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  • SyntheticBlinkerFluid

    Jan. 24, 2012 6:24 p.m. SyntheticBlinkerFluid Dork

    I really don't know how to go about asking this, but how do you get the most out of your taxes? I know people around my age (29) getting up to $5k returns. All from different demographics (married, kids, single, etc.), some making more and some making the same as the wife and I.

    We're lucky if we get $800 back.

    I'm married, I rent, and I have no kids. I know owning a home is the big deal, but that's not happening anytime soon.

  • Jan. 24, 2012 6:26 p.m. z31maniac SuperDork

    What are you claiming on your W-4?

    0, 1, 2 or more dependents?

  • DoctorBlade

    Jan. 24, 2012 6:29 p.m. DoctorBlade Dork

    Kids. That's where I rake it in.

  • Javelin

    Jan. 24, 2012 6:31 p.m. Javelin SuperDork

    Short answer: They are doing it wrong (letting the gubbinment have their money interest-free all year) and you are doing it right (having a minimal return).

    Ideally you want to be getting back $0, but anything less than $1000 is still doing pretty well IMO.

  • SyntheticBlinkerFluid

    Jan. 24, 2012 6:41 p.m. SyntheticBlinkerFluid Dork

    In reply to z31maniac:

    We claim 0

  • BoxheadTim

    Jan. 24, 2012 6:41 p.m. BoxheadTim SuperDork

    Unless you're getting the money back because of certain expenses (mortgage interest, rental property, health care, moving for a job and other allowable expenses), you probably don't want a big tax return because all that means is that you're overpaying the government during the year and get your money back.

  • SyntheticBlinkerFluid

    Jan. 24, 2012 6:42 p.m. SyntheticBlinkerFluid Dork

    In reply to Javelin:

    We actually owed for about 4 years until my wife adjusted her paycheck to have more taken out and this past year we finally got something back

  • Cone_Junky

    Jan. 24, 2012 6:48 p.m. Cone_Junky Dork

    Married, two kids, childcare, property taxes, and a mortgage will net you large returns. But like mentioned, it means that I pay too much during the year.

  • EastCoastMojo

    Jan. 24, 2012 6:56 p.m. EastCoastMojo SuperDork

    You're doin' it right!

  • wbjones

    Jan. 24, 2012 7:00 p.m. wbjones SuperDork

    it also means you're paying out large $$$$ through out the yr by being "married, having kids, paying childcare, having property (and having to pay for it), and owing money" ....

    so which is better ... paying out all that for those things... great for some... not paying for those things ( and of course not getting to enjoy them ) and not receiving money back from big brother ?

  • Jan. 24, 2012 8:51 p.m. petegossett SuperDork

    Start a business. After 5-years, sell off the "assets" and start another. Seriously.

 
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