2009 income taxes

that is what I was getting at but did not want to get too technical on it.....

 

You would really be better off if your refund = $0 every year.

 

That is mathematically correct, however, I suspect many people are only able to save money by allowing the government to hold it for them all year interest free......

 

I'm going to get some kind of credit for a $1200 home improvement. laa lala la laa la

 

Also my largest refund, about 600 more then last year.

 

Eveybody I've talked to Say's there getting bigger refunds this year. Some other good news for those drawing unemployment is they won't be taxed for a large amount of that this year.

 

there are a ton of variables to why people would be getting bigger refunds. The main constant is, you make more money, you pay more taxes. People made less money last year, be it from their jobs, their investments, even their interest bearing accounts. Even if they made the same amount, the personal exemption would've went up, along with a few stimulus credits, but they aren't likely to effect the majority of taxpayers.

 

The standard deduction did increase this year by either 500 or 800 dollars. I always file a short form and this year I was able to deduct things after taking the standard deduction that I had not been able to deduct in the past. Plus as part of the Presidents stimulus bill we get a tax credit of $400 per worker and $800 per couple in 2009 and 2010

 

Tony, do you own a home? If you do, you probably shouldn't be taking the standard deduction and should be itemizing. Read up on which form to use, b/c you might be leaving a lot of money on the table, and you can always amend prior year returns and get some of that cash back.

 

Yes I own my home. I got a great interest rate when I financed my home in 1998 and I only owe 3 more years on the mortgage. I've tried it both ways and I could never come up with enough interest and other expenses to warrant doing a long form.