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INCOME TAXES: is it better to claim "zero" on your taxes (dependents) when you have dependents to get money back at the end of the year from the government interest free, or claim exactly what dependents you have? (are there problems with this idea?)

stevegtexas@aol.com 2011/09/21 14:38:19
well..... if more people claimed zero on their taxes, (regardless of their dependents) the government would have more money to invest throughout the year. And, at the same time, someone doing this can get a nice check back (of the extra money they paid in) at the end of the year from the government. while the government used your extra money throughout the year to help the "needy" somewhere. You get your money back to spend as you like, kind of like a savings account, but no interest, and you can feel good about the money that you invested intrest free to the country in which you live. john steven grissom-fort worth texas USA. (is there a problem with this idea?) stevegtexas@aol.com
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  • Reichstolz 2011/09/21 14:50:12
    Reichstolz
    +3
    What idiot would allow someone to use their money for 14-16 months and not get paid anything but the principle? If you want to effect the "country's" ability to use your money for nothing buy a T-bill. You are a shining example of the financial infancy the average tax payer possesses. If you don't feel you can better invest the labor you produce, than the government, I feel sorry for you. Also if you are not productive enough that you are filing a 1040EZ or any other of the brain dead forms the government produces, the pittance of your return does not help the government.

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  • wildcat 2011/09/22 01:56:41
    wildcat
    no, you should have to pay just a small amount at year's end.
  • sjalan 2011/09/22 00:37:22
    sjalan
    Interest free loans to the government are simply foolish and wasteful of your own resourses. Plan based upon your own or professional estimates of what your income and deductions are going to be and then withhold ONLY what is necessary. ALWAYS set aside at least 10% more in a savings account for those times you may make a mistake on your estimate.
  • Eddie_DOMA_is_dead 2011/09/21 19:48:50
  • Charles E 2011/09/21 17:49:48
    Charles E
    You are making an interest free loan that is payable when or if the government decides to pay you.

    They can take that money and apply it to any debt (not just taxes) they think you owe.
    Then you have to prove you do not owe the debt to get your money back, still without interest.
  • Pedro Doller ~Inc. 2011/09/21 16:50:45
    Pedro Doller ~Inc.
    +1
    Never leave any money on the table. Adjust your dependents to be what ever they need to be so that at the end of the year you don't owe anything but will have a very small refund. If you can't save, put the difference into a new account and don't touch it. It's your money. The Gov don't pay you interest.
  • Charles E Pedro D... 2011/09/21 17:50:25
    Charles E
    +1
    Great advice!
  • Max 2011/09/21 16:44:11
    Max
    The money we pay on our income tax is being sucked up to pay the interest on the trillions of dollars we owe. Unless something changes, which I believe it will, the U.S. will be in debt for generations to come, thank you Banksters.
  • Old Timer 2011/09/21 16:42:29
    Old Timer
    +1
    OH GOOD, GIVE THEM MORE OF MY MONEY TO WASTE?? Better in my savings account however little the interest It's better than none at all.
  • dispatcher 2011/09/21 16:17:07
    dispatcher
    +1
    Why give the government more money to play with for free, if you owe the government back taxes & have not paid on time you will pay interest & penalties so what is the benefit for American tax payers to give the government a free pass. I say claim your family & keep your money each week for your own expenses.
  • Doc 2011/09/21 16:00:07
    Doc
    +1
    Nothing like giving the government an intrest-free loan.
    :-)
  • GINGERBREAD 2011/09/21 15:46:53
    GINGERBREAD
    +1
    As long as the tax laws are working against you, that seems to be a wiser course of action. Let's face it, they have more money than you do, and when it comes to a law suit, you are up against all the money from the government. Oh by the way, the money they are fighting you, comes from you, the tax payer.
  • LB 2011/09/21 15:37:52
    LB
    That's what I do. I'm afraid the government has more discipline with my money than I do.
  • V~POTL~PWCM~JLA 2011/09/21 15:30:07
    V~POTL~PWCM~JLA
    +2
    The right number of dependents to claim is that which results in the smallest possible refund greater than zero. Nobody cares if you have the the dependents in real life or not, so long as you don't artificially tighten your withholding to the point where you have a big liability at the end of the tax year.
  • Charles E V~POTL~... 2011/09/21 17:52:49
    Charles E
    Even a small liability is acceptable to the government, as long as you pay it by the due date.
  • V~POTL~... Charles E 2011/09/21 18:21:22
    V~POTL~PWCM~JLA
    +1
    That is true. But for planning purposes, it makes sense to aim for a small refund. If things don't go as planned, it's not a problem if the liability is small.
  • Charles E V~POTL~... 2011/09/21 18:24:22
    Charles E
    Agreed.
  • none 2011/09/21 15:20:16
    none
    When you consider what banks pay in interest for a savings account and how much they charge you in fees you're better off claiming zero on your taxes. Although you get no interest at the end of the year you also don't owe any money and what you get back, even though it's your, seems like a windfall.
  • Reichstolz none 2011/09/21 15:31:30
    Reichstolz
    +1
    You have been duped like the majority of the public, how sad.
  • none Reichstolz 2011/09/21 15:47:48
    none
    Explain how I have been duped. Years ago when banks paid a reasonable amount of interest it made no sense, these days it's a wash. You do get money back so where is the problem?
  • Reichstolz none 2011/09/22 05:32:48
    Reichstolz
    Years ago a bank was the most foolish place to park your money, might have been under the mattress. Letting a wasteful manager of money, i.e. the government, use your money to create a higher baseline for the next year is foolish. That is expressly why we are in this mess. The federal government and all its tentacles grows anywhere from 4-9% per year built in the baseline. By leaving your money with the government it adds to the baseline farther exploiting the problem. Government must shrink in size if we are to ever have a better future for generations yet to be born.
  • none Reichstolz 2011/09/22 16:53:12
    none
    As long as we have Dimocrats in charge government will continue to grow in size.
  • Reichstolz none 2011/09/23 01:28:55
    Reichstolz
    Does not matter who is in charge, the federal budget has grown every year beyond inflation, since Hamilton was treasurer. It doesn't matter the party spending money is power, to attract more campaign donors. Liars. thieves, and whores the whole lot of them.
  • stevegt... none 2011/09/21 15:31:55 (edited)
  • none stevegt... 2011/09/21 15:48:12
    none
    That's the way I saw it too.
  • VoteOut 2011/09/21 15:19:45
    VoteOut
    +1
    If you think the govenment is better at investing and getting bang for the buck then you are but its also not inflation protected. The government does pay a nice interest rate when they owe you money beyond the normal tax period. So you can make an error on your tax return(claim more then you made) and send in a check for what you owe. You can then file and amendment down the road and get the money back with interests. So this might be a little better of plan to let the treasury have use of your money.

