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Your tax return - 2 questions for you
obviously only answer if you feel comfy!
1) Did you end up with more or less than you anticipated?
2) What are you going to do with it
(if you got money back) save, pay off debt, vacation, etc?
Message edited 3/14/2011 11:05:44 PM.
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Posted 3/14/11 10:58 PM  |
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Jacksmommy
My love muffin!
Member since 1/07 5819 total posts
Name:
Liz
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Re: Your tax return - 2 questions for you
1. I ended up paying less than anticipated :)
2. Obviously nothing since I paid :)
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| Posted 3/14/11 11:04 PM |
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Babymakin
LIF Adult
Member since 12/10 920 total posts
Name:
Sarah
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Re: Your tax return - 2 questions for you
I never ever EVER get money back. Maybe $200. But I pay the exact correct amount of taxes I owe.
I never understood people who get a lot of money back short of write offs.
But to have a lot taken out, and give uncle sam a free loan. I just
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| Posted 3/14/11 11:09 PM |
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KwaaksNest
Love my boys!
Member since 6/10 2825 total posts
Name:
Samantha
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Re: Your tax return - 2 questions for you
1- i got back less then i expected
2-paying off the rest of my wedding which is occuring this november
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| Posted 3/14/11 11:11 PM |
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monkeybride
My Everything
Member since 5/05 20541 total posts
Name:
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Re: Your tax return - 2 questions for you
Somewhat less than we anticipated but we don't really give it a lot of thought to begin with. Ideally we did well b/c we aren't getting a huge return which means we weren't lending the government money.
It's going toward our vacation.
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| Posted 3/14/11 11:14 PM |
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Re: Your tax return - 2 questions for you
Posted by Babymakin
I never ever EVER get money back. Maybe $200. But I pay the exact correct amount of taxes I owe.
I never understood people who get a lot of money back short of write offs.
But to have a lot taken out, and give uncle sam a free loan. I just
yeah, I always heard this from Suze Orman, who says it is better to owe than receive money.
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| Posted 3/14/11 11:15 PM |
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WhatNow
Say Cheese!
Member since 1/06 8033 total posts
Name:
A (formerly WhatNow?)
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Re: Your tax return - 2 questions for you
Posted by speakthetruth
Posted by Babymakin
But to have a lot taken out, and give uncle sam a free loan. I just
yeah, I always heard this from Suze Orman, who says it is better to owe than receive money.
Why?
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| Posted 3/14/11 11:30 PM |
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Re: Your tax return - 2 questions for you
Posted by WhatNow
Posted by speakthetruth
Posted by Babymakin
But to have a lot taken out, and give uncle sam a free loan. I just
yeah, I always heard this from Suze Orman, who says it is better to owe than receive money.
Why?
She says we are "loaning Uncle Sam money" when you could be paying off your own debts and stuff yourself throughout the year.
here is an article where she explains further
I sometimes agree with her, but sometimes it's hard to listen to all of her advice b/c I feel she can be out of touch to the middle class. I am also certain she pees liquid gold. 
Message edited 3/14/2011 11:34:59 PM.
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| Posted 3/14/11 11:34 PM |
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Babymakin
LIF Adult
Member since 12/10 920 total posts
Name:
Sarah
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Re: Your tax return - 2 questions for you
Posted by WhatNow
Posted by speakthetruth
Posted by Babymakin
But to have a lot taken out, and give uncle sam a free loan. I just
yeah, I always heard this from Suze Orman, who says it is better to owe than receive money.
Why?
Because the IRS takes money from your paycheck for taxes every paycheck.
YOU tell them how much to take (by your deductions, (0-1-2 etc). People also have a box that they can have EXTRA money taken out.
So the MORE money you give them, arguably, the MORE money you can get back in a refund.
WHY ON EARTH would you give the government MORE money than you owe during the year??? They keep in THEIR bank. THEY make intrest on it. THEY invest it. THEY make money off it. When they give it back, they give you back EXACTLY what you overpaid. Not a penny more. But THEY have made a lot of money over YOUR overpayment
If YOU kept it, YOU could have invested it. YOU could have made money off it. YOU could have made interest.
So you are giving them a free loan.
And yes, its always best to owe a little then get back a lot. That way YOU had YOUR money the whole time.
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| Posted 3/14/11 11:38 PM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: Your tax return - 2 questions for you
I had a lot of tax taken out of my bonuses so I get some of that money back when I do my taxes.
Some of the money is going into 529, some is being used to take a real vacation in the fall.
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| Posted 3/14/11 11:51 PM |
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WhatNow
Say Cheese!
Member since 1/06 8033 total posts
Name:
A (formerly WhatNow?)
