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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: We just got our taxes done...
Posted by hazeleyes33
Posted by neener1211
Think of it this way...would you rather not get a lot back and use YOUR money throughout the year...or have the government collecting interest on YOUR money..then get it back.
I never get money back, I make sure the right amount is taken out so that the gov't is not getting interest off my $
EXACTLY!!! I increased my claims so we can get our money NOW instead of once a year.
I have always felt the opposite. If I get it in each paycheck, I will just spend it as opposed to getting a nice sum of $$ at the end of the year....
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Posted 2/11/08 3:21 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
MrsPornStar
Partners in crime
Member since 10/05 14656 total posts
Name:
Mama
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Re: We just got our taxes done...
We're having them done on Friday.
I think we're going to owe this year. If not, we won't get much back. We've both changed our withholdings so that the gov't doesn't get to use our money interest free.
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| Posted 2/11/08 3:23 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: We just got our taxes done...
Posted by stephanief
Posted by hazeleyes33
Posted by neener1211
Think of it this way...would you rather not get a lot back and use YOUR money throughout the year...or have the government collecting interest on YOUR money..then get it back.
I never get money back, I make sure the right amount is taken out so that the gov't is not getting interest off my $
EXACTLY!!! I increased my claims so we can get our money NOW instead of once a year.
I have always felt the opposite. If I get it in each paycheck, I will just spend it as opposed to getting a nice sum of $$ at the end of the year....
I agree with stephanief. The vast majority of people are not going to invest or set aside this "extra" money for savings. Also, if like me, your deductions vary from year to year, it can be extremely difficult to determine exactly what you should be claiming. According to statistics, most Americans are saving little to nothing... so a lot of people would simply spend that money and not have enough to pay, should they wind up owing when tax season comes.
If I were getting thousands and thousands of dollars back, I'd adjust my withholdings... but even having the decent deductions we do, we don't get enough back claiming single / 0 to change our withholdings. I'd personally really rather not owe when tax time comes around... and I AM a good saver.
ETA -- And, FTR, we owed money to the state this year... luckily, not that much!
Message edited 2/11/2008 3:28:44 PM.
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| Posted 2/11/08 3:27 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: We just got our taxes done...
Posted by stephanief
Posted by hazeleyes33
Posted by neener1211
Think of it this way...would you rather not get a lot back and use YOUR money throughout the year...or have the government collecting interest on YOUR money..then get it back.
I never get money back, I make sure the right amount is taken out so that the gov't is not getting interest off my $
EXACTLY!!! I increased my claims so we can get our money NOW instead of once a year.
I have always felt the opposite. If I get it in each paycheck, I will just spend it as opposed to getting a nice sum of $$ at the end of the year....
If you can do a direct deposit into savings that will help.
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| Posted 2/11/08 3:30 PM |
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tann22
LIF Adult
Member since 6/05 2421 total posts
Name:
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Re: We just got our taxes done...
Posted by cjik
Sorry to burst PP's bubble, but our first year being married killed us. We owed so much money.
Same with us!
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| Posted 2/11/08 4:02 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: We just got our taxes done...
Posted by Kara
ETA -- And, FTR, we owed money to the state this year... luckily, not that much!
There hasn't been a time in my life so far where I haven't owed the state something, but it's always been under $200.
I normally get $$ back from the federal return.
We'll see what happens since we bought a house in 2007.
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| Posted 2/11/08 4:03 PM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: We just got our taxes done...
We just signed them and mailed them out. YAY!!! Even though it will all go to bills, we are still excited. It is more then last year and I thought last year was a lot.
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| Posted 2/11/08 4:04 PM |
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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Re: We just got our taxes done...
Posted by hazeleyes33
Posted by neener1211
Think of it this way...would you rather not get a lot back and use YOUR money throughout the year...or have the government collecting interest on YOUR money..then get it back.
I never get money back, I make sure the right amount is taken out so that the gov't is not getting interest off my $
EXACTLY!!! I increased my claims so we can get our money NOW instead of once a year.
I agree with this. I'd rather have more $ in my paycheck and deposit it in an interest-bearing account than give the government the money where it doesn't earn any interest. However, I know others have different savings/spending habits and I can see how they may prefer to just get money back at the end of the year.
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| Posted 2/11/08 4:14 PM |
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MST9106
My life:)
Member since 6/06 9589 total posts
Name:
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Re: We just got our taxes done...
We just did ours and are getting a nice chunk back...not as much as if we were single but still a nice chunk for our downpayment With that said, I'd rather claim single 0 throughout the year and get as much taken out as possible and then get a better return at the end of the year. I really don't care if the gov't is getting an interest off that money...I get a nice chunk at the end of the year. Like Steph, I would spend it if I got it, this way I'd rather get it all in lump sum.
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| Posted 2/11/08 4:38 PM |
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bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
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Re: We just got our taxes done...
Posted by MrsS2005
EXACTLY!!! I increased my claims so we can get our money NOW instead of once a year.
I agree with this. I'd rather have more $ in my paycheck and deposit it in an interest-bearing account than give the government the money where it doesn't earn any interest. However, I know others have different savings/spending habits and I can see how they may prefer to just get money back at the end of the year.
Of course, any interest you earn in a CD or savings account will also be taxable. There's no escaping the IRS. They'll get you one way or another.
