Kind of IF related: taxes

Anasara

We got about $5k back last year which was nice since we needed to buy a new car & had to manke an emergency trip to India.  This year, we are getting barely $1k back because DH somehow managed to claim wrongly (1 vs. 0) on his 1099.  I was kind of banking on the refund to be our co-pay if we need IVF #2.  IVF #1 was about $3k OOP, which is about a month's pay for me (ugh!).  I mean, we can certainly tweak our budget & make it work somehow but I could've killed DH! 

illinigal

I hope IVF #1 works and you don't need to worry about that.  

And not to step on my accountant soapbox, but I don't like big refunds or big liabilities... I like to be approx even when it comes tax time.  I don't want the govt having my money all year when I could be saving it with interest.... granted that is much smaller these days than it used to be, but is more than zero %.

Anasara

illinigal:

I hope IVF #1 works and you don't need to worry about that.  

And not to step on my accountant soapbox, but I don't like big refunds or big liabilities... I like to be approx even when it comes tax time.  I don't want the govt having my money all year when I could be saving it with interest.... granted that is much smaller these days than it used to be, but is more than zero %.

My dad is a former accountant (he now works @ a hospital in "risk mgmt"; he's basically the guy who decides what the hospital pays when a doctor effs up) & he always tells me the same thing, lol!  I just like having "surprise" $ I guess.  Hopefully I'll have my own little tax deduction next year.

cookie_queen

I'm with you Anasara, I love getting "extra" $ back!

 

Mandy_Lou83

We wont get back as much this year as we did last year, but I'm still looking forward to getting the "extra" money. I know that we should work it out to get as little as possible back, but I think that if we had the money on had we would spend it and not save it.

vanessagorc

illinigal:

I hope IVF #1 works and you don't need to worry about that.  

And not to step on my accountant soapbox, but I don't like big refunds or big liabilities... I like to be approx even when it comes tax time.  I don't want the govt having my money all year when I could be saving it with interest.... granted that is much smaller these days than it used to be, but is more than zero %.

My DH says the same thing..." we aren't giving the government anymore of our money".  We owe every yr, but that's bc of DH's business.

A- hope it is a total mute point.

SweetDahlia

I agree that I like money, but I usually owed money since my mom did my taxes and she was the same way. Now DH and I always owe what seems to be way more money, which I hate, but DH likes the fact we get the money longer.

Lots of luck that you don't have to worry about the next IVF.

kthappy76

Sorry you won't be getting the refund you expected, that really sucks. 

I hope you don't have to worry about it (all FX for TLR) and I usually don't advocate borrowing $ (or big refunds), but if you need to cycle again, know that when (not if) you have a LO, between the child deduction and credit (and med exp ded, if you qualify), you should be getting a nice fat refund again.  We always owe a lot every year, but this year for the first time ever we got a surprising amount back.  The tax code is very unfairly skewed for the fertile...