Comments on Becoming & Staying Debt Free: Awaiting the final tax documents and link love

Amen Kate! Very good advice. Something that Dav...

2008-03-18T09:30:00.000-05:00

Amen Kate! Very good advice. Something that Dave Ramsey says as well. If we owe, or if we get a refund, according to Ramsey and many tax/finance professionals we need to adjust our tax withholdings. It should come out exact, every time.

Two of my tax clients are getting refunds of $4500...

2008-03-18T09:02:00.000-05:00

Two of my tax clients are getting refunds of $4500 and $8000. They get these primarily because they have way too much tax taken out of their paychecks every month. So the government holds it for them (non-interest bearing) and gives it back at tax time. No amount of encouragement to put the excess in a savings account of their own every month instead has any effect. I aim for being within $100 every year. I don't want the government to "save" my money for me.

hs -moving to a different state would certainly be...

2008-03-17T12:47:00.000-05:00

hs -

moving to a different state would certainly be an answer to the state tax problem.

I would love to get $4000 back and pay off my entire IRS debt, but I would gladly take the $400.

edie -
you're welcome.

johnny -
easier said then done. Beside the quarterly tax distributions will help me get debt free faster then if I didn't have it.

You can always move to a state with no state incom...

2008-03-17T10:59:00.000-05:00

You can always move to a state with no state income tax!!

I hate people who get like 4000 tax refunds!! we must be doing something wrong!!

hs

Kevin: Even though my comment here is not related...

2008-03-17T09:38:00.000-05:00

Kevin: Even though my comment here is not related to this article, I wanted to let you know that your idea save me money. Thursday my glasses got crushed. They were my only pair. I got out my prescription, it expired last month. I got online to $39 dollar glasses dot com. They got me another pair, very similar to mine, at $89 a pair. If I hadn't read your experience with glasses, I would have gone and got a new prescription and new glasses at Walmart, for about $250. Thanks.

Maybe this stock is more trouble than it's worth? ...

2008-03-17T01:07:00.000-05:00

Maybe this stock is more trouble than it's worth? Would you be better off selling it or something? It seems to really annoy you that you have to wait to file taxes because of this.

JW -The IRS will keep it for the tax bill that is ...

2008-03-15T11:49:00.000-05:00

JW -

The IRS will keep it for the tax bill that is in deferment. Likewise with the $600 in May. But, if the preliminary figures are right, then my $3,000 tax debt will be reduced by about $1,000, depending on the amount of new interest they are charging.

$400 is a good amount to get back so, you can appl...

2008-03-15T10:46:00.000-05:00

$400 is a good amount to get back so, you can apply it to your debt reduction.

Becky -I will get about $400 from the federal. P...

2008-03-14T15:28:00.000-05:00

Becky -

I will get about $400 from the federal. Problem is the last few years I have owed the state. (For some reason, except for 1-year of the last 8-9 years, I have owed the state every year)

Kate - You're welcome. They say they will have the K-1 in the mail Saturday or Monday. As of yesterday (Thursday) they hadn't got them back from their tax preparer.

I hope you get a refund to offset some of the mone...

2008-03-14T14:05:00.000-05:00

I hope you get a refund to offset some of the money you owe.

Thanks for the link to the living paycheck to payc...

2008-03-14T14:02:00.000-05:00

Thanks for the link to the living paycheck to paycheck article. I had missed that. I think it's really good advice for everyone - especially low and middle income households. When I was making $7.25 an hour, I didn't have cable, cell phone or an internet connection. I couldn't afford to feed several kids and pay those bills too. I think we get used to what "normal" looks like even though many of those expenses are really luxuries.

Hope that K-1 comes in soon! You must be getting a refund, lol. I'm waiting until the last day to file because I have to pay this year. I knew it was coming and have the money put aside, but I hate to part with it until the last...... possible....... second.