refund in, refund out

I just always claim zero even though I'm the sole breadwinner for four. That along with my bonuses being way over taxed usually means we get around 12k back. I like getting the minimum as the year goes on so we can budget for that then dump the returns into whatever we want/need.

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Originally Posted by colorider

What's a refund ?

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Truth.

At least this year we pay in the low 4 figures instead of 5.

We usually owe at the end of the year. If we've calculated everything properly, some last minute contributions to the IRA will pretty much leave us paying a very small amount of tax owed. I've been procrastinating this year...need to get busy and get them done.

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Originally Posted by powerstroke79

Refund no thanks, I take my money the hole year and pay them at the end.

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What do you do with the money during the year?

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Originally Posted by tmckay2

I just always claim zero even though I'm the sole breadwinner for four. That along with my bonuses being way over taxed usually means we get around 12k back. I like getting the minimum as the year goes on so we can budget for that then dump the returns into whatever we want/need.

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This is pretty much what I do. I don't have any depends though and end up with about 3K back. It's not money I count on so it usually ends back into the firearms industry.

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Originally Posted by cfortune

This is pretty much what I do. I don't have any depends though and end up with about 3K back. It's not money I count on so it usually ends back into the firearms industry.

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Yeah it's sort of nice to budget with the least amount of monthly money and don't bank on the returns, then when you get them you can do whatever with it. We usually out some in kids account, I out a little into landscaping, some invest and some just into savings so when we need a car, etc.

It's pretty much impossible we will ever owe. One year I claimed 1 and my wife was working and we owed like 10k plus property taxes on land we owned had to be paid all at once which was another 6k so after that I was like never, ever again.

But with hsa deductions, 401k deductions, mortgage interest, child credits and charitable donations it takes quite a bit off.

I owe a little bit every year that way I get to use my money instead the damn government.

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Originally Posted by Irving

What do you do with the money during the year?

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Savings and college investment for the kid.

Since owning the business, the days of "refunds" are over for me.

I've got to pucker up and get the lube..... Cause I'm getting a pounding tonight!!!


LOL. Can't believe I just said that!

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Originally Posted by roberth

I owe a little bit every year that way I get to use my money instead the damn government.

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Huh? You get the same money no matter what, assuming you report all possible deductions. It's just a matter of getting it now vs later. You would rather budget with the possibility of over spending and owing vs under spending and getting a lump sum. I mean to each their own but that seems risky from a financial point of view.