Tax Refund?

[LotusFool]

I saw this on FB and thought you might get a laugh out of it

 

[Davron94]

What refund? Most people I've talked to are getting royally screwed this year- including myself!

 

[SPL db]

^^^ What he said ^^^

 

[trinhsman]

My thread on this got shut down real quick. My taxes were thousands higher this year.

 

[Blue Devil]

If your refund was really big then your tax planning is really poor. It means that you made an interest-free loan to the government for most of the year.

OP: I liked your post.

 

[hjames]

We usually get a refund - and yes, I know its an interest free loan to the gov't- but it worked for us.
This year, we have to pay $700 to the feds - but get back $600 from VA State ... at least its not a DEEP hole!

 

[dosmalo]

Apparently I paid for someone else's tax cut.

 

[Davron94]

I would prefer to break even every year. Its always a crap shoot though. last year got back 1K, this year made 5K more but owe 5K to the feds. No major changes to deductions or credits, only taxable income. WTF??

 

[Andyman]

Folks need to distinguish between their tax refund and their actual tax liability. As mentioned earlier, your refund or bill is simply a function of what you gave the IRS and your actual taxes. Give them too much each payday and you get a refund, not enough and you owe.

In general, it seems many who are getting less back in a refund seem to be unaware that all their paychecks were most likely larger due to less being withheld.

 

[Tia]

Idaho had employers deduct less starting around the middle of last year. Didn't change the tax rate to reflect the new reduced withholding until 2019. Lots had to pay including us when we broke even last year. Now fed was another story, we got a nice chunk back. Going to let it ride this year then adjust at the beginning of next year so we break even.

 

[jheu02]

I got killed on them because itemized deductions are gone... Don't even get any writeoffs for the rental house we bought last year.

 

[satellite65]

If your refund was really big then your tax planning is really poor. It means that you made an interest-free loan to the government for most of the year.

OP: I liked your post.

That used to be a lot more important when you could earn a decent amount of interest on your money...

 

[70's Rockfan]

If your refund was really big then your tax planning is really poor. It means that you made an interest-free loan to the government for most of the year.

we have ours figured out about as
close as you can get. we owe $500
they can wait until april 15th for it.

 

[pustelniakr]

Moderation Note:

Surprisingly, this thread has been, so far, colored nicely within the lines. Please continue to remain non-political.

Thank you all,
Rich P

 

[usedto]

I got killed on them because itemized deductions are gone... Don't even get any writeoffs for the rental house we bought last year.

Not knowing your situation, sounds like you may need a new tax advisor. Itemized deductions are still there, and rental expenses are still a write-off.

 

[tubed]

 

[usedto]

Which means they not only paid $795 million themselves, the also generated God knows how much sales tax revenue for local governments. Doesn't sound that bad to me.

 

[ETLS]

Is it too early to break out a heartfelt:

BAH HUMBUG!!

 

[Blue Devil]

Funny thing is that the Washington Post and Amazon are owned by the same guy....

 

[parman]

I went in figuring I would owe but got back $200 more than last year, go figure
PS I think I made a little less than last year