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Been using turbo tax for the past few years for my filing. This year, it's saying I have to pay back, or, have a refund of or about $79. It doesn't make sense.
In the past, I've gotten back $1200+. I know with the new administration, people are seeing less returns. I'll have to go to an accountant to file sometime soon. Anyone had this issue?
What are your refunds looking like? What are you doing with your returns?
Was going to use the refund on a nice vacation.
If you paid less in throughout the year, your refund will be smaller.
New tax laws have people paying less in.
But we got 5,300 because we have two kids.
sucks because i unknowingly paid less tax through the year and am getting back chump change...:facepalm
[QUOTE=Draz]Been using turbo tax for the past few years for my filing. This year, it's saying I have to pay back, or, have a refund of or about $79. It doesn't make sense.
In the past, I've gotten back $1200+. I know with the new administration, people are seeing less returns. I'll have to go to an accountant to file sometime soon. Anyone had this issue?
What are your refunds looking like? What are you doing with your returns?
Was going to use the refund on a nice vacation.[/QUOTE]
In the past you gave too much money to the government. If you have a smaller refund, you got paid more money throughout the year which is generally better.
[URL="https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-march-15-2019"]https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-march-15-2019[/URL]
Refunds are about on the same as last year as this time.
People should really look at their paycheck.
Idk.. I've been getting paid exactly the same since last year, actually saw a decrease in pay per paycheck this year by $30 and last year I had a refund
Used Credit Karma for the first time and it was so much smoother and quicker than turbo Tax, and fully free.
I got more back this year than any other year, but that was due to my planning ahead of time and messing nwith my exemptions.
this. big refund means u gave the government an interest free loan with ur money
[QUOTE=qrich]Used Credit Karma for the first time and it was so much smoother and quicker than turbo Tax, and fully free.
I got more back this year than any other year, but that was due to my planning ahead of time and messing nwith my exemptions.[/QUOTE]
I didn't know credit karma does taxes. Looking into it now.
I understand when you get a refund you had given the govt interest free money, but nothing changed in my pay since last time. Maybe my wife? Mhm.
Getting a little more then 3k refunded.
1k from state and 2k federal.
[IMG]http://i66.tinypic.com/j7w8s6.png[/IMG]
$80 back. Looks like Uncle Sam didn't get shit from me in free interest this time. Definitely considering having a kid for refunds.
I hate being self-employed. Always owe $7k+, never send in my estimated taxes.
I've owed money the last couple years even though I'm claiming 0 on my W4.
But it's because I'm married filing taxes separately (to save money on my student loan payments)
At least my wife usually gets back $1-2K
[QUOTE=Raymone]I hate being self-employed. Always owe $7k+, never send in my estimated taxes.[/QUOTE]
any fiscal benefit from sending in estimated taxes (quarterly i'm assuming)?
also, i read on reddit how CEO's take 1$ salary since their real compensation is made other ways so they can claim capital gains. i need to visit a CPA to learn all these loopholes for self employment tax benefits.
[QUOTE=Raymone]I hate being self-employed. Always owe $7k+, never send in my estimated taxes.[/QUOTE]
My barber paid his accountant $7k alone just to file his taxes lol being a business owner sucks
[QUOTE=highwhey]any fiscal benefit from sending in estimated taxes (quarterly i'm assuming)?[/QUOTE]
I think I'm required to. Pretty sure I get fined every year for not doing it but the fine is pretty minimal, iirc.
I used Credit Karma and it woudn't let me itemize deductions if I was taking the standard deduction for federal. It forces you to take the state's standard deduction which is super low in Oregon.
I took the 12,000 dollar federal. But Oregon only allows about 2000. I could have itemized about 7,000 dollars if it allowed me. I'm thinking I should wait for my federal refund and then just amend my state taxes.