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tax money

Posted by on Feb. 8, 2012 at 1:16 PM
  • 7 Replies
We got our tax money back today. Was hoping to get a little more but i guess since we made more this year we got less... Is that how it works? Also, is it better to claim 0 dependents? I have 4 listed on mine... But everyone tells me that 0 will give you more money. Im clueless on taxes! I work at a child care school at a church... Federal withholdings were 0... What does that mean? Anyhoo... What are some pointers for next year... Dependent wise?
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by on Feb. 8, 2012 at 1:16 PM
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Replies (1-7):
mom22tumblebugs
by on Feb. 8, 2012 at 1:36 PM
1 mom liked this

Sure, 0 will give you more money at tax time, HOWEVER that also means it is more money you are allowing the GOVERNMENT to take out of your income and hold on to before refunding it to you. Do you really want to do that? Let the government sit on and earn interest from YOUR money?

TheJerseyGirl
by on Feb. 8, 2012 at 3:14 PM

 

Quoting mom22tumblebugs:

Sure, 0 will give you more money at tax time, HOWEVER that also means it is more money you are allowing the GOVERNMENT to take out of your income and hold on to before refunding it to you. Do you really want to do that? Let the government sit on and earn interest from YOUR money?

 Exactly!  Claim as many dependants as you can and get that money in your check every week!

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mhmomma
by on Feb. 8, 2012 at 3:17 PM
I third that one
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mommymelissa24
by on Feb. 9, 2012 at 5:46 PM

Thanks for the input! Guess i won't make any changes! I will keep it at 4 dependants!

cookinmommyof1
by on Feb. 10, 2012 at 9:27 AM
I am a sahm and my df works. My dad does our taxes. I'm not sure how everything works. My df claims 2.
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isaboo22
by on Feb. 11, 2012 at 9:49 AM

Yes, as I have made more and more each year, I see my refund go down. Never gotten over $4000.

janey548
by on Feb. 11, 2012 at 11:00 AM
IMHO - I personally like the government "saving" my money through out the year BC I know come spring, I would never save $15k up. It's like a huge bonus every year - remember though, this is what works for us BC we know we wouldn't save.

Similar to escrowing our taxes & insurance with our mortgage. We could technically save that money every month, earn the interest on it ourselves & make the yearly homeowners payment & quarterly tax payment, but we know we aren't disciplined enough to do that.

Owning a home helps. I am a SAHM and DH claims single/0 for the max to be taken out.
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