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How much is your tax refund?

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I'm really not that petty about money to care that "I'm giving the feds an interest free loan"

BFD really. 1800$ at what, 4%? 5%? Oh no the evil government!
 
Originally posted by: purbeast0
Originally posted by: smc13
You do realize that getting a refund isn't a good thing, right? Essentially, you gave an interest free loan to the government. If you owe the government more then $1000 they might fine you to make up for their lost interest. We should be able to do the same when the government owes us lots of money. After all, it is our money.

People need to learn more about economics. It is better to have less taken out from each paycheck and get no refund then it is to have less throughout the year and get one big lump payment at tax time. Money now is better then money later.

To bad we can't just scrap the tax code and go to a system that says you made this much so you owe that.
Click to expand...


i disagree. i personally would rather get more taken out each check and adapt to living with that income, then get this bonus check out of nowhere that can pay for my summer vacation to exotic locations.

if i were to get less taken out, i would just adapt to my higher income every check and probably end up not saving it (as basically i am forced to do and get it back in the form of a tax refund).
Click to expand...

So what you are saying is that you would rather the government take more of your money each paycheck because you don't manage your money well. You do realize that if you took a portion of your paycheck each week and simply put it into a savings account, you would have more money in your account at tax time then you get from your refund. Or you could have money automatically taken out and put into a 401K to save for retirement.

Personally, I like having more money during the year.
 
Originally posted by: smc13
Originally posted by: purbeast0
Originally posted by: smc13
You do realize that getting a refund isn't a good thing, right? Essentially, you gave an interest free loan to the government. If you owe the government more then $1000 they might fine you to make up for their lost interest. We should be able to do the same when the government owes us lots of money. After all, it is our money.

People need to learn more about economics. It is better to have less taken out from each paycheck and get no refund then it is to have less throughout the year and get one big lump payment at tax time. Money now is better then money later.

To bad we can't just scrap the tax code and go to a system that says you made this much so you owe that.
Click to expand...


i disagree. i personally would rather get more taken out each check and adapt to living with that income, then get this bonus check out of nowhere that can pay for my summer vacation to exotic locations.

if i were to get less taken out, i would just adapt to my higher income every check and probably end up not saving it (as basically i am forced to do and get it back in the form of a tax refund).
Click to expand...

So what you are saying is that you would rather the government take more of your money each paycheck because you don't manage your money well. You do realize that if you took a portion of your paycheck each week and simply put it into a savings account, you would have more money in your account at tax time then you get from your refund. Or you could have money automatically taken out and put into a 401K to save for retirement.

Personally, I like having more money during the year.
Click to expand...

oh so now i don't manage my money well? thats funny, i'm glad you know me oh so well ... :roll:

i can still have money put into a 401K to save for retirement, having them take more money has nothing to do with that.

you look to be in the minority of people on this board who feel the way you do ...
 
i owed the feds some money, and i got some back from the state, i think i came away with a total of $16. maybe i can buy myself a usb cable or something. w00t
 
my charitable contributions and mortgage interest were enough to get me a slightly larger refund than last year
 
Originally posted by: tomt4535
i owed the feds some money, and i got some back from the state, i think i came away with a total of $16. maybe i can buy myself a usb cable or something. w00t
Click to expand...

10 ft USB 2.0 cable from newegg 14.70 shipped.

you can get a USB cable AND a cheeseburger from the dollar menu!
 
Got back just a little over $3000 federal and $650 state. Wife is having waaaay too much taken out of her checks... That is getting adjusted right now.
 
Originally posted by: purbeast0
oh so now i don't manage my money well? thats funny, i'm glad you know me oh so well ... :roll:

i can still have money put into a 401K to save for retirement, having them take more money has nothing to do with that.

you look to be in the minority of people on this board who feel the way you do ...
Click to expand...

It has nothing to do with knowing you personally. You readily admit to loaning the government money for free that belongs in your pocket or an interest bearing savings account. Someone doesn't have to know you personally to determine that is poor financial planning. Of course, if you lack the discipline necessary to correctly manage that money throughout the year, then an interest free loan to the government may be your best option. However, that option does say a lot about your ability to manage your money as well as your sense of financial discipline.


 
>$18000

Yes, you read that right. No, I didn't do it on purpose. Starting a business and taking Section 179 expenses (thank you SUV tax break 😀 ) helped do it.

Prospective business owners - here is a tip: Consider setting up a sole member LLC.
 
Originally posted by: CPA
>$18000

Yes, you read that right. No, I didn't do it on purpose. Starting a business and taking Section 179 expenses (thank you SUV tax break 😀 ) helped do it.

Prospective business owners - here is a tip: Consider setting up a sole member LLC.
Click to expand...

Can I party with you?
 
I owe roughly $4000+ because I was on 1099. I tried to use the donations I made in the past year as expense or tax write off but without having a house, donations cannot be added in according to my CPA.
 
Looks like I may owe 1000-1500 due to working self-employed three months this year or so.

Upside is I didn't pay anything during that period so it's not really a loss.

I usually plan on owing and getting back $0, preferring to dump money into school loans and the like instead of sitting in a 0% interest savings.

 
I'll get about $1400 if I choose to claim the Lifetime Learning Credit this year. About $400 if I don't.
 
Over 3k total from fed and state combined. Not always easy to balance withholding with what we end up paying in taxes when they change how much bonuses are every year (and withhold about 42% from all bonuses.)
 
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