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Are your taxes done? Do you get a refund or do you owe?

Doing some research and writing a paper on American tax payers. In our home we choose not to let the IRS hold our money all year and not pay us interest. Therefore we adjust our deductions, put money in savings to cover anything we may owe at the end of they year. This year we owe $300. What do you do?

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voni681

Asked by voni681 at 1:46 PM on Apr. 5, 2010 in Money & Work

Level 17 (4,469 Credits)
Answers (7)
  • I haven't prepared my return yet, but I know we will owe. My husband is self-employed and made a lot more money in 2009 than he did in 2008, so the question for us is not will we owe, but how much will we owe? In the past 10 years we had a refund one year and owed anywhere from $1,500 to $15,000 all of the other years.
    Anonymous

    Answer by Anonymous at 1:51 PM on Apr. 5, 2010

  • We did ours the first day we could and got back $5,000 which took care of our credit card debt (mine was in collections for 3 years).
    Anonymous

    Answer by Anonymous at 1:56 PM on Apr. 5, 2010

  • Done long time ago. We got back over $6000. We have only paid in 1 year. I know we shouldn't let uncle sam use our money but it works out well since we need to have the money for our medical deductable.
    itsmesteph11

    Answer by itsmesteph11 at 1:59 PM on Apr. 5, 2010

  • I'm self employed so I owe every year usually around 2,000.
    CorrinaWithrow

    Answer by CorrinaWithrow at 4:31 PM on Apr. 5, 2010

  • We are self employed, but still got $7,000 back between federal and state
    Mom2Jack04

    Answer by Mom2Jack04 at 7:34 PM on Apr. 5, 2010

  • We paid in our first year, but we'd sold a semi. Every year since we've gotten a refund. We could do it like you, but it's worked out better for us to get a refund every year. This year we got over $10k back (didn't expect that much, it was nice!). It's long spent too, on yearly necessities - new furniture, paid in full, kids tuition is paid off, other unexpected bills paid off, other things paid ahead!
    Anonymous

    Answer by Anonymous at 7:42 PM on Apr. 5, 2010

  • Enjoyed my $5000 refund immensely.
    Anonymous

    Answer by Anonymous at 1:40 AM on Apr. 6, 2010

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