how do you people get so much back in taxes?

[Slammed 5,000+ posts]

they took almost $2,000 in taxes from me

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[elementxero 10+ year member]

they took almost $2,000 in taxes from me
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It's cuz you're a giants fan. The universe threw you one miraculous bone so it had to take something in return. Balance and all that. //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

 

[Rmsanger 10+ year member]

I always wonder why people brag about getting money back from taxes. All that this means is the government had the pleasure of holding your money throughout the year. I'd rather have that money now by claiming more deductions and pay up at the end of the year.

 

[oldschoolboomer 10+ year member]

this is the first year I have to pay in... plus a penalty for under paying through the year!!! They didnt pay me a penalty in the past for over paying!!!!!!!!!!!!! Oh well, made $125,000 in 2007

 

[MikeofTulsa Moderator]

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 used to be my problem, but i've got accustomed to receiving the large amount. Easier than trying to manage the small amount out of each check. This next year i am thinking about changing how i claim. but for now, i'll leave it as is.

 

[Qbenjamin 10+ year member]

they took almost $2,000 in taxes from me
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Deg, they got me too. I owe $1956. Wife will be getting back about $800. We file separately, as she likes to get money back, and I usually have to pay.

 

[HeatSeeker 10+ year member]

Im getting back 350... //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif

Better than last year when I got back 200 though

 

[delvryboy 5,000+ posts]

I am getting back over 6g's this year just myself. First child and I get to claim her as my fiance claims her two. I actually got back more than her this year, which is strange. She is getting 5800. I didn't even get 1000 back last year, lol! Still nice to have almost 12g's to work with.
Next year will be a bummer though, cause I will be married and she will claim head of household and well she will get a lot more back than me. //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif

Only one person can legally claim the kid, they'll catch it down the road.

 

[orion25 10+ year member]

Creative filing?

 

[filtor1 10+ year member]

I always wonder why people brag about getting money back from taxes. All that this means is the government had the pleasure of holding your money throughout the year. I'd rather have that money now by claiming more deductions and pay up at the end of the year.

woops, must have missed this post. The Govt. does not just "hold" your money. They invest it. In whatever brings the highest returns. They are using your cash to make the money you should have made on it with some management.

 

[filtor1 10+ year member]

that used to be my problem, but i've got accustomed to receiving the large amount. Easier than trying to manage the small amount out of each check. This next year i am thinking about changing how i claim. but for now, i'll leave it as is.

In all honesty, it is far from difficult to manage your cash than to accept a huge loss. Please take what I am saying as me wanting to help. The decision ofcoarse is up to you.

Ease is not a good reason to ignore a monetary loss. It is just as easy to estimate your return and adjust your claim accordingly. Divide by 12 and take that amount out of your check and invest it in a money market account or for that matter anywhere you wish. The entire process might take 1hr out of your year. If you have someone doing your taxes for you, tell them what you want to do and they will take care of it for you. It is either a lose lose or win win scenario. The choice is up to you.

The "small" amount that you would take out and invest would be working for you rather than decreasing in value while someone else is making money from it.

Use your money for you. All of it. If you had an extra 100K in an account waiting for you during retairement, or for an emergency, that would be a good thing, right?

 

[pilyin 10+ year member]

Claim school expenses.

 

[PollyCranopolis 10+ year member]

I grossed 20k last year and am getting back $1000.

 

[MikeofTulsa Moderator]

In all honesty, it is far from difficult to manage your cash than to accept a huge loss. Please take what I am saying as me wanting to help. The decision ofcoarse is up to you.
Ease is not a good reason to ignore a monetary loss. It is just as easy to estimate your return and adjust your claim accordingly. Divide by 12 and take that amount out of your check and invest it in a money market account or for that matter anywhere you wish. The entire process might take 1hr out of your year. If you have someone doing your taxes for you, tell them what you want to do and they will take care of it for you. It is either a lose lose or win win scenario. The choice is up to you.

The "small" amount that you would take out and invest would be working for you rather than decreasing in value while someone else is making money from it.

Use your money for you. All of it. If you had an extra 100K in an account waiting for you during retairement, or for an emergency, that would be a good thing, right?

i agree with you, but thus far in my life it has been easier for me to just do what i've been doing. like i said, im thinking about changing things around this year.

 

[thefordmccord 10+ year member]

I only got 780 back. That is more than I expected.