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re: What will you do with your tax refund?
Posted on 2/9/16 at 7:59 am to ItNeverRains
Posted on 2/9/16 at 7:59 am to ItNeverRains
Tax season when I was self-employed was suicide-inducing. Thanks government for supporting my American Dream! Oh wait...that was health insurance premiums that killed my dream.
0
Posted on 2/9/16 at 8:00 am to VABuckeye
quote:
That isn't possible for everyone particularly the self-employed. I love how people put this in a box and say that it should be calculated to break even at the end of the year. That simply isn't possible for everyone.
I could probably put more effort into it, but I've had enough life changes piling up its a moving target. First one was having a guy do our taxes instead of doing them myself. That created a huge refund last year when I had quite a different number
Then I got married, and certain deductions because we make too much can't be used any more. And then next year, we'll file separately as opposed to jointly this year, etc.
Maybe in a few years we'll get some consistency and I can tune it back to where I had it.
This post was edited on 2/9/16 at 8:02 am
Posted on 2/9/16 at 8:02 am to Maverick01
Save/invest. I get a nice refund because the the bonus tax rate, it's paid in December so I get it back the beginning of February (already have it.)
Posted on 2/9/16 at 8:05 am to MorbidTheClown
quote:
well,i didn't say anyone else should do it. It's what we do and it works out fine.
I replied to you but it wasn't an indictment on you. Just a reply to the statement and more to those people that ridicule anyone that gets a refund. Some situations are more fluid during the year and it's not possible to figure out a break even point.
Posted on 2/9/16 at 8:07 am to IT_Dawg
I'm not sure how much I let the government borrow as I haven't filed yet, but tell me how I can not let them do it this year.
Posted on 2/9/16 at 8:08 am to VABuckeye
that's cool. we just figured out that we tended to use the money more wisely during the year. It's very tempting to just blow the whole check on something when you get a refund.
Posted on 2/9/16 at 8:10 am to CaptainsWafer
CW, please use part of yours to pay someone to set up your voice mail.
TIA
TIA
Posted on 2/9/16 at 8:11 am to LCA131
Upvoted
Posted on 2/9/16 at 8:12 am to Maverick01
I'm sure it will be less than I hope for. I own some rental property and for some reason I report all the rent I receive. I feel like I'm the only landlord I know that actually does this. I have no idea how they can write off expenses and not show any rental income.
Posted on 2/9/16 at 8:14 am to CaptainsWafer
quote:
I'm not sure how much I let the government borrow as I haven't filed yet, but tell me how I can not let them do it this year.
Get a good estimate on what you are going to make this year. Figure out where you maximize your deductions and if you plan to get any credit...
Ensure that taxes are right in line to cover.
You should be able to get within ~$1,000-$1,500 of your tax bill one way or the other. The best years are when you pay the government $1,000. Means you optimized paying them throughout the year, so they didnt get to borrow your money all year like the OP
Posted on 2/9/16 at 8:21 am to IT_Dawg
You're an idiot.
Posted on 2/9/16 at 8:27 am to IT_Dawg
Last year was the first year I had to pay (and it was several thousand). I'm scared to see what it's going to be this year. Still getting everything together. Hoping to keep the payment under $500 since I haven't really sold any stock or anything this year. I thought having a kid would help, but apparently, if you make over a 100k, they start chipping away at any child tax credits until you reach a certain point and don't get jack.
Posted on 2/9/16 at 8:33 am to Maverick01
quote:
Refund
I wish
Posted on 2/9/16 at 8:35 am to Maverick01
Thanks to Obamacare, we owe this year.
Posted on 2/9/16 at 8:41 am to redstick13
I usually only get back about $500. But somehow this year I'm getting back close to 3k
I'm really confused considering nothing changed with my withholdings and I didn't itemize, especially with so many saying they owe more
I'm really confused considering nothing changed with my withholdings and I didn't itemize, especially with so many saying they owe more
Posted on 2/9/16 at 8:55 am to Maverick01
Most of my income is tax-free, but since my wife went back to work we'll get back a few thousand. I'll pay down the credit cards. Been paying around $1,500-$2K/month for the past year so they're under $20K now. 
Will be gone by the end of summer since I'm making it a priority. It will make my $1,200 car note seem smaller.
Will be gone by the end of summer since I'm making it a priority. It will make my $1,200 car note seem smaller.Posted on 2/9/16 at 8:59 am to Maverick01
I received a $82 refund. TurboTax was $79.
Haven't decided yet what I'll do with the $3.
Haven't decided yet what I'll do with the $3.
Posted on 2/9/16 at 9:00 am to Maverick01
Strippers and coke.
Posted on 2/9/16 at 9:00 am to 911Moto
Found out mine is around 1,200. Made 7.25 an hour up until August then made a significant jump after landing my first real job out of college. Parent lost his job 2 years ago so was going without insurance. Subtract $200 now cause I'm apparently being penalized for being a poor college kid and not having insurance through August. My fault somewhat though cause I had the exemption in 2014 but didn't know you'd have to reapply every year.
/Bangshead
/Bangshead
Posted on 2/9/16 at 9:00 am to Maverick01
Tax returns are for the poors.
This post was edited on 2/9/16 at 9:01 am
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