topic Re: Using your tax refund for.... in SmorgasBoard

Using your tax refund for....

Anonymous — Thu, 21 Jan 2010 22:57:05 GMT

We are going to take our refund and use it to pay any PFD letters that come back answered. We are also going to use it for secured cards.

It does not seem glorious and glamorous, but it feels good. Anyone else doing that? Or are you doing something fun and exciting with yours? A trip? Something nice for the spouse?

Re: Using your tax refund for....

MarineVietVet — Thu, 21 Jan 2010 23:28:21 GMT

Getting our shower replaced. I live an exciting life huh???

Re: Using your tax refund for....

Anonymous — Thu, 21 Jan 2010 23:29:15 GMT

omg that would be exciting for me!!! I want to replace our guest bathroom. but alas, the place is not ours so that is out of the question. lol sucks to live in a rental you want to fix.

Re: Using your tax refund for....

MattH — Fri, 22 Jan 2010 02:33:49 GMT

Both our tax refund and our bonuses will go into savings. Boring, aren't we?

Re: Using your tax refund for....

MarineVietVet — Fri, 22 Jan 2010 03:09:21 GMT

@MattH wrote:
Both our tax refund and our bonuses will go into savings. Boring, aren't we?

Boring with an increased savings account.

Re: Using your tax refund for....

Anonymous — Fri, 22 Jan 2010 03:45:13 GMT

We are replacing my Explorer with a newer Mountaineer as my 98 Explorer has 225K miles and is starting to go downhill. Then we have two pay for deletes we are going to try to work to finish.

Re: Using your tax refund for....

Anonymous — Fri, 22 Jan 2010 13:45:28 GMT

Secured C. cards and savings.

Re: Using your tax refund for....

Anonymous — Fri, 22 Jan 2010 16:11:10 GMT

PFDs, savings, secured cards,....

we are a serious party here. lol

Re: Using your tax refund for....

demi — Fri, 22 Jan 2010 19:41:59 GMT

Brake work (they probably are not suppose to make that grinding noise, are they?) and check up for the car.

New computer

Savings for landscaping the back yard.

Quick estimate shows I am getting a fairly decent sum, lots of taxes and interest on my house!

Re: Using your tax refund for....

Imhotrodcrazy — Fri, 22 Jan 2010 19:56:33 GMT

Into my savings. I am saving for a new car, ( or hot rod ). I have not bought a new car in 26 yrs. I am still driving my 1984 Chevy truck that I bought new, and it is still in excellent condition.

Re: Using your tax refund for....

haulingthescoreup — Sat, 23 Jan 2010 01:01:00 GMT

lol, we always owe.

It's difficult figuring out how much to withhold when two people have full-time jobs and one (me) has a part-time job with varying hours.

Re: Using your tax refund for....

Anonymous — Sat, 23 Jan 2010 04:07:09 GMT

I have to have the liner in my fireplace replaced, so we are just going to have it converted to a woodstove to help on the heating

Re: Using your tax refund for....

Anonymous — Sat, 23 Jan 2010 07:51:41 GMT

We're getting my sons braces and my daughters retainer. LOL. Party animals, aren't we? The rest will go to savings.

Re: Using your tax refund for....

bakalao2k — Sat, 23 Jan 2010 21:15:41 GMT

pay bills and add more to savings.

Re: Using your tax refund for....

DI — Sat, 23 Jan 2010 21:21:08 GMT

Savings and Pay off remaining car loan balance.

Re: Using your tax refund for....

MarineVietVet — Sat, 23 Jan 2010 22:59:01 GMT

I would think most people here would mostly use any extra funds for needs and not wants. We've learned the hard way how the "wants" can come back to bite you.

Re: Using your tax refund for....

MattH — Sat, 23 Jan 2010 23:50:18 GMT

@MarineVietVet wrote:
I would think most people here would mostly use any extra funds for needs and not wants. We've learned the hard way how the "wants" can come back to bite you.

Indeed. My favorite definition of discipline is "remembering what you really want."

Re: Using your tax refund for....

Anonymous — Sun, 24 Jan 2010 10:12:25 GMT

@haulingthescoreup wrote:
lol, we always owe.

It's difficult figuring out how much to withhold when two people have full-time jobs and one (me) has a part-time job with varying hours.

I LOVE IT when I owe just a bit. Means I didn't give any interest free loans

As long as I don't end up with interest or penalty for underpaid taxes, then I would rather the money sit in my account drawing interest than in the government's account.

I also don't mind pushing the envelope on reducing taxes. As long as it is legal and legit...I'm deducting it. If it raises my audit chances...so be it, cause I'm not taking anything that isn't allowed.

IMO

Message Edited by txjohn on 01-24-2010 02:12 AM

Re: Using your tax refund for....

MarineVietVet — Sun, 24 Jan 2010 17:27:41 GMT

@Anonymous wrote:

I LOVE IT when I owe just a bit. Means I didn't give any interest free loans

As long as I don't end up with interest or penalty for underpaid taxes, then I would rather the money sit in my account drawing interest than in the government's account.

I also don't mind pushing the envelope on reducing taxes. As long as it is legal and legit...I'm deducting it. If it raises my audit chances...so be it, cause I'm not taking anything that isn't allowed.

IMO

Over the years I have changed my outlook on large refunds. I agree with you about not giving Uncle Sam a year long interest free loan. I'd rather have the money during the year to use as I see fit. The only reason we have a somewhat large refund this year is because I closed several IRA's last year and was unsure about how much to have withheld beyond the 20% required by law. I knew there would be a 10% early withdrawal fee and needed to cover that also. I guess everything worked out for the best though.

Some might wonder why I closed them. They had lost over half their value before I did so and I was not going to wait and watch the other half vanish. Not at my age. I don't have enough years left to see if they would recover. I have not regretted my decision for even a second.

Message Edited by marinevietvet on 01-24-2010 11:27 AM

Re: Using your tax refund for....

DI — Sun, 24 Jan 2010 19:06:13 GMT

Nothing wrong with receiving a large refund. At least many of those who most need it will have something to look forward to and foresee hope in paying off all those bills. People are struggling and barely making it in the tough economy. Not everybody have good credit as we do and a galore of available credit to turn to when things get tight.

Many always say their not giving the government an interest free loans. But in reality, for those who qualify and need the money most, the goverment gives them more credit that far more outweighs the amount of interest one could have saved throughout the year.