Get my tax return back soon!!! What're you gonna do with yours?

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How the frick is it that I might owe 300+ when I made less than $30,000 and claimed 0 on my W2's? Just an estimate as I do not have all of my W2's yet.
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This happened to me one year and I was livid. Apparently the company I worked for at the time modified my W-2 to claim 1 exemption. I managed to change it for the next year, but I ended up leaving that hell-hole shortly thereafter for a better gig.

You should check that your W-2 still claims 0 exemptions if that's what you want (I personally like to do this too, the few bucks in interest I lose more than pays for the happiness of getting a check instead of a bill).

For me, I plan on buying on a CZ 452 Lux with my refund, unless I can't find one around here, then I might go with a Thompson Center or Ruger 10/22 semi-auto .22LR. If there's anything left over after replenishing my savings to pre-holiday levels and buying the .22 rifle, I'll be browsing the Mil Surp racks with a big smile on my face :cool:
 
I'm torn between working on my 4Runner, buying 6 Hella 500 lights and mounting them on my roof rack for offroading or getting this sweet FAL.
 
I don't need anymore guns (and the ones I want are too expensive to justify at the moment) or accessories, so I'm going to add whatever I get for a refund to my yearly bonus and pay off my last significant CC bill (thankfully on a 0% card).

I agree completely on adjusting your withholding so that you either owe or pay very little. I did that for a few years, but each year for the past 4 years it's been tough because my tax situation changed so many times. First it was a new house and getting married, then it was a refi and wife working, then it was a kid, wife working for part of that year, biz deductions, and lots of donations. This year will be the simplest return in 4 years. I'll adjust my witholding after I see what I get back. Yeah, I could adjust it on the fly, but I didn't want to risk a big tax bill.

Chris
 
Most of mine will be used to replace the timing belt on my car. Never will own a car with a timing belt again! Well , at least it will not be due again for another 110,000 miles. Anything that is left over will probably be used to buy a Beeman air pistol.
 
Never will own a car with a timing belt again!
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Just get one with a non-interference engine so changing the belt isn't quite so critical. On my 4Runner (change T-belt at 75k miles), I drove it to 106k miles. Belt still looked new when it was replaced (I'm sure it stretched though).

Even if you don't have a belt, you'll have a chain and those have to be replaced from time to time. Or, get a vintage Beetle and have a geared drivetrain. :)

Chris
 
anyone with a brain in thier head doesn't give FEDGOV extra money every month for the priveledge of a "refund" every April 15th...
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My wife is self employed and files quarterly ... her income fluctuates TREMENDOUSLY. One month she'll make more then I do in 3 and the next month not make enough to buy a Value Meal at McDonalds. So when you pay your taxes on a "feast" quarter, you pay as though thats what you always make, when you figure in the "famine" quarters you always end up overpaying and getting a refund.

So anyone with a brain in their head, who has lived outside the normal "employer withholding" crap and who's income is not steady and predictable will just look at your comment and :rolleyes:
 
Well, my brother called last night and said "guess what I got today?, A new Remington LTR in .223 NA NANA NANA ! " :cuss: I said bring it over and we'll put a scope on 'er ! Pellets are on me ! :neener: I'm with the "don't loan your money without interest" crowd. I always seem to pay about 35 to 85 a year to fedgov and 10 to 15 to the stateok.
 
"My wife is self employed and files quarterly ... her income fluctuates TREMENDOUSLY. One month she'll make more then I do in 3 and the next month not make enough to buy a Value Meal at McDonalds. So when you pay your taxes on a "feast" quarter, you pay as though thats what you always make, when you figure in the "famine" quarters you always end up overpaying and getting a refund.

So anyone with a brain in their head, who has lived outside the normal "employer withholding" crap and who's income is not steady and predictable will just look at your comment and "


Assuming that annual income is maintaining or increasing, pay the estimates based on last years tax and the problem of fluctuating quarters is solved. The only way you will overpay is if annual income decreases.



Scott
 
Many people do not have the cash flow management skills to put aside the funds throughout the year or to adjust witholdings, and prefer to adopt a "worry-free" solution.

Those folks are the ones that get the refund/"loan the government interest-free funds."

There are also many people who will pay exhorbitant interest rates and finance fees to speed up the processing time for their refunds via refund anticipation loans to the same day or 2-3 days versus waiting a week to 10 days for a direct deposit from the IRS.

With the ever changing tax laws and the complexity of the taxation system, I'm amazed at the amount of folks that still do their own.

The IRS has a program called the Free File Alliance that will allow individuals to complete their income tax returns via a website for no cost. It is a partnership with roughly a dozen different tax service providers.

As for me, I have historically had to pay at the end of the year. This year has been one of considerable change, and thus I will likely see a refund. It will go to eliminate non tax-deductible debt.
 
making about $85k this year we should be getting back about $4000 :) Vacation most goes for this summer.. Rest is car and gun parts and other stuff for my family:) Can't wait till this time every year:)
 
should be able to pay off one credit card, or get very close to doing so with my refund.

but i did mine the snail mail way, so i'll probably be waiting a bit longer for it to get direct deposited.
 
