talshill
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Post by talshill on Feb 21, 2019 9:50:30 GMT -6
They think it's great giving Uncle Sam an interest-free loan for a whole year? Money they could have otherwise used? But I suppose it makes sense; most people don't save any money or have a clue how it works anyway, so it works like a forced savings account for them. There is not many tax deductions for the tax payer now. Unless you have kids under 17 or siblings going to college. That is how I used the lifetime learning credit this tax season. I don't think I understand your point. When you overpay taxes (get a refund), it means the government kept your money all year, used it for whatever they wanted to use it for, and then gave it back to you because they had to and didn't pay any interest for the privilege. Let's say you got a refund check for $7500. That means you paid them $625/month over a year that you didn't have to pay. Could you have used an extra $625 a month? You bet your ass you could have. Even worse, you could have put the money into the worst savings vehicle out there (CDs) and gotten an extra $150-200 in interest. Doesn't seem like much? It's money you DIDN'T HAVE BEFORE and the time value of it for that year is gone forever. Ever hear of the Rule of 72? I'll make a deal with you and everyone else on this board: send me $500/month and at the end of the year I'll gladly send you a check for 6K. Of course, I'll keep the interest/capital gains it made for me. |
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Post by Deleted on Feb 21, 2019 9:59:07 GMT -6
There is not many tax deductions for the tax payer now. Unless you have kids under 17 or siblings going to college. That is how I used the lifetime learning credit this tax season. I don't think I understand your point. When you overpay taxes (get a refund), it means the government kept your money all year, used it for whatever they wanted to use it for, and then gave it back to you because they had to and didn't pay any interest for the privilege. Let's say you got a refund check for $7500. That means you paid them $625/month over a year that you didn't have to pay. Could you have used an extra $625 a month? You bet your ass you could have. Even worse, you could have put the money into the worst savings vehicle out there (CDs) and gotten an extra $150-200 in interest. Doesn't seem like much? It's money you DIDN'T HAVE BEFORE and the time value of it for that year is gone forever. Ever hear of the Rule of 72? I'll make a deal with you and everyone else on this board: send me $500/month and at the end of the year I'll gladly send you a check for 6K. Of course, I'll keep the interest/capital gains it made for me. I have made an art of this. My goal and game is to always owe the IRS 8-10% of Total Tax April 15th. <10% to make sure you avoid underpayment penalties. You never ever want to get.a refund from Fedzilla. That is money invested at 0%. Rule of 72?....lol ....fully implemented in my investment and net worth speadsheets for 30 years. |
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Post by ɮօʀȶǟʐ on Feb 21, 2019 10:06:49 GMT -6
[br ***** Talk to a lot of people and they think it is great when getting back a big refund. They think it's great giving Uncle Sam an interest-free loan for a whole year? Money they could have otherwise used? But I suppose it makes sense; most people don't save any money or have a clue how it works anyway, so it works like a forced savings account for them. One of the commies running for president was just decrying the drop in refunds this year, as if that was a bad thing or a negative in regards to the Trump tax cuts. Proved she knows nothing. Hey lady, the refunds are less because the government TOOK less. |
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Post by unionstation82 on Feb 21, 2019 10:18:09 GMT -6
They think it's great giving Uncle Sam an interest-free loan for a whole year? Money they could have otherwise used? But I suppose it makes sense; most people don't save any money or have a clue how it works anyway, so it works like a forced savings account for them. One of the commies running for president was just decrying the drop in refunds this year, as if that was a bad thing or a negative in regards to the Trump tax cuts. Proved she knows nothing. Hey lady, the refunds are less because the government TOOK less. Your crush AOC? |
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Post by bearbryant on Feb 21, 2019 10:20:17 GMT -6
Even if news reporters were honest about how income tax filing and withholding works, there're actually some schnooks in the country who argue it's patriotic to give U.S. interest-free loans every year
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talshill
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Vini, vici, pavori.
