Did you get your tax returns in?

[gtalum]

You got that right, Shlitz..... thanks

Puerto Rico started something new last year. The employer is taking less out of paychecks so the people here can have more money. My husband went to the payroll office and demanded they take more out and they refused.

Why would you want them to withhold more? Take the extra you need withheld and put it in a high interest savings account until tax time next year. You're much better off.

[alicia-w]

My sis sends in extra money each quarter and does not have to go thru the big shock at the end of the year. Great idea. I do not know how so many get big refunds.

good financial planning....

Actually, good financial planning would result in a net of zero taxes due by 12/31/07, assuming you don't want to write a check out to the IRS. As someone stated earlier, getting a refund is no different than loaning out your money to the IRS, and letting THEM earn the interest on it.

When you get a refund, all you're getting back is your own hard-earned money MINUS any interest the IRS got to keep on it. Good financial planning would entail the taxpayer keeping the money and earning the interest on it for himself.

we've had several unexpected situations each year for the past decade or so that enabled us to receive hefty refund checks. (I hit the "Submit" button accidentally before i finished my original post...

[Janice]

Our main goal last year was to pay off our house. We used our money to do that. We will have to figure what to do this next year. We are just saving our housepayment to use for next years taxes. One thing about being at retirement age, you finally get the dumb house paid for, takes a lot of years tho. We are ready to put the house on the market at the end of this year.