Tax Refund

[aimk13]

Not sure if I ever updated about my tax refund, but I was getting $46 from the IRS. Just got it through direct deposit! :D Ha, next year, if I am lucky to have a tax refund for over $50, I think I would definitely try for the savings bonds.

Comments

[lonelystreet]

better than having to PAY $2000 like i do every year bc i'm self employed =( $46 still seems low though..

[aimk13]

Yikes! But it also sounds like somebody makes a lot every year. ;) $46 is pretty low. My co-workers and I have the same problem; we think our boss doesn't take out enough taxes for us...it is what happens when you work for a very small company.

[kristen360]

The intention of deductions from payroll taxes is that you take out just enough so you don't HAVE to pay the IRS each year. If you have to pay, you need to increase what's deducted, if you get too much of a refund you should reduce what's deducted. (This is, unfortunately, one of the few things I do remember from those accounting classes.)

[aimk13]

I remember nothing about accounting from those accounting classes! I was just a business major wannabe, so I don't really count in this case. :P

I always claim for 2 allowances and my co-workers claim less than me.

[jonah]

I started doing my taxes on hrblock hoping for a refund, but it said I owed several hundred dollars so I logged off. =/ I think I'll procrastinate on it a bit longer.

[aimk13]

Lol, I just used Turbotax as a returning customer, since I did my taxes for the first time last year. I did get a bigger tax return the year before! Damn it!