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How are you spending your Tax Refund?

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Community Leader
Senior Contributor

Re: How are you spending your Tax Refund?

I get a refund every year, and every year it goes directly to my outstanding IRS debt (installment agreement). The first time it happened, I was down in the dumps. Now, it makes me happy. I actually like seeing that the debt is decreasing that much quicker.
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Message 11 of 64
Community Leader
Super Contributor

Re: How are you spending your Tax Refund?

Wish I was getting one instead of paying! This tax season sucks!😂

The only positive was paying the bill with one of my CCs in order to meet a spend bonus.
Message 12 of 64
Established Contributor

Re: How are you spending your Tax Refund?


We are a couple of many on the forum who pay the government unfortunately. Smiley Indifferent

You are doing it correctly.

Why overpay and let the government use free money all year.

I try to be close,  plus or minus a few hundred.

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Message 13 of 64
Frequent Contributor

Re: How are you spending your Tax Refund?

I'll be literally watching my investment grow.......... I'll be investing in a new tree for my back yard. I'm thinking Chinese Pistachio, Red Oak or Live Oak our maybe something with less leaf drop in fall for my pool if at all possible. My landscapers accidently removed a 20' tall Mulberry (wasn't all that attractive anyways) this week. Funny how money doesn't grow on trees but, they sure take money out of my wallet ok.....

 

Enjoy your overpayment to the GOVT this season.






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Message 14 of 64
Regular Contributor

Re: How are you spending your Tax Refund?

Im doing something for my future and something for my kids to make memories and enjoy being little.... so, Savings toward my next rental property and a trip for my kiddos it is.
Message 15 of 64
Senior Contributor

Re: How are you spending your Tax Refund?


@Stribe wrote:

@Andypanda wrote:

If i want to loan the government money I will buy t-bills. I would rather owe the government money so until april 15 my money is invested and working for me.


This is golden right here... I owe a few bones, but the due date, it's sitting in a HYA making me money.


The estimated payment due date for Sept-Dec income was Jan 15: https://www.irs.gov/faqs/estimated-tax/individuals/individuals-2

 

If you owe enough additional tax, you may have pay interest.

 

Also keep in mind that TCJA has generally lowered withholdings...though in some cases, only slightly. Actual refunds may be correspondingly lower.

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Message 16 of 64
Regular Contributor

Re: How are you spending your Tax Refund?


@simplynoir wrote:

The assumption is made someone is getting one in the first place. Smiley LOL

 

My taxes increased under the JCTA. 


 

Message 17 of 64
Valued Contributor

Re: How are you spending your Tax Refund?


@HybridGunz wrote:

I thought it would be interesting to see how people manage their tax refunds.

 

What did you do?


Delay as loooong as possible....."High ho, high ho, off to prison I go.....

...In a new bracket, gonna get my hatchet and chop away as much as I can, for I know my check will never arrive again. (ahhhh, hahahahaha!)

 

 

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Message 18 of 64
Senior Contributor

Re: How are you spending your Tax Refund?

I  know DW and I owe. The only question is how much.  I will send in one extra estimated payment in the next week or so then when we file our extension send another extra estmated than will be within a few thoousand dollars of what we owe. I am not happy.  I want to be tax exempt. lol

Message 19 of 64
Valued Contributor

Re: How are you spending your Tax Refund?


@Backwoods wrote:

I  know DW and I owe. The only question is how much.  I will send in one extra estimated payment in the next week or so then when we file our extension send another extra estmated than will be within a few thoousand dollars of what we owe. I am not happy.  I want to be tax exempt. lol


"Extension" is my middle name....got'em on speed dial (State and FederalSmiley Mad)

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Message 20 of 64
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