It's ok I paid about that much and I still owe $200 to MD. Fookin MD man, they take taxes off service folks even if they're not in the area. I like MD but the government sucks there. Oh and they tried to dick me over 2003 taxes saying I didn't file and that I owed them $1500 fookin idiots over there. GAWDDDDD THEY STUPPIIIIDDD!
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6MT Coupe -\'The rice is mightier than the corn, beotches!\'
NO, sounds like you are dong it perfectly! Ideally, you should owe/ receive $0.00 and this idea that you withhold more tax than necessary to get a large refund is ludicrious. All you're doing is giving an interest free loan to Uncle Sam. Hell, I'll hold it for you and even give you 1% interest, maybe 2%... hey, just PM me! Really, it's as silly as when some folks contend home mortgages are good simply for the interest deduction. HELLO! And, before you say "I only do it because it's the only way I can save", just exercise a little self-control man and you'll have more in the end!
thats exactly what i did, i claimed a higher exception on my w2 for half the year so that they wont take too much out, then claimed the regular exception for the second half to make sure I was paying enough.....i was just doubting myself cause my co-workers are getting over $1k back.....
NO, sounds like you are dong it perfectly! Ideally, you should owe/ receive $0.00 and this idea that you withhold more tax than necessary to get a large refund is ludicrious. All you're doing is giving an interest free loan to Uncle Sam. Hell, I'll hold it for you and even give you 1% interest, maybe 2%... hey, just PM me! Really, it's as silly as when some folks contend home mortgages are good simply for the interest deduction. HELLO! And, before you say "I only do it because it's the only way I can save", just exercise a little self-control man and you'll have more in the end!
As usual, dHolly is absolutely right. To get a big refund only means you're loaning the government money for absolutely free. That said, you can increase your exemptions(per new W4 filing) so that they withhold more each paycheck and you get more back come Spring time. Sort of a forced savings plan, but you'd be better off sticking the money in any kind of interest bearing account throughout the year....although this admittedly requires a level of financial discipline that most people frankly don't have.
Having said all of this, I'm actually getting a large refund but I have my exemptions set at the highest level that does not involve automatic scrutiny (ie, increased liklihood of audit) from the IRS.
thats exactly what i did, i claimed a higher exception on my w2 for half the year so that they wont take too much out, then claimed the regular exception for the second half to make sure I was paying enough.....i was just doubting myself cause my co-workers are getting over $1k back.....
A lot comes into play with tax liability.
Higher adjusted gross (AGI) = higher marginal tax bracket (% of income owed)
Dependants, mortgage interest, charitable contribution, capital loss, etc = deductions from AGI
If your coworker has 2 kids and a mortgage, made the same as you and witheld the same as you, he will get a much larger return because of his deductions.
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03.5S sport, premium, tire marks in your lawn
I just take the standard deduction, I dont have any mortagage, and I don't think i can come up with anything to deduct that will total more than the standard....
Open an IRA...all the money you contribute is tax deductible. My tax preparer helped my wife and I, now we're on our way to paying less tax AND saving money for retirement and to also help buy a home...someday.
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Tax Help....
