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cberni1
LSU Fan
Metry
Member since Jun 2012
205 posts

Tax refund question
For years, I kept telling myself I wanted to start adding allowances and adjsuting my W4 to almost break even for tax returns and I never do it because I'm worried about owing money. I do like the idea of getting a nice return but I feel like i've made it to a point now where the returns aren't as big as I'd like them to be and i'd rather be in control of my money from paycheck to paycheck.

I went to the IRS website and got suggestions for changes this year which I won't do but likely start next year. I know this comes down to preference but does anyone do this regularly and what are you experiences. Is it worth it and do you feel like you benefit from keep the money every paycheck?
This post was edited on 10/4 at 5:02 pm


iAmBatman
USA Fan
The Batcave
Member since Mar 2011
7224 posts

re: Tax refund question
Refund is what you get when you over pay during the year.

Return is what you file in April.


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40
TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
28979 posts

re: Tax refund question
quote:

Is it worth it and do you feel like you benefit from keep the money every paycheck?



I'd rather owe Uncle Sam money interest free for a year, instead of the other way around.


iAmBatman
USA Fan
The Batcave
Member since Mar 2011
7224 posts

re: Tax refund question
Have you ever figured what that interest actually amounts to for the year?


foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
36906 posts

re: Tax refund question
I try to basically break even without worrying overly much. Typically I owe the IRS but my state owes me.

It's true that it is technically better to owe than to get a refund on tax day, but this is small change to say the least.


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20
Croacka
Chicago Cubs Fan
Denham Springs
Member since Dec 2008
59987 posts

re: Tax refund question
I try to stay plus or minus $1K of even


If your situation isn't changing much year to year, it's not too difficult to get it dialed in.


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TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
28979 posts

re: Tax refund question
quote:

Have you ever figured what that interest actually amounts to for the year?



No, I haven't, but I know it is my favor.


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OceanMan
LSU Fan
Member since Mar 2010
8830 posts

re: Tax refund question
quote:


I'd rather owe Uncle Sam money interest free for a year, instead of the other way around.


Well, they do charge you interest


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The Spleen
Alabama Fan
Member since Dec 2010
19577 posts

re: Tax refund question
quote:


Have you ever figured what that interest actually amounts to for the year?




I have. In my situation it was less than a dollar.


I like getting a refund and using it for a family trip or home improvement or something. We already save enough during the year, and we look at it as a reward of sorts. Wife and both have our W4's as single.


Teddy Ruxpin
LSU Fan
Austin, TX
Member since Oct 2006
30555 posts
 Online 

re: Tax refund question
I don't know about y'all but between buying a house, selling the house, moving, new jobs, and buying a different house, I can never get this stuff on the money anyways.

I'm sure we'll add a kid here soon and that might do something somewhere.


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