Tax time
-
sigh....i did my federal tax homework leh....but still no refund...darn! i'm gonna ask my hub to ask his employer to withhold more this year lor. state tax ok la....got some money back....maybe enough to buy a couple racks of baby back ribs that's all....unlike MG who has got enough refund for japan trip.....sighhhh. but MG, why are you letting the govt safekeep your money for zero interest???
so sad the news in japan....i hope to visit jpn again soon....maybe enroute to SG this summer.
-
lit, don't tweak with your withholding. The whole point is to be even. If you get lots of money back, it means that you are giving the govt an interest free loan which they give you back during tax time. So you are doing great. I'm the one who has to tweak with my withholding.
-
Originally posted by jetta:
lit, don't tweak with your withholding. The whole point is to be even. If you get lots of money back, it means that you are giving the govt an interest free loan which they give you back during tax time. So you are doing great. I'm the one who has to tweak with my withholding.
i understand that if tax withheld is over one grand less than actual payable tax....you get fined? it was ok for last year's fed tax as we get to enjoy a couple of credits/deductions....but what if we are expecting some extra taxable income for yr2011 from other sources without withholding....it could potentially be a problem? how do people deal with adhoc/unplanned additional income? do you declare/pay prior to the tax period? i've already done all the taxes but asking for extensions for some paperwork to be completed prior to tax submissions.
-
Originally posted by lostintransition:
sighhhh. but MG, why are you letting the govt safekeep your money for zero interest???
The reason is I maintain a pretty sizable private investment portfolio and have to pay taxes on any capital gains and/or dividend distributions. I do not know how the investments will perform during the year, so I usually play it safe and opt for a larger withholding from my paychecks to cover any taxes on my investments.The irony is, a larger tax refund usually signifies that my investments did not perform well during the year...
-
Originally posted by Meia Gisborn:
The reason is I maintain a pretty sizable private investment portfolio and have to pay taxes on any capital gains and/or dividend distributions. I do not know how the investments will perform during the year, so I usually play it safe and opt for a larger withholding from my paychecks to cover any taxes on my investments.The irony is, a larger tax refund usually signifies that my investments did not perform well during the year...
oh so you choose to withhold more on a regular basis to cover your capital gains. is there some other methods to go about it?
actually....not bad also....your investments didn't do well...but you've money back from the tax refund to soothe your disappointment.
-
Originally posted by lostintransition:
oh so you choose to withhold more on a regular basis to cover your capital gains. is there some other methods to go about it?
actually....not bad also....your investments didn't do well...but you've money back from the tax refund to soothe your disappointment.
The investment firm offers the option of withholding taxes from capital gains and dividend distributions, but they charge a service fee for that. Any adjustments to the amount of the withholding also incurs a fee. I'd rather just have enough taxes withheld from my paycheck at work to cover any gains from my investments, and adjustments to the withholding amount made through our payroll department do not cost anything. -
got my refund le but cannot use.
eh, MG.....tokyo still on your plate boh?
-
Originally posted by littlestream:
got my refund le but cannot use.
eh, MG.....tokyo still on your plate boh?
Eh? Why cannot use?Yup, Japan's still on the plate. Leaving 3/28 and returning 4/13. I'll actually be in Osaka, but I'm planning on spending a couple of days in Tokyo.
The situation in Japan with the damaged reactors at the Fukushima plant has been so completely blown out of proportion by the sensationalistic western news media that I've stopped watching/listening to them.
-
'cos gotta keep the refund for tuition fees.
oh wow....still on track eh? i guess osaka should be alright eh? have fun!!!! share peektures.
