Discussion in 'The Lounge' started by argedion, Feb 11, 2013.
Paying off credit card debt myself.
I won't be getting a refund, like A.Nonymous it will be close to a wash or I will owe a tiny bit.
If I was getting a refund I'd be looking at a new lens for my camera, then decide I didn't really need it and put the money in savings. Or, maybe I'd get that lens...
Mine is direct deposited into my Credit Union account. I like it, because I have no ATM card with them. If I want any cash I have to drive downtown and go inside to withdraw. I've done this for the past 5 years or so. It's my emergency fund.
Well, I finally finished filing. I found that I forgot to deduct my mortgage interest which changed what I got back. I ended up getting a $300 refund which is more than I would've liked, but paying an extra $25 a month is nothing. It's not like an extra $12.50 in each paycheck is going to be earth changing at all. I'm cool with that. I took the money and bought a camera I've been eyeballing.
i woud say a majority of it will be to pay of my student loans, but a small portion of it will be to buy a new computer. mine just took a dive. the charge port is shot and it will be expensive to fix. so i'm looking for a decent computer and will use my return to pay for it.
What's so bad about getting a return? (besides the obvious, meaning you overpaid to begin with)
Means you've given the feds an interest free loan for a year. Now, if you're a fan of the way the feds are spending your money and want to support it that way, that's your business. I am of the opposite opinion.
Also, a lot of people have a hard time making ends meet but still give the feds an extra $200-300 a pay check.
I once got letters from two (UK) tax offices: one saying I owed them $2000, the other saying they owed me $2000. For the same tax year. I put copies of both letters together and sent them back to each office. Never got a response ..
Re mattresses: we just got a John Lewis one with 5000 springs. Absolutely awesome, if a bit pricey at $1500. We were considering one of those memory foam mattresses but it turns out that wrapping bits of plastic around you can make you uncomfortably hot. Whodda thought ..
You don't sink into a memory foam mattress. If you do, you've got the wrong mattress. You sink into a pillow top way, way more than a memory foam.
I owe a ton this year so I am waiting until the very last possible minute ...
(I cashed in on some stock to take advantage of the current Capital gains rate before it goes back up..and up.. and up.......)
I'm not complaining about it ....I'm fully aware of how lucky I am...actually most of us here are probably pretty darn lucky.....
as the saying goes..."There before the grace of god go I"
I just HATE DOING TAXES!!!!!!! I hate numbers I hate math...
Don't get me started on quarterly estimates either......grrrrrrrrrrrrr
hmm maybe I shoulda posted this in the Rant thread
I'd rather have given them a little extra each paycheck and get a refund than have to pay out the same amount in April. My refund is in the ballpark of $600, thats ~$20 per pay period and I don't think I can adjust my filing status or witholdings to take LESS (single, unmarried). I think most of the surplus comes from when I get quarterly bonuses and they take quite a bit more out of those than a normal paycheck, the refund then equals it out.
Going to ditch this god awful SoundBlaster sound card for a new Xonar Essence STX. That should finish off my PC upgrades (got a lot of it from x-mas). I may check out the winter clearance clothing sale at Macy's and buy myself a few nice things. I'll stash the rest.... still have quite a bit left in my savings from last year.
Oh, I almost forgot about these! I've been lusting after a specific pair of boots for almost 6 months. I may get those. Already tried them on... they are sooooo comfy!
Vince Camuto Motorcycle Boots
It's not an either/or proposition. It's not a case of either you pay $600 or they refund you $600. There's a happy middle ground where you pay $100 or they give you $100 or something that's far more palatable. I'm told the average refund for a family is ~$2200 which is just insane. That's about $185 a month people are paying extra. For most people I'm sure an extra $185 a month in their pay check (or an extra $140 in your case) would make a huge difference.
Refund? I have to pay!
A majority of my return comes from education credits that I receive for paying for school out of pocket. Not really complaining about that. Every little bit helps.
That return you get though is your money. If you're getting $1200 back for instance, that's $100 a month extra that you could put in your pocket. Or, if you wanted the $1200 at once, you could set up an auto withdrawal to pull out $100 a month into a savings account. At least then you'd be able to pocket the interest and come out ahead of what Uncle Sam gives you.
Thats all fine and dandy for the unmarried however for the married its not so easy. If we have a extra hundred to put into a savings account then my wife will find someway to spend it and tell me how she "saved" buying those shoes or that outfit and handbag. My wife like many others have a different savings plan then their husbands do. I put up a hundred in savings (not that i have a hundred to put in savings) she gets mad cause I'm hiding money from her. If I do tell her about it then she would find something we "need" to use it on. At least if the Government has it and gives it back every year we have a little money we can go on a trip with or do something else with. This year we decided to split it 50/50 Last year we went to New Orleans to visit my Mom. This year we are going to both get a new tatt and then use the rest for what ever we want. (me the nexus 7) She has a few bills she wants to pay off. I love my wife but she has no since of savings like I do. As far as interest goes for what little return you get the Government is going to tax you on that as well so you end up giving them more anyways.
Except I can't ask them to take LESS out of my check, I looked. If I needed them to take more so I wouldn't have to pay at the end of the year that would be no problem. As I said, most of my refund is likely due to quarterly bonuses, which toss me into a higher bracket for that check (separate from a normal paycheck) so they take more taxes, net on those is very often 50% of gross after taxes and 401k contributions. Nothing I can do about that.
I'm getting a new gun and ammo (if I can find any). I just bought 2 new guns, and had to sell 2 of my others to pay for them. I'll be replacing one with the tax refund, and adding a laser sight to my wife's new one.
Also putting a down payment on a new SUV for my wife, and setting some cash aside for a rainy day.
We get a relatively large refund due to deductions from medical expenses for our daughter.
No offense, but this is the main reason I will likely never get married. I've heard similar stories from both men and women about how they would save but their spouse won't let them and will just spend anything they try to save. The idea just drives me completely insane. I've also heard numerous stories about both men and women that involve one person trying to hide money from the other one which just seems crazy to me for spouses to do such things, but it seems to be fairly common. Kind of a rant. It's a topic that kind of hits home to me right now with my parents going through financial issues.
Just out of curiosity, what are you claiming on your W-4? I'd have to check to be sure, but I think you can actually file exempt and they take nothing at all out ever. Of course this can leave you with a huge bill at the end of the day.
1, thought it was 0, not sure if it would change much though. I don't qualify for exempt.
Actually, a quick Google search turns up an answer that if I claim 0 they take MORE out and my refund will be bigger.
It's not so cut and dry. I got a refund that was $2000 more than I paid in federal taxes. I can't ask them to add $77 to every paycheck I get since it is mostly child credits that I get a refund because of. I can claim exempt from taxes and not pay anything out of my checks however.
I try not to get much of a refund. I prefer to get my money in my paychecks by increasing my exemptions.
Even doing that I get back around $800, I just put it in the bank.
This. Most people get those huge tax refunds because of the child tax credit, not because their withholding is too high. Not sure why we are paying people to have kids, but that's another story.