How do people get large amounts for tax refunds? I have a decent job and the last 2 years I ended up owing rather than getting a couple thousand like others. Even when I did get money back the most I ever got was $300. What am I doing wrong?
You're likely doing nothing wrong. We probably don't know enough about your personal situation to really comment accurately.
You want to receive as close to $0 as possible, preferably on the owing side versus being owed. You're basically giving the government an interest free loan if you're getting a tax refund.
Itemized deductions or other tax write-offs could potentially get you a refund, but for most people just claiming the standard deduction is going to come out ahead.
Wrong. Its just something I never understood how some of my coworkers are expecting $1500+ with no wife,kids,property,etc.
People who get back a lot usually do because they don't take any deductions and pay the maximum amount of taxes out of their checks.
They essentially overpay out of every check and then get a large lump sum back on tax day because of it. Either that or they have a lot of legitimate deductions and file their taxes properly and get $$$$$ back (yeah fucking right lol)
>being a fucboi and not claiming "1" on your W2
yeah you get a smaller refund but they only take 14% of your income off your paychecks
also, yes i am expecting a 700 dollar refund, and it's going to pay off some debt and the rest of it is going into a savings account
Jesus Christ as someone who is becoming a tax accountant this whole thread is just making me depressed how many of you fuckers think taxes work.
Most people that get refunds get refunds because they overestimated their quarterly payments or they had too much withheld.
>write-offs and business expenses
This is absolutely retarded, you have to own a business in the first place to even be able to have these and marking down expenses just goes towards your gross income from that business, not really something that causes you to get a refund
>Itemized deductions or other tax write-offs could potentially get you a refund, but for most people just claiming the standard deduction is going to come out ahead
Nigga da faq? The only way you would ever take itemized deductions is if they were over the standard deduction, no one ever itemizes if their standard is higher. It's more beneficial to have itemized deductions higher but that also means you incurred costs in the first place to be itemized so it doesn't really help out too much especially with some limitations.
>mortgage interest tax deduction you fucktard
Getting a tax refund means you gave an interest free loan to the government. Not getting a sizeable return is a GOOD thing. It means you didn't pay too much earlier. Of course this is assuming you are getting the maximum deductions you can. It may also be possible your friends are getting more deductions than you.
Refunds are advance loans from the government. Don't be fooled. Also, people who are able to get large deductions who aren't actually poor most likely wrote off all expenses as business-related, which is what I do in order to escape the 25% shit-tier bracket.
I've been getting refunds working maybe four months out of the year since I was old enough to work. I only missed a refund last year 'cause some cheeky Jews thought it'd be funny to give me my inheritance on the last day of the year, so I had to claim it and owed money.
How fucked am I? I always get fucked and never get any money back and I pay in taxes what a full time mcburger makes a year.
I sold my home this year and I'm expecting to pay a couple thousand in taxes this year. Hold me.
>I still get max refunds each year
>cheap CPAs are all over the place nowadays so don't sit so high and mighty there
Nigger doing your own taxes is so easy and it's actually free, I can't believe you waste money to even do it.
>Nigger doing your own taxes is so easy and it's actually free, I can't believe you waste money to even do it
have fun when the IRS decides to fuck you over and perform an Audit, when you pay a CPA, they can defend you if that happens
If your taxes are relatively simple than doing them yourself is the easiest, the IRS provides all the tax forms and instructions on their website for free. If you want someone else to do it though just look for cheap anyone, taxes for individuals are relatively easy.
the IRS has been systematically underfunded for the past 5 years
they can't afford to audit unless they are sure of a big win, i seriously doubt anyone who posts on /r9k/ is cheating enough on their taxes to actually merit an audit
If your company gives bonuses or your income comes in random bursts of cash you can end up paying too much in taxes due to the way withholding is calculated.
I'm going to get a decent amount back due to large company bonuses as well as the fact that I am going to claim some tuition expenses.
Do you have any investments, own a business, or own a home? Once you start having those things it gets more complicated so it might just be easier to have someone else do it for you but if you basically just have to do taxes based off your job and that's it then its extremely simple, they provide all the instructions right on their website. Or if you want to waste $50 you can get something like turbo tax that will hold your hand through what you can figure out yourself.
Don't know how your system works, but I am terrible at saving. So, I've gotten the accountent lady at work to do so that I pay US $ 150 pr month to much in taxes.
When the yearly review comes up, I get US $ 1800 back from this.
We also get money back on interest on houses and such, so after splitting that with the wife (since we have a 50/50 household) I'm looking at maybe US $ 3k.
Oh, and everything here in Norway, for the normal tax-payer, is automatic and online. Since it's 2016 and all.
>How do people get large amounts for tax refunds?
File your taxes as an illegal alien.
Claim 15 kids living in Mexico as dependents.
Collect your $30k check from Obama.
No joke, look it up.