I'm doing it wrong. Got $10,600 back on my tax return

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BlahBlahYouToo

Lifer
Jul 10, 2007
12,041
3
0
Was trending downward the past few years, from $7k down to $3k over the past few years.
Got a new consulting gig and my accountant somehow manages to get me a 5 figure return. FML.

/brag thread
 
Anubis

Anubis

No Lifer
Aug 31, 2001
78,712
427
126
tbqhwy.com
My dad got back 45k this year
almost 60 last year

and before someone comments, its like that because of how he has to estimate potential income at the start of the year. he always over estimates so that he does not get screwed if he has a very good year. which has happened before
 
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Paperdoc

Platinum Member
Aug 17, 2006
2,505
378
126
If you have a new accountant who knows much better how to reduce your taxes, ask him (her) whether you can file AMENDED returns for the last several years and get back more money.
 
B

BlahBlahYouToo

Lifer
Jul 10, 2007
12,041
3
0
Anubis said:
My dad got back 45k this year
almost 60 last year

and before someone comments, its like that because of how he has to estimate potential income at the start of the year. he always over estimates so that he does not get screwed if he has a very good year. which has happened before
Click to expand...
Someone's dad is a 1%.
 
dud

dud

Diamond Member
Feb 18, 2001
7,635
73
91
BlahBlahYouToo said:
Was trending downward the past few years, from $7k down to $3k over the past few years.
Got a new consulting gig and my accountant somehow manages to get me a 5 figure return. FML.

/brag thread
Click to expand...



Brag ... this should be a moan thread. If you can brag that you gave me $10.6K for a year interest free ... then you ARE doing it wrong. You must be an Einstien with your finances.
 
Slew Foot

Slew Foot

Lifer
Sep 22, 2005
12,379
96
86
Same here, I usually try and owe a couple K at the end of the year but this year I got 10K back as well. Oops.
 
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bignateyk

Lifer
Apr 22, 2002
11,288
7
0
First year of estimated taxes is always gonna be skewed. Next year you just have to pay estimated taxes based off last years earnings, so you won't have that happen again.
 
KeithTalent

KeithTalent

Elite Member | Administrator | No Lifer
Administrator
Nov 30, 2005
50,231
118
116
I got over $1,700 back; the first time I've had a refund in a very long time, and even then it was only a few bucks. Most of it had something to do with buying our new home or something. /shrug

KT
 
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Vdubchaos

Lifer
Nov 11, 2009
10,408
10
0
Interest free loan to government...and you think this is a good thing?

Wait until the day you don't get ANYTHING back....even though they OWE you.

:biggrin::biggrin::biggrin:

NOTHING to really brag about
 
Dr. Detroit

Dr. Detroit

Diamond Member
Sep 25, 2004
8,554
949
126
Since you are self-employed - Ensure you are contributing as much as you can to your SEP IRA.
 
Scarpozzi

Scarpozzi

Lifer
Jun 13, 2000
26,392
1,780
126
It's tough estimating sometimes...having spousal income and various credits makes it even more of a challenge to balance properly. We owed $5k a few years ago....it wasn't as much of an issue, but if you owe money 2 years in a row, they penalize you. Angers me a bit that we all can't just pay them a check each April to square things up.
 
L

Legios

Senior member
Feb 12, 2013
418
0
0
Got back $400. Doing it as right as we can with our income. Got out of the red with the deductions.
 
zCypher

zCypher

Diamond Member
Aug 18, 2002
6,115
171
116
Got just under $1000, because I contributed a bit more than expected to RRSPs and such. Usually I'm +/- $200ish from balancing perfectly. You shouldn't need to owe or collect! of course some people's situations are more complex and so this kind of thing happens. Nothing to brag about for sure.
 
purbeast0

purbeast0

No Lifer
Sep 13, 2001
53,664
6,547
126
i bought a house last september and paid nearly $7k in points. with all the house stuff we got a return nearly $4k which was nice. before i entered the house stuff for my tax filing with esmarttax it showed my estimated return, which was me owing like $400. so the house helped a lot in regards to getting money back heh.
 
purbeast0

purbeast0

No Lifer
Sep 13, 2001
53,664
6,547
126
Vdubchaos said:
Why in the world would you pay points on your mortgage?

Rule of thumb: never EVER pay points. Points = straight up profit to the bank
Click to expand...

to get a lower interest rate. the break even point is like 4 or 5 years, which we plan on being in this house for at least that long.

and no way in hell would i ever live by your rules lol.
 
vi edit

vi edit

Elite Member
Super Moderator
Oct 28, 1999
62,484
8,345
126
Vdubchaos said:
Why in the world would you pay points on your mortgage?

Rule of thumb: never EVER pay points. Points = straight up profit to the bank
Click to expand...

Do you try to be wrong in every post you make?

Points are a calculated risk/reward that are heavily dependent on the amount financed, LTV ration, and how long you plan to be in the property. If you have a plump down payment that gets you out of PMI, plan to be in there a while and a larger loan (Say $300k+) then points can easily pay for themselves.

And as far as "interest free loan to the gubment"...I don't think the whopping $15 in interest (assuming typical .25 % a credit union savings account currently yields) he lost on that $10k is going to cost him any sleep.
 
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