Author Topic: Threading the needle tax-wise  (Read 2340 times)

High FIdelity

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Threading the needle tax-wise
« on: February 05, 2016, 05:10:49 AM »
Year 2 on a row where, when figuring out taxes, my anticipated refund from both state and federal govt appears to be negligible.  I collected the max after tax salary while contributing almost to the max for retirement while giving the Federal and State govt the minimal interest free loan possible.  I'd call that a win.

coolistdude

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Re: Threading the needle tax-wise
« Reply #1 on: February 05, 2016, 08:54:20 AM »
Nicely done. I keep inching toward that but I haven't gotten there yet. My refunds for 2015 combined were 2.6k, down from 4.8k the year before. I'm making progress, but clearly am not at your place. Well done!

tooqk4u22

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Re: Threading the needle tax-wise
« Reply #2 on: February 05, 2016, 09:03:35 AM »
I am going to owe a boatload, I just hope it is below the penalty level which I think it will be close.  My goal is to get an interest free loan from the government throughout the year.  I can't remember the last time I got a refund. 

simpleFIblog

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Re: Threading the needle tax-wise
« Reply #3 on: February 05, 2016, 03:01:36 PM »
Well done! My refund is a lot lower than it has been in the past but, due to a job change in the middle of the year, my beginning of the year calculations were still a bit off. Hoping to be a little closer to 0 next tax season.

MsPeacock

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Re: Threading the needle tax-wise
« Reply #4 on: February 06, 2016, 11:15:01 AM »
Nicely done!

Last year I got 7k back federal and about 2k back state. The year before that I owed a ton due to divorce and selling a house. For 2015 I made several adjustments to my withholdings. Just finished my taxes - Owed $600 federal and got a $73 state refund. Very proud of myself for landing pretty much on the bullseye this year.

Nickels Dimes Quarters

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Re: Threading the needle tax-wise
« Reply #5 on: February 06, 2016, 12:57:36 PM »
I'm still working on getting to that sweet spot, and maybe the re-working of withholdings last year has helped. Will know next week-ish. (Fingers crossed.)

NDQ

 

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