Here we go, 2018 edition!

[Derpster0]

Anyone else super hyped for this tax refund season specifically because of this website and the Facebook page? For me it’s fun to see all the broke people freak out and post about their refunds and get mad about the wait. I’ve been there myself, but nowadays I bring in more money than I spend even in my worse months, so for me it’s just time to relax and have a good time reading this stuff.

[BOBBO]

I understand what you’re saying Haily. I finished my state yesterday, and I owe $1. In my mind that’s basically tax perfection! I will admit that I’m in no hurry for my return most years, this year I am using the cash to jump start a garage renovation :)

[Trista]

@Hally Thank you for the advice, but I really am happy with things as they are. To each their own.

[Haily]

Trista

You could still have that same amount taken out of your check and placed into a high yield account. Or even a low yield account. Or invest it. You are getting no interest off that loan you make to the government. You just give it to them and wait. And hope it comes through. There are a lot better ways to make use of your money.

[Trista]

I don’t know about other folks, but I genuinely look forward to that lump-sum return each year. In real time, money tends to burn a hole in my pocket & fall right through. 😁

[Haily]

Bobbo

Definitely on the bonus and any work expense related for the home office. I was meaning more those that have very easy tax situations ( standard deductions) who willingly and purposely overpay in taxes every pay check and then complain and wait and watch for a big ticket return at the end of the year. It is the exact same amount they would get if they just changed their exemptions at work and moved their refund dial closer to zero. They don’t have to watch and wait. They can just get more back throughout the year. Sure it doesn’t feel like a huge jackpot but he only people with standard deductions who should be getting huge refunds are people who can’t save or people who for whatever reason (1099’s, maxing out retirement at the end of the year, etc) OR people who are unsure if they will owe or have owed money in the past. Obviously if you might have to pay in then you would want more deducted from each pay check. I have EIC with a standard deduction, nothing special. Instead of opting for the large refund at the end of the year and letting the government hold my money, I try to get my workplace exemptions as close to what I would actually owe as possible. I use the extra money each pay check toward retirement, to pay bills, just general living. It is much easier. I still end up with a small refund at the end of year (roughly $150 to 250 usually) but I don’t end up having to wait and wait and complain about the government dragging its feet over a couple of thousand dollars. It is just smarter if you can.

[BOBBO]

My problem isn’t my exemptions, is the quarterly bonuses that are taxed at the highest possible rate. Since these bonuses make up a high percentage of my income and I have 3 dependents and a work from home wife we still end up getting a refund every year. I have 12 exemptions for federal and 5 for state.

[Haily]

Why not change your tax exemptions with your employer to get more throughout the year then? You are basically giving the government an interest free loan. Change your exemption at work to the actual exemption you would have on your current taxes and do the math to get your return as close to zero as possible. A CPA might help, especially if you have a large itemized deduction list like real estate and all that but with EIC and ACTC you can do that on your own with just changing your exemption at your workplace. Obviously a different story if you are a 1099.

[blkpepper23]

I’m Most definitely Ready!

[BOBBO]

This is why I teach my kids to not forget where they’re from – so they don’t grow up to be a condescending ass hole. You say you’ve been there, and now..

Some of us have plenty of money but like to get back what’s ours from the government. It’s not about the money, it’s about the principle.

[Theresa]

Dang…hateful, much?

[Author]

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