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re: Why are people excited about a tax refund?
Posted on 3/19/14 at 10:49 am to LSURussian
Posted on 3/19/14 at 10:49 am to LSURussian
quote:
Many of the people making 100k+ in salary have tax shelters or other businesses that lowers their taxable income. Therefore, taxes that are withheld from their paycheck (beyond their control) are returned to them by the refund. Those refunds are good and are nothing to scoff at.
Yep.
quote:
I guess I'm financially stupid....
Me too.
We are getting back just under $12k this year. Because I have to pay taxes on distributions and on any profit the company makes whether I choose to pay myself that money or not I withhold enough to make sure that I don't have a huge tax liability in April. I do NOT want to have to pay quarterly estimated taxes. I'd much prefer to get that $12k and use it to help fund the new roof that I'm putting on my house this spring.
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