I have a friend who wants to know if you can still get a pretty good tax refund with out any dependents.?

Question

what if she made between 18,000

she's single

Answer 1

I love these optimistic answers that tell you your friend can get a good refund if she has a mortgage deduction. How could she buy a house on $18,000/ year? It'd be a 1 room shack! LOL

So, being realistic- she can up her withholding and let Uncle Sam "keep it for her" at NO interest or increase her deductions.

Easiest way I know of is start a business on the side. Sell cosmetics, give music lessons, tutor students, sell stuff on ebay, whatever.

The first year is often a loss due to start up costs so this will reduce your net income. Lower net income = less tax.

Answer 2

I'd like to clarify to everyone what a "refund" actually is. Any tax refund you are entitled to means that the government took YOUR money from YOUR paycheck because YOU let them by not claiming enough exemptions on your W-4 form. So basically the government is earning free interest because either you can't or won't take control of your financial lives and save that money where it will work for you!

This is not government money that is being given to you as a gift. This is your money being returned without interest because "Oops Uncle Sam guess a little too conservatively in their favor." I'd rather pay for "borrowing" Uncle Sam's money interest free where I can put it in an account making 5% or so and then ante up come tax season. Don't get this confused with tax liability which is the amount determined in the tax tables at the back of the 1040 booklet. I'm sure no one enjoys paying taxes the govt. is entitled to. Just food for thought! ;-)

Answer 3

There are lots of ways to increase your tax refund. For example, you can lower your taxable income with adjustments to income. You can also increase your standard deduction by itemizing. There are many ways to get more back at the end of the year, but what most people don't understand is, it's best to be as close to zero as possible. The bigger your refund, the more money the IRS made off of you by investing that money the entire year. That money could have been yours and you could have invested it, making the interest. Some companies, such as H&R block, have a worksheet that will tell you how many exemptions to claim on your W-2 to get you as close to 0 at the end of the year as possible.

Answer 4

Well, I have no dependents and get back a portion of what I pay.
Remember that with no dependents, it's not going to be a huge return, but also remember you don't pay that much during the year as well.
Also remember you always claim one dependent (yourself).
Also, if you want a larger refund, have your employer hold more out of your paycheck (by filling out the appropriate blocks when you fill out your W4 form). But, of course, this is just giving the government an interest free loan.

Answer 5

It will depend on what kinds of deductions you have to claim, what income level, and how many dependents you can claim up to 10, and offset the income.

There are lots of places to put money that go against income. The best solution is not to get a refund, but to figure out how best to get your return as close to a zero tax liability as possible, without paying in too much or having to pay.

Answer 6

You are only going to get back the amount you overpay. If you want a big return check then you need to ask you employer to withhold more money from you check.

It depends on what you want to do. Either you can have the govenrment take and keep your money for a year without paying you interest. or you can estimate your withholding more closley to have more money on your checks, yet still get a small refund when you file taxes.

Answer 7

First each and each and every of the can provide and commercials are all a way of having you to lie one or the different. they are both putting forward undesirable issues about both canidates.the really undesirable project about Mccain's $5000 medical plan is that yeah that's a lot for some individual who's healthful not for someone who's in and out of the docs. And in case you realize they are elevating taxes on those who make 250,000 a three hundred and sixty 5 days or extra. So when you're making that a lot your taxes will bypass up. and they'll bypass up for any agency who ships jobs over seas.

Answer 8

Its easy to get a large refund, just have your employer withhold too much. The real question is, why does she want to give the IRS an interest free loan? Her goal should be to reduce her tax liability and reduce withholding to match.

Answer 9

The amount of a tax refund depends on many factors. The number one factor is the amount being withheld from ones pay check.

Answer 10

I am single with no dependents, but I have deductions! That equals a good refund.

And the easiest way to get deductions is to own a home and pay mortgage interest and property taxes!