Plans for your tax returns?
Replies
-
Bills haha and some toward our daughters first birthday, that is if we get it before then.
Don't forget your new credits ;-)0 -
My best friends little sister is getting married in Maui. So I will be saving my money so I can go to her wedding since I consider her my own sister since I dont have one.0
-
My goal is to never get back a cent.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.
Why should I lend money to the government at zero interest?
No, I have what called a "Savings Account", and they actually pay to hold my money.:noway:0 -
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.0 -
Saving it to pay for my tutition for when I take my internship this summer. Really want to save it for getting a tattoo, yet this is the life of a broke college kid.0
-
I'd like to pay off a loan and pay up my credit card. Maybe set a little aside for a vacation too - we'll see.0
-
Hopefully taking the honeymoon i didn't get to go on!!0
-
Credit card debt! Can't wait to pay through some of it! One step closer to our five year plan of buying a farm! *fingers crossed* :bigsmile:0
-
Well hopefully I can plan 2 family vacations and 2 girlfriend vacations. I also want to buy a new car and payoff some bills. First thing though is to do something nice for my mom . She's the best ever.0
-
my tax return is never very big...so probably just put it into savings...however..I get a big bonus from work in January..that's a different story!
0 -
I don't have kids and my property tax bill is negligible so my refund is usually pretty tiny. It just goes right in the pot.0
-
Well hopefully I can plan 2 family vacations and 2 girlfriend vacations. I also want to buy a new car and payoff some bills. First thing though is to do something nice for my mom . She's the best ever.
All that with one tax refund? Who's your accountant, Bernie Madoff?0 -
Pay off my youngest son's kidney surgery he just had before Christmas... if there is anything left - start my savings account back up.
IF I see a refund that is....0 -
I plan on using it to pay off our wedding that ended up bigger than we planned... I can't wait til we get married in June, so that I can be Mrs. Peters and be with the love of my life, but also b/c I will be done paying for the wedding lol also try to start us up a joint savings account with some too for expenses like furniture and stuff for when we are married 0
-
Getting a nice elliptical and putting the rest into savings.0
-
STRAIGHT TO SAVINGS LOL. With a little one, I always like to have something to the side for rainy days0
-
I pay my rent for the year with ours. Makes living alot more comfortable.
We do the same thing
We don't have any debt which helps us out.0 -
DH was out of work all of 2011 (JUST got a job offer yesterday, WOOHOO!) so we'll be socking it away to use to pay down our debt. it won't be much, but it's more than normal because of the withholding from his UI checks. I prefer to break even, I cringe when I hear people say they're getting thousands back. Might not make much at the bank, but it's THERE in case you need it, as opposed to being used by our government interest free. Oh and we made about $100 between 5 decent interest bearing accounts at our credit union, when each month, we'd get down below $100 in all checking accounts. Credit Unions are a great thing. Best decision we made in a long time! switched a year ago from GNB....0
-
Hoping to make a dent in the debt. We were lucky enough to move up a tax bracket this year, but I'm a bit clueless as to what that will mean for taxes, now that Husband has a decent job and we aren't starving students with kids. Time to do some research...0
-
Not sure what I'll be getting this year as we bought a house this year and make more than we made last year. However, I would love to put $1,000 towards the principle on our mortgage and if there is more, put it in an IRA and/or savings.0
-
Treadmill, new flooring in my daughter's room and bathroom, new clothes and savings:) Oh and a HRM. 0
-
Well I had big plans to put it into our savings, but it seems our refrigerator is on it's last leg. So I guess I'll be buying a dang refrigerator.0
-
we expect a 5000, to 6,000 return. $700 goes toward paying y grandpa back for having him pay to fix my husbands car, $200 for an elliptical for me, a couple hundred to fix a few minor problems on my van like a belt and brakesthen $1000 in savings and the rest put toward my car payment to get it paid off as soon as possible so we can be car payment free by the end of 2012 and never ever get another car payment again0
-
No clue what a tax return is :laugh:
Same here!0 -
State return into savings. My half of the Fed return will get me new clothes, some new hiking, running, and fishing gear, an incline/decline bench. Maybe some new ink.0
-
Hawaii or the Highlands!!0
-
Yep!
Make sure you scream it from the rooftops when you reach it. That's fantastic!We will get ourselves closer to being DEBT FREE! 2012 will be our debt free year! 80k down 19k to go!
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?0 -
Yep!
Make sure you scream it from the rooftops when you reach it. That's fantastic!We will get ourselves closer to being DEBT FREE! 2012 will be our debt free year! 80k down 19k to go!
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?
awesome!0 -
Just starting this thread so forgive me if this has been addressed.
Understood. It always cracks me up to see celebration about a big refund. one could adjust his deductions, and stow the money away in an interest-bearing account and come out with even more dough.
you don't have to do it that way. Change your deductions...
I would consider having given Uncle Sam an interest-free loan all year "getting bent over and screwed" too.For those of us not getting bent over and screwed by Uncle Sam, what do you plan on doing with your tax refund?
Regardless, the fact that only 53% of us pay taxes, and those that make more pay a higher percentage, is what really grinds my gears.
Many people who get large tax refunds do so because of year end bonuses that are taxed higher at the time but reconfigure when doing your taxes. So it's not really a "year long interest free loan to the government." In most cases it's a 2-4 month loan to the government. With interest rates for savings accounts in the toilet the amount you'd have made is negligible at best. OTOH, if you owe the government more than $500 they charge you interest and penalties. I'd much rather play it safe and get a few hundred/thousand than cut it too close and end up owing even more.
Also, let's say someone reduces their withholdings so they keep an extra $10/week. At the end of the year that's $520 less refund they get. If thy keep it at $10/week they'll probably have absolutely nothing to show for it at the end of the year. If they take it as a lump refund then they can put it into an IRA or pay down debt (that they probably would have only increased with that $10/week) or do some sort of home improvement.0 -
That scenario is actually quite likely. A married couple with 2 kids can make about $32,000 (I forget the exact number) and still get back a refund even if they claimed exempt and had nothing taken out. In this day and age where engineers are laid off and working as pizza delivery guys and 10% of the population is unemployed it's something that happens pretty regularly.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.0
This discussion has been closed.
Categories
- All Categories
- 1.4M Health, Wellness and Goals
- 393.4K Introduce Yourself
- 43.8K Getting Started
- 260.2K Health and Weight Loss
- 175.9K Food and Nutrition
- 47.4K Recipes
- 232.5K Fitness and Exercise
- 426 Sleep, Mindfulness and Overall Wellness
- 6.5K Goal: Maintaining Weight
- 8.5K Goal: Gaining Weight and Body Building
- 153K Motivation and Support
- 8K Challenges
- 1.3K Debate Club
- 96.3K Chit-Chat
- 2.5K Fun and Games
- 3.7K MyFitnessPal Information
- 24 News and Announcements
- 1.1K Feature Suggestions and Ideas
- 2.6K MyFitnessPal Tech Support Questions