    disclaimer this is not tax advice and you should always check with a professional tax professional and now a word from our sponser

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  • All American 2011/09/21 15:14:06 (edited)
    All American
    +1
    If you have trouble saving it's one way to do it. If you're good with your money, then apply for as many dependents you legally have and put the money to better use.
  • Mr. Rock "n" Roll 2011/09/21 14:57:26
    Mr. Rock "n" Roll
    +1
    The government gets to use your money for free!
  • stevegt... Mr. Roc... 2011/09/21 15:34:33
  • Lerro DeHazel 2011/09/21 14:50:22
    Lerro DeHazel
    Sometimes, but it all depends. If you have been working a lot of overtime then it's probably not good . . . But if you are just been on a normal schedule and you did not have any big-payouts; like for instance, vacation with family, etc. . . . Then go for it and try to re-invest as much as you can afford when you catch that windfall from the IRS. Good luck with that. To me, personally, I say don't do it. Just play the game and and claim 99 or whatever. Ha!
  • stevegt... Lerro D... 2011/09/21 15:35:23
  • Lerro D... stevegt... 2011/09/21 15:51:24
    Lerro DeHazel
    Yes, my brother-in-law back in the 60s when he was a crew-chief, employed by Amaco, on the Gulf of Mexico, down in Brazoria County, Texas; and he made lots and lots of money . . . I think with today's Tax-Structure, it's not wise to do that . . . There was one time that there was that happy-medium, based not so much on how much you made, but how much you spent, yourself . . . You could ask yourself, "Can I do something (productive) with that big check that I am going to recieve from my Tax-Return? . . . Or am I just going to do nothing with it but stick it in the Checking Account? . . . You might would have wanted to take advantage of a short-term investment and then finally add that extra room for the kid's romper room, etc. . . . .Or what the hell, I think I can afford that new boat and trailer now, etc. . . . If you know what I mean? . . .
  • Charles E stevegt... 2011/09/21 17:59:19
    Charles E
    You can claim an outrageous number one or two years, but the IRS will add penalties to the tax you owe when you file. After that, the IRS will tell your boss to withhold taxes, no matter what you say.
  • Reichstolz 2011/09/21 14:50:12
    Reichstolz
    +3
    What idiot would allow someone to use their money for 14-16 months and not get paid anything but the principle? If you want to effect the "country's" ability to use your money for nothing buy a T-bill. You are a shining example of the financial infancy the average tax payer possesses. If you don't feel you can better invest the labor you produce, than the government, I feel sorry for you. Also if you are not productive enough that you are filing a 1040EZ or any other of the brain dead forms the government produces, the pittance of your return does not help the government.
  • stevegt... Reichstolz 2011/09/21 15:36:38 (edited)
  • Reichstolz stevegt... 2011/09/21 15:43:51
    Reichstolz
    You are too stupid for words. If you think the government is the solution, you have not a clue.
  • stevegt... Reichstolz 2011/09/22 14:09:07
  • Reichstolz stevegt... 2011/09/22 14:45:50
    Reichstolz
    I cannot understand why you would trust the government to fix a problem that is solely of their making. It is the same people moving deck chairs on the Titanic.
  • stevegt... Reichstolz 2011/09/22 14:08:29
  • Reichstolz stevegt... 2011/09/22 14:49:33
    Reichstolz
    2% rate of return does not keep up with real inflation. While there is no inflation currently due to the government neglecting to include things citizens buy everyday, but go to any retailer and there is about 8% inflation year over year. I understand the frustration many have watching other use and abuse the system, especially here in CA, regarding homes. Property is always one of the most sound investments, because God isn't producing more land mass. Problem being is sometimes, like now, you may need to hold it for 20-30 years to see a decent return.
  • Mark In Irvine 2011/09/21 14:49:45 (edited)
    Mark In Irvine
    +1
    it's actually not a bad idea if you want to be part of the fiscal solution ... problem is that most of us aren't in a very good position to make interest-free loans when the interest we can earn on savings (if we have any) is so insignificant and we're already pinching pennies ...


    Shareposition interest-free loans earn savings insignificant alrady pinching pennies

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