October 2008 Weddings
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Silly tax related confession

I still have to go over them with my uncle (even though they are extremely straightforward for us he does our taxes because I like throwing the business his way as he is struggling) but it looks like we are only getting a little bit back this year (would have been $600 from Federal but is now $100) because we have to start paying back our stimilus loan from '08.

I know it means that we got our withholdings pretty close to where they need to be to NOT be giving the goverment a free loan but I am still dissapointed and so is DH. Embarrassed

 

Re: Silly tax related confession

  • I know how you feel.  Last year, we got a pretty sizable refund, but only because my company switched pay companies for us mid year, and so my extra social security that I paid got refunded back to me.

    Because I make more money than DH, they don't tax him at a high enough rate at his company, so, even though I overwithold on my end, we ended up owing about $1500 because of his withholding.  

    Also, my tax guy told us that if my husband makes more money this year (he should with his new job) we're going to get cremated on our taxes this year. :-( I'm already preparing myself for misery next year.

     

  • I wish we didn't get so much back.  DH likes to think of it as a "big house project fund" b/c we always get so much back, but I'm not a fan.  I changed my withholdings a bit this year and upped our savings allotment, but we'll see.

    Our mortgage interest deduction is what gets us and this year we had 3 things for the energy tax credit on top of our donations (which some we didn't even put it in b/c I wasn't good about listing what we donated).

    I guess I shouldn't complain, the refund is paying for most of the bath remodel and we're able to hire out all the tile install and get the polished tile we wanted.

  • Bummer you are getting less back than you thought.  At least you didn't have to pay.

    We will get a huge return this year because of DH's deployment.  But we are a special case with the odd military tax rules and tax breaks.  Plus I have an extra $350 withheld over the regular withholdings.
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  • imageSSM&JLM:

    I wish we didn't get so much back.  DH likes to think of it as a "big house project fund" b/c we always get so much back, but I'm not a fan.  I changed my withholdings a bit this year and upped our savings allotment, but we'll see.

    Our mortgage interest deduction is what gets us and this year we had 3 things for the energy tax credit on top of our donations (which some we didn't even put it in b/c I wasn't good about listing what we donated).

    I guess I shouldn't complain, the refund is paying for most of the bath remodel and we're able to hire out all the tile install and get the polished tile we wanted.

    I know what you mean, and we have done a much better job with out savings this year but our plan was that whatever we got back would go to our daycare account. LOL not so much now. Now NEXT years deduction I will welcome. Embarrassed

    Ugh There were also 2 or 3 projects that we put off that we could have used for the energy credit I am still annoyed with myself about that.

  • We owe this year too for the first time :( we moved some money and because of the types of accounts it counted as income, something weird. I'll be happy with even $20 next year.
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  • imageKathyGee:

    I know how you feel.  Last year, we got a pretty sizable refund, but only because my company switched pay companies for us mid year, and so my extra social security that I paid got refunded back to me.

    Because I make more money than DH, they don't tax him at a high enough rate at his company, so, even though I overwithold on my end, we ended up owing about $1500 because of his withholding.  

    Also, my tax guy told us that if my husband makes more money this year (he should with his new job) we're going to get cremated on our taxes this year. :-( I'm already preparing myself for misery next year.

    Your reply made me feel less silly about my confession. I think the majority of people get in the habit of looking forward to tax season because of a return and I honestly believe half the people I know that do get one usually (without certain deductions like children) don't even realize why they get the return.

  • We really need to adjust our with-holdings. We are getting A LOT back this year...

    Also because we got soo much back last year, it bumped us up to a higher tax bracket...grrr I'd rather be in a high tax bracket because of what we earned last year, not what we got back from the year before. Oh well, we will probably go lower next year because of maternity leave and me probably going part time afterward.

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  • We still haven't gotten our refund yet.  Drew called our accountant yesterday and found out that it's on the IRS side.  Something with a glitch in their system with the homebuyer's tax credit.  So, Pooks, it may be awhile before you even see that $100.  I'm ticked!
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