Federal refund received! A new record.

"Ash78, voting early and often" (ash78)
01/29/2016 at 11:41 • Filed to: None

Wow, and it’s still January. I filed around the 21st or 22nd since I had everything in order (even my Excel calculator estimated my tax owed withing 2 dollars. Damn rounding errors.)

I typically aim for zero refund, but there comes a point where your mortgage interest and charitable giving make it impossible to adjust your witholdings to a low enough level without triggering an audit.

So for the past few years, I’ve expected a refund and the sooner, the better — not because I need my money earning interest or for some big purchase, but just because I need my money! Our budget is really tight, as many people can relate, so I’m thrilled to see that our taxing overlords are at least reasonably quick about giving our money back to us in a timely manner.

Now if only they would let us decide exactly how much is withheld in the first place, we could be one small step closer to a fair tax system (I emphasize “fair tax” in lower case...Fair Tax is a whole different discussion beyond the scope of this post).

DISCUSSION (17)

SidewaysOnDirt still misses Bowie > Ash78, voting early and often
01/29/2016 at 11:52

Damn! I hope I get mine soon then. I efiled mine last Friday.

RamblinRover Luxury-Yacht > Ash78, voting early and often
01/29/2016 at 11:57

I just filed yesterday. Part of the reason I was blithely spending All The Money at Summit.

PotbellyJoe and 42 others > Ash78, voting early and often
01/29/2016 at 11:57

I, like you, am insanely over-accurate on my tax withholdings. I do it because the last thing the the gubmint deserves is a free short-term loan from me.

I’d vastly prefer a consumption tax to an income tax. It would encourage savings and higher ticket items would carry a higher ticket tax. Food, clothing and such could be tax-free like many sales taxes so that the 99% isn’t overly burdened. It’d be good.

Also, if a TEA party group starts to whine, they can always just stop buying things to prevent the Gubmint from getting more money than what they feel it has earned.

The reason it wouldn’t work... It would require people continue to buy things and would be variable, two things not in the control of the bureaucrats and they need to have control.

Bytemite > Ash78, voting early and often
01/29/2016 at 11:59

I’m just not gonna file.

Tripper > Ash78, voting early and often
01/29/2016 at 12:02

Ugh I haven’t even started my taxes yet, and this will be the first year that I itemize.

d15b > Ash78, voting early and often
01/29/2016 at 12:09

lol! “exercising his grazing rights”

grown-up joke, is grown-up.

Mercedes Streeter > Ash78, voting early and often
01/29/2016 at 12:10

Wat. I filed on the 11th of this month. ._.

I desperately need to move out, come on IRS! :)

Sneaky Pete > Ash78, voting early and often
01/29/2016 at 12:12

Wow, I won’t even get my W2 until Monday...I want my money so I can buy a set of sick ass rims bro!

I’ll be adjusting my withholdings this year so I get less of a refund next year.

Ash78, voting early and often > d15b
01/29/2016 at 12:14

I try to keep my profile subtly up to date :D

Ash78, voting early and often > Sneaky Pete
01/29/2016 at 12:15

Protip: No need to wait on your W-2

Better protip: You should still wait on your W-2 because there’s usually something on there that your paystub doesn’t have...

Ash78, voting early and often > PotbellyJoe and 42 others
01/29/2016 at 12:16

Absolutely — the government simply wouldn’t be able to make an accurate budget without the notion of near-infinite, very predictable taxation levels. That’s not unreasonable, but it also speaks to government being too bloated and dependent on the tax status quo.

MasterMario - Keeper of the V8s > PotbellyJoe and 42 others
01/29/2016 at 12:17

I don’t mind income tax, because it taxes you on your ability to pay basically. I do however absolutely hate property tax, I wish property tax were replaced with a consumption tax. Say you own your house free and clear, but fall on hard times. If you can’t pay your property tax you could have your property legally taken from you. Or in the circumstances where the value of your property increases exponentially so that you’re essentially forced out of your own home.

MontegoMan562 is a Capri RS Owner > Ash78, voting early and often
01/29/2016 at 12:22

I am one of the few that doesn’t mind giving them the loan to hold on to until tax refund time.

I’ve been burned twice and never want it to happen again. By burned i mean, oh shit I owe almost a grand, where’s that coming from? Thankfully I do them as soon as all our W2's are available (yes we wait on the W2's).

My wife and i both have a very minor extra amount pulled per check to make sure we get a refund instead of having to right a check to them in April. I know I would make money off that extra small amount pulled if i just auto-put it in a savings account until taxes are due, but the very minor loss of interest is worth the peace of mind to me.

MontegoMan562 is a Capri RS Owner > MasterMario - Keeper of the V8s
01/29/2016 at 12:23

This seems pretty solid to me....

radcalimom > Ash78, voting early and often
01/29/2016 at 12:23

My refund record was five days from acceptance to money hitting my bank. I filed the 24th this year so maybe come Monday....

smobgirl > Ash78, voting early and often
01/29/2016 at 12:45

I have 0 W2s yet (and no pay stubs either...paperless systems that I can’t log in to). Very impatiently waiting.

I usually have a decent refund because I have my real job withhold extra since I occasionally get a terrible self-employment tax on my “fun” work. I’d rather be owed money than owe essentially an extra mortgage payment and I’ve never managed to hit between the two.

PilotMan > Ash78, voting early and often
01/29/2016 at 13:30

I hate/love my tax refund. Even with nine deductions listed on my W-9, I still get a good amount back but I sure wish I could have kept it in my pay check. If anything, it’s nice to have a forced savings account.