$10,000 Tax Refund. WooHoo!!!!!
As I ponder the tax refund I am getting from the federal government, I am thinking that I could have done a lot with that money during the year in 2007. Why is it so many people get huge refunds at the end of the year and they are proud of it. I think the paradigm needs to shift. These people should be ashamed (as I am). I gave the government an interest-free loan, then, I had to prove that the money was mine in order to get it back.
I hope I got my point across. Everyone reading this should think about the tax refund you got last year. If you received more than $2000, you need to adjust the allowances you are taking on your W-4. The IRS offers an interactive withholding allowance calculator and a couple of work sheets on Page 2 of the W-4 form to help you figure out just what changes you need to make to your withholding amount. Bankrate.com also has a bunch of information on the W-4.
I want to receive a $0 tax refund next year…or as close to it as I can get.
Related Information:
- http://www.docstoc.com/docs/201656/Interactive-Form-W-4–E-Sign-for-Free-at-wwwechosigncom
- https://nessie.uihr.uillinois.edu/cf/comp/index.cfm?Item_ID=1056&rlink=674
- http://turbotax.intuit.com/tax-tools/estimating_your_take-home_pay_form_w-4/article
- http://taxes.about.com/b/2007/02/19/adjust-your-withholding-using-form-w-4.htm
- http://www.unclefed.com/IRS-Forms/2001/HTML/p91903.html
If you still want a big fat check at the end of the year, send your money to me. I’d be glad to take out an interest-free loan with you.
** By the way, my tax refund is actually over $12K with state and federal put together. Stupid me.
3.25
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What I want to know is how much do you pay in taxes that you get 12K back? My total tax bill is only 4K and I don’t have any kids.
I had a huge loss from my real estate investment company.
[...] W-4 and the interest-free loan you are most-likely giving the government. You probably remember the post I made on getting a huge tax refund. If you go to borrow money, you will be charged interest by the lending institution. If you [...]