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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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why is our tax refund always less???
we have multiple friends in similar income brackets and they do so much better on their refunds than we do... we both claim 0, and we own a home so we get the write off for the interest and whatnot. alot of our friends rent and don't own, so i don't get how they are getting like 7-8k refunds and we get like 1k. we don't file ourselves, we use my aunt who files for us. Are other accountants just lying or something? What are we not doing!?! 
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Posted 2/7/18 6:36 PM  |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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why is our tax refund always less???
They may be getting more taken out during the year.
We usually get a decent amount back because DH gets a lot more taken out than he has to.
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| Posted 2/7/18 6:38 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: why is our tax refund always less???
Posted by ali120206
They may be getting more taken out during the year.
We usually get a decent amount back because DH gets a lot more taken out than he has to.
does he deduct in addition to claiming 0?
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| Posted 2/7/18 7:22 PM |
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olive98
LIF Adolescent
Member since 11/12 791 total posts
Name:
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why is our tax refund always less???
We get nothing back but we don't claim 0. I've heard of people getting like 15k back. Crazy. They make less then us. I don't understand either
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| Posted 2/7/18 7:35 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: why is our tax refund always less???
Posted by olive98
We get nothing back but we don't claim 0. I've heard of people getting like 15k back. Crazy. They make less then us. I don't understand either
i need the number for their accountant!
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| Posted 2/7/18 7:38 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: why is our tax refund always less???
Posted by olive98
We get nothing back but we don't claim 0. I've heard of people getting like 15k back. Crazy. They make less then us. I don't understand either
I think there is always a level of scamming going on too.
When DH was a cop he would itemize deductions and some of the shit his co workers would put down as deductions and the amounts were ridiculous.
They would be getting back crazy amounts, but God forbid they got audited.
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| Posted 2/7/18 7:44 PM |
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olive98
LIF Adolescent
Member since 11/12 791 total posts
Name:
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Re: why is our tax refund always less???
Posted by NervousNell
Posted by olive98
We get nothing back but we don't claim 0. I've heard of people getting like 15k back. Crazy. They make less then us. I don't understand either
I think there is always a level of scamming going on too.
When DH was a cop he would itemize deductions and some of the shit his co workers would put down as deductions and the amounts were ridiculous.
They would be getting back crazy amounts, but God forbid they got audited.
I think that's it too
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| Posted 2/7/18 8:07 PM |
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BargainMama
LIF Adult
Member since 5/09 15660 total posts
Name:
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Re: why is our tax refund always less???
I'm just surprised people talk about this amongst friends....their earnings, how much they claim, how much they deduct, etc. Bizarro! Everyone's tax situation is different. Similar doesn't = the same 
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| Posted 2/7/18 8:20 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: why is our tax refund always less???
Posted by BargainMama
I'm just surprised people talk about this amongst friends....their earnings, how much they claim, how much they deduct, etc. Bizarro! Everyone's tax situation is different. Similar doesn't = the same
we don't typically discuss that, but this was convo between us and a couple of very close friends. nobody outright discussed their salary, but we did mention what we claimed. Two of them in particular are teachers, so it was pretty easy to figure out that we made about the same! lol
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| Posted 2/7/18 8:25 PM |
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BargainMama
LIF Adult
Member since 5/09 15660 total posts
Name:
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Re: why is our tax refund always less???
Posted by mommy2be716
Posted by BargainMama
I'm just surprised people talk about this amongst friends....their earnings, how much they claim, how much they deduct, etc. Bizarro! Everyone's tax situation is different. Similar doesn't = the same
we don't typically discuss that, but this was convo between us and a couple of very close friends. nobody outright discussed their salary, but we did mention what we claimed. Two of them in particular are teachers, so it was pretty easy to figure out that we made about the same! lol
Yeah even then, you could be in two totally different tax brackets, unless you make the SAME EXACT amount of money, which I highly doubt.
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| Posted 2/7/18 8:34 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: why is our tax refund always less???
They could have IRAs that they contribute to, 401k, pay for day care, medical deductions...so many different variables.
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| Posted 2/7/18 8:38 PM |
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Re: why is our tax refund always less???
If they are getting huge refunds, they are probably giving the government an interest free loan.
Not very smart IMHO.
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| Posted 2/7/18 10:32 PM |
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Peainapod
Peanuts are here!
Member since 1/09 13591 total posts
Name:
Diana
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Re: why is our tax refund always less???
my dad was asking me about claiming daycare and such for my son b/c a long time business associate of his now has 2 kids, and said he was writing off all his daycare. Im like you can enter what you paid for daycare, sure, but you only get back a certain %age, and up to a max. I think we got a $400 credit for the $5000+ spent on summer camp and aftercare this past year.
my dad insists his friend gets more than that. Im like well I think he's got a shady accountant. You cant write off all of your daycare expenses.
I dont know..people do weird sh*t, claim the oddest things as deductions.
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| Posted 2/8/18 7:51 AM |
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PitterPatter11
Baby Boy is Here!
Member since 5/11 7632 total posts
Name:
Momma <3
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why is our tax refund always less???
There are so many variables. For example, we max out our 401K/403B, Roth IRA, and 529 accounts so our return will be different than someone else who makes the same exact amount as us, but does not do those things.
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| Posted 2/8/18 7:59 AM |
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lisa0807
LIF Adolescent
Member since 4/10 572 total posts
Name:
Lisa
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Re: why is our tax refund always less???
