I usually only get a few hundred back. So its probably just going in the bank.
What are you going to do with your Tax Returns?
- Thread starter Shikarnov
- Start date
I hear people say that a lot. It doesn't make sense to me, though. Deducing the interest helps on the taxes and makes it easier to pay for the house, but it doesn't make sense to pay the interest just so that you pay less taxes. You will never save more on the taxes than the amount of interest you pay.
As for me, I'll be use part of it to pay off my credit cards, and save the rest. I'll use some of it for some home-improvement projects later in the year. Like Shikarnov, I bought my first house a few months ago, so thanks, everyone, for the $8000.
You might do another if you saw what my property taxes for my historic district house were last year.I inherited my house, so I don't have a mortgage. Which means I don't have a mortgage payment. I just have to make sure I save up throughout the year.
I just took did a 180 from empathizing with you to envying you.
Still, it's not as bad as a mortgage payment.
^^ Of my total monthly mortgage bill, 25% go towards property taxes. And my district couldn't be further from "historic" since the whole area is a new build.
(One of these days I'm going to total all the taxes I pay -- income, property, sales, government service fees, etc -- and see just how much I really pay in a given year. I'm afraid to find out the result...)
(One of these days I'm going to total all the taxes I pay -- income, property, sales, government service fees, etc -- and see just how much I really pay in a given year. I'm afraid to find out the result...)
Upside? Sorry, but it's stupid to say, "Yeah! I pay $X-thousand in interested just to get a couple of hundred in credit on my taxes."
Pay the house off early and invest in the future. Much cheaper in the long run.
I'm going to strip out and redo one of the bathrooms in my house. Anything left will go into the fund for redoing the family room afterword.
I always thought a TAX RETURN was filed by April 15, and any money back was a TAX REFUND.
Hubby tends to work more than one place (pharmacists here tend to do per diem side jobs), so his taxes get complicated for simple things. Usually, each place takes out SDI (CA state disability insurance, I think), but there's a max per person, so excess goes towards taxes or is refunded. Then, some places take out federal tax, some don't. We ended up getting a few thousand or owing a few thousand. Kinda sucks on predictability. So Hubby has his primary job take extra, mostly to cover a per diem job taking none. If they take taxes, we get a refund, If they don't, the extra pays the taxes due.
Refunds go to savings usually. IRAs and such. Or pay down student loans. Or pay property tax--we don't have it taken as part of the mortgage. We're careful with our money so don't have a big problem with that.
We DO want to go on a vacation this year. We haven't had a full-week vacation since 1991. We're thinking of driving up to Oregon/Washington and back down the coast, or time in Washington DC.
Hubby tends to work more than one place (pharmacists here tend to do per diem side jobs), so his taxes get complicated for simple things. Usually, each place takes out SDI (CA state disability insurance, I think), but there's a max per person, so excess goes towards taxes or is refunded. Then, some places take out federal tax, some don't. We ended up getting a few thousand or owing a few thousand. Kinda sucks on predictability. So Hubby has his primary job take extra, mostly to cover a per diem job taking none. If they take taxes, we get a refund, If they don't, the extra pays the taxes due.
Refunds go to savings usually. IRAs and such. Or pay down student loans. Or pay property tax--we don't have it taken as part of the mortgage. We're careful with our money so don't have a big problem with that.
We DO want to go on a vacation this year. We haven't had a full-week vacation since 1991. We're thinking of driving up to Oregon/Washington and back down the coast, or time in Washington DC.
Commander Rabbit
Commander
What am I going to do w/ my tax return? Mail it in.
Oh... with my tax REFUND? Don't know yet. Don't know if I'm getting one.
Oh... with my tax REFUND? Don't know yet. Don't know if I'm getting one.
The refund will go to some home improvement (probably new siding).
I prefer e-filing. That way I can get it filed fast (and it won't get lost in the mail), and I can get my refund fast.
Commander Rabbit
Commander
Now that you mention it, I've e-filed the last few, too. Just in the habit of saying "mail." And here I jumped on the OP for using the wrong word!
As others have said, I prefer to neither owe or be owed money come tax time. A big return basically means you gave the government an interest free loan.
Odds are we'll owe something. We're a couple of DINKs with professional jobs. We got nailed last year, so since then we've had extra taken out based on the witholdings calculator on the IRS website.
I fucking hate the W-4 form, which basically tells you to pick '1' and doesn't give you any clue you might owe.
Odds are we'll owe something. We're a couple of DINKs with professional jobs. We got nailed last year, so since then we've had extra taken out based on the witholdings calculator on the IRS website.
I fucking hate the W-4 form, which basically tells you to pick '1' and doesn't give you any clue you might owe.
Re: What are you going to do with your Tax Refund?
It's not just the W-4, it's the whole tax code. It's so complicated and convoluted -- with endless exceptions, loopholes, and whatnot -- that it's almost impossible to have a perfect zero balance at the end of the tax year.
It's not just the W-4, it's the whole tax code. It's so complicated and convoluted -- with endless exceptions, loopholes, and whatnot -- that it's almost impossible to have a perfect zero balance at the end of the tax year.
Re: What are you going to do with your Tax Refund?
Yeah, it's a mess. Then you get to figure out what the hell your state does too.
We got fucked one year when we lived in Vermont, but my wife worked in New Hampshire. There's no income tax in NH, but there is in VT. So my wife had nothing deducted for a year, then got pounded in another state.
I swear this year I'm gonna claim my dogs as dependents.
Yeah, it's a mess. Then you get to figure out what the hell your state does too.
We got fucked one year when we lived in Vermont, but my wife worked in New Hampshire. There's no income tax in NH, but there is in VT. So my wife had nothing deducted for a year, then got pounded in another state.
I swear this year I'm gonna claim my dogs as dependents.
Re: What are you going to do with your Tax Refund?
Yes, but don't dare say "Flat Tax" or "Consumption Tax". Both make sense; however, some schmuck always comes along and proclaims neither system is "fair to the poor".
Yes, but don't dare say "Flat Tax" or "Consumption Tax". Both make sense; however, some schmuck always comes along and proclaims neither system is "fair to the poor".
Re: What are you going to do with your Tax Refund?
I'm actually going to pay my car insurance for 6 months right from my savings and when I get my refund I'll just plop it all into savings again and have some extra saved, though I may pay off my credit card too and still come out ahead with the refund.
HR and Payroll are around for a reason. You ask them questions on this (usually this is Payroll you would ask) and they should tell you that claiming 0 will get you money back, claiming 1 you'll most likely owe. Of course, if the person doing Payroll knows anything about Payroll that's how they'd answer this question.
I'm actually going to pay my car insurance for 6 months right from my savings and when I get my refund I'll just plop it all into savings again and have some extra saved, though I may pay off my credit card too and still come out ahead with the refund.
Re: What are you going to do with your Tax Refund?
I'm looking to do a little home improvement with my refund. No major construction or renovation, just lots of small improvements like new doors and lighting. I'm debating about replacing the carpet in the living/dining area with pergo or some sort of wood laminate.
I'm looking to do a little home improvement with my refund. No major construction or renovation, just lots of small improvements like new doors and lighting. I'm debating about replacing the carpet in the living/dining area with pergo or some sort of wood laminate.
Similar threads
