how do you people get so much back in taxes?

[filtor1 10+ year member]

One more thing for those who think bigger returns are a good thing and plan out their year to receive this "bonus", if you consider the Tine Value of Money and factor that into the equation, you are actually losing at an exponetial rate. Your "refund" is worth less than the money you allowed to be taken out compounded 12 times that taxable year.

Take that into consideration. Your $2k+ refund isn't really worth what you think it is by the time you get the check.

Don't take my word for it though. Do your own math.

 

[filtor1 10+ year member]

cause the gov. is thinkin were gonna put it or spend it all back in the econemy but most are saveing it.

You are correct, the govt. wants us to spend what we get back to stimulate the economy.

The average American is saving, remember this is averaged over the entire population, just above 0% of thier income. People are not saving. I would like to know what makes you think this?

 

[duece212 5,000+ posts]

You can actually estimate your expected return based on your income. My wife and I personally try to get a return of zero by adjusting how many claims we have. This is the first year we have owned a home and we weren't sure how o account for the writeoff amount of the house. We will be getting back just under 2K. I would rather have that money through the year than give it to someone else to use to invest and earn interest on it. When the wife and I were both working, we would use that same method of estimation and estimate the dollar amount of what we should have paid and divide by 12 and fund a portion of our IRA's with the money. If it exceeded the amount we could put into that account, we put the remainder in a money market.
Getting a big return isn't a good thing. Unless you are not good at money management.

That right there describes why so many people don't take the "smart" approach. Whether it be out of fear of owing taxes and not having the money, or thinking they will just spend the dough monthly on goofy shit (which happens at return time anyhow), people just don't think ahead.

Hell if you have a 401k plan at your business and get matched contribution and your not maxing that atleast put the money there instead of giving it to the government every month. Lower your taxes and save money at the same time.

 

[BringDaBoom 10+ year member]

i just figured mine and im gettin 746 back, which im happy with, but how do some of you get 2-3k?

Houses, marriage, kids, etc.

I was married last year and she claimed her child. With the marriage and child bonus we got back $4200. Prior to that all my tax backs were in the $800's as a single male.

 

[IgnoreMe 5,000+ posts]

i dont know. when i was working for lowes, after a year of work i got back $45 //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[DBfan187 5,000+ posts]

I owed $1 to the state this year.

 

[DBfan187 5,000+ posts]

I was gonna write "find the bastards whole smashed my mailbox 2 years ago!"

 

[SteveSkal]

Own a House! All the mortgage interest you pay get deducted. First year I owned my home I filed online at Turbo Tax and it was like I hit a slot machine when I entered the "Mortgage Interest paid to Banks", the refund just started going up up up up, all I needed was some bells going off and I would have thought I was in Vegas.

 

[Ignatowski 5,000+ posts]

I always pay a few grand.....

 

[qtlpextra]

Real Gs don't pay taxes. We gets green paper bishes.

 

[filtor1 10+ year member]

I owed $1 to the state this year.

Perfect! I wish I could make that happen every year. //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

 

[filtor1 10+ year member]

I always pay a few grand.....

Do you own your own business? Invest the difference? Just curious.

 

[elementxero 10+ year member]

I make ~50k a year and I OWE 380.

Government wants everyone over 20 to own a house and be married with 10 kids. Reward everyone who throws life away gogogo!