twoblink
Member
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?
Anybody else doing the same?
Tax Refund!!
- Thread starter twoblink
- Start date
- Status
Tim Currie
Member
I've got a FAT tax bill this year, so no.
Well ok not THAT bad...
Well ok not THAT bad...
Flashpoint
Member
Our refund is going towards this years taxes.
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)
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
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
Member
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 ).
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
).Dorrin79
Member
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...
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
Member
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
but no dont think ill buy any hardware with it....wait i am, forgot. buying my dad a p-32 possibly
Jesse H
Member
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.
twoblink
Member
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..
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..
Mike Irwin
Member
"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.
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
Member
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 Logistics®...
The Timberwolf is the only one that goes well with your Cowboy Logistics®...
spacemanspiff
Senior Member
my refund went to a Kimber TLE II!
is it just me, or is that new gun smell the sweetest aroma in the world?
is it just me, or is that new gun smell the sweetest aroma in the world?
Brian Williams
Moderator Emeritus
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
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
ocabj
Member
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...
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...
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
Member
Here's a link to the IRS withholding calculator:
http://www.irs.gov/individuals/article/0,,id=96196,00.html
http://www.irs.gov/individuals/article/0,,id=96196,00.html
Mike Irwin
Member
GREAT LINK, Oca!
I didn't realize that was on-line!
I didn't realize that was on-line!
Standing Wolf
Member in memoriam
What's a refund?
- Status
