We've launched the new forums! Read more here

Tax Time

S

SethO

IXOYE
Joined
Jul 28, 2009
Messages
11,241
Reaction score
123
I just finished filing my taxes and am getting about $2400 back from good ole Uncle Sam. I am going to use the money to get completely out of debt (except for my car of course) and maybe buy a little something for myself as a treat.

What are you ladies and gents going to spend your return on?
 
Wow, you're early :) I still haven't gotten my paperwork together yet!!
 
I'm using my chuck of change to pay for a few upgrades to the motorcycle and my trip to Daytona for bike week!
 
Pay off the remainder of my car loan = debt free! :banana:
 
While it's nice to get a big refund, I try to work it where I get as small a refund as possible. That way I already have my money instead of the government getting an interest-free loan. Gotta be careful though to make sure you pay enough to cover what you owe because if you are not within a certain percentage of that then you owe a penalty!
 
I'll probably invest it....in more golf stuff!!!! :blob:
 
Smallville said:
While it's nice to get a big refund, I try to work it where I get as small a refund as possible. That way I already have my money instead of the government getting an interest-free loan.
Click to expand...

That's our philosophy as well.
 
Smallville said:
While it's nice to get a big refund, I try to work it where I get as small a refund as possible. That way I already have my money instead of the government getting an interest-free loan. Gotta be careful though to make sure you pay enough to cover what you owe because if you are not within a certain percentage of that then you owe a penalty!
Click to expand...
'

I'm trying to work that as well, but so many tax advantaged changes throughout this last year will probably leave us with a big check (buying house, having baby, paying off school loans). I will readjust this year to prevent giving the government a nice big loan...
 
Smallville said:
While it's nice to get a big refund, I try to work it where I get as small a refund as possible. That way I already have my money instead of the government getting an interest-free loan. Gotta be careful though to make sure you pay enough to cover what you owe because if you are not within a certain percentage of that then you owe a penalty!
Click to expand...

That's the smart way to work it. I just enjoy the feeling of finding cash I forgot I had, kinda like finding an unexpected $5 bill in a pocket (only much bigger).
 
Smallville said:
While it's nice to get a big refund, I try to work it where I get as small a refund as possible. That way I already have my money instead of the government getting an interest-free loan. Gotta be careful though to make sure you pay enough to cover what you owe because if you are not within a certain percentage of that then you owe a penalty!
Click to expand...

That's the way I did it this year and I ended up owing. I have never had to owe before in my life and I am NOT happy about it. The lady who did my taxes said a lot of it had to do with JB and I not filing together even though we are married. She said a few of my deductions didn't count because the IRS won't accept them due to the way I am filing? I don't know, I don't really understand anything about taxes except I pay too much and I don't want to piss off the IRS.
 
Considering I expect to owe in the neighborhood of 15-20k this year my shopping gets put on hold for a while. However I typically file extension after extension and let my accountant do some magic.

If only the gear I've purchased could be written off. Hopefully my accountant will earn her keep this year.

Ok my mother is actually my accountant so I better not say anything.
 
dzdncfsd said:
Considering I expect to owe in the neighborhood of 15-20k this year my shopping gets put on hold for a while. However I typically file extension after extension and let my accountant do some magic.

If only the gear I've purchased could be written off. Hopefully my accountant will earn her keep this year.

Ok my mother is actually my accountant so I better not say anything.
Click to expand...

Holy hell....You'll owe that much? you should have a whole bunch of kids to offset it!
 
I'll probably get money back this year, I haven't paid taxes in the longest time as I have a few exemptions, so it all works out :) But I will def. use my tax return to pay off 2 cars (1 of them I don't even have anymore / long story :angry:) and help pay off some of my credit card debt :good:
 
clg82 said:
Holy hell....You'll owe that much? you should have a whole bunch of kids to offset it!
Click to expand...

Its ok actually as I had already expected it. I do some consulting projects on the side that I get 1099'd for. It hurts at the end of the year but I do manage to put enough aside to pay for it.

