So I just read something today that I was pretty surprised about and wanted to get your thoughts since you like doing taxes.
It said that if you're getting a large refund, you're doing something wrong. If you get a refund it basically means that you loaned the Government your money for a year free of interest. By the time you get it back its been depreciated. So you would need to adjust your federal and state exemptions.
On a personal note, I have always owed without fail except last year I got a refund of ONE DOLLAR. It is funny now that I think about it but last year I wasn't laughing, lol! Anyways, I have always been jealous of the people that get a refund year after year but then I read the above excerpt and now it is making me think twice about a refund!
@molly getting one dollar back tells u that u r doing it totally right! That's awesome!!! A refund is great but I read the same things as u. Sounds like you're doing a great job so I wouldn't worry.
@molly Yes, I've read the exact same thing! If you qualify for eic (which is money you get from the gov't if you have low income & 1-3 children) you can even get that credit throughout the year! Most people don't know that though.
@roxy It's when you track income & expenses for a business. You can use a computer program like quickbooks or do it by hand but it lets the business know if they're making profit or not & they use the info for filing their taxes.
@molly, that's good thing it means your even like u didn't pay, didn't have to pay therefore you don't get anything back it's called "breaking even" that's what my husband likes to do. He doesn't, really have them taking anything out through the year. I on the other hand like them taking it just to get it back at the end of the year lol, just cause I forged about it throughout the year then get really excited to get the money back to use it on fun things. It's kinda way to force myself to put money aside through the year but that's why u have to be good at taxes or have someone good to make sure went on comes out!
@mommyof3girls@Wilsomom@jules Thanks ladies! I feel better about it now. It seems everyone I know gets a refund (except for my Dad who always owes over $10,000 because of his business). But other than that, everyone seems to get money back. I actually don't know how this year will go but we shall see!
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It was an ok return but this baby's dad is a deadbeat so I'm using a lot of it to buy everything for baby
It said that if you're getting a large refund, you're doing something wrong. If you get a refund it basically means that you loaned the Government your money for a year free of interest. By the time you get it back its been depreciated. So you would need to adjust your federal and state exemptions.
On a personal note, I have always owed without fail except last year I got a refund of ONE DOLLAR. It is funny now that I think about it but last year I wasn't laughing, lol! Anyways, I have always been jealous of the people that get a refund year after year but then I read the above excerpt and now it is making me think twice about a refund!
Thanks ladies! I feel better about it now. It seems everyone I know gets a refund (except for my Dad who always owes over $10,000 because of his business). But other than that, everyone seems to get money back. I actually don't know how this year will go but we shall see!