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Post by talshill on Feb 21, 2019 10:22:24 GMT -6
They think it's great giving Uncle Sam an interest-free loan for a whole year? Money they could have otherwise used? But I suppose it makes sense; most people don't save any money or have a clue how it works anyway, so it works like a forced savings account for them. One of the commies running for president was just decrying the drop in refunds this year, as if that was a bad thing or a negative in regards to the Trump tax cuts. Proved she knows nothing. Hey lady, the refunds are less because the government TOOK less. Another one of my favorites is this: "This tax break only cuts income taxes for the wealthiest 50% of Americans", when they are the ONLY ones who pay income taxes. Eh, don't pay me any attention. Just cruising the internet because I took the day off. Of course, as soon as my wife found that out I would be home all day I immediately had a list of things to do. Load one of 3 is in the washing machine. |
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Post by nathangarza29 on Feb 21, 2019 10:26:38 GMT -6
This is just a general question.
According to the Athletic Bryce Harper wants more money then Stanton. Boras is willing to defer money around the contract so it wont be an issue.
So if Stanton got 325 over ten years and Macahdo got 300 over ten years.
Why not offer Harper 326 over 11 years?
Defer money towards the back some not alot get the AAV up higher then Stanton and opt out after the 3rd 5th 7th 8th and 9th season team option on the 11th?
You could get a player who is young wants to play and you could have him for atleast 3 years.
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Post by unionstation82 on Feb 21, 2019 10:33:35 GMT -6
This is just a general question. According to the Athletic Bryce Harper wants more money then Stanton. Boras is willing to defer money around the contract so it wont be an issue. So if Stanton got 325 over ten years and Macahdo got 300 over ten years. Why not offer Harper 326 over 11 years? Defer money towards the back some not alot get the AAV up higher then Stanton and opt out after the 3rd 5th 7th 8th and 9th season team option on the 11th? You could get a player who is young wants to play and you could have him for atleast 3 years. There better be team options all over that contract. |
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Post by unionstation82 on Feb 21, 2019 10:34:34 GMT -6
Anyone dreaming about Mike Trout better take note of Machado.
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Post by ɮօʀȶǟʐ on Feb 21, 2019 10:44:08 GMT -6
One of the commies running for president was just decrying the drop in refunds this year, as if that was a bad thing or a negative in regards to the Trump tax cuts. Proved she knows nothing. Hey lady, the refunds are less because the government TOOK less. Your crush AOC? AOC isn't old enough to run for president, son. I hope you don't vote, as you obs don't pay close enough attention. |
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talshill
Arbitration Eligible
Vini, vici, pavori.
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Post by talshill on Feb 21, 2019 10:57:46 GMT -6
My father grew up a sharecropper's son on a farm in central Texas. Kicked in the forehead by a mule when he was 4 years old and was unconscious for 5 days (he still has the crescent scar), which caved in the frontal part of his skull and was (much) later discovered to have killed a portion of his frontal lobe forever. My grandmother realigned the broken fragments of his skull with a spoon and sewed the skin together. He quit school in the 8th grade and went to work as a farm hand. When he was 18 he entered the Army and spent 20 months in Korea, receiving a purple heart and silver star. He came out of Korea with PTSD. Later in life he got his GED and a degree in theology. He raised 5 kids and retired at 58 on a 500-acre ranch living in a log house which he built. My mom was a housewife. He'll soon be 90 and I guarantee you that right now he's outside doing something productive. The point of all this is 1) just because you're poor doesn't mean you have to stay there 2) there is no substitute for effort 3) we all have setbacks and disadvantages. What you don't know CAN hurt you, and when it comes to money, you absolutely have to educate yourself if you have any desire to raise your economic status.
