Spinoff of Tax Refund

How do some people get so much back? Do you have alot of deductions? We get back about the same amount each year and it not in the tens of thousands like some people get. I don't want to fool around with things like this so I go to ole' H&R Block.

Re: Spinoff of Tax Refund

for us it was medical expeneses that were not covered by insurance
and cobra payments-

and all of our other normal write offs b/c my DH is 1099- so he can write tons of stuff off

on top of a less then stellar year in the mortgage business

it's a give and take- a good year for us means we owe, a bad year means we bascially get back what we paided in

Re: Spinoff of Tax Refund

According to my accountant....last year, was the last time I will ever receive a refund, since I started my own business in 2006

He said...anything I would get back, he will just apply to my estimated taxes which are due in April anyway. No sense to give me the money...only to give it back

Message edited 3/15/2007 4:43:36 PM.

Re: Spinoff of Tax Refund

Re: Spinoff of Tax Refund

We're getting a lot back because we both had COBRA health insurance and paid a LOT for it. Since I was in school most of the year and FH supported me, he's claiming me as a dependant, so he's going to get a nice amount of money back.

For me, i'm getting back $10. Most of the money I made was cash and I ddin't pay a lot in. But I also didn't make a lot of money at all to begin with

ETA: Student loan or mortgage interest can be a big deduction!

Message edited 3/15/2007 4:45:59 PM.

Re: Spinoff of Tax Refund

DH is a cop so he gets to write off a lot.

Re: Spinoff of Tax Refund

We have a lot of deductions with DH's job, plus we both have student loans. We also were able to deduct all the taxes we paid on stuff for the wedding (we paid tax on our hall, my dress, etc) and our 2 new cars we bought last year. If you own a house, that helps too. You can also lower your taxable income by putting more money into your 401K. We get back around $5K each year and we don't own a house yet.

Message edited 3/15/2007 5:14:36 PM.

Re: Spinoff of Tax Refund

Most likely because we had a baby last year, and bought a house too (DH does the taxes, so that's just my guess!)

Re: Spinoff of Tax Refund

We have 2 children plus a house that we pay a LOT of taxes on, combined with the amount they take out of my husband's bonus and the losses from the stock market. Plus the amount of deductions from my DH's checks are enough to feed a small country (or so he says)...so with all of that, we usually average a refund between $10-13,000. This year we received $11, 700.

Re: Spinoff of Tax Refund

We have a kid and we make under a certain amount so we get credits.

Re: Spinoff of Tax Refund

We have a baby, we had a full year in the house, and we take less pay in our paychecks.

Also DH works from home sometimes and we donate money.

Re: Spinoff of Tax Refund

I have no idea!!!!

I know that only 1/2 of my salary is OTB, so maybe that puts us in a lower bracket.
We own a home, but that's really it.....
We got back a nice chunk too....

Re: Spinoff of Tax Refund

I credit it to two things, a mortgage and a great accountant.

Re: Spinoff of Tax Refund

We have 2 kids and a house and get no where near some people. I would rather have the money in my pocket though each week so I can get interest on it, not the government.