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Re: Your tax return - 2 questions for you
Posted by Babymakin
Posted by WhatNow
Posted by speakthetruth
Posted by Babymakin
But to have a lot taken out, and give uncle sam a free loan. I just
yeah, I always heard this from Suze Orman, who says it is better to owe than receive money.
Why?
Because the IRS takes money from your paycheck for taxes every paycheck.
YOU tell them how much to take (by your deductions, (0-1-2 etc). People also have a box that they can have EXTRA money taken out.
So the MORE money you give them, arguably, the MORE money you can get back in a refund.
WHY ON EARTH would you give the government MORE money than you owe during the year??? They keep in THEIR bank. THEY make intrest on it. THEY invest it. THEY make money off it. When they give it back, they give you back EXACTLY what you overpaid. Not a penny more. But THEY have made a lot of money over YOUR overpayment
If YOU kept it, YOU could have invested it. YOU could have made money off it. YOU could have made interest.
So you are giving them a free loan.
And yes, its always best to owe a little then get back a lot. That way YOU had YOUR money the whole time.
Thank you! Very good points, actually! See, I was always under an impression that it's best to know something is coming to you in April rather than to know that you might have to pay up. However, if looking at that money as something that could have been making YOU money this whole time, than yes, the way you are describing is definitely better!
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| Posted 3/15/11 12:57 AM |
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sfp0701
Liam's Mommy!
Member since 1/07 9764 total posts
Name:
Tricia
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Re: Your tax return - 2 questions for you
We got about what we expected.. maybe slightly more.
We bought a shed!!!!!! Whoohooo it's coming Monday. You have no idea how excited I am for this.
And we replaced our CD player in the living room. We got a cute small one that plays Ipod's too. Love it!
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| Posted 3/15/11 6:41 AM |
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sfp0701
Liam's Mommy!
Member since 1/07 9764 total posts
Name:
Tricia
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Re: Your tax return - 2 questions for you
Posted by WhatNow
Posted by Babymakin
Posted by WhatNow
Posted by speakthetruth
Posted by Babymakin
But to have a lot taken out, and give uncle sam a free loan. I just
yeah, I always heard this from Suze Orman, who says it is better to owe than receive money.
Why?
Because the IRS takes money from your paycheck for taxes every paycheck.
YOU tell them how much to take (by your deductions, (0-1-2 etc). People also have a box that they can have EXTRA money taken out.
So the MORE money you give them, arguably, the MORE money you can get back in a refund.
WHY ON EARTH would you give the government MORE money than you owe during the year??? They keep in THEIR bank. THEY make intrest on it. THEY invest it. THEY make money off it. When they give it back, they give you back EXACTLY what you overpaid. Not a penny more. But THEY have made a lot of money over YOUR overpayment
If YOU kept it, YOU could have invested it. YOU could have made money off it. YOU could have made interest.
So you are giving them a free loan.
And yes, its always best to owe a little then get back a lot. That way YOU had YOUR money the whole time.
Thank you! Very good points, actually! See, I was always under an impression that it's best to know something is coming to you in April rather than to know that you might have to pay up. However, if looking at that money as something that could have been making YOU money this whole time, than yes, the way you are describing is definitely better!
I agree to a point. But, some people have trouble saving and it's nice to get the money. I do the same for my paycheck. I am a teacher so I let my school take out a bit each paycheck and then they give it to me in June to get me through the summer. I live paycheck to paycheck and I know that money would get spent. So it works for me. But, it drives my friend at work NUTS that I do that. Whatever. Everyone does what they need to do.
I don't get a huge amount back. I get a little chunk of money. We owed once and we owed enough that it was horrible and I will never do that again. I can remember sobbing when I did my taxes and realized that I owed several thousand dollars. . I changed everything and now I get a small amount back.
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| Posted 3/15/11 6:45 AM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: Your tax return - 2 questions for you
I ended up getting more than I anticipated.
It's all going into some house renovations and bills.
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| Posted 3/15/11 6:57 AM |
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05mommy09
Family of 5!
Member since 5/05 15364 total posts
Name:
<3 Mommy <3
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Re: Your tax return - 2 questions for you
Pretty much the same as last year; which is what we anticipated...
75% went to savings; the other 25% went to a vacation
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| Posted 3/15/11 7:01 AM |
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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Re: Your tax return - 2 questions for you
1- we got more than i thought.
2-use 75% of it for preschool and then the rest towards our town water hook up.
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| Posted 3/15/11 7:02 AM |
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PearlJamChick
No one sings like you anymore.
Member since 7/10 9264 total posts
Name:
Petticoated Swashbuckler
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Re: Your tax return - 2 questions for you
We ended up with a little more than we expected 
It's going right into savings. Boring. LOL. Obviously I am the more impulsive one in the relationship.
