I'm happy to be able to say that my tax situation worked out in my favor this year, for once. I called my accountant on Monday and she told me that we were getting refunds from federal, the state where we live, and the state where I work. Also, she offered to fax us some paperwork that we could sign and fax back to her, saving me a 40+ minute round trip and allowing her to eFile our taxes for us. Woohoo!
The refunds are a mixed blessing. As our accountant pointed out, we're mainly getting them because our adjusted gross income was significantly lower last year than in previous years. They also mean that we've been letting the government sit on too much of our money all year long, but it's such a delicate balance that I'm inclined to leave our exemptions as they are.
It also helped that neither one of us was self-employed last year. That whole quarterly estimated tax payment thing always eludes us both.
I wish I could say we're going to take the "windfall" and do something fun with it. Unfortunately, just off the top of my head I can think of bills that add up more than the federal refund. Thus, our gift to ourselves will be 'momentary freedom from overdue payments.' Yay!
How'd Uncle Sam treat you this year?
I'm getting a refund from federal, but had to pay state $6 bucks. I'm saving my refund towards a down payment for a new car. I really need a new car...
Posted by: Matildakay | April 19, 2006 at 01:36 PM
Kids help, our new one upped ours refund up by $1000. 18 more years of additional deductions. Of course ours went toward bills too, but it was a good chunk.
Posted by: Huts | April 19, 2006 at 02:38 PM
Uncle Sam treated us the same as always "hand it over, hand it over".
I don't understand why people get so excited about getting a refund . I am always happy if I either get or have to pay around $500, although truth be known, I would rather have to PAY because that means Sam gave ME an interest free loan. So, while we did have to pay a hefty chunk this year, I squeaked by without a penalty and got to earn interest on that money during the year to boot.
Posted by: cagey | April 19, 2006 at 03:03 PM
Cagey - I'm only excited about getting a refund because we've had so many years where we've had just a short time to scrounge up thousands of dollars to pay our taxes. This year that would have been nearly impossible, so it's a huge relief to actually get money back instead of having to pay.
Posted by: Jane | April 19, 2006 at 03:10 PM
I have no idea. I diligently filed my EXTENSION on Monday, so I have six more months of procrastination in front of me. Groan. Check back with me in October. And I still won't know.
Posted by: Goofy Girl | April 19, 2006 at 04:39 PM
We break even. I got $80 back from the Feds.... so I know I didn't loan them money this year. I had to pay the state about $500, but I really don't care. I can't tell you how many people I know count on a tax refund as their "forced savings". For the life of me, I can't wrap my head around that logic.
Posted by: The Necklace Lady | April 19, 2006 at 09:03 PM
I got both of my refunds several months ago. I filed the moment I got my returns because I knew I would have refunds comeing (I give enough to charity to make sure this goes in my favor...).
But now everyone else will be getting their money and I've already spent mine! No fair!
Posted by: DeAnn | April 19, 2006 at 11:48 PM
We had our very own little tax deduction last year so we're sitting pretty. Happy Tax return to you!
Posted by: annie | April 20, 2006 at 12:59 AM
Actually getting money back too. Out in California, what the federal government givest, the state takest. However, I got enough to give daughter her graduation gift from college, well at least the cash part.
Posted by: The Misanthrope | April 23, 2006 at 09:05 AM