Tax returns: How much are you getting back?

[I spent the winter writing songs about getting better]

Just got mine done:

Federal - $1041
State - $257
Property - $366 (don't get this until August)

Should get both federal and state this weekend.

[MaxQue]

Congratulations!

In fact, we don't care.

[Franzl]

Great, find yourself a good stripper.

[MasterJedi]

Best thing you can do is to not get any returns. Basically get everything as close to $0 as possible.

[Torie]

I get to write a large check this year. The government loves me.

[Sam Spade]

I get to write a large check this year. The government loves me.

They love me too.  I don't love them, however.

Besides, for the OP, isn't this money he's already paid in?

[Fmr. Pres. Duke]

Perhaps if the DOW touches 3000 soon, my family will no longer have to pay taxes! We'll qualify for the money Obama is sending out to the lower class!

[Torie]

I get to write a large check this year. The government loves me.

They love me too.  I don't love them, however.

Besides, for the OP, isn't this money he's already paid in?

I don't know what OP means, but ya, if you get a refund, then you aren't managing your cash flow properly vis a vis the government, and are giving the bastards an interest free loan. When it comes to interest free loans, I prefer to be the debtor rather than  the creditor.

[Fmr. Pres. Duke]

Maybe BRTD is talking about the welfare checks Mr. Obama is sending out to low income Americans? I sincerely hope that he spends it on something useful and not booze and pot.

[Torie]

Maybe BRTD is talking about the welfare checks Mr. Obama is sending out to low income Americans? I sincerely hope that he spends it on something useful and not booze and pot.

Hmmn, you don't find booze and pot "useful" eh?  That certainly was not my experience when I was your age. 

[Sam Spade]

I get to write a large check this year. The government loves me.

They love me too.  I don't love them, however.

Besides, for the OP, isn't this money he's already paid in?

I don't know what OP means, but ya, if you get a refund, then you aren't managing your cash flow properly vis a vis the government, and are giving the bastards an interest free loan. When it comes to interest free loans, I prefer to be the debtor rather than  the creditor.

OP = original poster.

True dat, btw.

[I spent the winter writing songs about getting better]

I actually qualify for two deductions, one because I'm a non-dependent and the other because I'm unmarried and only have one job. But I only declare one because I don't want to risk having to pay more in.

Great, find yourself a good stripper.

I will.

[I spent the winter writing songs about getting better]

You mean tax refund?  As in money you weren't supposed to have given them anyway?  Congratulations on your mistake.  Have fun blowing your money on random crap during the middle of a recession.  Woohoo immaturity!

Actually I don't have a choice in giving them the money or not. Blame my employer if anyone.

[Fmr. Pres. Duke]

If I had anything left, the safe in my house is probdbly the best place for it.

[memphis]

You mean tax refund?  As in money you weren't supposed to have given them anyway?  Congratulations on your mistake.  Have fun blowing your money on random crap during the middle of a recession.  Woohoo immaturity!

Actually I don't have a choice in giving them the money or not. Blame my employer if anyone.

You can refile your W-4 with your employer and increase your number of exemptions. This will reduce the amount they will withhold from your check, though you'll still have the same overall liability at the end of the year. In regards to your question, I received about $1500 back from the feds. TN doesn't have a state income tax.

[TeePee4Prez]

How much of an interest free loan did I give to Uncle Sam?

I'm not disclosing that.

[TeePee4Prez]

You mean tax refund?  As in money you weren't supposed to have given them anyway?  Congratulations on your mistake.  Have fun blowing your money on random crap during the middle of a recession.  Woohoo immaturity!

Actually I don't have a choice in giving them the money or not. Blame my employer if anyone.

You can refile your W-4 with your employer and increase your number of exemptions. This will reduce the amount they will withhold from your check, though you'll still have the same overall liability at the end of the year. In regards to your question, I received about $1500 back from the feds. TN doesn't have a state income tax.

As a laid off accountant/aspiring CPA, I laugh when people brag about how much they're getting back in a refund unless they found something at tax time then I'd love to hear about it. I mostly did taxes- individuals, S-Corps and Partnerships along with a few C-Corps, Trusts, and Estates.  Can't stand Audit.  I must say be careful with a W-4 especially if required to file Estimated Taxes.  The Underpayment Penalty can be a bitch and I've seen clients get clobbered on that.

[Lief 🗽]

Probably a hundred bucks or so. Yay, summer job.

[bullmoose88]

Whats the requirement for an S corp nowadays, 100 shareholders (all american)...god how easily i forget corporate taxation...

[I spent the winter writing songs about getting better]

You mean tax refund?  As in money you weren't supposed to have given them anyway?  Congratulations on your mistake.  Have fun blowing your money on random crap during the middle of a recession.  Woohoo immaturity!

Actually I don't have a choice in giving them the money or not. Blame my employer if anyone.

You can refile your W-4 with your employer and increase your number of exemptions. This will reduce the amount they will withhold from your check, though you'll still have the same overall liability at the end of the year. In regards to your question, I received about $1500 back from the feds. TN doesn't have a state income tax.

Well yes, I could make my exemptions to be 2, but then I run the risk of OWING money next year and I sure as hell don't want that.

[TeePee4Prez]

Whats the requirement for an S corp nowadays, 100 shareholders (all american)...god how easily i forget corporate taxation...

99 and a US Citizen.  Can't be publically traded of course.

[TeePee4Prez]

Whats the requirement for an S corp nowadays, 100 shareholders (all american)...god how easily i forget corporate taxation...

If I'm not mistaken, weren't you once in law school?  If so did you have to take tax?  My friend had to at Temple.  I had to help him with MACRS depreciation once, but he told me most of it was regurgitating IRC Codes.  That's what I had in undergrad tax and it's useless.  IMO, you need to teach the tax software with Forms and break it down between individual/business and Fed/State/Local and Sales/Use/Property, etc.  Tax is one of those classes MUCH better taught by practictioners than egghead Ph.D's.   

[Tender Branson]

Last year I got about 900$ back. I have not filed it so far this year.

[bullmoose88]

Whats the requirement for an S corp nowadays, 100 shareholders (all american)...god how easily i forget corporate taxation...

99 and a US Citizen.  Can't be publically traded of course.

I think all shareholders must be US Citizens or residents. Cant get by with just one...i read wiki and it seems very familiar with what i saw in class.

[Tender Branson]

I got about 35€ back this year ...