Oh well.

I guess I'm one of the brainless also. I bought a house this year, but the truth is, I kind of like getting a refund back, because I'm weak. I have a savings account, and was able to save up $15,000 for a house down payment, but unless I have a specific goal in mind, money is hard for me to hang on too.

So, I kind of like getting a refund. This year is larger than most, somewhere around $3100.

I have promised the wife a new matress. Our's is 4 years old, and we bought it on sale for $129. each day I wake up, my back hurts worse than the day before. The matress just wasn't made to last that long.

With my share, I don't know. I'm itching for an AR I think, but the responsible thing to do is buy some ammo for my other guns, and pick up a black-powder rifle for my wife, so she can start practicing now for Elk hunting this fall.

greg
 
HA! i am suppsoed to do estimated payments, but i don't, and regardless
running my own biz, REfund is OUT OF THE QUESTION.

BUt= yeeeeeeeeha!! while you think you are getting money back, you are really just getting repaid the intrest free loan you have been giving the govt all year long!!!
i do not tolerate this foolishness, they will get what i owe them when i owe it.
no free loans here.

think how much more you would have if that refund money was invested ?

if at all possible, and in many cases it is, make sure you are getting the absolute minimum deducted from your paycheck.

i know, some people consider the refund a way to force themselves to save up a little yearly bonus, but really think about it.

the feds are at minimum making prime intrest rate off of your overpaid taxes every year before refunding it.
wouldnt that money do you better in Your account???????

something to think about anyway

My wife is self employed and files quarterly ... her income fluctuates TREMENDOUSLY. One month she'll make more then I do in 3 and the next month not make enough to buy a Value Meal at McDonalds. So when you pay your taxes on a "feast" quarter, you pay as though thats what you always make, when you figure in the "famine" quarters you always end up overpaying and getting a refund.

So anyone with a brain in their head, who has lived outside the normal "employer withholding" crap and who's income is not steady and predictable will just look at your comment and
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come on now, my lady friend makes 90K in a similar (sales) position. her snappy accountant , your troubles, that's what he is for.
it is more work, and most at that level, it's probably worth it to shrug it off,
but if you file quarterly , you should be able to do just that, and pay what you owe only.
again, i realize once you make that much money it isnt worth the hassle, and people at that level usually have all knids of interest baring money anyway.

this is for us poorer folks. too many people get way more taken from their check than they shouldm thinking falsely the "refund" is some kind of found money.
 
HA! i am suppsoed to do estimated payments, but i don't, and regardless
running my own biz,
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Then you're gonna get an underpayment penalty, if you have a tax liability. Do you file a Schedule C?
 
Need a safe, Want a pair of Garands. Also looking into some more leather for variety and maybe a wheel gun. Maybe an AR upper. Who knows what I'll end up with probably most of it before long I'm doing a wonderful job of eating the chicken before it hatches.
 
I'm with RileyMc on this. If you have income, how do avoid the underpayment penalty and the interest?



Scott
 
Well because I decided to go back to school last year so I get to write off my tution on top of my student loan interest. I was going to go crazy and purchase a bunch of firearms, but I decided to purchase one with my refund a new .44 mag Ruger Redhawk. The remainder of the fund will go towards a maple sleigh bed, what is left I'll put in a new saving account for a crap just happened and its three weeks until payday deal.

Charby
 
Disney vacation for me, wife and our son. Will stay on grounds (wilderness lodge or the animal park resort) and do a different park each day.
 
Gonna get an Auto Ordnance (now Kahr Arms) Thompson M1 Carbine.

Wouldn't mind having a Saiga .12 with a folder, pistol grip, and some Hi-Cap mags too.....
 
Other things that could affect someone's taxes and cause them to get more back are tax laws that changed and caused you to have to pay less than before.

Also some people get tax credits.

brad cook
 
Then you're gonna get an underpayment penalty, if you have a tax liability. Do you file a Schedule C?
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yes and YEs , you are correct. schedule C , i like that one. makes me proud to fill it out

in my case, well i started my biz on credit, and paying off the loans saves me more than the intrest/ penalties on my taxes. not the best way to do it, but i can choose to acrue intrest from irs at like 2%, or from CCs at well lets just say a lot higher .
in the long run i save a BUNdle of intrest.
************NOW
CHECK THIS= however, i asked my lady some more details, and as per the quarterly problems= if you are at all savvy, by using stocks or mutuals, you can easily earn MUCH more interest than the penalties/interest will cost you.
ESpecIally if you are making large amounts of money and could do big sotck buys or large fund investments

this is not always time efficient for many people, but it is an option.

the penalties and intrest from IRS are EXTREMEly low, especially if you send them lots of letters.
 
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