I am a bit PO'd about how much I over paid. However, the over payment pretty much covers my brand new heating system. I spent the better part of the day working on them and I filed. I typically wait until April but I wanted to know the damage and no damage.
Working DS'. his are more complicated due to income property.
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Sometimes you're the windshield, and sometimes you're the bug.
I haven't done mine yet. But they are really easy, takes me maybe 20 minutes to put all the info in and I'm done. I just haven't gotten around to it yet.
I haven't done mine yet. But they are really easy, takes me maybe 20 minutes to put all the info in and I'm done. I just haven't gotten around to it yet.
If you think you will get a refund, DG, do it! ASAP.
(You have already given the government, an interest free loan of your hard earned money.)
If you think you will owe, wait until the last minute, to send it in.
If you use Turbo Tax, or something similar...figure it out. And go from there.
So I put the new heating system on my LL Bean CC, as soon as the return comes in I will transfer it to the CC card. I will bet more than $100 in LL Bean bucks and they do not expire.
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Sometimes you're the windshield, and sometimes you're the bug.
I haven't done mine yet. But they are really easy, takes me maybe 20 minutes to put all the info in and I'm done. I just haven't gotten around to it yet.
If you think you will get a refund, DG, do it! ASAP.
(You have already given the government, an interest free loan of your hard earned money.)
If you think you will owe, wait until the last minute, to send it in.
If you use Turbo Tax, or something similar...figure it out. And go from there.
Just my two cents, for what they're worth.
I will get a refund. The whole "interest free loan" thing has never bothered me. I could spend the time, do the math and adjust my withholding, but that couple hundred dollars isn't worth the hassle to me.
I haven't done mine yet. But they are really easy, takes me maybe 20 minutes to put all the info in and I'm done. I just haven't gotten around to it yet.
If you think you will get a refund, DG, do it! ASAP.
(You have already given the government, an interest free loan of your hard earned money.)
If you think you will owe, wait until the last minute, to send it in.
If you use Turbo Tax, or something similar...figure it out. And go from there.
Just my two cents, for what they're worth.
I will get a refund. The whole "interest free loan" thing has never bothered me. I could spend the time, do the math and adjust my withholding, but that couple hundred dollars isn't worth the hassle to me.
If you're getting a couple of hundred, as your refund, yeehaw!
Not enough to sweat about. You came close to "breaking even".
We have never recieved a refund, even paying quaterly. There is just no way to know with his music. But we put back a ton of money, so we just pay it...
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America guarantees equal opportunity, not equal outcome...
A flock of flirting flamingos is pure, passionate, pink pandemonium-a frenetic flamingle-mangle-a discordant discotheque of delirious dancing, flamboyant feathers, and flamingo lingo.
DH takes the day off usually and gets them done. We do quarterly payments and still owe at the end of the year. With the state, we usually get back a pittance.
The only time I've owed was when I was in college. I was a resident of Ohio, but worked in Indiana. So I owed the state of Ohio and got a refund from the state of Indiana.
Usually I just get a few hundred back. I got a really big refund the first year I owned my house. I didn't realized how much extra I was going to be able to deduct. I adjusted my with holdings after that.
I have not files yet and that is unusual for me. I am waiting on two forms from two colleges. They were supposed to be available electronically but they are not. So I have to remember to call tomorrow and get them sent to me.
If we do not have the college credit, we break even most years. With the college credit for me, we have been getting larger refunds. But I don't know when that will stop so I don't want to adjust and then have to pay. Technically, 2016 was my fourth year but it is still considered my Junior year since I went part time for the first 2.5 years.
We are almost done getting everything together for the accountant. Our taxes are unusually complex this year with the purchase of our business. I'm so glad we have a good accountant to help us.
We owed last year so I increase my withholding, hopefully that evens it out. But we have some complex issues this year. Not looking forward to it so I am putting it off.
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Out of all the lies I have told, "just kidding" is my favorite !
I have not done ours, yet. I have no idea what it is going to look like which is strange for me. We had a lot of unexpected expenses on our rentals, which will reduce that income, and we paid quarterly taxes based on the prior year's income when it was a bit less this year. I'd be a bit excited for a refund. We tried to break even, but I'm hoping with everything we spent, it will come back a bit.
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LawyerLady
I can explain it to you, but I can't understand it for you.
I have not done ours, yet. I have no idea what it is going to look like which is strange for me. We had a lot of unexpected expenses on our rentals, which will reduce that income, and we paid quarterly taxes based on the prior year's income when it was a bit less this year. I'd be a bit excited for a refund. We tried to break even, but I'm hoping with everything we spent, it will come back a bit.
So that is what happened to me. I typically am level or owe/get refunded a small amount. But Last year was the first full year at my new job so I didn't know how everything would shake out so didn't change my withholding, however I increased both my 401K deduction and HSA contribution. AND I donated two bedrooms worth of furniture and donated a lot more cash to charities, so that is what happened with my 2016 return.
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Sometimes you're the windshield, and sometimes you're the bug.
I file as soon as possible, just to get it out of the way. And I always make sure that my withholding guarantees a refund.
I know it's "an interest free loan to the government". But, I'd rater do that than risk owing and coming up short when they come knocking for their money.
Yeah, we'll file an extension, probably get everything done in September or October. PAIN IN THE ARSE I tell ya. Thank God for accountants. I would never EVER be able to piece together ours.
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America guarantees equal opportunity, not equal outcome...
