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Taxes Completed

February 11th, 2020 at 05:05 pm

My dad ran my numbers today at H&R Block & I owe a little less in federal taxes than last year. I owe the state $1 more than last year. I take 0 exemptions. I have already increased my withholding so hopefully I won't owe again next year. I think 2013 was the last year that I got a refund. I'm not sending my check off until the first week in April. I have until May to pay the state, but it's not much.

This is definitely good motivation to get my Facebook Marketplace & eBay sales going!

4 Responses to “Taxes Completed”

  1. Lots of Ideas Says:

    I just said this on Amber’s post, but I am repeating myself!

    Why let the government hold your money to get a refund? They pay no interest.
    If someone fraudulently files using your info, they get the refund, you get the headaches.
    If, god forbid, you have a garnishment, they can take your refund.
    You don’t want to oweso much that you pay a fine, but you can easily calculate what you will owe (especially if you are single without any fancy deductions!).
    Try to pay exactly what you owe. Stick any extra you are worried about in the bank. If it earns $1.00 it’s a dollar you didn’t used to have.
    And if someone owes money, the credit card company is happy to charge 20 percent on money that the government holds without paying a cent. you are better off to pay off debt early in the year and then save for taxes later in the year!

    I wrote out how to calculate tax liability for singles on Amber’s post if you are interested.

    People with kids are harder, but it is doable...

  2. terri77 Says:

    I’m not trying to get a refund, I’m trying not to owe.

  3. Lucky Robin Says:

    We will be getting a much smaller refund this year. Our goal also was just not to owe, but we might be able to tweak it a little more because I think we are still getting $600. Depends on how much more they are going to do to the tax code this year. Plus we will start hitting the 401K harder in May when our last debt is gone, so that might change things some, too.

  4. rob62521 Says:

    We usually get a refund, but our tax person last year said we would probably need to have more taxes taken out of DH's pension check just to make sure we don't owe a bundle this year. I hope he was right.

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