Plans for your tax returns?

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Replies

  • Bahet
    Bahet Posts: 1,254 Member
    A large amount refunded or due equals bad planning.

    Not so true, I own an Income Tax Office, Client can work and earn about 10k have a few babies and pay ZERO in to the Federal Government and get about a $9000.00 refund.. I see it hundreds of time every year...So did they badly plan?

    You want to do my taxes? I could use a $9k refund...ha ha ha.
    I also do taxes. Last year the best refund I got a client was $40,000. No, that's not a typo. Yes, I did have a talk with them about adjusting their withholdings. In their defense, they were working overseas so they got the foreign tax credit for each of them and they thought it was a total, not a total for each of them that was allowed.
  • Bahet
    Bahet Posts: 1,254 Member
    For us I'll probably get an elliptical. I've taken hubby around to look at a few but he doesn't like any of them. I found one I really like though so I'll probably use part of the refund on that. The rest will go into mutual funds.
  • dragonbait0126
    dragonbait0126 Posts: 568 Member
    It will all go towards my husbands student loans. Trying to get them paid off since my payments start in January and it will knock us down to the 1 loan payment.
  • solpwr
    solpwr Posts: 1,039 Member
    A large amount refunded or due equals bad planning.

    Not so true, I own an Income Tax Office, Client can work and earn about 10k have a few babies and pay ZERO in to the Federal Government and get about a $9000.00 refund.. I see it hundreds of time every year...So did they badly plan?

    You want to do my taxes? I could use a $9k refund...ha ha ha.
    I also do taxes. Last year the best refund I got a client was $40,000. No, that's not a typo. Yes, I did have a talk with them about adjusting their withholdings. In their defense, they were working overseas so they got the foreign tax credit for each of them and they thought it was a total, not a total for each of them that was allowed.

    If they would have planned better they wouldn't have got such a big refund and improved their monthly cash flow. Talking to an accountant about the implications of working on foreign soil would have benefited them.
  • Bahet
    Bahet Posts: 1,254 Member
    A large amount refunded or due equals bad planning.

    Not so true, I own an Income Tax Office, Client can work and earn about 10k have a few babies and pay ZERO in to the Federal Government and get about a $9000.00 refund.. I see it hundreds of time every year...So did they badly plan?

    You want to do my taxes? I could use a $9k refund...ha ha ha.
    I also do taxes. Last year the best refund I got a client was $40,000. No, that's not a typo. Yes, I did have a talk with them about adjusting their withholdings. In their defense, they were working overseas so they got the foreign tax credit for each of them and they thought it was a total, not a total for each of them that was allowed.

    If they would have planned better they wouldn't have got such a big refund and improved their monthly cash flow. Talking to an accountant about the implications of working on foreign soil would have benefited them.
    Yes, that's why they talked with me. They really didn't need the cash flow. Obviously someone getting a $40,000 refund is more than financially solvent, especially when they are working overseas and had no expenses. They were a unique situation but it's not at all uncommon for my ex-pat clients to get refunds that would buy them a decent brand new car. That was just the only one that would buy a decent new luxury car.

    Again though, it's a matter of how much you make. For some of those people a refund that most people would consider obscenely large and a waste of interest was really only "on loan" to the government for a few weeks/months tops. It wasn't a year long loan. They didn't start to overpay until Nov/Dec and if I file their taxes in Jan/Feb they weren't without the money for much time at all.
  • BeautyFromPain
    BeautyFromPain Posts: 4,952 Member
    A shopping spree! I need new clothes really bad!
  • TiMoPhat
    TiMoPhat Posts: 26 Member
    Treating myself to a 25th birthday vacation in the Caribbean!!!
  • Gwen7121
    Gwen7121 Posts: 126 Member
    For those of us not getting bent over and screwed by Uncle Sam, what do you plan on doing with your tax refund?
    I would consider having given Uncle Sam an interest-free loan all year "getting bent over and screwed" too.

    Agreed.
  • stylistchik
    stylistchik Posts: 1,436 Member
    Pay off student loans!
  • mortla
    mortla Posts: 73
    Buy a new couch and save for my Florida trip :)
  • xHelloQuincyx
    xHelloQuincyx Posts: 884 Member
    paying off extended lines of credit, new end tables, area rug. anything thats left is spending money ;]
  • JoanWill
    JoanWill Posts: 217
    My twins' college fund. Thank goodness for life without credit card.
  • WifeMomDVM
    WifeMomDVM Posts: 1,025 Member
    Wow, all of these money oriented folks. If you're getting a refund buy the book, The Total Money Makeover by Dave Ramsey. He'll teach you how to become a millionaire. :)
  • Athena413
    Athena413 Posts: 1,709 Member
    Tax return? What's that?? :tongue:

    We never get anything back because we don't have any crib midgets....
  • bigtwagner
    bigtwagner Posts: 113
    Putting it towards trips to run races. Disneyland in September 2012 and Walt Disney World Goofy Challenge 2013.
  • Tskitzo
    Tskitzo Posts: 42
    My Husband and I want to open a Savings account, also pay back my mom some of the money she let us borrow to fix my car. We might use a little on ourselves, but it depends on what we get back. This will be our first year we do our taxes together as a married couple, plus my first year having a job that wasn't just one month (Halloween Seasonal job).
  • cjsgrimlin
    cjsgrimlin Posts: 246
    Me my husband and my two kids are taking his parents to disney world after school is over!! Did it two years ago and it is an awesome way to spend the money! We could use it for other things but considering we haven't had a vacation in two years i think its worth it!!
  • Nicktemt
    Nicktemt Posts: 35
    Paying for my wedding, and setting some aside for the honeymoon. :-)
  • ladybg81
    ladybg81 Posts: 1,553 Member
    Our refund comes from child credits and rental property expenses. Some years we have a lot of expenses therefore a larger refund and some years we have no expenses so no refund. I plan by making sure our taxes are correct on the money we make from our normal jobs; all the other I let work out as it will. I don't want to up our deductions by taking what we hope to spend on rentals in account. Pretty dumb to do that if you ask me. I'm fine with the way it works out right now.

    I say this though, the sooner I can sell these rental B!tches, the happier I'll be!

    This year I plan on paying off some debt, saving, home repairs (primary residence) and getting my dogs yearly vet visit handled.
  • misstasharenee
    misstasharenee Posts: 95 Member
    Going to Vegas Babyyy!!!!:laugh: :laugh: :laugh: :laugh:
  • misstasharenee
    misstasharenee Posts: 95 Member
    Tax return? What's that?? :tongue:

    We never get anything back because we don't have any crib midgets....


    LOL@ crib midgets
  • missmarquez2u
    missmarquez2u Posts: 26
    I pay my rent for the year with ours. Makes living alot more comfortable.

    awsome idea! gonna have to copy this :)
  • MariaAlbinaxoxo
    MariaAlbinaxoxo Posts: 290 Member
    I should be getting a grand back (yay!) and it will be going toward my second elective surgery in February. :D
  • kemeko
    kemeko Posts: 158 Member
    I'm buying a bicycle! I see all these happy cyclist at the park... I want to join them! :laugh:
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