in my 50's this place is gonna be like Thunder Dome. Im gonna have to fight Master Blaster to get a medicade card. Loser gets his organs sold on the internet.

LOL, can always count on AJ for stuff like this...   ;D

I have two jobs and my soon to be wife has a job too.  Max that can be received is $800 for a couple and we will end up getting $1200, meaning $400 goes back to them.

So much for being "rewarded" for working.   :

Freakin' LOSERS.

[grimlin]

Worst mistake you can make tyrius.I do what Gman does and tell them to take as much as they can.7 years ago i tried that "little as i could" i ended up owning money.

I file "0"...that's a lot of money coming out of each paycheck.But i ain't hurting at the end of the year.

I'd rather owe them a small amount than give them my money interest free for the entire year. I change my with holdings each year to try and get as close to zero as possible.

ahhh,I see what you are saying.Most people don't change it....that's what kills them.Plus you need to know how much you may be earning that year.I assume you are probably pretty good at doing that.

[tyrius.]

ahhh,I see what you are saying.Most people don't change it....that's what kills them.Plus you need to know how much you may be earning that year.I assume you are probably pretty good at doing that.

It's easy when your a salaried employee!  

[tyrius.]

By the time im in my 50's this place is gonna be like Thunder Dome. Im gonna have to fight Master Blaster to get a medicade card. Loser gets his organs sold on the internet.

LOL, can always count on AJ for stuff like this... ;D

I have two jobs and my soon to be wife has a job too. Max that can be received is $800 for a couple and we will end up getting $1200, meaning $400 goes back to them.

So much for being "rewarded" for working. :

Freakin' LOSERS.

So you're complaining that you have to pay back $400 out of $1,200 that you received?  You're still $800 ahead of where you were had this not been put into place.  Seems like an odd thing to be complaining about to me.  If someone walked up to you and said Ill give you $1,200 but in a few months you have to give me $400 back would you not take him up on the offer?

[Siebert Outdoors]

I think GMAN meant that he doesn't need to change it since he had so much already being taken out. (hence the big refund for last year) By not changing it this time, he effectively gets more each month.

Thanks Fletchero.  Thats what I ment.

I agree Tyrius  I'd like to get as close to 0 as possible.  Instead of changing it this year I'll see where I'm at.

[SPEEDBEAD.]

By the time im in my 50's this place is gonna be like Thunder Dome. Im gonna have to fight Master Blaster to get a medicade card. Loser gets his organs sold on the internet.

LOL, can always count on AJ for stuff like this... ;D

I have two jobs and my soon to be wife has a job too. Max that can be received is $800 for a couple and we will end up getting $1200, meaning $400 goes back to them.

So much for being "rewarded" for working. :

Freakin' LOSERS.

So you're complaining that you have to pay back $400 out of $1,200 that you received? You're still $800 ahead of where you were had this not been put into place. Seems like an odd thing to be complaining about to me. If someone walked up to you and said Ill give you $1,200 but in a few months you have to give me $400 back would you not take him up on the offer?

Actually, I am complaining about two things:

1. Why can't they design this "program" so that the funds are automatically cut off when I have reached the limit?

2. If I am working two jobs, why shouldnt I enjoy the benefit from both of them regardless of the $400 limit?

Everyone has the opportunity to work more than one job.  If the program is designed to encourage people to work or reward them for working, why on earth should I have to pay the money back to them?

Just doesnt seem right....

[mrlitetackle]

sure glad i dont fall into that mess......

that would be a kick in the *** to say the least.....

great info on the post, most need to see this!!

[SirSnookalot]

I would think this program will be "tweaked " to make a bit more manageable, even the way it's written I see no problem.  If you are in the group that has to pay a portion back you have received money that you will earn interest on for a short time, providing you don't spend it.

Some are complaining about a win win situation.  Would it be better not to receive the money?

[tyrius.]

1. Why can't they design this "program" so that the funds are automatically cut off when I have reached the limit?

They would have to track the with holding of every single person in the US and then determine if the employee is married and if so, then figure out if their spouse is working and if so then limit it to $400, if not then they get $800, then they have to look to see how much you're supposed to make to see if you make too much to not qualify for it.  Then they have to monitor your marital status/job status throughout the entire year to see if anything changes.  Doing that for every single working person in the US is a major task that doesn't make sense when it is very easy for each individual to take care of it themselves.

If you're working two jobs then you need to change your with holdings at one of your jobs to with hold more.

[SPEEDBEAD.]

Still doesnt change my mind that if I am earning wages from two jobs, I should get it (and be able to keep it) from two jobs.

[SirSnookalot]

Nothing has to be adjusted.  All an individual has to do is have their tax return prepared, either you do it or have a professional do it.  Then you have the answer, pay more or less than you thought or receive a smaller or larger refund.  8 bucks a week either way, just put it aside.

[mudkart]

Worst mistake you can make tyrius.I do what Gman does and tell them to take as much as they can.7 years ago i tried that "little as i could" i ended up owning money.

I file "0"...that's a lot of money coming out of each paycheck.But i ain't hurting at the end of the year.

I'd rather owe them a small amount than give them my money interest free for the entire year. I change my with holdings each year to try and get as close to zero as possible.

The only witholding you would lose interest on for an entire year would be from the first paycheck in January of that year.  That's assuming you took that withholding and invested it immediately in something that would guarantee a return, not a loss.  Such investments are typically low yield, especially using last year as an example. This does not even take into account the capital gains tax you would have to pay on any such return.  Just food for thought.