Everyone ready? Couple questions to my BGP people. Do you guys file your own taxes or do you have someone do it for you? Do you try to withhold as much as possible so the Government isn't getting a free loan from you or do you like to get a return every year? I know a few BGPers are about to get really busy at work.

I've filed my own taxes since I was 18. This is the first year I've been self-employed so it's a much bigger pain in the rear. Not really excited about it.

My wife's business requires lots of record keeping which then takes her a while to get it altogether so we file in Feb.

 

I do my own. Not that hard to do.

I've done Turbotax the last few years, but my mom got a seasonal job at H&R Block so I'm going to let her do mine this year.

 

I claim 0. I'd prefer the refund feel like free money. :lol:

 

I'll be getting mine done as soon as I get those W2s.

I won't be ready till Feb. Buy I will file my own. I won't get much of a refund since I keep it during the year. And since my salary hasn't changed appreciably in years, I've gotten that formula worked out quite nicely!

I've done Turbotax the last few years, but my mom got a seasonal job at H&R Block so I'm going to let her do mine this year.

 

I claim 0. I'd prefer the refund feel like free money. :lol:

 

I'll be getting mine done as soon as I get those W2s.

 

Obviously you know that you're not making any money on "your" money. Lots of people do that as well. It may not be ideal but if that's how you save money then it's better than not saving money.

Probably won't start for another month or so. Pretty lengthly process. I personally do all I can to ensure I do not receive a "refund". I feel that with the thousands of dollars that I pay every year in taxes that the government can survive without the added benefit of an interest free loan from me.

I love tax season! :lol: Why did you have to remind me this is coming up, HT?

 

I do my own, my brother's, my parents, my gfs and her family's as well as hundreds of our clients returns.

 

I think the smart thing to do is try to work it out where you don't really get anything back at year end, but you also don't owe much of anything either. Of course, that's just a matter of opinion as I work with others who would give the exact opposite advice. :lol:

Mine are super easy. As soon as my work gives us W2's I'll be doing mine.

Obviously you know that you're not making any money on "your" money. Lots of people do that as well. It may not be ideal but if that's how you save money then it's better than not saving money.

 

I do. I know it's not the ideal thing to do, but I know that I'm more likely to use that big lump sum to pay off (or at least take a large chunk out of) a debt than I would be to pay extra on it per month.

 

I may change my withholding if/when I change jobs, but I'm happy with it for the time being.

I do. I know it's not the ideal thing to do, but I know that I'm more likely to use that big lump sum to pay off (or at least take a large chunk out of) a debt than I would be to pay extra on it per month.

 

I may change my withholding if/when I change jobs, but I'm happy with it for the time being.

 

Very few of us do things perfectly and by the textbook. We have circumstances that we have to account for as well as knowing our own personality. Many can't take an extra $40 per week and use it wisely but they can take $2,000 at one time and do something with it.

 

I used to criticize Dave Ramsey followers for the "pay off your lowest debt first" mentality. Mathematically, it makes more sense to pay off your highest interest rate debt first. What I wasn't accounting for was human nature.

I guess the Dave Ramsey theory is more psychological... If you throw all of your money at your highest debt, the results aren't seen as quickly. But if you knock out your $1,000 credit card and your $500 Kay account, you can see yourself climbing out.

 

I'm not a big Dave Ramsey guy, personally. I prefer Clark Howard.

I guess the Dave Ramsey theory is more psychological... If you throw all of your money at your highest debt, the results aren't seen as quickly. But if you knock out your $1,000 credit card and your $500 Kay account, you can see yourself climbing out.

 

I'm not a big Dave Ramsey guy, personally. I prefer Clark Howard.

 

Correct on the thought behind the DR approach.

The Dave Ramsay method also is based on the amount of monthly payment you are making. By paying off the lowest balance first, you will then have the monthly payment you were paying on that debt available to apply to the next lowest balance, along with the amount you were paying there. It is a cash flow thing that tends to work for those folks who can do it.

 

I agree with Clyde though that it has a lot to do with personality and human nature, and my nature is to focus on the high interest debt first.

Probably won't start for another month or so. Pretty lengthly process. I personally do all I can to ensure I do not receive a "refund". I feel that with the thousands of dollars that I pay every year in taxes that the government can survive without the added benefit of an interest free loan from me.

Bingo. If you get a refund, then you have loaned the government money interest free over the course of a year.