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Business, Economics, and Taxes: Capitalism. Yay? >=(

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  • dxmnkd316
    replied
    Originally posted by dxmnkd316 View Post
    I have what seems to be a very easy question but there may be some nuance here that I've not considered.

    we're refinancing my wife's private student loans. Is there any reason you wouldn't refinance for a longer term with a marginally higher rate (0.21%) if you intend to pay in the same amount regardless of minimum?

    it seems obvious. You are paying a 0.21% annual fee for the flexibility of not having to pay an extra couple hundred bucks a month if something awful happens. There has to be a downside other than just the slight interest rate increase. I've confirmed there are no prepayment penalties.


    (If you really want to get cute, you could take that extra couple hundred and put it into VTSAX and earn 8% a year compared to the loan 3.x%. But maybe that's too cute by half.)

    Student loans are such vile things
    Bump

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  • The Sicatoka
    replied
    Originally posted by aparch View Post
    .... the firing squad from my wife was worse.
    Kyrie eleison.

    Leave a comment:


  • aparch
    replied
    Originally posted by The Sicatoka View Post

    You get the chair or take the injection for that?
    Asking for Kep.
    I think I asked for the chair...


    .... the firing squad from my wife was worse.

    Leave a comment:


  • The Sicatoka
    replied
    Originally posted by aparch View Post
    Until I turned the page over where they neatly itemized the missing information that I had completely forgotten about.
    You get the chair or take the injection for that?
    Asking for Kep.

    Leave a comment:


  • aparch
    replied
    Originally posted by TalonsUpPuckDown View Post
    Triple Edit: And I've screwed things up with the State of Illinois and, just like the feds, they kindly send me a bill. I'll stop now.
    Got a letter from the IRS in the summer of 2016 or so saying that I owed four figures to them. My wife and I had purchased our house in 2015, I knew my finances were pretty good because of that, so I was ready to fight them on it.

    Until I turned the page over where they neatly itemized the missing information that I had completely forgotten about.

    Turns out you apparently need to claim your 50/50 winnings of $650 that you won in Ohio at an NMU/BGSU playoff game, even though the 1099 was sent to your old address after you moved to your new house.

    And they also care when you withdraw 1/3 of a sorta forgotten 401K (that was rolled into an IRA from a previous job) that you used toward the down payment of said house.


    Whoops. \_(ツ)_/

    Leave a comment:


  • The Sicatoka
    replied
    Originally posted by Kepler View Post
    For all I know I'll get the chair.
    Ask for the injection.
    You don't want to go out with the last thing you smell is your own < ahem > "privates hair" burning.

    I'm here to help. :-D

    Leave a comment:


  • TalonsUpPuckDown
    replied
    Originally posted by Kepler View Post

    I've never been late before. For all I know I'll get the chair.
    I was late filing my business return last year (got the dates messed up with all the IRS Covid changes). Wrote the IRS a check for a couple hundred bucks for the penalty/interest charge. No big deal other than I'm a tad lighter in the wallet because I couldn't properly read a calendar.

    Edit: And the IRS calculated what I owed them and sent me a bill. Easy peasy.

    Double Edit: I'd be very surprised if they fined you for being late by only one day.

    Triple Edit: And I've screwed things up with the State of Illinois and, just like the feds, they kindly send me a bill. I'll stop now.
    Last edited by TalonsUpPuckDown; Today, 11:33 AM.

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  • Kepler
    replied
    Originally posted by Handyman View Post
    And are you sure they are going to fine you for 1 day late?
    I've never been late before. For all I know I'll get the chair.

    I am hoping my actual liability will be $1001 so I am a day late and a dollar short.
    Last edited by Kepler; Today, 11:25 AM.

    Leave a comment:


  • SJHovey
    replied
    Originally posted by Handyman View Post
    Yeah H&R Block will do all of that for you...

    And are you sure they are going to fine you for 1 day late?
    I think they assess you interest and "penalties" but for this they will be minor. A friend of mine filed his late once, and that's what they did to him.

