QOTW- tax refund
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QOTW- tax refund
| Wed, 04-23-2008 - 12:26am |
Ok- assuming here that you're receiving money and not owing... what have you done with your refund?
| Wed, 04-23-2008 - 12:26am |
Ok- assuming here that you're receiving money and not owing... what have you done with your refund?
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I had to pay back, it sucks! When I was unemployed, I collected for 4 months tax-free, and now it came back to bite me! When you're unemployed, you're stuck between a rock and a hard place, because you need the money, you don't know if you'll be out of work for a long time, and you need the funds.
I may do better next year, if I buy a home, then I'll get tax breaks that I don't
The Tax Accountant and Payroll Manager in me advises those if they are recieving really large annual returns, they may want to adjust their
April
I have a lot of deductions with the house, property taxes and insurance, student loan interest and kids. Plus I put away 12% in my 403B and have $100 a month taken out for my medical flex account for the kids' co-pays.
BTW: The pool bar is open for the season
I hear that one all the time. If you don't have the discipline, I advise folks, then start off small,
and see if you can build it up over time. One good way is to have the difference directly
deposited into a savings/money market account, and don't touch it! Easier said then done,
but you can train yourself over time, until it becomes a habit.
I really like pre-tax deductions such as 401K accounts, flex-spending accounts, they really do make
a difference.
Awwww Shucks!
To answer your question, you can either use tax software or you can fill out a
1040(A) just using your normal withholdings and not your deductions. If you would owe
money at the end, then you are doing just fine.
Also the W4 form has a pretty good worksheet to help figure out how much
to have withheld from each pay.
I currently claim single +2, the W4 would have me claiming single +6--that scares me, I hate the idea of paying out.
April
I claim 5 and I only deduct two kids on my taxes and I STILL got back almost 3K.
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