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Started By
Message
Tax refund question
Posted on 10/4/17 at 5:01 pm
Posted on 10/4/17 at 5:01 pm
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?
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 10/4/17 at 5:02 pm
4
Posted on 10/4/17 at 5:47 pm to cberni1
Refund is what you get when you over pay during the year.
Return is what you file in April.
Return is what you file in April.
Posted on 10/4/17 at 7:08 pm to cberni1
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.
Posted on 10/4/17 at 7:30 pm to TigerintheNO
Have you ever figured what that interest actually amounts to for the year?
Posted on 10/4/17 at 8:17 pm to cberni1
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.
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.
Posted on 10/4/17 at 9:30 pm to cberni1
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.
If your situation isn't changing much year to year, it's not too difficult to get it dialed in.
Posted on 10/12/17 at 11:41 pm to iAmBatman
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.
Posted on 10/13/17 at 6:46 am to TigerintheNO
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
Posted on 10/13/17 at 9:29 am to iAmBatman
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.
Posted on 10/13/17 at 2:13 pm to The Spleen
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.
I'm sure we'll add a kid here soon and that might do something somewhere.
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