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Post by Deleted on Feb 21, 2019 10:58:23 GMT -6
They think it's great giving Uncle Sam an interest-free loan for a whole year? Money they could have otherwise used? But I suppose it makes sense; most people don't save any money or have a clue how it works anyway, so it works like a forced savings account for them. One of the commies running for president was just decrying the drop in refunds this year, as if that was a bad thing or a negative in regards to the Trump tax cuts. Proved she knows nothing. Hey lady, the refunds are less because the government TOOK less. Problem is Mr. Kermit, is that the financial IQ of 90% of this country is close to a rock. |
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Post by Saint on Feb 21, 2019 11:00:36 GMT -6
This is great information. Some I generally knew, and some I hadn't thought of from that standpoint. I knew asking a bunch of older dudes about taxes and money would be worth it.  Back to baseball for me. |
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Post by Deleted on Feb 21, 2019 11:00:49 GMT -6
Anyone dreaming about Mike Trout better take note of Machado. I think I mentioned I saw an article that the Halos may be passing on a Trout extension. Machado's contract will be chump change vs. the best player in baseball. (Trout) Wild Guess? Somewhere about a 10YR. $400-$500M |
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Post by Saint on Feb 21, 2019 11:05:37 GMT -6
One of the commies running for president was just decrying the drop in refunds this year, as if that was a bad thing or a negative in regards to the Trump tax cuts. Proved she knows nothing. Hey lady, the refunds are less because the government TOOK less. Problem is Mr. Kermit, is that the financial IQ of 90% of this country is close to a rock. Well they don't teach kids anything about this in schools. The little I know about finances I learned from my father, and that was mostly to work hard when you're healthy and save your money so you won't have to rely on the government when you're old. |
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talshill
Arbitration Eligible
Vini, vici, pavori.
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Post by talshill on Feb 21, 2019 11:09:40 GMT -6
This is great information. Some I generally knew, and some I hadn't thought of from that standpoint. I knew asking a bunch of older dudes about taxes and money would be worth it. Back to baseball for me. Older dude? I'll have you know I'm only <edited>. |
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Post by Saint on Feb 21, 2019 11:19:56 GMT -6
This is great information. Some I generally knew, and some I hadn't thought of from that standpoint. I knew asking a bunch of older dudes about taxes and money would be worth it. Back to baseball for me. Older dude? I'll have you know I'm only <edited>. Well if I remember right you're an MD and you've been a fan since at least the 70's so I made an assumption. |
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Post by Saint on Feb 21, 2019 11:20:51 GMT -6
The Twins are talking to Marwin about a 3-year deal supposedly.
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talshill
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Vini, vici, pavori.
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Post by talshill on Feb 21, 2019 11:28:28 GMT -6
Problem is Mr. Kermit, is that the financial IQ of 90% of this country is close to a rock. Well they don't teach kids anything about this in schools. The little I know about finances I learned from my father, and that was mostly to work hard when you're healthy and save your money so you won't have to rely on the government when you're old. You're right. They don't teach kids a lot of things that are both valuable and crucial. But education is a life-long deal and school only gives you a small fraction of it. If you're still breathing, you better be learning. You also better keep an eye on what the government is doing, especially regarding the tax code. The internet has made this much easier than it was 30 years ago. Ever know someone who was rich? Most of them aren't smarter than you are. Hell, I know some that are dumb as a brick. But all self-made wealthy people I know had a couple of traits in common: they kept their eyes open for opportunities, they put forth effort and they made sound decisions. For example, getting a refund from the government seems cool until you realize it's a bad decision. Leasing a car is a bad decision. Buying on credit is a bad decision (95% of the time). Buying more car or house than you need is a bad decision. Buying on impulse is a bad decision. You have to determine what's important to you, and it's really not money. For me it was the freedom of knowing I haven't pledged money I haven't yet made to pay for an asset that's losing value. I heard a preacher say something I've never forgotten, and it's true: "It's time to stop buying things you can't afford with money you don't have to impress people you don't like". Also, some old-time wisdom from Proverbs 22:7: "The rich rule over the poor, and the borrower is slave to the lender." |
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Post by Deleted on Feb 21, 2019 11:28:45 GMT -6
This is great information. Some I generally knew, and some I hadn't thought of from that standpoint. I knew asking a bunch of older dudes about taxes and money would be worth it. Back to baseball for me. Older dudes? Don't talk about coach like that.  |
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talshill
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Vini, vici, pavori.
