Last year my income was $28K and my fed refund was $1000 (+/- 50) this year my income is $42k and my fed is $218... nothing has changed... besides jobs. I had 3 W2s last year and 3 this year. Is this just due to the bracket change.. am I missing something? I have no kids, single, no house... standard deductions... etc. Could I get some advice/input on this? Thanks!
Yeah, far better to be close to $0 or even owe the government money when we're talking cold hard personal finance. The government nor banks give us free interest loans (well, other than our paying our tax burden on the last day possible I suppose if we owe), arguably we shouldn't be giving them similar as fractional gains are still money in our pocket rather than the Fed or whoever.
I knew I was going to be massively over-withheld this year only working part of the year and two jobs for that matter... and then buying the EV and taking the tax credit, my refund is going to be embarrassingly large even with claiming like tons of personal allowances on the W-4 form of both employers.
Every single day I'm delayed in filing my tax return is another day where more than 10k is sitting in the Fed's coffers and not in mine, which if I'd had that invested throughout the year it still would have made money even with the market correction or I could've paid off my HELOC sometime last year instead of just finishing up yesterday. So yeah, getting a refund isn't fantastic if you're on top of your finances.
