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Forum » Tax refunds down 57% so far this year
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Thread: Tax refunds down 57% so far this year

post 1697852383 02-14-2024, 12:48 PM
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Tax refunds down 57% so far this year



A hell of a lot less people getting a refund this year, and refunds are smaller. See figures in the link. My guess is car dealers are going to get demolished. Normally right about now prices go up because so many people spend their refunds on cars. Not this year dealership boyos!!
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post 1697853143 02-14-2024, 01:02 PM
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post 1697853383 02-14-2024, 01:07 PM
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Long overdue for auto manufacturers to get demolished... interest rates are outrageous. Idk how anyone is buying a car.
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post 1697855553 02-14-2024, 01:49 PM
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We owe just over a grand federal and just over a hundred state.

I’m fine with that though. Thanks for the interest free loan, gubmint.
post 1697855653 02-14-2024, 01:51 PM
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Originally Posted By John
We owe just over a grand federal and just over a hundred state.

I’m fine with that though. Thanks for the interest free loan, gubmint.
Good for you owing a small amount is the way to do it.

I just paid 12k in January and got another 28-30k coming in April. BRING THE PAIN.
post 1697856713 02-14-2024, 02:19 PM
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Originally Posted By Retoaded⏩
Good for you owing a small amount is the way to do it.

I just paid 12k in January and got another 28-30k coming in April. BRING THE PAIN.
We usually get just over a grand back, but this year my wife’s withholding got screwed up. Don’t care if it stays that way, though. I mean technically we owed 3k this year but the child tax credit brought it down to 1k
post 1697856853 02-14-2024, 02:24 PM
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Originally Posted By Retoaded⏩
Good for you owing a small amount is the way to do it.

I just paid 12k in January and got another 28-30k coming in April. BRING THE PAIN.
Seems like business is good then?
Originally Posted By John
We usually get just over a grand back, but this year my wife’s withholding got screwed up. Don’t care if it stays that way, though. I mean technically we owed 3k this year but the child tax credit brought it down to 1k
Do you have your own LLC?
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post 1697857053 02-14-2024, 02:28 PM
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Guess I'll do my taxes this weekend. If I owe again I may go postal.
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post 1697858173 02-14-2024, 02:52 PM
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Originally Posted By BullittEV⏩
Seems like business is good then?



Do you have your own LLC?
Nope, wagecel.
post 1697858333 02-14-2024, 02:57 PM
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Pretty sure all that's showing is year to year changes. And 2022 is when people got the last of those covid stimmies.

So of course 2023's taxes would look like crap.
post 1697858503 02-14-2024, 03:00 PM
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Can tax experts explain to me why people with a bunch of kids who don’t make chit get like $15k back? They don’t pay in a damn thing why do they get so much back, let alone anything
post 1697858613 02-14-2024, 03:02 PM
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I always laugh at people that brag about big refunds. Last year we owed about 4k because we badly miscalculated what we would owe. This year went a little too far the other way but nothing crazy.
post 1697858743 02-14-2024, 03:04 PM
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Originally Posted By ezmac31⏩
Can tax experts explain to me why people with a bunch of kids who don’t make chit get like $15k back? They don’t pay in a damn thing why do they get so much back, let alone anything
you must be new here.

and by here i mean the USA.
post 1697859033 02-14-2024, 03:10 PM
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yup, owe a lot this year. WTF
post 1697860133 02-14-2024, 03:42 PM
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Originally Posted By ezmac31⏩
Can tax experts explain to me why people with a bunch of kids who don’t make chit get like $15k back? They don’t pay in a damn thing why do they get so much back, let alone anything
Because we really really care about the children!
post 1697860163 02-14-2024, 03:43 PM
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Getting about the same I get every year which isn't much because I structure my taxes to be taken out of my check properly every month. I don't really need the money right away so I haven't finished doing taxes yet. Probably finish end of Feb
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post 1697860473 02-14-2024, 03:53 PM
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Originally Posted By HateLiberals⏩
Rip charger/Chrysler 300 sales
If car/truck prices tank because of a chitty tax season, I might take advantage and trade up on my truck
Wort ew in th wold.
post 1697860613 02-14-2024, 03:56 PM
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Originally Posted By ezmac31⏩
Can tax experts explain to me why people with a bunch of kids who don’t make chit get like $15k back? They don’t pay in a damn thing why do they get so much back, let alone anything
Earned Income Tax Credit

https://www.irs.gov/credits-deductio...ax-credit-eitc

Want to see something funny? Go into any Walmart around this time every year and watch them buy shiit.. Whole lotta big ass TV's going out the door.
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post 1697860903 02-14-2024, 04:03 PM
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Originally Posted By Bushmaster⏩
Earned Income Tax Credit

https://www.irs.gov/credits-deductio...ax-credit-eitc

Want to see something funny? Go into any Walmart around this time every year and watch them buy shiit.. Whole lotta big ass TV's going out the door.
So essentially hey you didn’t make ****, here’s free money from people who did..

I don’t understand the logic. Any idea when this became a thing or has it always been this way?
post 1697861483 02-14-2024, 04:19 PM
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Originally Posted By ezmac31⏩
So essentially hey you didn’t make ****, here’s free money from people who did..

