I recommend owing taxes instead of getting a return
- Thread starter Chapdog
- Start date
Don't worry, I probably will. I have for 4 out of the 6 years I have been married. 
TexasMeg
the observer
That 5,750 underpayment check for 2008 I just wrote the IRS helps me to remember how resentful I am of the disgusting government waste and tax cheats we see daily who run the governement.
What happened to not paying this year? I thought the "tax cheats" were going to be your excuse for getting out of it.
Seriously though, we are getting back quite a bit this year, but that's because I am not working and my husband got a sizable education deduction. I think I'd rather work, have the extra income, and owe at the end. Oh, and this year we weren't hit with the huge cap gains taxes because all his stock options were under water in 08...think they're even worse now.
What happened to not paying this year? I thought the "tax cheats" were going to be your excuse for getting out of it.
Seriously though, we are getting back quite a bit this year, but that's because I am not working and my husband got a sizable education deduction. I think I'd rather work, have the extra income, and owe at the end. Oh, and this year we weren't hit with the huge cap gains taxes because all his stock options were under water in 08...think they're even worse now.
well i did pretty much everything I could get away with But my problem is this year was my biggest combined income year yet and frankly I don't get any credits anymore. No student loan interest, no day care credit, no education expense credits.. Nothing. Overall we paid over well over 25k in federal and state taxes.
Good Luck
New member
It's kind of tricky juggling the way we handle deductions, but my wife and I managed the past two years to draw almost even - owe a bit to the feds, get some back from the state. Last year the state return was slightly greater than the fed payment. This year the fed payment is a little higher. Owing too much can result in penalties. And getting a bunch back makes no sense - if you want a saving account, get one that pays an interest rate.
I would make certain to owe them money instead of getting a refund, because i would not be the least bit surprised if they held back sending people their refund checks some day....especially if they are broke, like california had to hold back government payroll checks...or give vouchers for them...
it's always better to owe them...for lots of reasons.
it's always better to owe them...for lots of reasons.
Immanuel
Junior Member
The recommended (at least according to the CPA's I know) thing to do is to strive to be as close in your withholding taxes to the tax liability every year so that you neither owe them a big check come April 15th nor do they owe you a check. Of course, that is generally not something that is easy to do, but if you know what you are doing it can be achieved.
Immie
Yah im gonna adjust down my W2 by 2 or 3 exemptions this week. Trying to get it close to me owing about 1-3k at the end of the year.
Not quite but other things are going on like Short term cap gains and not very much mortgage interest anymore as im about 8years away from payoff.
