What is your "Debt Free Date"

[R_Walter]

Me too :thumbsup:

Getting a refund means you loaned the govt money all year interest-free.

If you owe taxes, the govt loaned you money all year interest-free (well, as long as you don't get a penalty for under-payment during the year, that is)

Actually the US Treasury pays interest on federal individual tax refunds

 

[R_Walter]

Correct me if I'm wrong but aren't your withholdings based on your pay rate and your dependent deductions? Wouldnt your paper losses on investment rentals and accelerated depreciation be taken on your tax return form that you use after the payroll deductions are taken?

[/B]

.

Look at a W-4 form. A taxpayer is allowed to calculate the amount of their (federal) withholding instead of just allowing the withholding tables to be used.

 

[R_Walter]

I've been following the arguing back and forth here as to whom is responsible for the economic problems of the last 3 - 4 years, Republicans vs Democrats, Liberals versus Conservatives, ad nauseum. Most of the posters who have responded to this debate obviously fall into one category or the other simply based on your postings. And each of you then goes about trying to defend your particular politics at the expense of the other. It's pretty hilarious that any of you claims an understanding of the economic forces that were and are still at work.

Rather, each of your sounds like partisan political bickering. You really sound like a microcosm of our Congress and Administrations of the last n years.

 

[EddieWalker]

I've been following the arguing back and forth here as to whom is responsible for the economic problems of the last 3 - 4 years, Republicans vs Democrats, Liberals versus Conservatives, ad nauseum. Most of the posters who have responded to this debate obviously fall into one category or the other simply based on your postings. And each of you then goes about trying to defend your particular politics at the expense of the other. It's pretty hilarious that any of you claims an understanding of the economic forces that were and are still at work.

Rather, each of your sounds like partisan political bickering. You really sound like a microcosm of our Congress and Administrations of the last n years.

Typical Liberal. When faced with facts that you don't want to hear, you resort to name calling and then say that everyone does it.

Eddie

 

[Gizmo2]

I've been following the arguing back and forth here as to whom is responsible for the economic problems of the last 3 - 4 years, Republicans vs Democrats, Liberals versus Conservatives, ad nauseum. Most of the posters who have responded to this debate obviously fall into one category or the other simply based on your postings. And each of you then goes about trying to defend your particular politics at the expense of the other. It's pretty hilarious that any of you claims an understanding of the economic forces that were and are still at work.

Rather, each of your sounds like partisan political bickering. You really sound like a microcosm of our Congress and Administrations of the last n years.

:confused2:

 

[300UGUY]

Typical Liberal. When faced with facts that you don't want to hear, you resort to name calling and then say that everyone does it.

Eddie

Eddie, I generally like your posts. But the guy makes a pretty good point. It seems that you don't want to hear it, and you are resorting to name calling.

 

[EddieWalker]

Eddie, I generally like your posts. But the guy makes a pretty good point. It seems that you don't want to hear it, and you are resorting to name calling.

You're right. I shouldn't call somebody a liberal. That wasn't nice of me. How about he's a typical no nothing that comes in and tells eveyone what's wrong with them, but doesn't name a single point that he's so much smarter then the rest of us, and what it is that the rest of us are wrong about? How about the little fact that I post links to back up what I say, and that I ask basic questions that go unanswered time and time again?

Eddie

 

[ultrarunner]

I've been following the arguing back and forth here as to whom is responsible for the economic problems of the last 3 - 4 years, Republicans vs Democrats, Liberals versus Conservatives, ad nauseum. Most of the posters who have responded to this debate obviously fall into one category or the other simply based on your postings. And each of you then goes about trying to defend your particular politics at the expense of the other. It's pretty hilarious that any of you claims an understanding of the economic forces that were and are still at work.

Rather, each of your sounds like partisan political bickering. You really sound like a microcosm of our Congress and Administrations of the last n years.

This is how the system has evolved... I know it is far too complex for the common man to understand... like me.

Most of us do the best we can with what we have... the United States is a large country and just the geography alone will cause people to develop different ideas.

I do not believe the Founders ever dreamed in their wildest imagination the government that we now have with the regulation and taxation we today accept as the status quo...

Just saying TBN is gracious enough to provide a venue for the exchange of ideas... we can choose to be part of the exchange or not.

 

[two_bit_score]

Typical Liberal. When faced with facts that you don't want to hear, you resort to name calling and then say that everyone does it.

Eddie

They usually make that statement when they have run out of arguments to prop up their failing policies and are at their ropes end.

 

[Uncle Doug]

My debt free date will be July 1 2012 the day I retire. at age 55 1/2. We have been prepairing for this date for many years. Our 11 acre farm, tractor and barn are paid off. 3 years ago we built a 800 sq foot shell home on the farm with cash on hand and finished it out ourselves.