I like getting a refund. I know it's really my money I'm getting back but I like the once a year boost. I don't care about it being an interest free loan to the government.
I like getting a refund. I know it's really my money I'm getting back but I like the once a year boost. I don't care about it being an interest free loan to the government.
Yeah well interest rates in the banks suck so not loosing money by the gov't keeping it
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Sometimes you're the windshield, and sometimes you're the bug.
IMHO, if you came out, +$500, or -$500, you pretty much broke even.
And, did it right.
Of course, you don't want to "owe big", and by big, I mean over $1000. (The IRS will tag a penalty, on that.)
By the same token...you don't want a refund, in the thousands of dollars.
You could have been investing that money. You could have been putting it into a retirement account. If you still owe on your house, you could have paid down the principle.
Plus or minus, $500. IMHO, you did well. You came close to breaking even. (That is my humble opinion. That is what we always tried to do.)
We screwed up, big time, in 2016. A refund of $6900, is bad.
That won't be happening, again.
If we had owed, $800 or $900...I would have done the happy dance.
Well, I'm hoping for a big refund. We aimed for the break even but had several unexpected expenses on the rentals and a little less income than expected, so GIVE ME MY MONEY BACK!
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LawyerLady
I can explain it to you, but I can't understand it for you.
Well, I'm hoping for a big refund. We aimed for the break even but had several unexpected expenses on the rentals and a little less income than expected, so GIVE ME MY MONEY BACK!
Well, of course you want you money back, LL.
Do your taxes, already....and figure it out!
If they owe you a refund.......get on it...........quick!
Those big refunds are usually what we use to pay off nagging bills or save for a trip or something. One year part of it went to purchase our adorable dog.
If anyone's refund is pissing them off, I'll be happy to remove the burden ...
LOL!
Chef, you crack me up!
Yes, I'm mad, that we overpaid, by thousands.
Here's the kicker. If you under pay, by more than a thousand...you will pay a penalty.
But, when you over pay, by thousands...the IRS doesn't pay YOU any interest on that money.
(Again, my point is...come as close to breaking even, as you can. Plus or minus $500, is my personal "break even" point.)
JMHO.
Not exactly true. If you have changes during the year that were not anticipated it is OK to owe and no penalty.
Roger that, INWTDS, I was talking, in general.
I still think, the goal is, to come close to breaking even as you can. (Not owe a lot, not get a huge refund. I would think you would agree with that.)
If anyone's refund is pissing them off, I'll be happy to remove the burden ...
LOL!
Chef, you crack me up!
Yes, I'm mad, that we overpaid, by thousands.
Here's the kicker. If you under pay, by more than a thousand...you will pay a penalty.
But, when you over pay, by thousands...the IRS doesn't pay YOU any interest on that money.
(Again, my point is...come as close to breaking even, as you can. Plus or minus $500, is my personal "break even" point.)
JMHO.
My offer is still open
DH and I think differently than you do and that's ok. We'd rather pay too much and get a nice refund back. We view it as free savings account of sorts. Sure, it doesn't bear interest but given that we have zero access to it, we CAN'T spend it no matter what may arise. Then once a year, we get a nice chunk of fun money that we can use for whatever we want. We have our regular savings too for emergencies and such. Our way works for us.
My taxes will be cross border this year. Just figured out that I have 3 years of tax receipts from my US student loan that I never claimed. I should be in the + on CDN taxes this year but because I owed two years ago (tried to claim my US loans as CDN - oops!) I just use my annual refund to pay that down. I don't see any of it, but I get out of govt' debt, too!
A lot of people don't overpay to begin with. They get deductions for dependents, earned income credit, childcare credits, other deductions, etc. So they end up getting more than they pay in.
A lot of people don't overpay to begin with. They get deductions for dependents, earned income credit, childcare credits, other deductions, etc. So they end up getting more than they pay in.
A tax refund is only the difference between what you pay in and what you owe. You do not get back more than you pay in. There is the EIC "refund" which is basically a welfare payment distribution facilitated through the IRS. That is a tax credit as opposed to a tax refund. People who are eligible don't pay income taxes.
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Sometimes you're the windshield, and sometimes you're the bug.
My taxes will be cross border this year. Just figured out that I have 3 years of tax receipts from my US student loan that I never claimed. I should be in the + on CDN taxes this year but because I owed two years ago (tried to claim my US loans as CDN - oops!) I just use my annual refund to pay that down. I don't see any of it, but I get out of govt' debt, too!
That must be complicated preparing returns for two different countries. And you do see it, if the form of debt reduction. That must feel good.
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Sometimes you're the windshield, and sometimes you're the bug.
A lot of people don't overpay to begin with. They get deductions for dependents, earned income credit, childcare credits, other deductions, etc. So they end up getting more than they pay in.
A tax refund is only the difference between what you pay in and what you owe. You do not get back more than you pay in. There is the EIC "refund" which is basically a welfare payment distribution facilitated through the IRS. That is a tax credit as opposed to a tax refund. People who are eligible don't pay income taxes.
I got the EIC once. I didn't claim it, but the IRS "fixed" my return and sent me a check.
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LawyerLady
I can explain it to you, but I can't understand it for you.
And my refund was posted so I paid off the new heating system. That refund could have been a great vaca for me and the kids and DS' GF but not going to happen. I do need to remind myself that at least that furnace bill is paid for,
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Sometimes you're the windshield, and sometimes you're the bug.
