$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
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 [...]
This won’t be happening this year. I’ll be lucky to get $500 back. So much for real estate investment.
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Always be careful to underpay your taxes!
I had a tax debt with the IRS from a previous year I was in the process of correcting, when my wife and I filed jointly for the first time.
She had always overpaid for what she thought was a good reason – for safety sake so she would not come up short at end of year.
Her overpayment was immediately applied to my previous year debt since my SSN tied back to it.
Had we just underpaid, we could have sent them a check for the difference and been done with it. Now we have to go through the process of fixing the previous debt, as well as hoping they accept the changes without an audit, before we can get our money back.
I am expecting a very large refund, over 10,000+ after filing for the refund, I usually have it within 10 days, will I have to wait longer with it being over 10,000? Or do I have to fill out additional paperwork similar to when someone makes a cash deposit over 10,000 into a bank account? Thanks! Your post was very helpful for my 2010 taxes! I’d rather have it throughout the year rather than a lump sum!!