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This year will probably be the biggest. I expect to get about $12,000.
I know some of us/you would be happy with any refund, I'm self employed which means I have to pay for my own Social Security and a few other things that I don't want to think about, but at some point we've all probably all gotten or are getting a refund.
So what's the biggest you've ever gotten (Get your mind out of the gutter CF)?
This year will probably be the biggest. I expect to get about $12,000.
with or without a homebuyer tax credit.
Without - ~10k
With - ~2200
I still have my first tax refund check. I was 14. It was $1.
32,000
$900
I didnt work this year should i file my taxes? or at least the fact i didnt work. i wouldnt want them to come back and say hey i want proof you made nothing
The biggest was about $10k. Last 10 yrs or so it has averaged between $2k to $4k. This year I have to pay about $600
How many kids do you have?
This year will be the biggest I've gotten ..
A lot of people that are accustomed to getting refunds are going to be paying this year...that "tax cut stimulus" last spring wasn't a tax cut at all...the tax stayed the same they just changed the withholding to not hold as much back from everyone's check.The biggest was about $10k. Last 10 yrs or so it has averaged between $2k to $4k. This year I have to pay about $600
"That's what she said"!This year will be the biggest I've gotten ..
Now to find the he
Hoax and chains. I adjusted my witholdings accordingly when that sham pushed through.
The reason I ask is because I do a friends taxes every year for the past few years, and her refund is bigger than it's ever been.
I think it goes without saying that we are now much closer friends ;-)
I just wanted to sound like a richer. The biggest was probably just under 6K.
correct me if I'm wrong, but don't you not want to get a big refund? A big refund is basically just a loan you gave the government and didn't earn any interest off it. So basically you just got screwed. The goal should be to not get a refund and not have to pay anything.
Is it even possible to know what to claim and what to withhold to break even? I don't believe that's possible.
the IRS has the tax calculator on it's website which makes it pretty simple. The only thing you would have to account for is tax credits like the home buyer credit, but as far as income tax goes you should be able to nail it. My tax return was like $50 last year
I see. Then again it's only 12 months. I don't think you could make a whole of a lot on interest. That is if your return is less than a million dollars. But I understand what youre saying.
How the do you guys get refunds that big? My average is around 600 to 900 bucks. im fairly sure, due to some contract work my wife did this year, that we will be paying...
Sucks too since i bought a home this year, and dont even qualify for the damn house credit thing...since i closed like a month too early.
I'm just saying. There should never be a goal to see if you can get a huge refund, the goal should see how little of a return you can get without having to owe.
The IRS will charge you interest if you owe them $1, but you can theoretically loan them thousands and not see a dime of interest for that loan. For a standard 2% savings account, you would gain $20 for each $1,000 you didn't loan to the government. I know it's not alot, but it's the principle of the thing. Why loan money for free to someone who will charge you interest they loan to you? Why not maximize the money you can make?
they aren't using the standard deduction we all get. You can itemize and get huge returns but you have to qualify. There are so many things that you can get money for: buying a home, moving for a job, buying things for a job, gas for certain things, charitable donations, kids, education, disabilities....all kinds of stuff.
Most people don't have itemized deductions that exceed their standard decution which is why you don't get these huge returns. For example, you may buy a home this year and get $8,000 which would take you over the standard, and you could write off things like giving clothes to Good Will and some other small things like education. The next year you won't see any money because you don't have that $8,000 to take you over that and the little money you get for the small donations doesn't take you over the standard deduction threshold.
I am not sure that you have looked at things correctly. There has been a house tax credit in varying forms since late 2007. Now if you aren't a first time homebuyer, then that makes sense, since it is only the most recent one that allows for a current owner tax credit.
The tax credit is just that, a credit and not a deduction. You don't have to itemize or exceed the standard deduction - you just get a credit of $8K against your net tax liability. It doesn't factor at all into whether or not you can (or should) itemize deductions.
you bought your first home from 1/1/2009-2/17/2009? ...damn that is bad luck. I would ask your Realtor if they is anything you can do to get the credit. They may know of something. Taxes are all about loopholes
yeah you are right, bad example. Make that $8,000 for buying work uniforms rather than a home
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