    Leave a comment:


  • Handyman
    replied
    Yeah H&R Block will do all of that for you...

    And are you sure they are going to fine you for 1 day late?

    Leave a comment:


  • SJHovey
    replied
    Originally posted by Kepler View Post
    Never take financial advice from me.

    It took me until just this morning to realize (1) having a rental property in another state means I owe non-resident income tax in that state, (2) my 1099 from my property manager tells me exactly how much withholding I told that state to take when I originally had them set me up, and (3) that amount was ZERO.

    So, I owe an estimated $1000, my postmarked check to them with my extension request will be one day late, which means I will also pay a late fee, and then I will still need to hire a tax preparer for AZ to make sure I'm doin' it right, who I will also have to pay.

    Anyway, I am amazed I can tie my own shoes sometimes. Seriously. Never even occurred to me, and I had included that AZ 1099 in my federal package weeks ago.

    Now, true, it would have been nice if my Indian VA CPA had said something like (imagine lilting impenetrable racist accent, which he has): "Memsahib, please to remember to also pay your Arizona state tax, yes?" and he didn't, but hell it's my money and my responsibility ultimately.

    tldr: raise my taxes, I'm an idiot.
    TurboTax

    Leave a comment:


  • Kepler
    replied
    Never take financial advice from me.

    It took me until just this morning to realize (1) having a rental property in another state means I owe non-resident income tax in that state, (2) my 1099 from my property manager tells me exactly how much withholding I told that state to take when I originally had them set me up, and (3) that amount was ZERO.

    So, I owe an estimated $1000, my postmarked check to them with my extension request will be one day late, which means I will also pay a late fee, and then I will still need to hire a tax preparer for AZ to make sure I'm doin' it right, who I will also have to pay.

    Anyway, I am amazed I can tie my own shoes sometimes. Seriously. Never even occurred to me, and I had included that AZ 1099 in my federal package weeks ago.

    Now, true, it would have been nice if my Indian VA CPA had said something like (imagine lilting impenetrable racist accent, which he has): "Memsahib, please to remember to also pay your Arizona state tax, yes?" and he didn't, but hell it's my money and my responsibility ultimately.

    tldr: raise my taxes, I'm an idiot.
    Last edited by Kepler; Today, 12:22 AM.

    Leave a comment:


  • dxmnkd316
    replied
    I have what seems to be a very easy question but there may be some nuance here that I've not considered.

    we're refinancing my wife's private student loans. Is there any reason you wouldn't refinance for a longer term with a marginally higher rate (0.21%) if you intend to pay in the same amount regardless of minimum?

    it seems obvious. You are paying a 0.21% annual fee for the flexibility of not having to pay an extra couple hundred bucks a month if something awful happens. There has to be a downside other than just the slight interest rate increase. I've confirmed there are no prepayment penalties.


    (If you really want to get cute, you could take that extra couple hundred and put it into VTSAX and earn 8% a year compared to the loan 3.x%. But maybe that's too cute by half.)

    Student loans are such vile things

    Leave a comment:


  • Kepler
    replied
    Originally posted by Handyman View Post
    They could screw up getting laid in a whorehouse with an American Express Black Card and a wallet full of hundred dollar bills.
    But enough about Matt Gaetz...

    Leave a comment:


  • Handyman
    replied
    Originally posted by Bronco View Post

    ATT paid $9M in bonuses for those who closed the Time Warner deal, only to have it fail 3 years later. While firing 3-5% of the WarnerMedia employees. If that isn't peak capitalism, I don't know what is.
    ATT is one of the dumbest companies out there, and a joke as a telecommunications company. They could screw up getting laid in a whorehouse with an American Express Black Card and a wallet full of hundred dollar bills.

    As someone who loves HBO Max this makes me happy as hell because I have had a sinking feeling for about a year they were going to run it into the ground.

    BTW on another board I frequent it was mentioned this would open up like $20 billion in cash flow for TV and dividends.

    Leave a comment:

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