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NInjapoodle is getting a federal refund. That is all. :)

Quote:

Originally Posted by Splash (Post 2047886)

I hate the estate tax with a passion.

Me, too. Praise the Lord that my parents had a trust! Federal estate tax = 40%. State estate tax = 4%. We don't have to pay the Feds! :D

I am getting fed and state refunds, too.

As far as I'm concerned, the home mortgage deduction is a friend of mine. And as someone said earlier in the thread, claiming deductions for charitable contributions also help.

....hey, I just thought, if the president is really a "birther," who was secretly birthed in Kenya, and is therefore, some kind of illegitimate president does dude have to have his taxes done by today? :rolleyes:

Quote:

Originally Posted by Ch2tf (Post 2047948)

:( x1 million

Single, out of school full time, no kids, no property definitely does suck though. Most of the people I know rake in the $$$ in refunds, but not I.

While I do get a refund, it is usually under $400 in total (federal and state). It's depressing :(

Quote:

Originally Posted by BluPhire (Post 2047961)

Depends on your mentality.

A lot of people have the mentality that a refund is pretty much giving the government an interest free loan.

I say if you are an employee this is true.

What BluPhire said. Your goal should be to break even or to owe the government. Otherwise, you gave the government an interest free loan. I know people who use their refund to pay off the credit card they've used all year. Well guess what? If they changed their deductions to break even, they wouldn't have needed to use that credit card and wouldn't have paid interest on that credit card! Major win.

For that reason, I follow the worksheet on the back of the W-4 to a T and I break even or get a very small refund. In the meantime, I have my cash to spend.

Jesus H. Christ.

Hubby and I earned $7k less than when we filed last year. But we paid more in taxes. Maybe it's time to have a kid to get the child tax credit!

Quote:

Originally Posted by Xidelt (Post 2048167)

Maybe it's time to have a kid to get the child tax credit!

NOT THE ANSWER.

Quote:

Originally Posted by amanda6035 (Post 2047966)

So..... buying a house when you'd rather rent simply to claim a mortgage interest deduction is stupid, as is not paying off your home because you'd lose the deduction. Yeah, let's pay the bank $10,000 so I don’t have to pay the government $2,500.... :rolleyes:

If you dont have a mortgage and want to "save" that $2500 that you would owe to the irs, donate $10K to your church or a charity, and be done with it.

Quote:

Originally Posted by Xidelt (Post 2048167)

Maybe it's time to have a kid to get the child tax credit!

Quote:

Originally Posted by preciousjeni (Post 2048179)

NOT THE ANSWER.

Agree, preciousjeni, agree.

My husband and I bought a house not to get a mortgage interest deduction, but because we want to own a home. We have a nice house in a nice quiet neighborhood. We have room for entertaining. I have space for my home office. We'd have enough room to raise children if we'd chosen to go that route. The mortgage interest deduction is icing on the cake, but it's some pretty damn good icing, and it would be silly to leave that money on the table.

Similarly, a couple should have a child because they want to have a child, not just because they'll get a break on their tax return for having a child.

Are we thinking that Xidelt was serious? Sounded like a joke to me...