STYLETHREAD -- LET'S TALK SHOP!

needsfashionadvice · Kate Spade

Am I the only person that ends up owing on taxes every year?

rlutz · Chanel

I always owe taxes...my company does not take taxes out of my check, so I usually owe a few thousand dollars...it sucks!!!

boobaby · Kate Spade

I usually get a few hundred dollars back from the feds, but I always owe the state $1. Never more, never less. I'm not complaining, I just think its weird.

NCshopper · Hermes

Nope, you're not the only one. Last year we owed about $1,500 and it sucked because we had expected a return. I've adjusted my withholding, so hopefully that will help this year.

luckylily · Gucci

We have owed every years since we got married. It is usually less than $300. I suppose that we could change our deductions at work to prevent that, but it is such a small amount that it isn't a big deal.

lynnie · Chanel

My dad always told me that if you are doing your withholdings correctly, you should always owe the gov't a tiny bit. You shouldn't get money back- it means you are giving the gov't an interest free loan on your money when it could be collecting interest or be invested by YOU.

Now, personally, I (and almost everyone i know) loves tax returns because it feels like free money since you didn't see it in the first place. But I definitely understand what my dad is saying.

So i think you are doing your taxes perfectly!

Alegria · Kate Spade

I/we owe every year. In the couple of thousands. Feel my pain. They have told us the only way to not get screwed is to own property.

wildflower930 · BCBG

My husband and I always end up owing too, and it's usually a pretty big amount. It sucks. :(

erin · Chanel

we usually owe because my work never took out federal taxes. we only got back huge this year since i don't work there anymore, plus the child credit tax

halah · Kenneth Cole

I always owe but I like it that way. I agree with Lynnie and her dad. I'd much rather have that money throughout the year (I would say I'm investing it but really it's probably just going towards shoes and purses).

zeitgeist4 · Gucci

halah wrote:

I always owe but I like it that way. I agree with Lynnie and her dad. I'd much rather have that money throughout the year (I would say I'm investing it but really it's probably just going towards shoes and purses).

Me too. If I got money back I'd just spend it on a bag.

halleybird · Hermes

We always owe the state something, and usually get a few hundred back from federal. Income tax time doesn't depress me nearly as much as seeing the pre-tax amount on our pay stubs.

bex · Chanel

last year i got $39 from the federal and owed the state $30... so i ended up with a whopping $9 refund. and i'm used to a $1500-2000 refund... so that hurt. a lot.

i'm hoping this year will be better b/c i made some adjustments. what i'm nervous about is next year when i have to file married. although my sister (who does my taxes) said that i can still file Single but withholding even though i'm married- thank god!!!

Kitty · Hermes

I'm getting a little over 1k back this year.

Cortney1982 · Chanel

Federal kept $84 of my return. I only work a part-time job so it didn't seem fair I should have to pay anything! This 2007 tax year I will be old enough to qualify for the income credit, woo hoo!

Suasoria · Chanel

We usually get a couple grand back from the fed and a few hundred from the state. That's the way, unh-huh unh-huh, I like it.

If you have a ton of money in the bank earning interest, then I agree w/ Lynnie and Halah - adjust your withholdings so you take home the maximum on every check, and let your money work for you during the year via CDs, mutual funds, etc. Then pay the piper as needed, including any taxes you owe on your interest from these investments/deposits. Unfortunately interest rates are so shockingly low right now that only the very wealthy would see any real benefit from this scheme.

Since that's not me, I prefer to have as much taken out at each pay period as is feasible, and then enjoy a refund. Owning a home helps a little, but otherwise our write-offs are minimal (DMV, mileage, cell, newspapers, cable - just the basics).

Also our property taxes are due at the same time as income taxes, so I could not afford both hits at once. In general, I advise talking to your paycheck person to see what's best for your circumstances.

Bastet · Kate Spade

No.

Hubby and I owe over $3k because our payroll people were just taking out the regular married rate from our paychecks instead of the married (but withhold at the higher single rate) option. I'm trying to see the positive side, that I didn't give the gov't an interest-free loan on my money, but it's still $&(*&@ annoying because it means I can't buy any new clothes for my vacation.

Farrah · Marc Jacobs

Don't feel badly; you are definitely not alone. Last night the BF and I had our taxes done. He was satisfied with his $7,000 return, I on the other hand am getting back $286 from the feds and I owe the state $500!! I am so angry that I owe that much to the state. I usually owe about $50 which doesn't bother me. I try to do my withholdings like the other ladies said, not giving the government an interest free loan, but $500 really frosts my cookies. Of course it isn't my fault completely. I realized that my former employer screwed up how my state taxes were taken out of my check after I stopped working there so there was nothing I could do about it. As if they didn't screw me over bad enough while I was there, but those jerk-offs are still finding ways to screw me over after I have been gone for almost 6 months. I hate them

!!!!!

Whew - thanks for letting me vent ladies. I feel better

.

luckyclover · Dooney & Bourke

We kept owing until my husband showed me it was the way I had my taxes taken out. I changed the way I file so this year we got a good return. We still owed on State but just paid it from the federal we got back. I don't know what it is but it seems like everyone I know always owes on state here.