I owe the IRS $2430.00 !!!!!

**Iraqgunz** · 02-04-09, 02:33

Don't feel bad. Last year I owed 1900.00 and this year God only knows. The only thing that will save me is a new house purchase, interest payments, etc..etc.. If I am lucky I won't owe, but damn sure won't get anything back.

**fabulous45s** · 02-04-09, 05:56

Originally Posted by Iraqgunz

Don't feel bad. Last year I owed 1900.00 and this year God only knows. The only thing that will save me is a new house purchase, interest payments, etc..etc.. If I am lucky I won't owe, but damn sure won't get anything back.

Gunz,
Look into the first-time homebuyer credit that opened up this year. It may or may not apply to you. Some quick points on it:
*Purchase between APR08-JUN09
*Haven't owned a home 3 years prior
It equates to a $7500 interest free loan with up to a 17 year payback.

**Iraqgunz** · 02-04-09, 06:21

That is the deal I was referring to above. But, I have a very complicated tax return and there are factors such as having to file married-separate, plus my 89K tax exclusion, etc... It's a headache for sure.

Originally Posted by fabulous45s

Gunz,
Look into the first-time homebuyer credit that opened up this year. It may or may not apply to you. Some quick points on it:
*Purchase between APR08-JUN09
*Haven't owned a home 3 years prior
It equates to a $7500 interest free loan with up to a 17 year payback.

ToddG · 02-04-09, 10:06

We owe every year. I see it as a good thing.

Either the gov't owes you money (which means you've been floating the federal government an interest-free loan) or you owe them money (which means you've benefited from an interest-free loan).

**Mung** · 02-04-09, 10:20

I got $9,000 back last year. LOL. Not expecting much this year. It's cuz my wife gets paid w/ commission only.

**rob_s** · 02-04-09, 10:30

The goal, IMHO, should be to absolutely break even. No refund, no payment. There is an argument to be made that you should always just pay, and that if you save/invest the money throughout the year you're actually using their money to earn interest over the course of the year. I think, if you're a regular W2 employee, you can get in trouble for not having a high enough deduction though.

Break even works best for me. I do understand the attraction of the "refund" for some though as it's kind of a forced savings account. I had a friend that had it balanced so that his income tax refund equaled his property tax payment every year, so it was a net $0 to him at this time of year.

**Mikey** · 02-04-09, 11:15

I'm with you there Rob. Break even or owe just a tiny bit. That's my goal.

**3CTactical** · 02-04-09, 11:24

I started my own business in 2007 and owed $18,000 last year, but I just put aside money every month and earn interest on it, then just write a big ol check at tax time. It does suck seeing that amount of money leaving the account though. When I was working for someone else I always tried to break even and usually got pretty close.