What should I expect on my tax return?

[dELfONiK]

Okay, my manager said sorta the same thing. I'd like a mini breakdown so I can understand what you are saying. Cause one guy said he did it, go 4100, the next guy said he owes $1200 .

So is one of you doing it wrong? Now I got back $5071 +$406 state( claim kids ). Now I normally go at least 6 months without having Federal tax being taken out. It's only $110 per check( Salary get paid on 15th & 30th).

So what is the strategy ya'll are talking about?....Vegeta

I'm no tax expert, but here's the way I see it...

If you get back a tax refund, it is because the IRS took out too much money during the year. You don't have access to that extra money until the following year, when they give it back to you in the form of a refund. The thing is, while it may seem like the money is just sitting there, they are actually using it and making money from it. It's pretty much like you giving the IRS an interest free loan.

Instead of them taking too much out, you can elect for them to not take out as much, which will in turn increase your paychecks. You can then invest that extra money, like maybe purchasing stocks, or putting some in your 401k, or even putting it in your savings account. Then you can make money instead of them.

The money you get back in a refund is your money. You can choose to let them hold it during the year, let them make money, and then give it back to you, or you can choose to receive a little more each paycheck and then do with it as you wish.

I'm the guy who had to pay $1200. I will change it to where I don't owe as much. But, it's not like I'm paying them any more than if they would have taken more taxes out.

Again, I'm no tax expert. This is just my opinion. Also, it's just my wife and I. I don't know how different it is when you have more dependents.

[VegetaRules]

Yeah, see my manager said she didn't like to have the government be her savings account.lol Now I don't have-have kids.lol It's just a 12 year friend I assist because everyone where she lives get's paid under the table.

So thats partly why I do it this way as well. I just kinda like starting the new year off with a lump sum. It allows you to do some things, because do you really save that extra $200 or so? I'm not debating, I went over this idea heavily.

I just decided to take $500 & drop it in interest bearing account, & do what I normally do. I just wanted to get another alternative....Vegeta