It's Tax season. Time to pay for the 50%

[ws23jrt]

I did my part today. ---I wrote two big checks--- to the feds and my state.
It doesn't feel quite like voting but it has a much bigger impact on our country than just voting does.
This (US) is my place cause I pay for it.---I pay a lot because I am not needy. I work hard for me -and- the gov.
The gov. thanks me (sorta) when taking a big chunk of my working effort.
My only comfort is that a small part of my earned income that is (taken from me) pays for my (and our) security living here.

BTW I am retired and hardly work for a check anymore. I am paying taxes on an earned income. --My pension--- and my investment income that I chose.

IRS likes folks like me.

 

[steve from staten island]

Your retired? If so you pay because you dont have enough taken out of SS and federal withholding on your pension. This is especially true if your spouse works and you have no deductions to claim. I have yet to see any administration in past decades provide any relief to the middle class tax payer. My president said it best, he was smart because he pays no personal taxes which makes a whole lot of middle class Americans stupid, count me as one.

 

[ws23jrt]

Your retired? If so you pay because you dont have enough taken out of SS and federal withholding on your pension. This is especially true if your spouse works and you have no deductions to claim. I have yet to see any administration in past decades provide any relief to the middle class tax payer. My president said it best, he was smart because he pays no personal taxes which makes a whole lot of middle class Americans stupid, count me as one.

You may be a bit confused about this.

I know what I have to pay out to the gov.
If the gov. holds MY money during the year it is still my money until tax time comes.

With-holding is just that. They "with hold" YOUR/my money cause they think you might just duck out. --And for a just and proven reason.

When I posted about my paying my taxes-it was about my bottom line.

In my case I like having to write large checks to pay my taxes. It means I have had my money (in my control) working for me during the year. The down side is my state charges me a fee for doing just that.
My state gives me a penality for not paying my tax due--expected-- several times a year.
The fine/fee my state charges me is more than offset with the gain in value of my money as I have chosen to invest it.

 

[steve from staten island]

I guess i was reading it wrong. Ive never had to pay my state and i would'nt know if they charge you a fee or not. Federal withholding is what hammers me

 

[GetX'd]

Come to California if you want a lesson in paying taxes - of every variety......

 

[ws23jrt]

I guess i was reading it wrong. Ive never had to pay my state and i would'nt know if they charge you a fee or not. Federal withholding is what hammers me

The hammer (as you put it) is the witholding from the paychecks.
It started long ago because the tax was so high it was determined that most folks would not be able to pay when the time comes.
Those that thought about this were right and that is why we allow/let the gov. have our money --in advance-- of when it it due.
In my case I use my money for me during the year and have made 7% on it while doing so.
The gov.---Had they had my money--- would have done what they do with tax money and not even sent a thank you note for the use of my money before it was due.

 

[Chad Martinb]

I don't mind paying my taxes for what I am receiving. HOWEVER...... I'm about to stop paying taxes, Move to the hills and become self reliable and let the feds get their money elsewhere. I DID NOT agree to pay for safe harbor of immigrants and Billions of dollars Obama opened his big mouth to agree for US to pay. This is WAY beyond "security"

If your getting a return you are letting the government use YOUR hard earned money Tax/Interest Free

 

[Richard Cranium]

BTW I am retired and hardly work for a check anymore.

 

[steve from staten island]

I agree i hardly ever owed federal when a republican was in office, in fact i always got a refund.
Now if you believe that, well.......................................................................................

 

[Sixpactogo]

Just think of what you will have to pay when the deficit becomes due and payable. In a few more years, the fastest computer in the world won't be able to keep up with the tally.

 

[mopar 3 B]

Ha Ha I am self-employed and do not get a paycheck. I still pay taxes.

 

[tnfastback]

The hammer (as you put it) is the witholding from the paychecks.
It started long ago because the tax was so high it was determined that most folks would not be able to pay when the time comes.
Those that thought about this were right and that is why we allow/let the gov. have our money --in advance-- of when it it due.
In my case I use my money for me during the year and have made 7% on it while doing so.
The gov.---Had they had my money--- would have done what they do with tax money and not even sent a thank you note for the use of my money before it was due.

I want to know where to get 7%

 

[hawkeye]

.

 

[ws23jrt]

I want to know where to get 7%

I get it from mutul funds. About 7% avg. per year for the last 9 years. --compounded--(after fees)

 

[YY1]

7%?

Try financial preferred.

 

[Bb70charger500]

I wish I had some money to invest my grandfather did very good investing . Wish we could of let it ride .

 

[Dako]

I want to know where to get 7%

Best to find a financial advisor near you, if you are new at this.
Getting 7% is not hard. You can do even better if you are willing to take more risk with investments.

A good advisor will work with you...determine what your short term & long term goals are, how much you can afford to put away each month, what amount of risk you are willing/ should take, and develop a plan for you to achieve said goals. The sooner one starts, the more likely they will achieve their goals (financial security). I use 1st Command Financial Services and have been happy with my results. Working on getting my daughter started now.

We never think we can afford to save...Until an allotment is established. Once we get adjusted to that money going into investments, vice our pocket, we are fine. As that investment grows, not only is the money put in earning good (7% or better) interest, but the interest earned is also earning interest. It adds up quick!

Google, Financial Advisors. Lots of info out there. Even my State Farm agent provides financial services. Get started sooner than later.

 

[ws23jrt]

I use --- Financial Engines--(formerly The Mutual Fund Store)

 

[Dennis H]

I can relate to most of this except not retired. It will be ugly then too. Should have put a greater percentage in the Roth years ago. Rather pay now than later. Can't touch the pile without getting killed on taxes.

 

[Ranger16]

In my case I like having to write large checks to pay my taxes. It means I have had my money (in my control) working for me during the year. The down side is my state charges me a fee for doing just that.
My state gives me a penality for not paying my tax due--expected-- several times a year.
The fine/fee my state charges me is more than offset with the gain in value of my money as I have chosen to invest it.

I think that is true federally as well. I believe if you owe the feds more than $1000 you are going to get hit with a penalty.