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Forum: Financial Planning and Budgeting

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  #1  
February 7th, 2008, 01:46 PM
DavidandJaidonsmomma's Avatar Mega Super Mommy
Join Date: Apr 2005
Location: Houston, TX
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I notice that there are a few people who don't get refunds because they don't pay as much during the year. Does that me you owe money at tax time or is there a way to break even (so to speak)?
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  #2  
February 7th, 2008, 05:05 PM
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Join Date: Oct 2006
Posts: 32,940
I doubt there is anybody who truly breaks even. People will either get a refund bc they paid in more than they owe or they will owe bc they paid in less than they owed. It comes down to a lot of things....your income, your withholding, what deductions you have, what you really owe, how many kids you have, etc.

I used to like getting a refund, but basically that means I am giving my money to the government during the year only for them to turn around and give it back. We have been adjusting our withholding in order to try and get closer to breaking even.




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  #3  
February 7th, 2008, 08:15 PM
~Trina~'s Avatar Platinum Supermommy
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Also, things like the Earned Income Credit and such also make it harder to break even..... but you can change your withholdings to claim more dependents so that they take out less per check for taxes and you'll come closer to breaking even. But, be careful not to go too far as you probably don't want to owe much, if at all.
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  #4  
February 7th, 2008, 08:22 PM
DavidandJaidonsmomma's Avatar Mega Super Mommy
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Location: Houston, TX
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I claim three right now, but know I can claim ten from a w-4 calculator I use. Should I try claiming like 5 or 6 then?
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Bree - Mom to David - 10 & Jaidon - 8
Baby#3:
Beta 4/25 @ 16dpo 622 4/29 @ 20dpo 2013
10wk hb 172

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  #5  
February 8th, 2008, 04:46 AM
Platinum Supermommy
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Posts: 32,940
How much are you getting back?
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  #6  
February 8th, 2008, 11:10 AM
DavidandJaidonsmomma's Avatar Mega Super Mommy
Join Date: Apr 2005
Location: Houston, TX
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I get back $5000
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Bree - Mom to David - 10 & Jaidon - 8
Baby#3:
Beta 4/25 @ 16dpo 622 4/29 @ 20dpo 2013
10wk hb 172

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