Tax refunds are a bad thing | Bitcointalksearch.org

bitpop

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Quote from: quone17 on December 30, 2013, 05:08:28 PM

I know, I hear people, mostly uneducated, saying "wow I got a huge refund this year hahah" and then they go blow it on some material goods. Since I figured this out at the age of 20 or so I try to minimize paying taxes throughout the year - use max exemptions legally allowed!

Bingo and no irs give us no interest

Hideyoshi

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Quote from: bitpop on December 28, 2013, 07:33:32 AM

Remember people, tax refunds are a bad thing. It means you gave the government a free loan all year.

When your friends brag about their refund, laugh on the inside knowing those idiots don't realize it's their own money they lent out and watch them spend it frivolously.

While you had yours all year earning you interest and not the government.

Truth. Much better to pay very little taxes, put money in bitcoin, have it grow 1,000%, then sell some bitcoin to pay tax bill at end of year. Or move to Caribbean island if your bitcoin value goes too high Grin

quone17

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I know, I hear people, mostly uneducated, saying "wow I got a huge refund this year hahah" and then they go blow it on some material goods. Since I figured this out at the age of 20 or so I try to minimize paying taxes throughout the year - use max exemptions legally allowed!

compro01

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Quote from: majic on December 28, 2013, 10:08:51 AM

So you're saying that if I would not apply for any tax-refunds I'm a winner? Cool

I think we're getting a language gap here. You seem to be interpreting "refunds" as either credits or deductions.

By refund, we mean getting money back when you file your taxes, because you've had too much taken off your paycheques.

Quote from: bitpop on December 28, 2013, 07:33:32 AM

Remember people, tax refunds are a bad thing. It means you gave the government a free loan all year.

The "free loan" seems to be a weird American thing. I get 3-4% APR, compounded monthly, on overpaid taxes. Not bad for a secure, short-term investment. Beats the hell out of a GIC or my savings account.

Haidang1796

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well so now I know another thing to laugh at my friends Wink

bitpop

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Quote from: majic on December 28, 2013, 10:32:54 AM

Quote from: bitpop on December 28, 2013, 10:30:31 AM

That's a possibility

Also, but I am no expert in this regard, I think that tax law is very different between countries. What country do you live in ?

USA

majic

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Quote from: bitpop on December 28, 2013, 10:30:31 AM

That's a possibility

Also, but I am no expert in this regard, I think that tax law is very different between countries. What country do you live in ?

bitpop

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That's a possibility

majic

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Quote from: bitpop on December 28, 2013, 10:11:39 AM

Quote from: majic on December 28, 2013, 10:08:51 AM

So you're saying that if I would not apply for any tax-refunds I'm a winner? Cool

Although what you say might be true in certain cases, someone with some tax-knowledge (or with an accountant) generally manages to play the tax-system such that the net result is always positive.
In contrast, if you just wouldn't care about taxes and pay whatever you get taxed with...means you won't get you refund.

Ergo, if you state that "applying for tax-refunds = loaning money to the government"

we also have to deduct the following :

"Not applying for tax-refunds = giving the government your money permanently"

No you adjust your withholdings and allowances.

I think you have an extremely limited scope of tax payments and refunds in mind. Either we both mean something else, or you clearly have not talked to a proper account about taxes

bitpop

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Quote from: majic on December 28, 2013, 10:08:51 AM

So you're saying that if I would not apply for any tax-refunds I'm a winner? Cool

Although what you say might be true in certain cases, someone with some tax-knowledge (or with an accountant) generally manages to play the tax-system such that the net result is always positive.
In contrast, if you just wouldn't care about taxes and pay whatever you get taxed with...means you won't get you refund.

Ergo, if you state that "applying for tax-refunds = loaning money to the government"

we also have to deduct the following :

"Not applying for tax-refunds = giving the government your money permanently"

No you adjust your withholdings and allowances.

hilariousandco

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Quote from: bitpop on December 28, 2013, 10:08:30 AM

Quote from: yatsey87 on December 28, 2013, 10:05:07 AM

Quote from: bitpop on December 28, 2013, 07:33:32 AM

Remember people, tax refunds are a bad thing. It means you gave the government a free loan all year.

