Somebody Didn’t Listen To His Own Advice

Jan 26 2007

Posted by NCN as Taxes |

I’m almost finished filing my taxes, and I’m ashamed to admit, I’ll be getting a pretty decent tax refund this year. I’ve suggested (for the better part of 2 years) that people adjust their withholdings so that they will have more money in each paycheck. I adjusted my allowances, but not enough! I could be getting back as much as 2000 dollars! Yikes. (Last year, I got back around 3000 dollars, so at least I’m moving in the right direction.) I’ll file as quickly as I can so that I can put this money to use. Uncle Sam, I want MY money back! (Oh yeah, I’m actually paying a considerable amount of tax. Some people don’t realize just how MUCH money we pay in taxes each year. Everyone likes it when they “get” something from the Government, but few realize the massive amount of taxes we actually pay. Between Social Security, State, Local, Property, Sales, Etc. Taxes… the amount is staggering!)

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4 Responses

Sun

January 26th, 2007 at 5:20 pm
1

You are very quick in filing your taxes. I probably will wait till the last minute to send out our files because we won’t get any refund this year. In fact, we had to pay back some for several years though I have zero allowance for myself. I do tax return myself, but just couldn’t see where the deduction could come from. Maybe I should get an accountant to see if they come up the same number as I do.
Sean

January 26th, 2007 at 6:21 pm
2

Some people don’t realize just how MUCH money we pay in taxes each year. Everyone likes it when they “get” something from the Government, but few realize the massive amount of taxes we actually pay. Between Social Security, State, Local, Property, Sales, Etc. Taxes… the amount is staggering!

Yeah, it’s truly amazing what we end up paying each year. I’ve always been a proponent of getting rid of withholding altogether, and instead have us cut a check quarterly (monthly/weekly/whatever), just so we’d realize how much of what we earn disappears before we even see it. We might actually pay attention to what our gov’t representatives were doing then — of course, that may be one reason why we’ll never see that!
Trish in Omaha

January 26th, 2007 at 7:33 pm
3

Yeah, it’s truly amazing what we end up paying each year. I’ve always been a proponent of getting rid of withholding altogether, and instead have us cut a check quarterly (monthly/weekly/whatever), just so we’d realize how much of what we earn disappears before we even see it. We might actually pay attention to what our gov’t representatives were doing then — of course, that may be one reason why we’ll never see that!

Sean:

I so agree with you on this. If all of us had to actually write a check each month for all that is withheld from our paychecks - there would be rioting in the streets and maybe some changes made. Have good week-end all!
tiredofbeingbroke

January 27th, 2007 at 12:11 pm
4

A few years ago I receive a refund of over $1000 that is when I changed my witholdings. I changed them a second time once I started paying back student loans. I started my taxes and so far it looks like Uncle Sam and I are about break even or I might owe him $50. Not bad at all.