Not an accountant here but I think the number to be concerned about is not a refund amount but the tax due. Form 1040, Line 24. It even says “This is your TOTAL TAX.” That’s the number to compare year over year. Also, your effective tax rate is a good number to compare and get pissed off about. I believe it simply gives you a percentage that shows what percentage of your net income went to federal income tax, after all the deductions, credits etc are accounted for.
What return i end up owing every year. My accountant gets pissed when all these people come in never paid anything in but get a 10000+ refund. How do you get a refund for what you didnt pay?? Stupid bureaucrats thats how …
Wasn't that last omnibus bill, the end of PDJT's tax cuts? I heard they were ending because of LGB but not positive. I remember thinking,great we'll owe more this year.🙄😤
There are multiple factors that can go into a decrease in refund, year over year. One of the most simple explanations is that a child aged out of the larger credit (I.e. turned from 16 to 17).
If you would like a quick review, pm me and I can help you take a look.
I think I am going to cancel my IRS subscription. I don't like the service their company is providing.
It's like a timeshare bro. There's no escape!
Not an accountant here but I think the number to be concerned about is not a refund amount but the tax due. Form 1040, Line 24. It even says “This is your TOTAL TAX.” That’s the number to compare year over year. Also, your effective tax rate is a good number to compare and get pissed off about. I believe it simply gives you a percentage that shows what percentage of your net income went to federal income tax, after all the deductions, credits etc are accounted for.
What return i end up owing every year. My accountant gets pissed when all these people come in never paid anything in but get a 10000+ refund. How do you get a refund for what you didnt pay?? Stupid bureaucrats thats how …
So, what you are saying is that you've done a better job this year of NOT letting the federal government take as much out of each paycheck.
Keep up the good work! You're on the right track!
exactly right - anyone who owes should file for as many extensions as possible just to deprive them of that money as long as possible
You guys are getting returns??? What is this sorcery?
Have been getting lower and lower returns each year.
I saw an 80%+ decrease in my income in 2022.
I'm afraid to when I get my documents. No dependents anymore no mortgage interest to deduct now. Good times ahead.
Huge reduction
We never get much and owe state every year, no matter how much we make.
I got 40 bucks back from fed! State return looking like 500ish. MAJOR drop from a year ago. Gonna exempt myself if shit don't start changing
Yeah. It's called tax increases. Bend over, it's only going to get worse.
The form you fill out is called the “return.” If you get money after filing your return, it’s called a refund.
Ideally, your refund should be as small as possible since it means you held on to more of your money and have overpaid as little as possible.
The goal is $0 refund people!!!
The real goal is $0 paid
True that.
Wasn't that last omnibus bill, the end of PDJT's tax cuts? I heard they were ending because of LGB but not positive. I remember thinking,great we'll owe more this year.🙄😤
This is the first year in a while that I'm actually going to owe money. State return is larger than normal.
build - back - better!
C'mon guys, Vlad needs it and 10% for the big guy!
Yes, my return is $1300 less, with almost identical income.
I was supposed to get over $1200 last year and got $17.
Kek.
What is this thing you call a 'return'?
A lot if it can be attributed to there being no more covid relief funds
The earned income credit and the child tax credits were reduced. Sad.
There are multiple factors that can go into a decrease in refund, year over year. One of the most simple explanations is that a child aged out of the larger credit (I.e. turned from 16 to 17).
If you would like a quick review, pm me and I can help you take a look.