When your friends brag about their refund, laugh on the inside knowing those idiots don't realize it's their own money they lent out and watch them spend it frivolously.

While you had yours all year earning you interest and not the government.

I always got excited when I got tax rebates in the past - now I'm sad because I've given them a free loan Sad

At least you are wiser now. People think it's free money, it's not, it's your money.

Obviously it's not free money, but it will feel like it, or at least like you've won some free prize raffle.

majic

newbie

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So you're saying that if I would not apply for any tax-refunds I'm a winner? Cool

Although what you say might be true in certain cases, someone with some tax-knowledge (or with an accountant) generally manages to play the tax-system such that the net result is always positive.
In contrast, if you just wouldn't care about taxes and pay whatever you get taxed with...means you won't get you refund.

Ergo, if you state that "applying for tax-refunds = loaning money to the government"

we also have to deduct the following :

"Not applying for tax-refunds = giving the government your money permanently"

edit : in Holland specifically there are tons of regulations that you can 'exploit' to actually make a lot of money. I've gained more tax than I've paid in the past few years actually.

bitpop

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Quote from: yatsey87 on December 28, 2013, 10:05:07 AM

Quote from: bitpop on December 28, 2013, 07:33:32 AM

Remember people, tax refunds are a bad thing. It means you gave the government a free loan all year.

When your friends brag about their refund, laugh on the inside knowing those idiots don't realize it's their own money they lent out and watch them spend it frivolously.

While you had yours all year earning you interest and not the government.

I always got excited when I got tax rebates in the past - now I'm sad because I've given them a free loan Sad

At least you are wiser now. People think it's free money, it's not, it's your money.

yatsey87

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Quote from: bitpop on December 28, 2013, 07:33:32 AM

Remember people, tax refunds are a bad thing. It means you gave the government a free loan all year.

When your friends brag about their refund, laugh on the inside knowing those idiots don't realize it's their own money they lent out and watch them spend it frivolously.

While you had yours all year earning you interest and not the government.

I always got excited when I got tax rebates in the past - now I'm sad because I've given them a free loan Sad

hilariousandco

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Quote from: Gabi on December 28, 2013, 09:07:16 AM

Quote from: hilariousandco on December 28, 2013, 07:40:51 AM

Quote from: bitpop on December 28, 2013, 07:33:32 AM

While you had yours all year earning you interest and not the government.

Banks are paying interest again?

Didn't you notice bitcoin went from 100 to 1000 in a year?

Umm... yes I noticed, then it went back down again.

Gabi

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Quote from: hilariousandco on December 28, 2013, 07:40:51 AM

Quote from: bitpop on December 28, 2013, 07:33:32 AM

While you had yours all year earning you interest and not the government.

Banks are paying interest again?

Didn't you notice bitcoin went from 100 to 1000 in a year?

hilariousandco

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Quote from: bitpop on December 28, 2013, 07:42:49 AM

Quote from: hilariousandco on December 28, 2013, 07:40:51 AM

Quote from: bitpop on December 28, 2013, 07:33:32 AM

While you had yours all year earning you interest and not the government.

Banks are paying interest again?

1% baby

Fiat to the moon!

I think I'd rather just keep my near 1000% Bitcoin interest.

bitpop

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Quote from: hilariousandco on December 28, 2013, 07:40:51 AM

Quote from: bitpop on December 28, 2013, 07:33:32 AM

While you had yours all year earning you interest and not the government.

Banks are paying interest again?

1% baby

hilariousandco

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Quote from: bitpop on December 28, 2013, 07:33:32 AM

While you had yours all year earning you interest and not the government.

Banks are paying interest again?

bitpop

legendary

Activity: 2912

Merit: 1060

Remember people, tax refunds are a bad thing. It means you gave the government a free loan all year.

When your friends brag about their refund, laugh on the inside knowing those idiots don't realize it's their own money they lent out and watch them spend it frivolously.

While you had yours all year earning you interest and not the government.

Topic: Tax refunds are a bad thing (Read 757 times)