The IRS Deductions Blog

Posts Tagged ‘itemized deductions worksheet 2008’

Question: If I choose to have more taxes taken out of my paycheck now, am I definitely entitled to that $$ when I file?

I didn’t really know how to fill out the worksheet when I hired on at my new job. My friend here makes the same rate as I do, but more taxes are withheld for me. I get about $300 taken out of a $1200 paycheck. I think I chose to have more taxes taken out now, so I will get a larger return – versus having less taken out now, and getting a smaller return. Can anyone share their knowledge on the subject? I’m getting lost in all the “Itemized Deductions“, etc. as I research and I need some help. I would appreciate any good links as well! Thank you!

Answer: Your annual tax return is where you and the IRS settle up for the year. You calculate how much you should have paid in for the year, and then whoever owes whom pays up. If you overpaid, you get a refund from the IRS. If you underpaid, you write the IRS a check.

Many people treat their refund as “found money”. I personally hate to get a refund, because it means I lent money interest-free to the government. I much rather write them a check in April, because it means I borrowed money from the government all year. And as long as you don’t owe more than $1,000 there is no interest or penalty involved.

Items on Amazon Right Now for Itemized Deductions Worksheet:

Using Sales Taxes to Trim Your tax Bill

Filers who claim the standard deduction get the chance on 2009 returns to write off sales taxes on a new vehicle purchase. And some taxpayers who itemize could find themselves getting an additional sales tax deduction this filing season.

UNBOXING THE SEAGATE 500 GB EXTERNAL HARD DRIVE !