Tax Refund!!


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twoblink
April 15, 2003, 04:15 AM
I'm getting a FAT tax refund this year and so some money has been set aside for my "hardware" fund..

Anybody else doing the same?

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Tim Currie
April 15, 2003, 04:27 AM
I've got a FAT tax bill this year, so no.

Well ok not THAT bad...

Flashpoint
April 15, 2003, 04:28 AM
Our refund is going towards this years taxes.:mad::fire:

Hal
April 15, 2003, 06:44 AM
I'm getting a FAT tax refund this year :D
Nothing personal, but that amounts to telling the world you're happy you can't handle your own finances.

(Just so you know, I told my son who's a bank manager,,,,and getting a FAT refund himself,,, the same thing)

If you figured your withholding correctly, you could have been stashing that interest free loan you gave the gvt. somwhere that would have returned more to you.


(sorry, this is a pet peeve of mine. people being happy over having a few crumbs of their own bread being returned to them)

COHIBA
April 15, 2003, 07:50 AM
RETURN.
a refund is when you give something back and get your money.
you mearly loaned the gubmint X amount for a year at 0% interest.

TarpleyG
April 15, 2003, 07:59 AM
Hal,

I hate to say it but I think maybe you are wrong. My wife and I tried to hit the mark this last year and with some of the tax laws that changed, we had a refund in the neighborhood of $3000. For instance, the year before last, the law would not allow us to claim student loan interest because our income was too high. This past year, however, that income limit was raised significantly so we were able to claim over $2000 in student loan interest. Also, the "marriage penaly tax" was either massaged or done away with because it favored us this past year. I can't help but think that a lot of other folks fell into this same boat. Believe me, I didn't want the government holding on to my money but who has time to keep up with all the tax law changes every year? I don't, and don't really want to anyway. Next year it could swing the other way. Who knows.

GT

Dave P
April 15, 2003, 08:01 AM
Hal, I would normally heartily agree with you: "If you figured your withholding correctly, you could have been stashing that interest free loan you gave the gvt. somwhere that would have returned more to you."

But with the market the way it is, getting back what you put in last yr isn't too bad!!

I just had to write a check to the feds for another $500 (just about what another Garand would cost :mad: :mad: ).

Dorrin79
April 15, 2003, 08:24 AM
I got a fat tax refund meself.

some went towards my new truck

the rest went towards (cue scary music...)

AN ENGAGEMENT RING!!!

(da-dum-dah)

so, no new expensive shiny guns for me...

Bowlcut
April 15, 2003, 10:08 AM
im getting one myself cause that student loan i keep paying on. cant change anything with that but leaves me able to claim the interest off it....

but no dont think ill buy any hardware with it....wait i am, forgot. buying my dad a p-32 possibly

Jesse H
April 15, 2003, 10:54 AM
I was gonna get a 1911 with it...but instead I put it aside for a down payment on a bike. Dang, I'm gonna need a 1911 to go with that big V-twin eventually.

Bonker
April 15, 2003, 10:58 AM
I'm getting about 250 bucks back BUT I still owe about 1500 from last year :(

If I had a big refund I'd buy this:

twoblink
April 15, 2003, 11:33 AM
Hal..

Actually, I didn't count on being laid off, that's why the fat return. Otherwise, I'd probably owe!

The government, they don't seem to understand it's not THEIR money!!

I'm wondering.. Should the money go into the "Ruger Gp100" fund, or the "Timberwolf 357Mag pump rifle" fund??

Give me a vote here guys..

Bonker
April 15, 2003, 11:36 AM
GP-100, no contest.

Mike Irwin
April 15, 2003, 11:49 AM
"I hate to say it but I think maybe you are wrong. My wife and I tried to hit the mark this last year and with some of the tax laws that changed, we had a refund in the neighborhood of $3000."


IRS has a little-known publication/worksheet that allows you to figure your withholding in mid year to see if you're on-track.

I'll be darned if I can remember what it's called, but I use it every year around June to make sure that I'm going to end up with pretty much a zero tax liability.

If you use that worksheet, and armed with all of your likely deductions, etc., you can figure out very closely what your tax situation is going to be at the end of the year.

If you call IRS and ask they can point you to the proper worksheet.

I seem to recall that it was something like Form 900A?

By doing it mid year the applicable tax law changes have been figured into the equasions, you have viable financial figures from the first 6 months that can be extrapolated to the last 6 months of the year, and you have time to make necessary changes to your withholding.

I didnt' get around to doing it last June, so I ended up owing $371 this year. I immediately increased the amount that is going into my retirement account, and will do the form this year.

Schuey2002
April 15, 2003, 12:08 PM
I'm voting for the money to go into the "Timberwolf 357Mag pump rifle" fund.