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| Posted 3/15/11 7:07 AM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Your tax return - 2 questions for you
We are getting a refund which we weren't expecting.
Using it for our vacation.
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| Posted 3/15/11 7:09 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Your tax return - 2 questions for you
Posted by speakthetruth
Posted by WhatNow
Posted by speakthetruth
Posted by Babymakin
But to have a lot taken out, and give uncle sam a free loan. I just
yeah, I always heard this from Suze Orman, who says it is better to owe than receive money.
Why?
She says we are "loaning Uncle Sam money" when you could be paying off your own debts and stuff yourself throughout the year.
here is an article where she explains further
I sometimes agree with her, but sometimes it's hard to listen to all of her advice b/c I feel she can be out of touch to the middle class. I am also certain she pees liquid gold.
I saw an episode of one of her shows where she told someone to make copies of DVDs and CDs, then sell the originals.
That's potentially a Federal offense, with MASSIVE penalties and jail time.... great investment advice.... 
Message edited 3/15/2011 7:11:08 AM.
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| Posted 3/15/11 7:10 AM |
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EckoRed81504
We are complete <3
Member since 12/07 6299 total posts
Name:
April
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Re: Your tax return - 2 questions for you
We got more than we thought. It's going towards bills, savings and a mini vacation.
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| Posted 3/15/11 7:17 AM |
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missfabulous
#mommyneedswine
Member since 6/09 10031 total posts
Name:
Colleen
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Re: Your tax return - 2 questions for you
We ended up with more than we thought. We're putting it in savings since we're buying a house right now!
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| Posted 3/15/11 7:58 AM |
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acm1899
LIF Adult
Member since 1/11 1085 total posts
Name:
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Re: Your tax return - 2 questions for you
Posted by speakthetruth
Posted by Babymakin
I never ever EVER get money back. Maybe $200. But I pay the exact correct amount of taxes I owe.
I never understood people who get a lot of money back short of write offs.
But to have a lot taken out, and give uncle sam a free loan. I just
yeah, I always heard this from Suze Orman, who says it is better to owe than receive money.
While I definitely understand what S.O. is saying, the fact of the matter is that many Americans simply don't do proper tax planning and therefore they prefer to pay in too much (if anything at all ) than to wind up having to come up with money at the end of the year, which they may have already spent! I think in this economy, it's tough for some people to budget and they would rather be safe than sorry.
And I have to chuckle at the whole 'giving Uncle Sam a free loan' theory. As if anyone is pulling a fast one on Uncle Sam. I'm not saying you should be getting $10k refunds, but if your refund is $1k or $2k, realistically, how much, with today's interest rates, would that money have earned in a CD or savings a/c....20, 30 bucks?
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| Posted 3/15/11 8:28 AM |
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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: Your tax return - 2 questions for you
Posted by GoldenRod
Posted by speakthetruth
Posted by WhatNow
Posted by speakthetruth
Posted by Babymakin
But to have a lot taken out, and give uncle sam a free loan. I just
yeah, I always heard this from Suze Orman, who says it is better to owe than receive money.
Why?
She says we are "loaning Uncle Sam money" when you could be paying off your own debts and stuff yourself throughout the year.
here is an article where she explains further
I sometimes agree with her, but sometimes it's hard to listen to all of her advice b/c I feel she can be out of touch to the middle class. I am also certain she pees liquid gold.
I saw an episode of one of her shows where she told someone to make copies of DVDs and CDs, then sell the originals.
That's potentially a Federal offense, with MASSIVE penalties and jail time.... great investment advice....
Uploading songs from a CD and selling your used CD is not a crime.
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| Posted 3/15/11 8:34 AM |
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JP826
=)
Member since 9/06 10903 total posts
Name:
Me!! All about ME!
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Re: Your tax return - 2 questions for you
I got a little bit less than I expected. But I still got back money so I cant complain.
I'm putting it away for the essentials I will need for  coming in July.
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| Posted 3/15/11 8:36 AM |
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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: Your tax return - 2 questions for you
I usualy get back something but I try to not get back anything.
I hate owing the IRS (wish they would just get blown up) but if I owe them a little I know it did everything right.
It's hard to come up with a balance of what you owe vs what you get back. It should even out.
Also, I whole heartedly agree that you shouldn't give your money interest free to the gov't.
There is a laundry list of stuff and I could go on and on about the tax injustice and the stuff that our gov't legally takes from us that is criminal.
eta: if you need to start a savings plan, don't use the irs for it.
Message edited 3/15/2011 8:37:45 AM.
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| Posted 3/15/11 8:37 AM |
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