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We Owe

January 22nd, 2015 at 03:44 am

I knew this was coming ever since my husband's promotion and raise. We owe the federal government income tax. At this point it looks like $630. I did change the withholding so it could have been far worse. I'm going to change the withholding again for 2015, so we may not owe quite as much.

No complaints here. I don't mind paying in. It means I had access to that money nearly all year. No free loan to the government.

At this point, I will wait to pay the money owed. It isn't due until April 15th, so I'm not sending it in much sooner than that! There are six pay periods before and including the tax deadline for us. I will save $105 each month toward the amount we owe and have just the right amount at just the right time!

There is a small chance I may have missed some interest owed, so if that information arrives I will make the adjustment. I did several bank offers this year, I'm not sure if I missed one!

Do you know if you will get a refund or owe for your taxes?

Posted in Saving, Taxes | 5 Comments »

5 Responses to “We Owe”

  1. Kiki Says:
    January 22nd, 2015 at 04:05 am 1421899522
    1421899522

    I will get a refund this year. The business means I get a refund. The money will go to building up my EF. I'd like more in the bank with buying this house.

  2. LuckyRobin Says:
    January 22nd, 2015 at 06:53 am 1421909615
    1421909615

    We always get a refund due to medical expenses.

  3. snafu Says:
    January 22nd, 2015 at 08:26 am 1421915193
    1421915193

    In spite of guesstimating income and making quarterly payments, I pay a bit over $ 4,000. each year. I send an extra thousand for the March quarterly, to avoid penalty or interest. I'd rather the earned income but resent paying more than I owe. I'm always bewildered by those who arrange their tax withholding to get a major refund of their own money. I realize those with significant medical or moving expenses are not in control.

    The one year I anticipated a significantly higher income and paid substantially more, I was stricken will yet another bout of cancer resulting in surgery, treatment yadda yadda, cancelled contracts and had a dismal year. If it truly bothers you, it's simple to make electronic payments each month or pay a major sum March 30th.

  4. FS Says:
    January 22nd, 2015 at 11:48 pm 1421970507
    1421970507

    I think I prefer owing than getting a refund, preferably just shy of the penalty limit.

  5. FrugalTexan75 Says:
    January 23rd, 2015 at 01:35 am 1421976900
    1421976900

    I think I'll be getting a refund this year, like usual, but until I have all my w-2's and see how NE state tax works ... won't know for sure.

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