H & R Block instant loan

[DoWhat]

She can go to the HR department and fill out a form to have extra money withheld for state and/or federal taxes each pay period. No need to claim dependents.

Dems could do this, and get a HUGE refund at the end of the year.

Better than an H&R Block loan.

I like getting a big refund but never knew you can change your number of dependants legally. If I have ZERO dependents, would it be illegal for me to claim 2 or 3?

She is already claiming Zero, but asked if she could claim 2 or 3 and if that was illegal.
She can claim whatever you want, but be prepared to pay if you can't meet the deductions that you claim.

 

[aps45819]

She can go to the HR department and fill out a form to have extra money withheld for state and/or federal taxes each pay period. No need to claim dependents.
Dems could do this, and get a HUGE refund at the end of the year.
Better than an H&R Block loan.

Then she'd be loaning the government even more money intrest free than she is now. The object is to break even or get a small refund at tax time.

She should be claiming at least 1 dependent (herself). Fill out the form at HR and increase your dependents by 1 and check the increase on your pay stub. Let's say it's $30. Multiply that by the number of paychecks you get in a year. If you get paid every 2 weeks, that's 26 paychecks x $30 = $780.
If you got a $2500 tax refund last year, bump your dependents to 3 and that's $2340 for you to spend during the year and you still get $160 back.
Buy 3% CDs with the increased take home pay and you've earned an extra $70. The point is it's your money, not the governments. Why give it to them (for free) when it could be working for you. I don't know of any institution that will give me an intrest free loan, why should I give one to somebody that wastes more every day than I'll see in a liftime.

 

[crabcake]

We normally get a pretty decent amount back and funds are tight right now which is why I was thinking about trying it.

If you own a home, you're better off trying to get a home equity loan. At least you can write off/deduct the interest. :shrug:

If your credit sucks and you can't get one, and you're doing this for the sole purpose of providing for a nice christmas for the kids, forego the fancy and expensive presents and just make do with what you have. Don't cost yourself more money for a quick fix/temporary thing. it's silly ... the kids will understand if you simply say "Santa's Medicare went up and he can't afford the things he used to" or if they're beyond the Santa age, simply tell them that Mommy and Daddy are having a tough time financially, and you'll make it up to them after the holidays. :shrug: But don't dig yourself deeper by cutting into your just-due refund by coughing it up to some loan shark.

 

[crabcake]

Some people like getting a big refund. And some people don't understand they're giving the government an interest-free loan for 12 months.

I know I'm doing the interest-free loan thing, but I also know that I'd probably not put that additional $2-3K aside during the year above what I already have deducted for investments and whatnot. Besides, the interest on $2500 over the course of one year would maybe buy me a 12-pack of Mich Ultras ... two if I'm lucky.

 

[FromTexas]

 

[DoWhat]

Hurts doesn't it?

 

[FromTexas]

Hurts doesn't it?

And people blame the economy...

 

[Pete]

And people blame the economy...

I just checked my 401K. 15.57% return YTD

 

[FromTexas]

I just checked my 401K. 15.57% return YTD

Better blame Bush.

 

[crabcake]

Better blame Bush.

Wrong; he's just anutha white man keepin the bruthas down with his growing investment. If he was decent and thoughtful, he'd donate that moola to the NAACP.

 

[DoWhat]

I just checked my 401K. 15.57% return YTD

But that’s not fair.
You should share your investment gains and your income with the rest of these smart Americans.

 

[Wenchy]

I forgot my smilie.

Many people do like getting that BIG refund, and can't save otherwise. They do "pay" the government to hold that money for them.

She is already claiming Zero, but asked if she could claim 2 or 3 and if that was illegal.
She can claim whatever you want, but be prepared to pay if you can't meet the deductions that you claim.

Like Aps said, she is entitled (legally and with no worry about making false claims) to one deduction (herself).

 

[DoWhat]

Like Aps said, she is entitled (legally and with no worry about making false claims) to one deduction (herself).

She can claim whatever she wants.
When I was single I claimed "Single and 3", but I had deductions.

 

[Chasey_Lane]

She should be claiming at least 1 dependent (herself).

You don't know that. If Dems (or anyone for that matter) has tax questions, they should contact their CPA/accountant.

 

[Wenchy]

She can claim whatever she wants.
When I was single I claimed "Single and 3", but I had deductions.

You had deductions to balance it out.

Dems already said that she likes getting a big refund.

Chill.

 

[DoWhat]

Chill.

Are you buying?
You could use it as a tax write off.

 

[Wenchy]

Are you buying?
You could use it as a tax write off.

I will buy, and I won't be using it as a tax write off.

 

[Pete]

But that’s not fair.
You should share your investment gains and your income with the rest of these smart Americans.

I just checked my FICO too and I am 847. Three measely points away from "super prime".

 

[Wenchy]

I just checked my FICO too and I am 847. Three measely points away from "super prime".

 

[Pete]

Underachiever