I'm getting a tax refund of $4700!!!

[sparkyclarky]

Probably around $600-700, if last year is any indication

 

[oniq]

Originally posted by: GagHalfrunt
Remember folks, a refund might sound good on the surface, but it's actually counterproductive. The government IS NOT giving you money, they're just returning what you already overpaid them. What you're doing is giving them an interest-free loan for the last year. Instead of that money being invested and working to earn interest FOR YOU, it's making money for them. If you're getting money back instead of paying you're LOSING MONEY.

The government does enough things for me that I don't mind an interest-free loan.

 

[Greg03]

Married - getting back $6980. VEGAS BABY!

 

[arcenite]

Originally posted by: GagHalfrunt
Remember folks, a refund might sound good on the surface, but it's actually counterproductive. The government IS NOT giving you money, they're just returning what you already overpaid them. What you're doing is giving them an interest-free loan for the last year. Instead of that money being invested and working to earn interest FOR YOU, it's making money for them. If you're getting money back instead of paying you're LOSING MONEY.

how are you losing money? just cause they make money off of it doesn't mean you're losing money off of it. I mean really, the majority of the people are going to be like OMGSH I HAVE MORE MONEY /me goes to newegg.com

Bill

 

[ThePresence]

I'm getting back $750 or so between Fed and State.

 

[DaWhim]

gonna file my tax. oops! 3/21 already! :Q doing it tomorrow!
should have about $100ish

 

[flxnimprtmscl]

Originally posted by: aRCeNiTe

Originally posted by: GagHalfrunt
Remember folks, a refund might sound good on the surface, but it's actually counterproductive. The government IS NOT giving you money, they're just returning what you already overpaid them. What you're doing is giving them an interest-free loan for the last year. Instead of that money being invested and working to earn interest FOR YOU, it's making money for them. If you're getting money back instead of paying you're LOSING MONEY.

how are you losing money? just cause they make money off of it doesn't mean you're losing money off of it. I mean really, the majority of the people are going to be like OMGSH I HAVE MORE MONEY /me goes to newegg.com

Bill

It's called interest. Unless you leave your spare jack in a box under the bed you're losing money.

 

[TommyVercetti]

Originally posted by: GagHalfrunt
Remember folks, a refund might sound good on the surface, but it's actually counterproductive. The government IS NOT giving you money, they're just returning what you already overpaid them. What you're doing is giving them an interest-free loan for the last year. Instead of that money being invested and working to earn interest FOR YOU, it's making money for them. If you're getting money back instead of paying you're LOSING MONEY.

So how can a person plan better and not give the government more money?

 

[petery83]

Still need to file my taxes 🙁

 

[OZEE]

Would you let me borrow that money interest free for a year?!?

 

[NetGuySC]

$4700 from 2003 refund plus another $700 for when I amended my 2002 return

claimed single on w-4 all year, then claimed wife, daughter, myself, house interest, and part time business deductions .. gross about 37k

 

[EagleKeeper]

Originally posted by: TommyVercetti

Originally posted by: GagHalfrunt
Remember folks, a refund might sound good on the surface, but it's actually counterproductive. The government IS NOT giving you money, they're just returning what you already overpaid them. What you're doing is giving them an interest-free loan for the last year. Instead of that money being invested and working to earn interest FOR YOU, it's making money for them. If you're getting money back instead of paying you're LOSING MONEY.

So how can a person plan better and not give the government more money?

Two ways.

If your income and deductable expenses for 2004 are expected to be the same as 2003:
Look at what your income bracket precentage is:
Multiply that percentage by $2K.
Increase your W4 withholding exemption by your current refund difided by the above calculation.

OR

Look at what has been withheld for each quarter.
Increase your withohld exemption by 1 if the amount withheld that quarter is more than 1/4 of what the tax bill was for 2003.

Repeat this for each quarter until you are just about even.

Only increase again if you are disaplined enough to put the money aside to pay the taxes or you would have no problem dipping into your existing reserves/paycheck to pay a tax in 2005.