I still have our other 2000 foot home with a 55K morgage that we wanted to turn into a rental but do not have cash at this time to fix it up. Chase holds the second morgage with a 8.3% rate and refuses to refinance as there is no longer a 1st morgage. I have been tempted to let them keep it as the housing market is so soft right now. I still have 6 months to decide. I can pay it off with my 401k money if needed as it is not making 8%. Still not sure if I want to get into the rental business.

I have 2 auto loans more than 50% paid off. My retirement pension will be on top of my 401k money will leave me in good shape if after paying down debt.

We have been telling our friends for years we will retire in 2012 and have been actively working our plan. Many still do not believe it is possible to retire at 55.

 

[riptides]

Typical Liberal. When faced with facts that you don't want to hear, you resort to name calling and then say that everyone does it.

Eddie

Very typical of you of late. Throw the label. It is all the governments fault. It was this policy it was that regulation. It was deregulation. Just cannot see the fact that regular people took advantage of things and got away with it.

 

[MossRoad]

agree 110%

Two years ago i bought a then 3 year old F350 ... used with 27,000 miles on it. It was a 4 door, 4x4, diesel automatic.

They wanted $24,000 but i got it for $16,000 CASH out the door (plus sales tax and lic and insurance though). So heres a 3 year old truck for 16,000 that has the original sales sticker inside the glove box that read $48,500.

So some other schumk wasted 32,000 of their money and i get a nearly new truck with very low mileage for a song.

Except for a transmission temp sensor, the truck has worked flawlessly.

Good for you! Back in 2003 we purchase a 2000 Impala for $12,500. It stickered for $26,000! :shocked:Lost half its value in three years. Had 42,000 miles on it and 2 years, 18,000 miles left on the warranty. That was 8 years and 120,000 miles ago. Showing signs of old age now, but no regrets on that purchase. :thumbsup:

 

[Pilot]

Hey Eddie,

I have generally agreed with your points, but we are all fallible. Each of us has been wrong once or twice--maybe 3 times for me. We're all human. Be nice.

Time to tone it down.

 

[MossRoad]

That's what I though by the statement about paying in at the end of the year but sometimes it's better to ask than assume anything with Moss.

So, Moss, ?.???

Yeah, me and Leona Helmsley! :laughing:

 

[two_bit_score]

Yeah, me and Leona Helmsley! :laughing:

Well? Are you saying that you have worked it out so that you pay no income tax?

Or, are you saying that you have it worked out so that your actual tax liability is equal to your withholdings or your quarterly payments?

 

[MossRoad]

Well? Are you saying that you have worked it out so that you pay no income tax?

Or, are you saying that you have it worked out so that your actual tax liability is equal to your withholdings or your quarterly payments?

Did you really not get what I meant in my original post when I said "As for getting large tax refunds.... yikes! I want no tax refund at the end of the year. In fact, I would rather owe some money than get a refund at the end of the year."?

The last year I paid no income tax I was 14. Because of our investments, I have had to itemize every year for the past 26 years in order to fill out the proper schedules on the federal tax forms. However, we have never met the standard deduction. We came within about 200 dollars one year, but most years we are thousands of dollars short of the standard deduction. I try to adjust my withholdings so that I get no refund at the end of the year. I want my money in my paycheck to use as I please, not held by the government until I figure out how to get it back each April. I used to be pretty accurate to come within a couple hundred bucks either direction of zero come April 15th. However, with all of the recent tax changes in the past few years and a child in college, and no raise for 5 years and a 5% pay cut three years ago, and a 2.5% pay increase a year ago, and local property tax relief that lowered our property taxes by a hundred bucks, and a local county option income tax that offset the property tax savings five hundred dollars in the opposite direction, well, I keep getting larger than expected refunds. It is becoming increasingly harder to calculate accurately my expected federal tax burden for the coming 12 months. :confused2:

 

[EddieWalker]

Hey Eddie,

I have generally agreed with your points, but we are all fallible. Each of us has been wrong once or twice--maybe 3 times for me. We're all human. Be nice.

Time to tone it down.

I'm sure you're right, but when I'm told that I'm wrong, I want to hear why and what I said that was wrong. Point it out and I will respond in kind. I will be polite and support what I say with a link. If you've noticed, I rarely get a response from those posts.

When somedody tosses out an empy generality, and doesn't have to ablity to make a specific point, I feel that I'm justified in pointing out this persons lack on understanding of this discussion, and the topic at hand.

Why are Liberals so insulted to accept their lable. I'm proud to be a Conservative and a Tea Party supporter.

Eddie

 

[ridger]

im debt free every two years and have been doing this for the last twenty years

 

[ultrarunner]

Don't forget how congress encouraged the stampede to Home Equity Lines of Credit when it made credit card interest no longer deductible