Re: Smaller Refund This Year? The Fault is Yours
Posted by:
Big refunds are for suckers
()
Date: February 18, 2019 10:29AM
Fools and Their Money Wrote:
-------------------------------------------------------
> fatter paychecks and refund! Wrote:
> --------------------------------------------------
> -----
> > I got a nice refund this year. With the basic
> > elimination of the AMT and removing the caps on
> > child tax credits, my tax refund was up by
> about
> > $5000. I usually try and keep it to zero, but
> > this year I let it ride to see how it shook out.
>
> > Add to that the extra $200 I get every two
> weeks
> > with the automatic withholding decrease and I
> owed
> > about $5000 less this year than last. NICE!
>
> You are an idiot if you let the government keep
> $5000 and earn interest on it. You need to get a
> good accountant to manage your money.
Agreed. As I wrote, I usually keep it to as close to zero as possible, but I didn't know how the new law was going to pan out for me so I let it ride this year. And I didn't let the government keep $5000. My refund is $2500. I also got about $2500 in extra take-home pay with the reduced withholdings. I've already decreased my withholding for this year and am taking home $100 more per check than last year tax-wise. Should be back to owe or get back about $200 when I file next Feb. That's my norm.