Re: Got to love taxes
By: Dmxrob to All on Tue Feb 19 2019 02:21 pm
I work in the IT field, and make pretty good money, but over the holidays I have about 3 weeks off and this year decided I wanted to get out and interact with people more and took a holiday job over at Macy's. I knew going into it wouldn't make much money, which I didn't care about, just wanted to get out and about.
I ended up really enjoying my time at Macy's and had a blast. It was great -- very, very busy -- but great.
So filing my taxes and almost forgot to enter that W-2. I go in and enter it and pretty much over half of what I made there got taken in taxes. I just rolled my eyes. This was on top of them deducting taxes as well!
I know there are lots of people getting surprised by their refunds turning into "payments due" this year. Just thought I'd share my tax story as well.
I think we are quickly approaching the point where the people are going to start to revolt to be honest.
I remember hearing that there was a change in the tax laws last year, and for me at least, I think it ended up in me taking home more money throughout last year rather than having a bigger refund this year. I suspect that may have happened to other people too. I've heard it's actually better to bring home more money through the year rather than to get a big tax refund, because when you bring home the money, you can do what you want with it at that time. For example, you could be investing that extra money throught the year for a return rather than getting it back from the government without interest.
But yeah, I do see what you mean. I heard people talking about getting a big return back this year, and my refund this year will be smaller than last year. I was a little surprised too, but I think it's because I was taking home a bit more throughout last year.
Nightfox
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