Posted by EclecticEsq10810
If they are getting huge refunds, they are probably giving the government an interest free loan.
Not very smart IMHO.
totally agree with this. Why should you give the government your money. The best solution at tax time is to pay $0 and receive $0 I would rather have the money during the year. IMHO
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| Posted 2/8/18 8:19 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: why is our tax refund always less???
Posted by lisa0807
Posted by EclecticEsq10810
If they are getting huge refunds, they are probably giving the government an interest free loan.
Not very smart IMHO.
totally agree with this. Why should you give the government your money. The best solution at tax time is to pay $0 and receive $0 I would rather have the money during the year. IMHO
Agree. My boss always told me, the ideal tax refund is $0. That means you are doing everything right.
So either they are giving the government an interest free loan or they are being shady.
I feel like a lot of people think their tax refund is free money- um no, it's YOUR money that you should have had all year round to invest.
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| Posted 2/8/18 8:37 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: why is our tax refund always less???
Posted by lisa0807
Posted by EclecticEsq10810
If they are getting huge refunds, they are probably giving the government an interest free loan.
Not very smart IMHO.
totally agree with this. Why should you give the government your money. The best solution at tax time is to pay $0 and receive $0 I would rather have the money during the year. IMHO
ITA too!! I have a friend that use to do this because she loved gettting back a HUGE refund but in the meantime, she was giving up more money all year.
There are SO many variables as to why and how much someone gets back. It's not really comparing apples to apples when you're looking at your return against someone else's.
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| Posted 2/8/18 8:40 AM |
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Momma2015
Mommax2
Member since 12/12 6656 total posts
Name:
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Re: why is our tax refund always less???
Posted by Shroggie
They could have IRAs that they contribute to, 401k, pay for day care, medical deductions...so many different variables.
I do all those and still don't get a huge amount back... even less this year.  Our accountant already said we're going to be screwed by the new tax reform.
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| Posted 2/8/18 8:41 AM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: why is our tax refund always less???
Are you sure you are in the same tax bracket. Oddly enough someone told me their family members always owe yet they apparently take out the highest they can. I don't get how its possible they have I think 5 or 6 kids own a house etc. I told her to tell them to get a new accountant!
I am one of those people that give the government a free loan. It works for us. I am horrible saver and rather just have a lump sump which I use for camp and other things.
We get back between 9-10K yearly. We claim 0 and I do withdraw extra money every paycheck for state taxes which ironically if I don't we would owe NYS money each year.
I have an accountant I don't think he does anything shady. I did one of those tax estimator answering the questions I could the best I could (meaning that he probably would have answered the better) and it actually showed me getting back more than I did!!
Message edited 2/8/2018 9:01:53 AM.
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| Posted 2/8/18 8:59 AM |
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Sash
Peace
Member since 6/08 10314 total posts
Name:
fka LIW Smara
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Re: why is our tax refund always less???
Posted by Hofstra26
Posted by lisa0807
Posted by EclecticEsq10810
If they are getting huge refunds, they are probably giving the government an interest free loan.
Not very smart IMHO.
totally agree with this. Why should you give the government your money. The best solution at tax time is to pay $0 and receive $0 I would rather have the money during the year. IMHO
ITA too!! I have a friend that use to do this because she loved gettting back a HUGE refund but in the meantime, she was giving up more money all year.
There are SO many variables as to why and how much someone gets back. It's not really comparing apples to apples when you're looking at your return against someone else's.
This was me until I grew up and my accountant was like why are you giving them your money lol. Now I just break even or get a small refund like $100 or something.
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| Posted 2/8/18 9:25 AM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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why is our tax refund always less???
We get back almost the same every year. We’ve changed jobs, bought a house, had a baby. Pretty much the same. It doesn’t make sense.
I hope the streak continues this year because we made a good amount more and with all these new laws who knows what the deal is. I’ll be happy to break even.
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| Posted 2/8/18 9:42 AM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Re: why is our tax refund always less???
Posted by blu6385
Are you sure you are in the same tax bracket. Oddly enough someone told me their family members always owe yet they apparently take out the highest they can. I don't get how its possible they have I think 5 or 6 kids own a house etc. I told her to tell them to get a new accountant!
Do they own a business or work for commission? My parents are realtors so they pay taxes quarterly bc they don't get a paycheck to deduct from.
I don't see how anyone can compare refunds. There are tons of variables not related to shady accountants.
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| Posted 2/8/18 10:41 AM |
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mrsrainbow
LIF Adult
Member since 1/17 1465 total posts
Name:
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why is our tax refund always less???
Why on earth do people compare tax refunds? Not to mention I am so sick of the "interest free loan" argument.
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| Posted 2/8/18 12:55 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: why is our tax refund always less???
I have never compared my taxes to anyone else? Is this something people do? I think there are too many variables. What if they have a lot of mortgage interest, or they max their 401k, or they have high medical bills? There are way too many variables. Of course, they could claim things incorrectly too. Or they could be exaggerating and not telling you the truth. I would worry about your own taxes.
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| Posted 2/8/18 2:34 PM |
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tourist
Member since 5/05 10425 total posts
Name:
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Re: why is our tax refund always less???
I've never really compared, but some people mention their refund, if not in $ amount, by what they are doing with it so you have an idea of what they getting.
I just assume they are having too much withheld, and leave it at that.
We used to get a lot back, because I was with holding as single, but fling as married, or something like that, but changed it. There are a lot of variables.
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| Posted 2/8/18 2:48 PM |
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