April 15th (Today) is Tax Day in the USA.....

[lovbyts]

$8500 refund baby! lets PARTY!!!! WOO HOOOOO !!!

I never understood why some people are so happy giving the government a large interest free loan?

If you had invested that $8500 and only got a 7% return you would have made almost $600 for doing nothing.

I "loaned" the government a mere $400 of which they gave me back a couple months ago.

I look at it the same way. 3 years ago I got back $7500 so I adjusted my dependents. The next year I got back $5000 so i adjusted my dependents again. This year I got back $1500. Still to much so i will adjust it again but I think they will do some of it for me since it seems certain tax credits keep getting smaller on their own.

You guys do realize what a Tax Loophole is dont you? Anyone who has a child dependent tax credit, mortgage interest credit, charitable contributions you are using a Tax loophole.

Dont let the terminology fool you into thinking it's something bad or something only the rich get. Getting rid of these Tax Loopholes will effect all of us and not in a positive way.

Err tax sucks... I paid 70k last year and only
Got back 11k... Tax is 1 july in aus.

Wow 11K? WAY to much. You need to fix that or just loan me 11K for a year and ill give you back 11K next year...
The smart thing to do is adjust your paycheck so they take out a LOT less and put that extra into a 401K or Ira. Every time I have gotten a raise over the last 7 years I adjust my 401K contribution so my paycheck stays the same. What you dont get you will never miss but it will add up quickly.

[Euroholic]

I look at it the same way. 3 years ago I got back $7500 so I adjusted my dependents. The next year I got back $5000 so i adjusted my dependents again. This year I got back $1500. Still to much so i will adjust it again but I think they will do some of it for me since it seems certain tax credits keep getting smaller on their own.

You guys do realize what a Tax Loophole is dont you? Anyone who has a child dependent tax credit, mortgage interest credit, charitable contributions you are using a Tax loophole.

Dont let the terminology fool you into thinking it's something bad or something only the rich get. Getting rid of these Tax Loopholes will effect all of us and not in a positive way.




Wow 11K? WAY to much. You need to fix that or just loan me 11K for a year and ill give you back 11K next year...
The smart thing to do is adjust your paycheck so they take out a LOT less and put that extra into a 401K or Ira. Every time I have gotten a raise over the last 7 years I adjust my 401K contribution so my paycheck stays the same. What
you dont get you will never miss but it will add up quickly.

In aus they take the tax out of your pay before they give it to you then you apply for a refund.

[lovbyts]

In aus they take the tax out of your pay before they give it to you then you apply for a refund.

They do in the US also but you can adjust your W4 Employees withholding allowances such as the number of dependents. It really does not matter how many dependents/kids you have you can change it to whatever you want so they either take more taxes out or less. If you have them withhold to little then you have to pay in. It's best to try to set it so it's a wash where you dont pay in and they dont owe you or they owe you very little.

If you think about it how fair is it they hold onto $11K for they whole year and pay you no interest?