Taxes!!

[journey11]

I look forward to tax season too. Ours has gotten a little more complicated the past few years, but I still do my own taxes and will till the day I die because I refuse to give away any more of my money than I have to! We always get a refund. We've adjusted our withholding several times over the years with our life changes and have our exemptions set to give us as much of our money in our paycheck as possible, but with my tax situation and a few credits I'm entitled to, I always get a nice chunk of money back.

I agree with WZ, keep your money for yourself! Some people look at their refund as a bonus or a windfall, but in reality, it's your money the gov't has held from you and used to their own benefit without paying you any interest due!! (Yet you better believe they'll not be so gracious to you if you make an error or pay late if you owe.) I'll take my money and use it for my own benefit throughout the year, thank ya much!

 

[FarmerChick]

no I disagree for my situation

I get a little over $6K back each year. I can not, will not and won't bank this "extra" $6K by myself. I already bank money from our paychecks, but I would NOT bank this extra money from this refund.

So I get $6K back and yes I am not worried that it won't be there. Sure it will lol I am more than willing to take my chance on it lol

this $6K is a blessing big time when I get that check! I cash it and roll in the cold hard cash all over my bed well, not really tho--but I sure take some wonderful beach vacations and other vacations

So for me, I will always do this and it works best for my family situation.

 

[Wannabefree]

Huh...I forgot about taxes Guess I'll be filing in a few weeks soon as we get W2's. NO IDEA what ours is gonna look like this year...kinda scary.

 

[FarmerChick]

Has anyone ever owed money?

luckily for me it has always been refunds...never had to pay more.

just wondering ??

 

[patandchickens]

Yeah, I've at times had to write a check to the IRS. Due to trying to be as close to zero-net-withheld as possible and erring on the wrong side

For someone with a bigger checking-account cushion than I had at the time it would still probably have been worth it but for me it was REALLY irritating (I do not mind eating rice and beans for days and days on end voluntarily or due to unexpected reverses, but dislike it when I have to do it because of poor advance planning).

Which is why my attitude these days is to have withholding (of husband's paycheck only, since I don't get one anymore) calibrated so that we expect to get $1000-2000 back. That pretty much eliminates any likelihood (for us) of a surprise tax bill with no convenient surplus to pay it with, without unreasonably (to me) lending money to the feds.

Since we have a better cash cushion than I used to when I was single it would probably be fine to reduce withholding a bit more, but, <shrug>

Pat

 

[FarmerChick]

writing a check to the IRS has got to be one of the hardest things to do in life

yea I think alot of people do get caught in that situation when you try to make it as close as possible.

 

[Wifezilla]

Has anyone ever owed money?

We are small business owners. We owe all the @#&%$@&^# time.

 

[Wannabefree]

Has anyone ever owed money?

luckily for me it has always been refunds...never had to pay more.

just wondering ??

Once upon a time....LONG LONG ago when we actually MADE some money....we had to pay in. It was a miniscule ammount, I had it almost down to the penny

 

[cackle]

When my husband was being published yes we had to pay the IRS> I guess that is why I am afraid now to break even on the taxes. There are two of us and i claim M@ and we get back around a grand. Hard time make me look forward to the refund. This year we will get a little more back due to losing our shirts on some rental property.

I just figured my sons and his wife. They live on one income and get back a ton each year based on Earned income credit and child credits for their two kids. I wish I was getting back what they are. It will pay their mortgage for the year!!

 

[abifae]

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