Author Topic: Tax Refund or Tax Due? (Read 845 times)

Halo · « **on:** March 25, 2007, 05:41:10 PM »

Ideally federal and state income taxes would be paid to the penny and not a cent more each year when taxes are due.

But many taxpayers find this impossible to achieve. So usually a little more or a little less is taken out of paychecks or put aside in savings each year so either a refund or a payment is due.

What do you do, purposely pay a little more than expected due each year so you will get a refund, or pay as little as possible so you'll have full use of your money all year?

Me? I deduct a little more. I don't want to owe, even if it means I theoretically lose interest on that extra withholding.

AWMac · « **Reply #1 on:** March 25, 2007, 05:50:27 PM »

I still owe 2K's for last Year to the IRS.

Working hard, struggling, trying to make ends meet.

They want my house and property.

Waiting for the Revolution.

Count me IN.

Mac

"Free America"

lasersailor184 · « **Reply #2 on:** March 25, 2007, 05:58:46 PM »

Quote

Originally posted by AWMac
I still owe 2K's for last Year to the IRS.

Working hard, struggling, trying to make ends meet.

They want my house and property.

Waiting for the Revolution.

Count me IN.

Mac

"Free America"

Worry not general Mac, it's still at least 2 years off.

nirvana · « **Reply #3 on:** March 25, 2007, 06:02:25 PM »

I've gotten refund checks the past 2 years I've been able to legally work, so I guess I pay more then I need to. It doesn't really make a difference to me, but getting the refund this year was like a 2nd monthly paycheck of $300:aok

Mark Luper · « **Reply #4 on:** March 25, 2007, 06:03:36 PM »

I don't have mine quite figured out yet since I became single. I got a lot more back this year than I epected. I would rather do that than pay though.

Mark

AWMac · « **Reply #5 on:** March 25, 2007, 06:14:25 PM »

Quote

Originally posted by lasersailor184
Worry not general Mac, it's still at least 2 years off.

Admiral lasersailor you make me feel very uncomfortable.

If I was your Ship, would you go down on me?

Muhahhahhaaa....

Mac

Dichotomy · « **Reply #6 on:** March 25, 2007, 06:21:17 PM »

*looks down the hall at my little tax deductions

got it back and spent it already

forHIM · « **Reply #7 on:** March 25, 2007, 08:39:35 PM »

with 9 "little tax deductions" its hard to adjust the withholding correctly. Plus the "overtime" tax rate for the bonuses I get ensures I get a refund each year.

At least this year the state finally put AMT adjustments to account for inflation. Hope the feds due that soon.

LePaul · « **Reply #8 on:** March 25, 2007, 08:51:03 PM »

Just being single I get taxed harder.

I actually changed my deductions from 0 to 1 to get a bit back in my check.

Refunds for as long as I can remember.

Rino · « **Reply #9 on:** March 25, 2007, 09:50:59 PM »

I always claim 0 for deductions for the refund. This year I was very
happy to get that money back as I have had major medical issues for the
past 6 months. Filing was a bit nerve-wracking as with the disability
added in to my normal salary it got complicated.

Gunslinger · « **Reply #10 on:** March 25, 2007, 10:04:32 PM »

With the kids, my meager military income, and now the house/deductions, I actually get back more than I pay in.

Yes I claim at a higher rate because I used to do contract work and get a 1099 for it. I never wanted to get screwed like I did one year and have to come up with 1000 bones out of no where.

Either way I get back about 180% what I pay in because of credits and such and it just dumbfounds me.

It's why I allways said you can't cut taxes for the poor as we don't pay a dime in taxes.

Mickey1992 · « **Reply #11 on:** March 25, 2007, 10:32:52 PM »

I owed about a grand last year, so I had more taken out every paycheck last year.

But then my wife quit her job last May, and I didn't stop the extra withholding. Now I am happy to say I am getting two grand back this year.

DREDIOCK · « **Reply #12 on:** March 25, 2007, 11:27:49 PM »

Pretty much broke even.
I think I got back like $50 or something like that

Ripsnort · « **Reply #13 on:** March 26, 2007, 09:38:42 AM »

I've not got a return in 17 years (about the time I got married).

I owe the IRS an ARB bumper and Warn Winch.

Maverick · « **Reply #14 on:** March 26, 2007, 09:47:20 AM »

I'm getting a refund from both state and fed.