The IRS won't stop giving me money!

[Bevan R.]

You can talk to your bank about CD's, Money Markets, T-Bills. That kind of thing. Most banks have officers just for that type of thing.
I would also reccomend getting in with an accountant and keep with that person. A good accountant will give you advice about stuff like this all year round.
What it costs me to have an experienced accountant do this is worth the piece of mind and the additional he gets me.

Bevan R

[medic336]

Last year H&R block anticipated $3000 we went to a CPA and got back almost $10,000.

[JackCrafty]

Yep, I've been given back money from the IRS and I've also owed them money.  If you keep in touch they act real nice and they will be patient if you end up owing them cash.

I would spend the money.   

[Michael C.]

Most people are happy when they get taxes back I scratch my head and think crap I just loaned the government money interest free for a year

[sailordad]

i wouldnt know what it like toget money back
seems like for years i either break even or end up paying in
dont understans how folks get thousands and thousands back year after year after year
i own a house,i pay in a fair % of my gross pay each week,i put away into a 401k(the max allowed by law)
i still buy tools each year(not that i realy need them,but need the right off)
even when i still was able to claim my sons i paid in each year
and i still pay in each year
i dont make gobbs of money,but a decent enough living to survive and pay for my rock habit
i dont understand why i keep paying in   




i wont go in to the rant i want to go into on this subject 
only cause i know it will piss folks off 

[El Destructo]

I wish I had your Problems..... My Wife and I paid in $21,000 in Taxes during the Year...and we owe an additional $2700...could you send me the name and phone number of this H&R Block Agent...I could really use a tax Break....

[Outbackbob48]

El D, sounds like you an your wife are working to much your making to much money. Later Bob

[El Destructo]

No Debts.....No Deductions.........

[Michael C.]

El D you should claim a little bit more so you get a percentage free loan for the year, just make sure to keep a little balance in the bank so you can pay back if need be. I always try to end up in the negative because that means you get to keep more of the money you earned and if you have to pay it back, when you have the savings, you are fine.

[Bevan R.]

No Debts.....No Deductions.........

You can have some of my debt. no problem!!

Bevan R

[sailordad]

El D you should claim a little bit more so you get a percentage free loan for the year, just make sure to keep a little balance in the bank so you can pay back if need be. I always try to end up in the negative because that means you get to keep more of the money you earned and if you have to pay it back, when you have the savings, you are fine.

whats the point of claiming more,if you gotta pay it back at the end of the year 

i ilie to try to break even
dont pay to much during the year,and nothing at the end of the year
thats the ideal way

[iowabow]

if you claimed more and opened a cd with the amount you have now then you could compile interest over a years time while you have the money transfered to a savings account. So 5000 at a 2% intrest might be 100 dollars.  I am not sure because I did not look it up on a calculator. Now you are not going to be any further ahead so if you deposited monthly $416.00 monthly you would have less than the 100 dollars in intrest. Of course you need to make all deposits/withdraws on line because If you figure in the cost of gas by next year per gallon you may come out losing money trying to get to the bank to make the withdraw. I thought I would add a little humor in to the mix.

[stickbender]

     Osage I will give you three guesses where the IRS got that money!!!!   I am with El D.  I had to fork over $24,000.00 last year.  This year, I am going to have to pay something again also.  Don't know how much, yet, but it ain't going to be fun!  I took out an annuity, to get my house built in Mt. because I was on a time limit, when it could be built by my Buddy, and his son, and the material cost was down significantly also.  I told the finace guy at the Credit Union, to tell them to pre tax it.  Well they did, just not the proper amount.  Anyway, I got whacked, and now I am going to get another rectal exam by them this year.   As for payment plans with them, you can do that.  Plus interest that keeps building.  It is better to go ahead and pay them all of it, at once.  I sent in a grand, and then scrambled to get an equity loan on my house in Mt. to pay them.  Now I no longer have a mortgage free home.
     Anyway, good for you  !  This should be the last year, I get hit hard.  There is no more money in the annuity, and I am on SS, and pension.  I am a bit worried as to how much I am going to owe this year.  I don't have much left in the bank, and want to get some tools for my shop.  Keep it for a couple of years, and then spend it, and definitely keep that letter in a safe place!

                                                              Wayne

[Michael C.]

Sailordad you get to keep more of the money you earn and even though you have to pay it back at the end of the year maybe it will keep you from putting something on the card you otherwise would have. As long as you have the money by the end of the year you don't have to pay any interest on it and even if you do it's usually less than a credit card charges.

[sailordad]

Michael,
ive had one run in with the IRS
aint doing that again
dont see the point of keeping it now,and paying it back at the end of the year
i dont use credit cards,if i aint got the money for it now why would i want to pay interest on it?
i like to find that happy medium were i pay just the right amount all year,nothing at the end
and nothing coming my way at the end of the year either
the problem that the wife and I have is we have no duductions now(kids are all grown and on their own)
done have extensive medical bills to write off,alredy own more tools than i use at work so buying too many more to write off is pointless
i put away as much as possible into my 401k so my taxable income isnbt as high etc etc(wife does all the same too)
we both claim one or less all year long,and we still end up paying in each year
now once we do our taxes for the year,then i will know if i can actaully make it to the classic
if good ol' uncle sam says i owe to much more ,well then there goes my vacation money.