Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: FoolishWarthog Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: I'm tired of loaning my $$$ to Uncle Sam Date: 4/2/2002 5:20 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Each quarter, month, week (whatever timeframe you feel like using). Calculate your taxes and then annualize the results. In other words, if you take your last paycheck for the quarter that just ended (March 31st) and multiply all the numbers by four, that will give you a rough estimate of what you're taxes will look like at the end of the year (assuming everything stays the same).

Run those 'annualized' numbers through Turbo Tax or just take the 'AGI' and run it up against some tax tables.

If they show a refund, reduce your witholdings, or vice versa.

A few caveots...

The tax brackets are actually dropping. So your 2001 version of Turbo Tax (or tax tables) will be a little off.

You're income, marital status, etc. could change.

This doesn't account for itemized deductions, though I guess you could 'estimate' that also.

Anyway, hope this helps....

-Warthog



Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement