Tax time.... Refund or Owe???

[Mr. Dweezel]

It's tax time again!

Do you usually owe money, or do you usually get a refund?

I usually owe!

[yoda313]

Ha I'm already done (owed a bit for state and federal). But I finally wanted to get it done early. I had been waiting until the first weekend in april the last few years. No more. I got mine going in February and I'm all done. H and R block.com for me Nice time saver

[Bodyslide]

Very Small Refund. I like to try to break even....

[Xylob the Destroyer]

I always get a refund.
Several years ago I had to pay -- and it was unexpected.
I changed my deductions and figured it wouldn't be an issue again. Then the next year I had to pay again! It sucked, as it was again an unexpected expense.
I vowed then & there, "NEVER AGAIN!".
I claim single and 0 with an extra $35.00 towards FITW from every paycheck.
We bought a house last year and filed jointly for the first time -- nailed a big fat refund!
Next year we will be able to claim interest on the house too, looking forward to that!

[SquirrelDip]

Similar situation to Xylob the Destroyer - always file single even with decent deductions. Between the wife and myself we get back (usually) a few grand.

[Conquest10]

Got back money on federal but it turned out I owe about $9 in state. Just got my federal check so I may file my state return sometime this week.

[zzyzzx]

I pay in thousands extra each year. Around a total of ~$5300 additional in estimated payments and payments sent in when I completed the forms. This is mostly due to huge capital gains distrubutions though.

[MJA]

me and my wife got 4k from the fed (Thanx for the new house) and from the stingy state less than a $100

[Mr. Dweezel]

Usually when somebody gets a refund it's because they overpaid their taxes
throughout the year.

When somebody owes it's usually because they didn't pay enough taxes throughout the year.

The reason I started this thread was because of something that happened 30 years ago.

There was a guy where I used to work who would always get a
mega-thousand dollar refund.

The other people admired him, and they wanted to get a huge refund just like him.

Well, if I'm correct, he was getting those huge refunds because too much
was being deducted from his paychecks. Then at tax time the 'Gov' was returning
his money to him!

That's why I usually owe!!!

Capital gains, stocks and real estate are handled by our accountant
because I hate doing accounting.

me and my wife got 4k from the fed
(Thanx for the new house) and from the stingy state less than a $100

Are you sure the 'Gov' paid for your new house? :P

H and R block.com for me. Nice time saver...

Heeeeey Yoda.....

I thought you're an accountant!!! :P

[MJA]

we paid over 15k for fed,so 4k back isn't enough I think

[SquirrelDip]

@Mr. Dweezel : Monetarily speaking I agree completely with the point owing is better than getting but... I like to think of overpaying like insurance - being in a position of owing what could be a fair sum of money (and not having it) is far worse than the interest lost.

It's also like finding that 20 dollars in your pocket you forgot about...

[yoda313]

yoda313 wrote:

H and R block.com for me. Nice time saver...

Heeeeey Yoda.....

I thought you're an accountant!!!

Sorry I do accounts payable not taxes

Though I can do it manually if I choose but I'm lazy

[stiltman]

If I didn't lie on my taxes, I would owe ever year.
I've been through 3 audits and came out not owing anything each time......big reason...reciept books you can buy just like anyone else that owns a biz.

[Mr. Dweezel]

@Mr. Dweezel : Monetarily speaking I agree completely with the point owing is better than getting but... I like to think of overpaying like insurance - being in a position of owing what could be a fair sum of money (and not having it) is far worse than the interest lost.

It's also like finding that 20 dollars in your pocket you forgot about...

Yes, it's VERY true that some people would have a hard time coming up
with the money at tax time, even though they would have paid it to
the Gov throughout the year if they were getting a refund.

I've seen people live from paycheck to paycheck. Not because they're broke, but
because they blow the check once they get it.

I had to read your post a few times, but now I understand what you are saying.

But I understood your thread about the elephant story!!! :P :P

[Mr. Dweezel]

If I didn't lie on my taxes, I would owe ever year.
I've been through 3 audits and came out not owing anything each time......big reason...reciept books you can buy just like anyone else that owns a biz.

Hey Stilt,

That reminds me of when I worked in a gas station when I was a
kid way back in 19--.

Customers would buy, for example, $2 worth of gas but they would
want the receipt made out for $20.

I wasn't old enough to realize why they requested that!

[AlecWest]

I was done by the 2nd week of January. I usually break even ... and this time around was typical. I got money back from the IRS but owed money to my state Revenue Dept. Since I got back more from the Feds than I owed to the state, it was a net plus.

[stiltman]

If I didn't lie on my taxes, I would owe ever year.
I've been through 3 audits and came out not owing anything each time......big reason...reciept books you can buy just like anyone else that owns a biz.

Hey Stilt,

That reminds me of when I worked in a gas station when I was a
kid way back in 19--.

Customers would buy, for example, $2 worth of gas but they would
want the receipt made out for $20.

I wasn't old enough to realize why they requested that!

When I worked construction, I would write 30K in miles a year. I kept a log book for all. Dang thoughs were the good ole days. I think everyone that worked for the company did the same thing. A company of 70 and every year at least 1 or 2 of us were being audited. One guy was audited 4 years in a row, he's the one that told me the trick about the reciept books. He had about 20 custom made books all for different businesses. He never lost an audit challenge.

Now I do it mostly for rental repair costs