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Financial Planning / Tax Strategies


Subject:  Water Cooler Talk Date:  1/26/2009  12:37 PM
Author:  NoMetal Number:  103983 of 127613

This happened today at work.

Co-worker: "My husband and I did our taxes over the weekend, we are not happy.:
Me: "Why, you owe a lot of money?"

"You know that tax stimulus we got earlier this year?"

"Well, it almost caused us to owe money in taxes."

"Yes, we barely got anything back this year. If Obama pushes his tax stimulus through, I would vote against it because we would most likely owe money the next time."
"Barely? So you still got money back, right?"

"Yes, but very little. Every year we use our refund money to either lease a new car or to purchase somethings we need."
"So you are using the gov't as a Christmas fund or savings account? And what do you mean you lease a new car every year?"

"Yes, we look forward to our tax refund. We don't actually lease a new car every year but every couple years. We like to have the newest vehicle so we turn in our previous car and get a new one."
"You do realize that the gov't does not pay you interest while it holds your money? As for leasing, doesn't that cost you more than actually purchasing a vehicle and holding onto it for 5 - 10 years?"

"Well, I know we don't get interest on the money but it is nice to get something back each year. There is no way I am ever going to owe money in taxes. As for the car, we like to have a newer vehicle and leasing does not cost much."
"Uh, ok..."

Mind you, her job is to create and analyze bids to save our Company money when purchasing items not for re-sale.

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