Comments on: Confession: I love my tax refund too much to correct my withholdings

By: Personal Finance Links for 2-21-10

Personal Finance Links for 2-21-10 — Sun, 21 Feb 2010 12:40:33 +0000

[…] Well-Heeled Blog. Is Adding Jobs In Government/Education/Health Care A Good Thing? from 20s Money. Confession: I love my tax refund too much to correct my withholdings at Living Well on Less. Budgets are Sexy: Blogger Showdown #10: MB Hunter vs. PT Money from Budgets […]

By: Cathy

Cathy — Sun, 14 Feb 2010 02:09:41 +0000

I love getting a refund too. Saving is a weakness here so when the money comes it is really nice. This year almost all of it is going into savings for this summer when I am out of work. Due to lack of money by the state of Illinois, the program I teach at the community college will not be able to exist since funding has not come through. But, I am glad our tax money is in our hands now and will be there for us this summer. .-= Cathy´s last blog ..Choices =-.

By: Emily

Emily — Sat, 13 Feb 2010 22:47:42 +0000

THANK YOU for writing this! I’ve often thought how hypocritical I was for calling myself “frugal” and still claiming the single status on my deductions when I’m married with child. Thanks to you, no more guilt! :D

By: Confession: I love my tax refund too much to correct my withholdings | Tax Resources Dai Tax

Sat, 13 Feb 2010 09:52:49 +0000

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By: Briana

Briana — Sat, 13 Feb 2010 05:03:47 +0000

Lots of people do that. I fear for the day when the government says we don’t have the money to give you your refund!

maybe get a Smarty Pig account and take out a set amount each week/month instead of allowing the government to use your money interest free?

By: Karen

Karen — Fri, 12 Feb 2010 21:52:40 +0000

In reply to Kacie.

Kacie – That kind of happened to us last year. We didn’t get an IOU, but it was seriously April or something before we got our state refund back and we had filed in January. It stunk, but luckily we weren’t expecting the money for anything specific. This year we got our state refund right away, so it worked out okay. I agree, though. It would suck to be counting on the government and have them put you on hold.

By: Kacie

Kacie — Fri, 12 Feb 2010 21:49:08 +0000

Eh, don’t beat yourself up over it. You’ve said you worry about being responsible with it month to month, so to protect yourself from yourself, you’re doing it this way. That’s fine!

I have a few little things to do before our taxes are finished. We’ll either break even or owe a tiny (less than $100) bit. Yeah, it’s fun to get a little tax windfall, but oh well.

I kind of wonder if it would be better for us to have a smaller paycheck and then a refund, especially since I’ve only been so-so about being a stickler to the budget lately.

The one thing that makes me wary of totally maxing out my exemptions is what happened in bankrupt California. How people supposedly were going to receive IOUs from the state instead of a refund check.

I don’t know if that actually happened or what the deal was, but that would SUCK. Especially if you were counting on the money to fund a certain project.
.-= Kacie´s last blog ..In anticipation of Spring cleaning … =-.

By: ctreit

ctreit — Fri, 12 Feb 2010 16:57:15 +0000

Rationally speaking, a tax refund is not a good idea but I am in the same boat as you are. I rather err on the cautious side and get money back from the government than get hit with even more taxes. I look at my tax refund as savings I don’t even notice. At today’s interest rate the opportunity cost of not having the money in my bank account during the year us not that high, either.