I don’t understand the logic. Any idea when this became a thing or has it always been this way?
I don't get it either bro..

But we had a poster here a few years back who posted his a pic of his return with something like a $7k refund, and thought it was a big Eff You to all the MAGA's that he hated - and he had gotten the EITC. He got roasted savagely lol.
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post 1697863073 02-14-2024, 04:56 PM
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Originally Posted By SillieBazzillie⏩
Guess I'll do my taxes this weekend. If I owe again I may go postal.
If you owe, maybe you'll figure out how to fill in a W-4...?
post 1697863193 02-14-2024, 04:58 PM
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It's amazing that so many people have been fooled into thinking a big taxREFUND(getting their own money back) is a good thing...
post 1697865863 02-14-2024, 06:01 PM
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Originally Posted By nutsy54⏩
It's amazing that so many people have been fooled into thinking a big taxREFUND(getting their own money back) is a good thing...
Some of us have business expenses that can be deducted which minimize the amount of taxes we have to pay and puts us into a lower bracket. I have rental property and an ass load of expenses from last year that I can write off.

Big difference in that and a standard 1040-EZ with just one W-2 that can be filled out in 15-20mins.
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post 1697867153 02-14-2024, 06:35 PM
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I haven't gotten all my tax documents yet to file.
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post 1697867213 02-14-2024, 06:38 PM
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Its shocking how ignorant people are about something as simple as taxes.

They honestly think that because they checked exempt on their w4 that they somehow have removed themselves from the tax system.

They they will pay people to fill out their taxes for them when it takes like 20 minutes and is free to do online yourself.

I got in trouble for not paying enough and it took me a long time to get it squares away so i make sure to pay extra every month to make sure it doesnt happen again. You dont want that smoke as they can really stress you out.

I get a refund every year but i am ok with that, i dont want to mess with them again . They can have the interest free loan as far as i care.

Got my refund state and federal like 2 weeks ago. Just days after filing they were in the bank. My taxes are simple though.
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post 1697869043 02-14-2024, 07:27 PM
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Originally Posted By Dan_S⏩
Pretty sure all that's showing is year to year changes. And 2022 is when people got the last of those covid stimmies.

So of course 2023's taxes would look like crap.
You're still off by a year though. The last of stimmies in early 2022 were for tax filing year 2021.
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post 1697869523 02-14-2024, 07:40 PM
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Originally Posted By ClivesTriceps⏩
If car/truck prices tank because of a chitty tax season, I might take advantage and trade up on my truck
Wait until the end of summer when the 2025 models are hitting the lots in quantity. A 2024 model year will be a steal. Especially for trucks, which dealers are absolutely oversupplied with already. They'll still be selling virgin 2024 trucks well into 2025, but that's a topic of its own.
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post 1697869793 02-14-2024, 07:46 PM
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I owe almost 20k right now because I had no idea what I was doing when I structured my business.

Feel bad for the ppl who are living paycheck to paycheck and look forward to that little bump of cash flow in the beginning of the year.. I’d be super pissed..
post 1697870603 02-14-2024, 08:12 PM
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Originally Posted By whogotmuhbeers⏩
I owe almost 20k right now because I had no idea what I was doing when I structured my business.

Feel bad for the ppl who are living paycheck to paycheck and look forward to that little bump of cash flow in the beginning of the year.. I’d be super pissed..
That's why I made this thread. People expecting that $2-4K refund they've gotten in years past are getting back $0-2K this year. That will have an effect on the usual consumer spending that normally happens this upcoming time of year. I'd bet there are plenty of people with college loan debt who were relying on a bigger refund to carry them.

With it being a big election year it's tough to know for sure, but if Republicans don't dig their heels in I'd bet on stimulus programs being announced in the coming months to achieve the sacred 'soft landing' many, including investors, have been praying for.
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post 1697872363 02-14-2024, 09:05 PM
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Originally Posted By ezmac31⏩
Can tax experts explain to me why people with a bunch of kids who don’t make chit get like $15k back? They don’t pay in a damn thing why do they get so much back, let alone anything
Credits vs deductions

People who actually earn real incomes during the year usually offset their taxes with deductions (think itemizing deductions and every category that encompasses). In theory you could offset all of your taxes paid with deductions and owe $0 for the year.

Credits are literally just getting money back and have nothing to do with anything outside of the government giving you money (EITC is just one example, but there are many). In theory, you could start with $0 owed because you didn't earn enough to hit the standard deduction anyway, and then get several thousand dollars in credits where the government is just writing you a check.

And before I make this last point, I'm guilty of it too. But the admonishing people for getting tax refunds as stupid is actually misguided. Yes, if you're in the 45% of the country that actually pays taxes, getting a refund means you gave the government an interest free loan. For the 55% of people whodon'tpay taxes though, none of that applies. And then there's the 35% who fall into that second category that not only don't pay taxes, but also just load up on credits and get a giant fat "refund" check at the end (except it's not a refund since they paid $0).

Finally, if you don't believe my numbers, please look them up yourself. If you pay taxes, you're in the minority in the country. Seriously. Themajorityof people pay literally $0. And then we have people with the gall to say that people need to pay their fair share.
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