People are actually getting refunds? - My husband and I ended up owing the IRS about $1500! Boo Hoo!
Posted by shanti at March 23, 2004 9:42 AMTrackBack URL for this entry:
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Don’t you think it is good that you owed money. That means you had more all through last year rather than the IRS keeping your money as an interest-free loan. You should congratulate yourself for proper tax planning. I owe about $1000 this year too.
Posted by: Parag at March 23, 2004 9:58 AM
..and guess who is getting a refund this year. :beam:
Posted by: JK at March 23, 2004 11:33 AM
Parag, I guess that is one way of looking at it :) Does your wife work too?
JK - you evil, gloating person! :evil:
Posted by: Shanti at March 23, 2004 11:51 AM
We too :( We did on turbotax and bcos we owe money, thought we will efile sometime in April.. u know time value of money and all…
Posted by: ripples at March 23, 2004 12:07 PM
Ripples, we are doing the same thing - we don’t want IRS to get their money one day before they really have to :evil:
Posted by: Shanti at March 23, 2004 12:24 PM
Well, I’m getting a refund of about $2,300. And now that I’m unemployed, I may get even more next year.
Posted by: Niraj at March 23, 2004 6:54 PM
Bah, Niraj! I am really jealous of you guys getting refunds and all - but wait till next year when I can claim my baby as a dependent - I bet I will finally get some money back!
Posted by: Shanti at March 23, 2004 7:51 PM
Shanti: My wife works too. After our baby last year, I reduced our tax witholdings to account for the dependent. Then, Bush tax cuts were announced mid-year last year and they were retroactive to the beginning, so, I added one more exemption and reduced my tax witholding even further all through the second half of last year. That worked out pretty well.
Posted by: Parag at March 24, 2004 12:35 PM
If you think you’re paying too much tax, you should try living in social-democratic Europe :beam:
I was chatting with my folks the other day, and it turns out that my Mom - who earns loads more than I do in real terms - pays a lower percentage of her annual earnings as tax (in India), than I do in the UK. She’s worked for decades, and I’m only a few works into my working life!
Posted by: Suruj at March 26, 2004 6:16 PM
That is a good point, Suraj - my sister works in Australia and it is pretty much the same there - she pays about 45% of her salary in taxes.
Posted by: Shanti at March 27, 2004 2:49 PM