BIG TAX REFUND!!

[Marie112626]

OMG!! I cant believe it!! I am getting back $4000 from fed and $1100 from state!!!

I almost had a heart attack when they told me!!

This will pull me out of credit card debt!!

To give you some background, I am single, claim one child, had two small part time jobs that I paid in about $300 in federal taxes (purposely had it taken off... just in case.) I brought in $22,000 from my massage business... but of course had a butt load of deductions. I rent an apartment for $450 per month and rent my office space for $300.

I find it incredible that I was able to support myself and my child and STILL I get this big refund. I am so glad I went into business form myself!!

God, I love this country!!

Ladeeda

 

[Sudmeister]

Wow, that is great! Congrats on having your own business too!

 

[Rocks]

Good for you for being successful! It will feel good to pay off that credit card debt

I don't know if you did your taxes or had another person handle it, but you might want to consider alternative ways to save this "refund" next year. What I mean is that's $5,500 that might have been available to you during the course of the year. They say its optimal to try to balance out withholding etc. so that you don't end up paying the govt (of course!) but also not receive huge refunds as that's like giving the govt a free loan (and its YOUR money!).

Then again depending on your credits (childcare, etc.) it may be hard to predict where you'll stand on April 15th
:wink:

You obviously did something right because you didn't have to write a payment check!! Enjoy!

 

[Pompal 09.]

I agree with Uncommon Needs. Not that is isn't a great feeling to get all that money, it could have very well been money that you could have used throughout the year. My husband is always bummed that we don't get a large refund, but I personally would rather have that money through the year.

Congrats on being able to get out of debt, I am sure that is a great feeling.

 

[Dova]

You dont understand!! I didnt pay that much in. I only paid federal in about $300 from my part time job last summer.

I earned a bunch of credits.

Ladeeda

 

[Mudassir]

You dont understand!! I didnt pay that much in. I only paid federal in about $300 from my part time job last summer.

I earned a bunch of credits.

Ladeeda

That is great that you got all the credits. I have never been that fortunate. Enjoy your refund!

 

[nota-loka]

Refund vs. Credits

Unless I have a rotten accountant, you can't get back more than you pay in.

What you can get is a tax-credit carryforward to next year.

Might want to make sure what you are getting is not a credit before you go counting your credit cards as paid off.

 

[howardlee1977]

Refund vs. Credits

Unless I have a rotten accountant, you can't get back more than you pay in.

What you can get is a tax-credit carryforward to next year.

Might want to make sure what you are getting is not a credit before you go counting your credit cards as paid off.

Ah, but with a child and an income under a certain amount, there is this thing called an "earned income credit", which DOES give "back" much more than was paid in. Odd system, we have here, but it does happen! Robin Hood had NOTHING on the IRS!

 

[Jennifer B]

Robin Hood is right...

Nothing like the Alternative Minimum Tax for those robber barrons making over $70,000 a year.

AMT = EIC

"From each according to his means to each according to his needs"
Karl Marx or the IRS?

 

[Dream Girl]

Robin Hood is right...

Nothing like the Alternative Minimum Tax for those robber barrons making over $70,000 a year.

AMT = EIC

"From each according to his means to each according to his needs"
Karl Marx or the IRS?

What, R & R.......you mean Karl Marx ISN'T the IRS??? I had no idea! :

 

[ral]

That is so great!!! Congratulations!

Want to pay some of my CC's off? I just wrote a check for $841 to the IRS and $225 to the state, BAH!