The Timberwolf is the only one that goes well with your Cowboy LogisticsĀ®... ;)

safado
April 15, 2003, 12:12 PM
Count me among those that will be paying the government a hefty amount this year. The joys of having a wife who's self employed......sigh.

spacemanspiff
April 15, 2003, 12:28 PM
my refund went to a Kimber TLE II!

is it just me, or is that new gun smell the sweetest aroma in the world? :D

Brian Williams
April 15, 2003, 12:33 PM
timberwolf




getting about 4 g back

new basement floor,
finish walls
new mattress it had springs comming out of it
glasses for my sweet wife
re set her engagement ring
hopefully a S&W 940

Ian
April 15, 2003, 12:43 PM
I'm getting a few bucks back...the original plan was to get books, night sights for my Sistema, and put the rest in savings. In the light of Bush's AW ban comment, I've revised that to include a dozen or so more AR mags.

ocabj
April 15, 2003, 12:48 PM
I got a fat refund last year, but that was because I was a student for the first 6 months of 2001 and a full time employee the last 6 months. This year's refund is less than half of what I got last year. I should probably recalc my withholding, but my 403b pre-tax contributtions keep changing. Last year I put $916/month into my 403b and this year I'm putting $1000/month so I'm not sure how that will affect the numbers (the max annual 403b contributions is going up $1k every year until 2006 when it will reach $15k).

As far as what to spend my refund on... looking into a .308 bolt action and a scope. We'll see what happens when my check comes in...

Azrael256
April 15, 2003, 12:54 PM
Nothing personal, but that amounts to telling the world you're happy you can't handle your own finances. No, it doesn't. I challenge anyone to try to extrapolate my expected income for a year. Being a student at a fed. work/study job does not make for a very regular income. Also, I can only claim one exemption on my W4. This does not mean, however, that tax is not still witheld. Since I made well under the standard deduction last year, I got it all back. Even with the most accurate calculation possible, it was still off by $200.

As a result of which, I will be investing in my Texas CHL :)

ocabj
April 15, 2003, 12:54 PM
Here's a link to the IRS withholding calculator:

http://www.irs.gov/individuals/article/0,,id=96196,00.html

Mike Irwin
April 15, 2003, 02:45 PM
GREAT LINK, Oca!

I didn't realize that was on-line!

Standing Wolf
April 15, 2003, 02:57 PM
What's a refund?

Soap
April 15, 2003, 02:58 PM
In honor of the .gov graciously giving my peasant home a return, I'm going to buy an Ontario Bagwell Helle's Belle and then invest the rest.

BerettaNut92
April 15, 2003, 02:59 PM
AR-15 and Beretta 92, your two favorite designs of all time :D

cratz2
April 16, 2003, 03:14 AM
My tax refund, all $16 of it...

Guess that's what I get for claiming married with 7 exemptions and only having 3. :uhoh:

Thumper
April 16, 2003, 03:36 AM
I was gonna get a 1911 with it...but instead I put it aside for a down payment on a bike.

Pick it up before Saturday, Jesse. Some friends and I are riding up to Brenham to look at all the purty flaw'rs. :D

Hal
April 16, 2003, 06:00 AM
*sigh*
Like I said,,,pet peeve.

Blink ole bud, I'm happy you're finding a way to finance a new shootin iron. (The Timberwolf sounds slick,,,add my vote to that one)

Far as responding to or retracting my peeve, this ain't the thread for it.

NIGHTWATCH
April 16, 2003, 11:44 AM
The only thing "fat" about my tax return this year was the accountant. :(

braindead0
April 16, 2003, 11:58 AM
Also, I can only claim one exemption on my W4. This does not mean, however, that tax is not still witheld. Since I made well under the standard deduction last year, I got it all back

You can claim as many exemptions as you like (well, get over 10 and it goes to a special place).. and if you were exempt last year you are....da da... exempt this year as well, ie: no federal withholding if you will out the forms properly.

It's much better to owe (within reason) than to give the feds an interest free loan. The reason most people don't do that is because they lack the financial responsibility to put the extra money away to pay for any tax balance at the end of the year.

For example, I had to pay about $400 to the feds this year . this is perfect as it's below the 'penalty' amount and I got to get interest on that money.

ElToro
April 16, 2003, 02:32 PM
seeing as how i live in the tax haven known as PRK...

I claim 10 even though im single with no kids, it abhors me to give the .gov my money all year and then pay some accountant to figure out how much i get back... i wrote a check yesterday for only 900$ ... take a poll and find out how many people think that because they get a refund, they are "paying no taxes" i know lots of ignorant sheep who believe this..

I'd claim 20 if i could...

Frohickey
April 16, 2003, 02:41 PM
Yet another reason trying to replace the current byzantine tax code with a federal flat sales tax is more difficult...

All of these accountants will be out on welfare. :cuss:

BerettaNut92
April 16, 2003, 02:42 PM
I don't think I even have enough for a Rem 870 Popo Magnum :(

LiquidTension
April 16, 2003, 04:13 PM
My capital loss was so bad that I got back everything I paid - except, of course, the SS and other things that just disappear. Yeah, I got back all $74 (state and fed combined). That's what happens when you tell your boss how much he owes you and he just writes you a check. I've even got another $1k loss that carries over to next year :( One night of drinking (already done) and a tank of gas (today) and I'll be down to enough for about one box of ammo.

twoblink
April 16, 2003, 11:57 PM
Skunk, while I'm buying a Beretta, might as well buy a Mini 14!!

Sch'y..

Actually, both fit with my "Cowboy Logistics" quite nicely..

Hmm... My refund is fat enough from both state and federal that I can afford both!!

But I might have to put cash into the "Tactical Girlfriend's M1Carbine so she can be cool like Runt and Sheslinger" fund..

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