I cant remember the last time I got money back though from uncle sam.

What I need to do is buy a house so that I have some larger writeoffs. The problem is I have a 3 bedroom house I'm renting that I just cant give up. Its just too great of a deal and every morning when I walk out to my deck I have a great view of the pacific ocean. And I pay less than what I paid before on a 2 bedroom apartment.
 
dzdncfsd said:
Its ok actually as I had already expected it. I do some consulting projects on the side that I get 1099'd for. It hurts at the end of the year but I do manage to put enough aside to pay for it.

I cant remember the last time I got money back though from uncle sam.

What I need to do is buy a house so that I have some larger writeoffs. The problem is I have a 3 bedroom house I'm renting that I just cant give up. Its just too great of a deal and every morning when I walk out to my deck I have a great view of the pacific ocean. And I pay less than what I paid before on a 2 bedroom apartment.
Click to expand...

You looking to hire another associate :confused2:
 
haha sorry wish I could help. As of tomorrow (has been pushed back twice) I will be unemployed.

I'm already on the job hunt myself. And unfortunately haven't had any consulting work since about June of last year.

However if you want to golf I plan on spending 2-3 months golfing at least 4-5 days a week. Trust me I dont have much money either. I'll be playing as many budget courses as I can haha.
 
Im going to pay off bills and if there is some left over I will buy a pair of rollerblades so that I can stay in hockey shape during the summer months.
 
We haven't gotten a refund in years. :angry:

This year may be different, not sure yet. I retired in December 2008, and my wife retired in June. We sold our house and are "renting" until our new house is completed this Feburary. I've Turbo Tax'd for the last few years, but this year will probably go to a tax service, maybe H&R Block, since there are a lot of variables I've never dealt with - closing costs, attorney's fees, etc...

If there is a refund, it'll probably go into some new Spring landscaping for the house.
 
Haven't gotten any W2's, 1099's etc yet.
My refund will pay for vacation in Ixtapa in April.
 
SethO said:
I just finished filing my taxes and am getting about $2400 back from good ole Uncle Sam. I am going to use the money to get completely out of debt (except for my car of course) and maybe buy a little something for myself as a treat.

What are you ladies and gents going to spend your return on?
Click to expand...

Calloway !! Here's the dude we need to buy the steaks at our Springfling in Blairsville Ga :blob: Just kidding Seth :D Well maybe not :bananadance:
 
GolferGal22 said:
That's the way I did it this year and I ended up owing. I have never had to owe before in my life and I am NOT happy about it. The lady who did my taxes said a lot of it had to do with JB and I not filing together even though we are married. She said a few of my deductions didn't count because the IRS won't accept them due to the way I am filing? I don't know, I don't really understand anything about taxes except I pay too much and I don't want to piss off the IRS.
Click to expand...

Oh my--married filing separately is the pits.

You also have to be prepared for being audited after a few years of it. This is purely anecdotal, but it seems that most people who file separately do so either because they're getting divorced or because one spouse is a tax protester and the other wants nothing to do with it. So if you've filed separately for enough years, it raises flags.

Now, it shouldn't. Lots of people have perfectly legitimate reasons for filing separately. But a lot of revenue agents smell tax fraud when they see that filing status.
 
ClairefromClare said:
Oh my--married filing separately is the pits.

You also have to be prepared for being audited after a few years of it. This is purely anecdotal, but it seems that most people who file separately do so either because they're getting divorced or because one spouse is a tax protester and the other wants nothing to do with it. So if you've filed separately for enough years, it raises flags.

Now, it shouldn't. Lots of people have perfectly legitimate reasons for filing separately. But a lot of revenue agents smell tax fraud when they see that filing status.
Click to expand...

We are not getting divorced or hiding anything it just seemed easier to do it this way this year since it was our first year being married. Hopefully, like you said, it won't raise any red flags since this will be the only year that we file separately next year we will file together.
 
You must log in or register to reply here.
Back
Top