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| Posted 2/11/08 4:40 PM |
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bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
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Re: We just got our taxes done...
It's funny that I keep reading about people who pay MORE in taxes after they got married than when they were single.
The reason it's funny is because IN GENERAL, IRS rules favor married people...this is why, along with insurance coverage, it's one of the reasons why some gays and lesbians are so adamant about being allowed to marry legally.
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| Posted 2/11/08 4:44 PM |
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MST9106
My life:)
Member since 6/06 9589 total posts
Name:
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Re: We just got our taxes done...
Posted by bomb-blast
It's funny that I keep reading about people who pay MORE in taxes after they got married than when they were single.
The reason it's funny is because IN GENERAL, IRS rules favor married people...this is why, along with insurance coverage, it's one of the reasons why some gays and lesbians are so adamant about being allowed to marry legally.
So why is it that married couples pay more?
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| Posted 2/11/08 4:46 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: We just got our taxes done...
Posted by bomb-blast
Posted by MrsS2005
EXACTLY!!! I increased my claims so we can get our money NOW instead of once a year.
I agree with this. I'd rather have more $ in my paycheck and deposit it in an interest-bearing account than give the government the money where it doesn't earn any interest. However, I know others have different savings/spending habits and I can see how they may prefer to just get money back at the end of the year.
Of course, any interest you earn in a CD or savings account will also be taxable. There's no escaping the IRS. They'll get you one way or another.
Another reason I would rather have the money now is to help pay with bills. I was able to increase my food bill this way also.
It all depends on how you do your bills though and if you are a spender or saver.
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| Posted 2/11/08 4:47 PM |
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bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
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Re: We just got our taxes done...
Posted by MST9106
So why is it that married couples pay more?
I don't know. I'm married. I don't find that I'm paying more in taxes now.
That's not to say it can't happen. But people think automatically that once they get married they get stuck with higher taxes, which isn't true. There can be 1,000 reasons why people are paying more and it may not have to do with their filing status. You can't really compare one year with another year...maybe you're earning more now, maybe your employer changed your deductions, maybe your spouse earns a considerable amount and that bumped you up into another tax bracket, etc.
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| Posted 2/11/08 4:51 PM |
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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Re: We just got our taxes done...
Posted by bomb-blast
Posted by MST9106
So why is it that married couples pay more?
I don't know. I'm married. I don't find that I'm paying more in taxes now.
That's not to say it can't happen. But people think automatically that once they get married they get stuck with higher taxes, which isn't true. There can be 1,000 reasons why people are paying more and it may not have to do with their filing status. You can't really compare one year with another year...maybe you're earning more now, maybe your employer changed your deductions, maybe your spouse earns a considerable amount and that bumped you up into another tax bracket, etc.
The marriage penalty typically affects people who make similar incomes. Married couples who have similar incomes tend to pay higher taxes than they would if each person filed separately as a single person. Right now, the marriage penalty doesn't really exist for those in the lower tax brackets (15% and below) b/c of Tax Relief Acts passed since 2003.
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| Posted 2/11/08 5:36 PM |
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nicrae
He's here!
Member since 12/06 9289 total posts
Name:
Mommy
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Re: We just got our taxes done...
We just got ours done today and got $$$ of money back!  I personally would rather get the money back at the end of the year and stick it in our saving account. If it was in our paychecks we'd spend it and never put anything to the side.
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| Posted 2/11/08 6:31 PM |
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Stacey1403
Where it all began....
Member since 5/05 24065 total posts
Name:
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Re: We just got our taxes done...
I just have to finish up our but we are getting a nice chunk of change
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| Posted 2/11/08 7:02 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: We just got our taxes done...
Posted by hazeleyes33
Posted by stephanief
Posted by hazeleyes33
Posted by neener1211
Think of it this way...would you rather not get a lot back and use YOUR money throughout the year...or have the government collecting interest on YOUR money..then get it back.
I never get money back, I make sure the right amount is taken out so that the gov't is not getting interest off my $
EXACTLY!!! I increased my claims so we can get our money NOW instead of once a year.
I have always felt the opposite. If I get it in each paycheck, I will just spend it as opposed to getting a nice sum of $$ at the end of the year....
If you can do a direct deposit into savings that will help.
That's what we do, I claim an extra deduction and we have a biweekly automatic transfer into our savings account.
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| Posted 2/11/08 7:10 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: We just got our taxes done...
I did my own on TurboTax. I'm excited to be getting $$ back. I'm going to pay down a high interest CC. I'm sure I'm not getting what some people are tlaking about, but it's enough to buy an engagement ring for someone in kentucky   
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| Posted 2/12/08 9:40 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: We just got our taxes done...
Posted by PotofLuck06
Posted by Kara
ETA -- And, FTR, we owed money to the state this year... luckily, not that much!
There hasn't been a time in my life so far where I haven't owed the state something, but it's always been under $200.
I normally get $$ back from the federal return.
We'll see what happens since we bought a house in 2007.
We bought a house in '07 and got married in '07 as well. 
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| Posted 2/12/08 9:46 AM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: We just got our taxes done...
I think the deal with the marriage penalty (which I think was reduced in the Bush tax cuts??) was that the standard deduction for a married couple was 1.67x the deduction for one person, instead of 2x the deduction.
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| Posted 2/12/08 9:47 AM |
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