A Tax Refund Is NOT Free Money! (Here's Why)
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- čas přidán 14. 02. 2023
- A Tax Refund Is NOT Free Money! (Here's Why)
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Yea and we still have to pay for it to get done 🤬
Amen. People think of a refund as free money. It is basically change because you overpaid. Instead of Walmart (for example) it is the IRS.
I never get a refund. It goes to people who don’t work for it
I get so mad about it too! Especially when I divide it up between the months and see how much we lost out per month!!! Rude, in a economy where I could have actually not had to put things back on the grocery store shelves because I couldn’t fit it in that week’s budget😡
Some people do get free money when they file taxes.
I consider the extra $ I pay in taxes every month my Keep the IRS Out of My Life Insurance Fund, and when I get a refund I throw it all in investments anyway. But then again, I'm a little more financially responsible than a five year old so I don't miss the money in the first place.
I do the same thing but only for a couple hundred though (calculated overpay). Some people get thousands back, that is a waste and means something has to be adjusted.
Can you do a hair tutorial? I want to style my hair like this
We are still trying to figure out breaking even. According to all the calculations that’s where we should be, but somehow we always end up with a couple grand back🤦🏻♀️ Thankful that my husband and I always agree to just throw it in savings.
Helpful reminder ❤
100% agree! I refuse to overpay the same people who don't know how to count :). It's not easy but the nerd in me has it down to a science at this point. It's sad that we have to have these fancy calculators to figure out what we should pay! Utterly complicated! Don't lend the government your hard earned money interest free folks!
So how do we file our w-4 the correct way lol, I hate that part
@@justine42050 I hear ya! You have to read the instructions and complete the form as instructed, otherwise, it is difficult to estimate what your employer should withhold from your paycheck for taxes. I find that even though I have completed the form, I set up an excel tracker to document my planned income and planned deductions. I then subtract the planned deductions form the the planned income and determine how much tax will be due to the fed. I check our paystubs quarterly to ensure that we are on track, not owing and now due a refund. The only time it gets messy is when the government send "stimulus" checks but really, they are sending you the child credits that will have to be paid back at tax time if you didn't adjust your W4. SMH.
I don't care about the refund not being free. As long as I get what I'm supposed to get I'm fine with it.
Yep
Ya I know of too many people that think of it as a bonus
Facts 💯
Who in the world still gets a tax refund ?
I have looked into submitting a new W4 but the form has changed since we first submitted it years ago, and we are afraid we will get TOO much back in our check ( and then be penalized next year) and we will be unable to switch it back to how we have it set up currently. The HR dept said it is up to us to file our W4, otherwise I would ask them to calculate it out... :\
I've used the irs withholding estimator, but besides it being fairly confusing ( even tho i have a pretty good handle on getting my taxes done myself... and the estimator is similar to those) ...I think that come next year, due to the ages my kids will be, my tax situation might be different dependant-wise, so while i am disappointed & annoyed, i feel safer waiting on a refund and letting the IRS have their little "loan" >:( (i just hope there won't be any reason they delay refunds!!!
Can I get help?
I have been paying $750 a month that doesn’t need to go to the IRS every month. I need help claiming the correct amount so I am not paying so much to the IRS
Interest free is the part which really bothers me. Why can’t I get interest on the money sitting with the government? Why can’t I lower my taxes with the earned interest?
Does your country do that? Or is it just in the USA?
Free money is the interest you get on the money you should have been sending to the IRS.
Rache……😘!
Rachel, how do I make it to where I DONT get a refund but don't have to pay in??
If you're an employee, submit a new W4 form through your HR office. If you are getting a refund, you are paying too much in taxes every month.
Start a business.
@@RyaZila *W4
That balance is difficult to find. The goal is to get the smallest refund possible. If you get $800 back, you can adjust the number of dependents on your W4 so less is taken out, and maybe reducing your return to only $100. But landing right at $0 back and $0 owed is hard to hit.
@@autumnjerene but the question is how do we do that, I’ve been following Dave Ramsey and such for years, but have never seen any decent info to properly fill out the W-4, the only thing I was ever taught was to put that I have 1 dependent