Taxes: Are you expecting a big refund in addition to the rebate?
April 3, 2008 4:22pm CST
Man, am I ever on my soap box today! A friend and I were just discussing tax refunds and how his wife didn't understand why her income had to be counted with his. I told him that it really didn't but that he would end up paying more taxes than her refund would be increased by. I then told him that I have worked to fine tune my withholding to where I come close to breaking even or just get a very small refund or even owe a couple hundred. He asked me why and I told him this; Every year people file their taxes as soon as possible to get their "refund" back so they can pay bills, go on vacation or whatever! The average refund is between 3 and 5 thousand dollars and it may be a little more. Tell me, what has happened when millions of Americans recieve 3-5 thousand dollars between Feb and June? By doing this, America has given their government the largest INTEREST FREE loan ever, and that is every year! Okay, what happens if you are a little bit late in filing, even if you are owed a refund? That's right, interest and penalties! Seems like good old Uncle Sam has the best of both worlds! And that is why I would rather owe the government a few hundred dollars than get a huge refund. At least I know the money they are getting is ACTUALLY what I OWE them!
1 person likes this
• United States
30 Jul 08
Rodney, just another good reason for a national sales tax. With the fair tax you only pay the taxes on what you buy at the story except for groceries. No need to fill for a tax refund. No need for all of those complacted tax law that no one can understand. There is no extra paid taxes.
• Cupertino, California
3 Apr 08
We have tried to tweak ours but always end up getting a refund anyway. Personally, I like the refund. I knwo it is interest free, but on the sam enote, I can always use the extra boost in the beginning of the year. As for the redunf, we will be getting something back no near as much as other people though.
• United States
3 Apr 08
I am totally with you here rodney. I want my money now not all in one chunk at the end of the year. I do exactly what you do. I dont think the government deserves any free money!! I know people who do this all the time. wait on the big refund, then go on crazy spending sprees. not a choice I make