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Post by talshill on Feb 21, 2019 11:30:39 GMT -6
Older dude? I'll have you know I'm only <edited>. Well if I remember right you're an MD and you've been a fan since at least the 70's so I made an assumption. I was just jacking with ya. I'm in my 50's. Started really following the Astros when I was a kid in '73. So, not a 1492er. |
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talshill
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Vini, vici, pavori.
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Post by talshill on Feb 21, 2019 11:43:31 GMT -6
And I usually don't talk this much. Now I gotta put in another load of laundry.
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Post by unionstation82 on Feb 21, 2019 12:10:23 GMT -6
The Twins are talking to Marwin about a 3-year deal supposedly. Bye, Felicia! |
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Post by unionstation82 on Feb 21, 2019 12:11:30 GMT -6
AOC isn't old enough to run for president, son. I hope you don't vote, as you obs don't pay close enough attention. Sorry, I saw the word “commie” and quit reading. |
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talshill
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Post by talshill on Feb 21, 2019 12:13:32 GMT -6
Anyone dreaming about Mike Trout better take note of Machado. My bet is Luhnow will make a run for him. That's why he hasn't extended some people and hasn't made long commitments beyond Altuve. I'd also bet that's why Philly didn't sign Machado and is still out on Harper. |
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Post by Deleted on Feb 21, 2019 12:16:25 GMT -6
Anyone dreaming about Mike Trout better take note of Machado. My bet is Luhnow will make a run for him. That's why he hasn't extended some people and hasn't made long commitments beyond Altuve. I'd also bet that's why Philly didn't sign Machado and is still out on Harper. Interesting take. Yesterday Crane stated we will be about 3rd or 4th in payroll this year. If we get Trout, who do you think we jettison out of our core stars? |
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Post by Deleted on Feb 21, 2019 12:27:54 GMT -6
My bet is Luhnow will make a run for him. That's why he hasn't extended some people and hasn't made long commitments beyond Altuve. I'd also bet that's why Philly didn't sign Machado and is still out on Harper. Interesting take. Yesterday Crane stated we will be about 3rd or 4th in payroll this year. If we get Trout, who do you think we jettison out of our core stars? I think Trout will want to stay in LA or go to Philly. Which probably won't happen if the Phillies get Harper. If the Astros were to make a run for him, and sign him, I think we would part ways with Correa for sure and potentially Springer. |
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Post by Saint on Feb 21, 2019 12:29:29 GMT -6
Well they don't teach kids anything about this in schools. The little I know about finances I learned from my father, and that was mostly to work hard when you're healthy and save your money so you won't have to rely on the government when you're old. You're right. They don't teach kids a lot of things that are both valuable and crucial. But education is a life-long deal and school only gives you a small fraction of it. If you're still breathing, you better be learning. You also better keep an eye on what the government is doing, especially regarding the tax code. The internet has made this much easier than it was 30 years ago. Ever know someone who was rich? Most of them aren't smarter than you are. Hell, I know some that are dumb as a brick. But all self-made wealthy people I know had a couple of traits in common: they kept their eyes open for opportunities, they put forth effort and they made sound decisions. For example, getting a refund from the government seems cool until you realize it's a bad decision. Leasing a car is a bad decision. Buying on credit is a bad decision (95% of the time). Buying more car or house than you need is a bad decision. Buying on impulse is a bad decision. You have to determine what's important to you, and it's really not money. For me it was the freedom of knowing I haven't pledged money I haven't yet made to pay for an asset that's losing value. I heard a preacher say something I've never forgotten, and it's true: "It's time to stop buying things you can't afford with money you don't have to impress people you don't like". Also, some old-time wisdom from Proverbs 22:7: "The rich rule over the poor, and the borrower is slave to the lender." The amount of people that buy stuff on credit and barely pay off always amazes me. As soon as my wife and I pay off our current vehicles, I will never finance a vehicle again. |
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marshall
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Ephesians 6:12 For our struggle is not against flesh and blood...
