Quote Originally Posted by JennB
Sorry... i've been out for the weekend.

It's easiest to do if you are a salaried employee. The key is to do your taxes at the beginning of the year. Figure out what you will make for that year and then figure up your AGI and tax liability then divide it by your number of paychecks and have that amount withheld. If you change jobs 5 times during the year and have times with no pay, it's going to be pretty hard but if you have a steady job and regular pay, you can do it.

The IRS has actually made it so you don't have to do any of the work.... use their online calculator and it will tell you what to put on your W-4.

If you don't need the extra money on your check, put it in savings. If you change your w-4 and get an extra $40 on your check, save it. Then you have the money you would have had refunded, plus interest, and you don't have to wait for the gov. to give it back to you... it's always there if you need it.

http://www.irs.gov/individuals/artic...=96196,00.html


So many people look at their tax refund as some sort of reward, an incetive or something.... it's not. It's money that was taken out of your paycheck and the gov. has held onto. Your tax liability for the year is the exact same if you have $500 taken from each check or $100 from each check... $500 will just get you smaller paychecks and a huge refund because you overpaid. It's kinda like buying something from a store... if the cost if $5, you can either give them $5 or give them $20... the cost is the exact same, you get change with one and not the other. Getting a tax refund is overpaying your taxes.

It's always up to you if you want to give the gov. an interest free loan for the entire year, but there are much smarter things to do, especially if you are living paycheck to paycheck. If you are doing that and getting back $2000 at the end of the year, why not change that and get more $$ on your checks and be more comfortable? Some people really like getting a huge refund... I guess it's good if you are truly terrible at savings. But I just want people to understand that that money is yours, its not an incetive or reward from the government... it was withheld from your paycheck during the year.

I hope that's at least somewhat clear... I'm still tired from yesterday.


If people in this thread didnt know that, they need to be hanged




I think im going to see alot of dead bodies!!!