Ok guys.First time poster here.Thought maybe you could help me out with figureing something out.
Last year I dont have the exact amounts.I made less money say about 100-150 less than I did this year for the year.Made more this year.
Last year I received all together about 700-750 in taxes back.I was happy.
Now this year I as I said made a little more money yet the person that did my taxes says I owe 3 dollars to state and im only getting 370 back from federal....what the heck is going on here? How exactley am I getting a difference of 300 + dollars from last year?
The store I work for received new owners thats about all that happend.I dont understand why exactley im getting so much less back,it just seems kind of fishy to me.I would appreciate any help on this.
Thanks :-)
2007-02-12 09:15:17 · 7 answers · asked by AkitoT 1 in Business & Finance ➔ Taxes ➔ United States
You probably paid more in deductions so it didn't make that much of a diffrence, except to put you into a different tax bracket. The more you make, the more you will have to pay in taxes.
2007-02-12 09:19:57 · answer #1 · answered by judirose2001 5 · 0⤊ 1⤋
there is not any direct link between your gross pay and the dimensions of your REFUND. you're basically getting your overpayment refunded to you; it is not some form of bonus or something like that. One attainable reason is which you qualify for the EIC yet your earnings is on the factor that because it rises the EIC is going down. it is likewise attainable that the Savers credit, which has a declining fee as earnings rises, grew to become into decrease due on your bigger earnings. The stimulus you gained final 3 hundred and sixty 5 days has NO impact on any refund this 3 hundred and sixty 5 days. Your refund is precisely the comparable because it would have been had the stimulus in no way existed.
2016-10-02 00:58:38 · answer #2 · answered by ? 4 · 0⤊ 0⤋
It's possible that one of the two years, your withholding was done incorrectly. I would suggest that you review your W-4 with your employer and see if it is still correct.
Also, why don't you ask your preparer for some insight as to why you had so much less coming back? I've been doing taxes for 20 plus years, and I wish I had a buck for every time I was asked that question. Of course, I always went back to the return to find a plausible explanation. There is an outside chance that your preparer made a mistake. Take a good hard look at your return to see if the numbers agree with your W-2.
Ah, don't you just love tax season?
2007-02-12 09:28:31 · answer #3 · answered by SuzeY 5 · 1⤊ 2⤋
You are only getting back what you overpaid in taxes, if you had more taken out you would get more back. apparently you are having just enough taken to cover your tax liability. Your goal should to be to not owe or not have a refund.
2007-02-12 09:25:45 · answer #4 · answered by Anonymous · 3⤊ 0⤋
Your refunds have more to do with tax withheld during the year than with your income. Compare the federal and state taxes withheld last year and this year. See if that helps.
2007-02-12 09:23:45 · answer #5 · answered by spicertax 5 · 2⤊ 2⤋
How much withholding? Any changes in deductions? Either of these will affect your refund.
2007-02-12 10:09:04 · answer #6 · answered by Dizney 5 · 2⤊ 0⤋
try this website WWW.TAXACT.COM, refile yourself, plug the info in really simple. If you already filed you can't file twice, so if taxact says you get more back what you'll need to do is file a amendment to your taxs.
2007-02-12 09:25:11 · answer #7 · answered by Patrick 5 · 0⤊ 3⤋