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Post by marshall on Feb 21, 2019 12:49:36 GMT -6
When it comes to taxes, it is a risk/reward calculation. If you don't know what you;'re doing, the risk of under withholding and incurring substantial interest and PENALTIES is too great a risk. That is particularly true if the income varies substantially making proper withholding very difficult to estimate. If you have withheld too much consistently and your income is predictable, then by all mean reduce your with holding.
But the situation you have described cries out for expert advice because there are potentially multiple taxing entities after what they think is their share of your money. Avoiding penalties should be a priority including failure to file in jurisdictions you might not anticipate.
You would be well advised to find an accountant and not just a tax preparer and especially a mere tax program. Find one that will stand by you should there be any question about the preparation of your taxes to all jurisdictions.
OK. I've said enough. Good luck.
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talshill
Arbitration Eligible
Vini, vici, pavori.
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Post by talshill on Feb 21, 2019 13:11:25 GMT -6
My bet is Luhnow will make a run for him. That's why he hasn't extended some people and hasn't made long commitments beyond Altuve. I'd also bet that's why Philly didn't sign Machado and is still out on Harper. Interesting take. Yesterday Crane stated we will be about 3rd or 4th in payroll this year. If we get Trout, who do you think we jettison out of our core stars? Well, that's the crux of it. Who knows? He could go several different ways. Set payroll this year vs. next is the key. Next year (2020) the signed players are Altuve (29 mil), Reddick (13), Yuli (8.4), Brantley (16). That's 66.4 mil for 4 players. Diaz, Bregman, Stassi, Kemp and White will all be league minimum or thereabouts, so say 3 million for all 5. Total 9 players for 69.4 million. Springer, Osuna, Correa, LMJ, Peacock, Marisnick and Devo are on the books this year for a total of 34.44 million and are arb eligible next year. Assuming they are all retained and get an average 50% bump in pay (may or may not be reasonable), you'd have 16 players and 121 million in obligations. Next year the cap goes to 208 million so they have about 87 million to work with, BUT, they have to replace Verlander, Cole, Smith, McHugh, Rondon, Chirinos, Miley, Harris and Pressly. They have 9 roster spots to fill with 88 million IF they max payroll, which they won't in case they need a mid-season pickup. So, say they leave themselves 10 million under for such an eventuality, they have 78 million to work with. If they re-sign Verlander (say, 28 mil), McHugh (10 mil?), Pressley (6 mil?). This leaves them 34 million and 6 players short of a full roster (I don't think they'll be able to re-sign both Cole and Verlander, and Justin is probably more amenable to re-signing IMO). If (and it's a big IF) Whitley, James and Tucker work out it would be HUGE. That's 3 more players at league minimum, so 3 roster spots to fill and about 32 million to do it, which means they'd be in great shape. They could re-sign their choice of Smith, Rondon, Miley, Chirenos and Harris pretty easily. Or (even better) hope that 1-3 of the minor league arms perform well enough to stay. My WAG is that that they cut bait on Yuli and Reddick (and some relievers) by next year (saving 21.4+ million in salary, or at least a good portion of it if they're traded, so maybe save 13-14 million?). Trout and Springer could both fit under the cap, with Tucker as the third outfielder backed up by Kemp, Diaz and one of Straw or Marisnick (less likely). Scenarios like this are exactly why Kemp, Diaz, Stassi, Bregman, White, Straw, Whitley, James and Tucker are exceedingly valuable even if they only perform at league-average rates. Anything above that is a bonus. |
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