Will you get a refund or will you owe more taxes?

I have found that the main reason people owe is because they have their own business and it's hard to estimate how much money you will make. Some people don't own their own home and that can be a huge deduction for people. Even if you fall into those categories, there are ways to not have to make a big tax payment on April 15th. One thing to remember - it's actually better to owe than get a refund!

we do own a home and my husband has a few extra taken out of his paycheck but it still does not give us a refund. I am hopeing we do better this year and get at least a little something back. but I`m not counting on it. I am actually thinking about purchasing turbo tax this year and doing it myself. we usually pay a professional and their fees can be high.

If you only have a house, a kid or two, and no huge investments or your own business, then TurboTax might be a good idea. I used to use that all the time before I became a CPA. We charge quite a bit for even an "easy" return because they all take time to do. Most people like the peace of mind if a professional does them.

Once the kids get older it makes it difficult because you lose that exemption. If they are fulltime in college you can still claim them, but the child credit goes away regardless. Owning a business can be a good thing, but it's also a bit of a hassle sometimes with taxes. One thing I suggest is to have the spouse that has a "regular" job have more taxes taken out of their paycheck to make up for the business. Or you can make estimated taxes every quarter, but I find that people tend to forget them sometimes. It's usually best to consult with a Tax professional when you have your own business.

We have something like that in the US, it depends on if you are married and how many children you have. You can tell your employer how much to take out in taxes based on that information or you can have them take out a bit more to be safe. I don't like to give the government any more money than I have to so I try to play it pretty close to breaking even. I don't like to get a big refund - I like to have my money all year long - and I don't want to pay a big bill at the end of the year either! I usually am pretty close.

Both my boys were "seasonal" asthmatics. When the weather changed, they couldn't breathe. Every summer my youngest got pheumonia, every fall my oldest came down with it. Thanksfully they did grow out of it. The inhalers, albuterol, all the steroids - ugh, I hated it! I'm glad you have a system that works for you with your taxes. It's no fun having to scamper around for that extra tax money if you owe. As long as you aren't paying any interest or fees because of the doctor bills, then that's not too bad. I know a lot of people who use their refund to pay off debt - that's the worst thing you can do. Happy New Year!!

You can control how much they take out so that you can have your money all year long. If you get a big refund - over a thousand or so - you are really losing money by letting the government have your money for free all year. You could put that same money in the bank and have more than that thousand later.