Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Mom Confessions Mom Confessions

Do you like giving the government interest free loans?

Posted by Anonymous   + Show Post

 I hear so many people who LOVE to get so much money back every year from their tax returns. Um....don't you realize that you are paying in too much during the year, giving the government an interest free loan for the whole year? Wouldn't you rather spend or invest the money yourself during the year? Or are you so bad at saving money yourself that you want the goverment to do it for you? Or you don't know that you can change the amonut withheld?

Yes, I know a lot of you are going to say you have some special situation that you can't help but do it this way. I'm not talking about you. I'm talking about the people who could very easily change the amount they are having withheld from each paycheck.

Posted by Anonymous on Jan. 2, 2013 at 8:04 PM
Replies (11-20):
quickbooksworm
by Ruby Member on Jan. 2, 2013 at 8:27 PM
2 moms liked this
Honestly, your average savings account has an interest rate of. 04% so unless you get an insane amount back it isn't going to make a difference.
Posted on CafeMom Mobile
Anonymous
by Anonymous 3 on Jan. 2, 2013 at 8:29 PM
Quoting Anonymous:

A LOT of those big refunds are from EITC.  They used to let you  get that in advance but   changed that. Some are for service members who pay on deployment income and then get that all refunded to them. I am not sure if they can do that differently though-they should be able to....


nope. We pay over 30k in taxes and get around 10k from over payment, work deductions, medical deductions etc.
Liyoness
by on Jan. 2, 2013 at 8:31 PM
I'm great with money, but honestly, we'd spend it. I'm much better at throwing large chunks into savings than a dollar here or there.
Posted on the NEW CafeMom Mobile
StephMosDef
by Silver Member on Jan. 2, 2013 at 8:31 PM
1 mom liked this

If I followed the withholding worksheet per the guidelines, I would be claiming 4 or 5 and end up paying out the butt in taxes at the end of the year. So I rather claim 0, and get money back instead of worrying whether or not I would have to pay out a couple of thousand dollars I don't have in April the following year.

Anonymous
by Anonymous 2 on Jan. 2, 2013 at 8:32 PM


Quoting Anonymous:


Quoting Anonymous:

A LOT of those big refunds are from EITC.  They used to let you  get that in advance but   changed that. Some are for service members who pay on deployment income and then get that all refunded to them. I am not sure if they can do that differently though-they should be able to....

 But not all. We get back between $10,000-$13,000 each year. Some is overpayment, some is having 3 mortgages that we deduct interest from, our rental loses $ each month so we can claim a loss there, 3 kids, etc DH makes about $84,000

How do you deduct 3 mortgages? I am curious.

Anonymous
by Anonymous 2 on Jan. 2, 2013 at 8:34 PM


Quoting quickbooksworm:

Honestly, your average savings account has an interest rate of. 04% so unless you get an insane amount back it isn't going to make a difference.

Or you could invest the oney or use it to pay down your mortgage-all of which would give you a decent return. People who have mortgages and get back say 10K could pay down that mortgage decades earlier!

Wicked.Jester
by on Jan. 2, 2013 at 8:35 PM

 I owe every year.  I haven't gotten a refund in over a decade, and that is with claiming fewer deductions than I can.  I am one of the few Americans who actually pays taxes.

Anonymous
by Anonymous 4 on Jan. 2, 2013 at 8:35 PM

 

Quoting Anonymous:

 

Quoting Anonymous:

 

Quoting Anonymous:

A LOT of those big refunds are from EITC.  They used to let you  get that in advance but   changed that. Some are for service members who pay on deployment income and then get that all refunded to them. I am not sure if they can do that differently though-they should be able to....

 But not all. We get back between $10,000-$13,000 each year. Some is overpayment, some is having 3 mortgages that we deduct interest from, our rental loses $ each month so we can claim a loss there, 3 kids, etc DH makes about $84,000

How do you deduct 3 mortgages? I am curious.

  We own 2 homes.We have 2 primary mortgages, and 1 secondary. We deduct the interest on all 3, but only 1 is considered rental income. (dh dad lives in one of the houses(no rent collected), and the other is a home equity loan) ETA We live in a home that we rent.

BluePandaDreams
by on Jan. 2, 2013 at 8:35 PM
1 mom liked this
I like how I do my taxes thank you very much. I would much rather get more back from the government, then pay them. And yes, I do invest that huge tax refund I get every year
Posted on CafeMom Mobile
Tea4Tas
by on Jan. 2, 2013 at 8:36 PM
1 mom liked this

I pay 22K and have never gotten back over a couple of hundred-or owed  over a coupla hundred. Except for the year i got seperated-and the year I got divorced. I got royally hosed those years.  Royally.

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN