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CowgirlChick97
Nike. Just do it.
Member since 5/05 3303 total posts
Name:
Brianna
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Just came back from getting my taxes done...
and we are only getting back 400!!!!!
i really dont know what to claim-we just got married in august
i started to claim married 1, last year i was at single 0, then changed it to 9 for a couple of months (need more $$ for the wedding!)
we have no write offs since we are in an apt....  what is the best to claim??
Message edited 3/31/2007 11:29:13 AM.
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Posted 3/31/07 11:28 AM  |
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BikerGrl
Merry Christmas!
Member since 5/05 2875 total posts
Name:
It's not the destination....it's the journey!
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Re: Just came back from getting my taxes done...
That sucks! I don't know the answer unfortunately. Did the person who did your taxes give ANY suggestions?
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| Posted 3/31/07 11:37 AM |
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meghanmetz
LIF Adolescent
Member since 5/05 525 total posts
Name:
Meghan
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Re: Just came back from getting my taxes done...
Posted by Syliblond81106
and we are only getting back 400!!!!!
i really dont know what to claim-we just got married in august
i started to claim married 1, last year i was at single 0, then changed it to 9 for a couple of months (need more $$ for the wedding!)
we have no write offs since we are in an apt.... what is the best to claim??
Lots of people disagree with me, but I'm a CPA and will give my two cents, from a financial perspective, it is great to get nothing/little back! Getting a tax refund means you gave the federal government an interest free loan, and why the heckl would you want to give anyone, let alone the government, money for free. Use whatever money you want taken out for taxes and autodeduct it into a savings account, that way you're making interest on your own money.
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| Posted 3/31/07 11:37 AM |
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BikerGrl
Merry Christmas!
Member since 5/05 2875 total posts
Name:
It's not the destination....it's the journey!
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Re: Just came back from getting my taxes done...
Posted by meghanmetz
Posted by Syliblond81106
and we are only getting back 400!!!!!
i really dont know what to claim-we just got married in august
i started to claim married 1, last year i was at single 0, then changed it to 9 for a couple of months (need more $$ for the wedding!)
we have no write offs since we are in an apt.... what is the best to claim??
Lots of people disagree with me, but I'm a CPA and will give my two cents, from a financial perspective, it is great to get nothing/little back! Getting a tax refund means you gave the federal government an interest free loan, and why the heckl would you want to give anyone, let alone the government, money for free. Use whatever money you want taken out for taxes and autodeduct it into a savings account, that way you're making interest on your own money.
GREAT point!! I may take that advice myself after we get our taxes done!
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| Posted 3/31/07 11:40 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Just came back from getting my taxes done...
Posted by meghanmetz
Lots of people disagree with me, but I'm a CPA and will give my two cents, from a financial perspective, it is great to get nothing/little back! Getting a tax refund means you gave the federal government an interest free loan, and why the heckl would you want to give anyone, let alone the government, money for free. Use whatever money you want taken out for taxes and autodeduct it into a savings account, that way you're making interest on your own money.
I will be one more person to disagree with you. sorry 
DH and I paid SOOOOO MUCH $ in taxes in 2006. I got taxed 40% on my severance package and because I got it in 2006, it pushed us up into the next tax bracket. it was like adding insult to injury 
Message edited 3/31/2007 11:46:27 AM.
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| Posted 3/31/07 11:46 AM |
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meghanmetz
LIF Adolescent
Member since 5/05 525 total posts
Name:
Meghan
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Re: Just came back from getting my taxes done...
Posted by SweetestOfPeas
Posted by meghanmetz
Lots of people disagree with me, but I'm a CPA and will give my two cents, from a financial perspective, it is great to get nothing/little back! Getting a tax refund means you gave the federal government an interest free loan, and why the heckl would you want to give anyone, let alone the government, money for free. Use whatever money you want taken out for taxes and autodeduct it into a savings account, that way you're making interest on your own money.
I will be one more person to disagree with you. sorry
DH and I paid SOOOOO MUCH $ in taxes in 2006. I got taxed 40% on my severance package and because I got it in 2006, it pushed us up into the next tax bracket. it was like adding insult to injury
Like I said, lots disagree
However, to be clear, Im not suggesting you should owe at the end of the year, nothing worse than having to write a fat check that you arent prepared to write. IMO the goal should be to break even at the end of the year.
I understand the whole "forced saving" argument, and it feels great to get the big check back at the end of the year, but you're throwing away what could be a lot of interest, especially when compounded. To each their own. 
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| Posted 3/31/07 5:21 PM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: Just came back from getting my taxes done...
Posted by meghanmetz
Posted by Syliblond81106
and we are only getting back 400!!!!!
i really dont know what to claim-we just got married in august
i started to claim married 1, last year i was at single 0, then changed it to 9 for a couple of months (need more $$ for the wedding!)
we have no write offs since we are in an apt.... what is the best to claim??
Lots of people disagree with me, but I'm a CPA and will give my two cents, from a financial perspective, it is great to get nothing/little back! Getting a tax refund means you gave the federal government an interest free loan, and why the heckl would you want to give anyone, let alone the government, money for free. Use whatever money you want taken out for taxes and autodeduct it into a savings account, that way you're making interest on your own money.
i agree with this. it makes perfect sense to only get $400 when you have no deductions.
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| Posted 3/31/07 5:22 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: Just came back from getting my taxes done...
i was going to mention the interest-free loan to the government, and it's better to break even... but that's been said.
all i can add is... it's better to receive $400 than to owe uncle sam $400
hope you spend it wisely
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| Posted 3/31/07 6:04 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Just came back from getting my taxes done...
if you get back a lot- that just means they are taking too much out of your paycheck... so you are still getting back- which is better than paying...
at least you have more money in your pay check- that's what we have- with the cost of DD's formula and diapers- we need every pennny in that check.
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| Posted 3/31/07 8:57 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Just came back from getting my taxes done...
that would make sense to me. Glad you got a refund. This year DH had a lot of 1099 income and our expenses/deductions have not increased. We always get back but I have a feeling this year we will pay.
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| Posted 3/31/07 8:58 PM |
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