Comments on: Why You Should Try To Get the Smallest Tax Refund Possible?

By: Personal Finance Roundup: Boosting Your Income

Personal Finance Roundup: Boosting Your Income — Sun, 08 Aug 2010 23:24:29 +0000

[...] business if you are looking to make some side income.My Journey To Millions takes a look at Why You Should Try To Get The Smallest Tax Refund Possible?Â He discusses how you are losing income by getting a big tax refund. Getting a big refund is like [...]

By: An Elementary, Watson Roundup » JoeTaxpayer

An Elementary, Watson Roundup » JoeTaxpayer — Sun, 08 Aug 2010 12:04:28 +0000

[...] Elementary, Watson Roundup PF blogs Add comments This week we start with Why You Should Try To Get the Smallest Tax Refund Possible? at my journey to millions. I commented on this, remarking that my goal is to actually to owe a bit [...]

By: Tax Settlement Expert Ed

Tax Settlement Expert Ed — Fri, 30 Jul 2010 23:12:25 +0000

Great post on something that seems to be so commonly misunderstood its almost like a second lottery game for the government to have. Its amazing how many people get so excited about getting a big tax return at the end of the year. Are we so bad at saving our money that getting a return on something we overpaid is so critical?
Think of it in terms of food purchases: You could overpay all your bills by 20% throughout the year and then collect back on it later, or you could pay what you owe and save the extra cash for a rainy day. If you dont have a CPA helping you with this the IRS website has a withholding calculator that can help make sure you have deductions setup correctly.

By: myfinancialobjectives

myfinancialobjectives — Tue, 27 Jul 2010 23:46:14 +0000

Great post! You should re-post this around tax time so that hopefully more people will be come aware of it! The only benefit I can think of is that you are not constantly seeing it, and therefore tempted to dive into like savings accounts..John also has a good point. Considering the current interest rate situation.

By: Darren

Darren — Tue, 27 Jul 2010 19:59:44 +0000

I’m on board with those who owe a bit at tax time. The last few years, I’ve had to do this.

Although it doesn’t feel good emotionally to pay at tax time, it makes total sense logically. You’re holding off on tax payments until the last possible moment, while not incurring extra penalties.

It sounds like a good idea to me!

By: Greg McFarlane

Greg McFarlane — Tue, 27 Jul 2010 05:03:11 +0000

Testify!
Without question, the logical thing to do is keep the IRS bloodlusters waiting as long as possible for your money (at least up to the point where you’d incur a penalty.)
That’s why it drives me nuts when people say, “yeah, that’s logical, but people probably won’t do it.” Why are we on here, if not to exchange worthwhile information as we blog on and comment about personal finance?
Whether you do the smart thing or the dumb thing is up to you, but that doesn’t negate the existence of the smart thing. Would you expect a physician to say, “Heck, you might as well keep smoking. I can’t stop you”?

By: John @ Curious Cat Investing Blog

John @ Curious Cat Investing Blog — Tue, 27 Jul 2010 00:48:20 +0000

I used to care about this but I think it makes close to no difference anymore. Interest rates are practically zero. It is sensible advice in general, just now I don’t think it is worth the time. I suppose, if you were paying a credit card balance or had high rate borrowing then it would (but I don’t so…).

By: Stephan

Stephan — Mon, 26 Jul 2010 21:31:30 +0000

i agree mike, the current system is a great way of forcing people to save every year. the only problem is that many many families end up splurging on some luxury when they get their refund check in the mail. id leave the current system in place but create a way for the consumer to be less tempted to splurge and instead encouraged to save the refund check instead!

By: To Refund or Not? That is the Question. « Kevin McCoy, CPA

To Refund or Not? That is the Question. « Kevin McCoy, CPA — Mon, 26 Jul 2010 16:04:31 +0000

[...] 26, 2010 · Leave a Comment In somewhat of a rebuttal to this post, I thought it might be worthwhile to discuss the reality behind income tax [...]

By: Evan

Evan — Mon, 26 Jul 2010 14:19:20 +0000

Kevin! I had no idea…thanks for the heads up