Plans for your tax returns?

24

Replies

  • cabaray
    cabaray Posts: 971 Member
    Would you please list the accounts/banks that paid any type of interest in 2011? Usually, the interest free loan thing makes sense, but in an environment where interest rates are close to zero it's not a big deal.
    True enough.

    I would still prefer to have the money at hand all year than in Uncle Sam's coffers.
    One year, my husband was laid off unexpectedly. Although federal taxes were taken out of his unemployment, it wasn't enough and we ended up owing money. I would rather them hold on to some extra than have to round up money to pay extra.
  • Hayesgang
    Hayesgang Posts: 624
    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?



    ^^This^^
    We have alot of "write-offs" kids, business expenses, interest on our home. We have very little taken out of both our checks and we still get a great refund every year.
  • tunktunk5583
    tunktunk5583 Posts: 76 Member
    paying off bathroom renovations!
  • JenMarie826
    JenMarie826 Posts: 143
    I will be putting most of it into my savings account incase my jeep ever needs a repair! But I plan on having a little fun with a chunk of it. :D
  • teagin2002
    teagin2002 Posts: 1,900 Member
    Savings, all needs are met (thankfully) :bigsmile:
  • alexis831
    alexis831 Posts: 469 Member
    We will get ourselves closer to being DEBT FREE! 2012 will be our debt free year! :) 80k down 19k to go!
  • NotGoddess
    NotGoddess Posts: 1,198 Member
    We will get ourselves closer to being DEBT FREE! 2012 will be our debt free year! :) 80k down 19k to go!
    Make sure you scream it from the rooftops when you reach it. That's fantastic!

    I'll be re-building our emergency fund, and catching up bills so in the future I can pay them on-time or early instead of at the end of the month.
  • alexis831
    alexis831 Posts: 469 Member
    We will get ourselves closer to being DEBT FREE! 2012 will be our debt free year! :) 80k down 19k to go!
    Make sure you scream it from the rooftops when you reach it. That's fantastic!

    I'll be re-building our emergency fund, and catching up bills so in the future I can pay them on-time or early instead of at the end of the month.

    Dave Ramsey fan huh? :)
  • voluptas63
    voluptas63 Posts: 602 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.

    I just fell in love.
  • 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're right. There are a few instances where individuals pay nothing in taxes to the Fed gov't for an entire year, yet still get a significant "refund" amount. (If you haven't paid in is it still a refund?) In those instances there is nothing anyone can do to plan better. That scenario is not very likely.
  • jacquelyn_erika
    jacquelyn_erika Posts: 524 Member
    My boyfriend & I put all of our finances together, including tax returns - he'll be building us a new computer, hopefully we will do a weekend trip somewhere out of state and I want a heart rate monitor :)
  • ESVABelle
    ESVABelle Posts: 1,264 Member
    I plan on moving out, trying my hand at being an independent woman (and probably learning to like Ramen)
  • Qarol
    Qarol Posts: 6,171 Member
    We never get a refund. We have it set up to take the minimum amount of money out allowed...and we always owe. Frankly, I'm not too keen on giving Uncle Sam an interest free loan.
  • 1WorkoutAtATime
    1WorkoutAtATime Posts: 719
    same as every year ..despoit it to my one of my savings accounts
  • My1985Freckles
    My1985Freckles Posts: 1,039 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.

    LOL! Sooooo true!
  • mhankosk
    mhankosk Posts: 532 Member
    The first thing I'm doing is buying Insanity. Then who knows... maybe saving for a new computer :)
  • bmmadden
    bmmadden Posts: 499 Member
    Well since my husband and I dont exchange Christmas its all about the kids for Xmas but when Taxes come its all about the grownups (some of it anyway) so with my share I am getting an elliptical and some other equipment for my mini home gym, he'll probably get some Xbox stuff with his share and actually we will be redecorating the kids bedrooms , I cant wait
  • chevy88grl
    chevy88grl Posts: 3,937 Member
    New carpet in my living room, a new front door, paint the house, new flooring in the kitchen, etc.

    Home improvements - which are very much needed.
  • yummy♥
    yummy♥ Posts: 612 Member
    i much prefer to have my money available to me throughout the year instead of letting the government do as they please with it and then return it to me in the spring.
  • Laureen74
    Laureen74 Posts: 37 Member
    Down payment of a car, savings, and home improvements
  • chevy88grl
    chevy88grl Posts: 3,937 Member
    A large amount refunded or due equals bad planning.

    We get a large refund because we qualify for different credits - earned income and the child credits. THAT is where my large refund comes from - very little of it is actually from overpaid taxes. So, a large refund doesn't always equal bad planning.
  • blink1021
    blink1021 Posts: 1,115 Member
    I pay my rent for the year with ours. Makes living alot more comfortable.

    Thats a great idea :happy:
  • timadotcom
    timadotcom Posts: 653 Member
    tax return will pay off house taxes in the summer time... what uncle Sam giveth, he takes right backeth!!
  • missflorez
    missflorez Posts: 2
    Gonna pay off some debt and buy myself a treadmill and some gym equipment,i think i deserve it.
  • megz4987
    megz4987 Posts: 1,008 Member
    Bills haha and some toward our daughters first birthday, that is if we get it before then.
  • Erica002
    Erica002 Posts: 293 Member
    Ripping out the carpet, finishing the original hardwood floors thats underneath, installing a wood stove.
  • Oplesandbanonos
    Oplesandbanonos Posts: 99 Member
    paying off my car, replacing windshield on boyfriends car, and the rest is going to savings for a "goal body" cruise in august if i reach my goal
  • blink1021
    blink1021 Posts: 1,115 Member
    root canal, husbands truck repairs, ortho inserts for my son's feet and then the rest into savings :)
  • Kany
    Kany Posts: 336
    I'm maxing out my IRA contributions and HSA this year to break even with uncle sam. I'll probably get a small refund or maybe owe a little but that's all thanks to tax planning throughout the year. I'm not giving my money to uncle sam to hold the entire year so that he can give me back my money the following year.
  • goldfinger88
    goldfinger88 Posts: 686 Member
    For those of us not getting bent over and screwed by Uncle Sam, what do you plan on doing with your tax refund?

    We are going to buy some new furniture and get as many home improvements done as possible.

    Tax refund? What's that? My money always goes the other way -- from me to them. :)
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