Had the taxes done today

[rod]

Between the Feds and the State we get back 300 bucks. My wife does an excellent job with our estimate quarterly tax payments. I hate having a refund because all that means is you have given the government an intrest free loan for a year. Contray to some peoples belief tax refunds are not a good savings program. Those that brag about getting thousands of dollars back are fools.

 

[scratch]

I haven't done mine yet, I keep putting it off. The kids are grown and my mortgage is low, so I don't have the deductions I used to. I have had to pay the last couple of years, its depressing.

 

[moreluck]

Rod.....we get @$250 from fed and we owe state $40.......that's OK. We always used to pay.

 

[satellitedriver]

We will owe $327.
If, we put $6,000 into my wife"s IRA, we will get a refund of $1,000.
One word comes to mind.
DUH
An immediate 16.7% return on an investment, which will be held in a tax differed environment that draws interest.
The only caveat, to this strategy, is that one has the free cash to invest.
Luckily, we do.

 

[over9five]

I haven't done mine yet, I keep putting it off. The kids are grown and my mortgage is low, so I don't have the deductions I used to. I have had to pay the last couple of years, its depressing.

Exactly, me too.

 

[UpstateNYUPSer(Ret)]

I got my Federal refund yesterday and expect to receive my State sometime next week. Rod is right--a big refund is the result of poor financial planning. The ideal is to break even or be within +/- $100. Suffice it to say I did a poor job of financial planning last year.

 

[dilligaf]

I don't mind getting a return every year. Getting one this year.