We only got back $3K however we now own a house, had huge interest on it paid big taxes and all our friends got back over $7K, I know it depends on alot of different issues, but we are so disappointed.
Hazeleyes33
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Re: Disappointed with tax return...
I think that is pretty good. We didn't get that much back and we have a house and 2 kids! How does everyone get SO much back??!! I thought the more you make, the less you get back?
julz33
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Re: Disappointed with tax return...
People can get a lot by claiming zero all year. People get so excited over tax returns... keep in mind it was their money all along. Those of us who get a smaller return are getting more money in our paychecks every week
meghanmetz
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Re: Disappointed with tax return...
I know a lot of people look forward to a big tax return, but when you get money back do you know what you did, you gave a 0% interest loan to the government. So while I understand how exciting it can be to get a huge amount of money handed to you, it would burn me up to know I lent all that money to the government and they didn't have to pay a dime for their borrowed money.
Valentinegirl
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Re: Disappointed with tax return...
I tried claiming 1 instead of 0 for a few eeks and it was only a few extra $ a week, like $20. It was worth it for me to get it all together in the end cause it's like a savings for us to do house stuff.
kittyke
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Re: Disappointed with tax return...
You all make sense ! Thank you, just got a little depressed when people in our same situation are getting a $9,000 check!
Sassyz75
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Re: Disappointed with tax return...
Posted by julz33
People can get a lot by claiming zero all year. People get so excited over tax returns... keep in mind it was their money all along. Those of us who get a smaller return are getting more money in our paychecks every week
exactly! If you were to claim the proper deductions throughout the year and put the extra $ into a savings account or a CD you'd have more money then getting a lump sum back at the end of the year from the gov't.
marymoon
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Re: Disappointed with tax return...
It IS disappointing, but just know that you had more $$ all year. Did you use an accountant you can trust?
i know how you feel about getting a tax return. i'd rather have it now than all year, that $50 here and there would have all been spent, but now we have a lump sum and I think we're gonna go on vacation
ckgmwedding
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Re: Disappointed with tax return...
Posted by julz33
People can get a lot by claiming zero all year. People get so excited over tax returns... keep in mind it was their money all along. Those of us who get a smaller return are getting more money in our paychecks every week
I was just going to say that!
Katherine121
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Re: Disappointed with tax return...
Posted by meghanmetz
I know a lot of people look forward to a big tax return, but when you get money back do you know what you did, you gave a 0% interest loan to the government. So while I understand how exciting it can be to get a huge amount of money handed to you, it would burn me up to know I lent all that money to the government and they didn't have to pay a dime for their borrowed money.
Thanks for giving me perfect perspective on this. Somehow we look at income tax refunds as 'found money' of sorts or 'extra' when it is so far from either one. I used to do single '0' - now I do a lot more for half the year so I can bring home more money and Uncle Sam does not have his mits on my money, especially since I'm trying to pay for a wedding!
meghanmetz
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Re: Disappointed with tax return...
No problem, I used to get excited about it too, but the thought of giving free funding to the government makes me rather owe taxes than get them back, especially with the current admininstration. This is the only time of year that all of my tax classes from college help me out. (I'm an accountant, but I don't do taxes).
Hazeleyes33
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Re: Disappointed with tax return...
We used H&R block for the last 2 years so I know we got back what we were supposed to. I too, would rather have the money every week in our checks than once a year.
ckgmwedding
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Re: Disappointed with tax return...
I just finished doing my taxes myself and I own a condo. I don't claim 0 so I don't expect much back. Also my stupid school district doesn't take out taxes on our summer school pay so you get a large sum when you work but then owe it back to the government at tax season. So I didn't get the 7000 back that my friend's in the same situation did but I looked at my tax return if I didn't have the household to itemize and I would have OWED over 1500 in taxes from summer school and by having claimed 2 during the year. Instead I am getting back a little over 3000. After my property taxes and insurance, I am ahead of the game by about a 1000. Just thought that would help you homeowners understand just how owning a home DOES reduce your taxes. It just depends on when you see the money- little by little in your checks or a large lump sum from the government. I would rather have that money all year. If I could figure it out, I would rather not owe or get a return at all.
I hope that helps!
christy
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Re: Disappointed with tax return...
Posted by julz33
People can get a lot by claiming zero all year. People get so excited over tax returns... keep in mind it was their money all along. Those of us who get a smaller return are getting more money in our paychecks every week
This is our situation, last year we got a lot back because we claimed 0. This year DH changed his claim so that we get more of our money during the year. It just makes more sense. We still got a nice amount back too.
