Tax season = knife season ?

leghog said:
If your tax refund is greater than the entirety of the taxes withheld from you, someone is funding that extra money you are receiving.
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Well, a tax refund can come from a lot of avenues. It's possible it can come from the wallets of other tax payers, but in many cases that refund is entirely unrelated to Joe Taxpayer. Some people choose to over-withhold. That's their money, not Joe Taxpayer's (not saying that's smart or not, but for those who have trouble saving, it's an option). Some people adjust their taxable income due to alimony payments or medical costs. That's their money, not Joe Taxpayer's. Some people get a refund based on interest paid to a bank for a home loan. That's their money, not Joe Taxpayer's. Let's not be narrow minded about taxes. Now, if you want to grouse about the tax code, I'm all with you, but it's currently the law of the land and you have a duty to yourself and your family to pay as little as legally possible. The government will just waste it anyway. :p

Now, in terms of me, I try not to spend any special income (refunds, bonuses, winnings etc) on knives. I have a monthly budget for knives and I try to stick with it. I try not to view "windfall" money as any more spendable than earned income. One exception would be gift cash. People have a hard time knowing what knife to get for a Knife Knut and opt for cash instead. I view that money as %110 for new knives.

...sometimes %200 for new knives
 
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HalJordon said:
If you are getting a refund then the government is taking too much to begin with and you are giving them an interest free loan. This has been a good year for me career wise in addition to finally getting my with holdings correct and it will be the first year that I end up owing a couple hundred, feels good actually. However, I agree with what was said above, everything in moderation. Set some aside for blowing and allocate the rest to your budget appropriately. That's what I'd do anyway, so take that for what's it's worth.
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Exactly, on the fb knife groups I've been watching guys literally blow it playing for knife draws lol...several have spent up in the thousands without a single win...then others are buying like crazy....I could never do that, thou would be awesome to buy every knife I want lol... As I said I took care of the important things first and rainy day funds set aside... Then treated myself a lil.. I was wondering if others here do that as well lol.
 
Hackenslash said:
Well, a tax refund can come from a lot of avenues. It's possible it can come from the wallets of other tax payers, but in many cases that refund is entirely unrelated to Joe Taxpayer. Some people choose to over-withhold. That's their money, not Joe Taxpayer's (not saying that's smart or not, but for those who have trouble saving, it's an option). Some people adjust their gross income due to alimony payments or medical costs. That's their money, not Joe Taxpayer's. Some people get a refund based on interest paid to a bank for a home loan. That's their money, not Joe Taxpayer's. Let's not be narrow minded about taxes. Now, if you want to grouse about the tax code, I'm all with you, but it's currently the law of the land and you have a duty to yourself and your family to pay as little as legally possible. The government will just waste it anyway. [emoji14]

Now, in terms of me, I try not to spend any special income (refunds, bonuses, winnings etc) on knives. I have a monthly budget for knives and I try to stick with it. I try not to view "windfall" money as any more spendable than earned income.
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I agree, and in all honesty I hadn't planned on buying a knife, but the 1 isn't an easy knife to come by and had been looking for awhile...when one became available I jumped at...and the other I got a great deal on and if I decide to could sell it and break even on everything spent...but if I decide to keep it then the $100 I would typically set aside for knives will go into savings for the next 4 months. So it's basically like a loan to myself lol.
 
Hackenslash said:
leghog said:
If your tax refund is greater than the entirety of the taxes withheld from you, someone is funding that extra money you are receiving.
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Well, a tax refund can come from a lot of avenues. It's possible it can come from the wallets of other tax payers, but in many cases that refund is entirely unrelated to Joe Taxpayer. Some people choose to over-withhold.
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You speak of a case of not getting a refund greater than the entirety of what was withheld from him. But, and again, if a man gets a refund GREATER than the entirety of what was withheld from him, the Joe Taxpayer is paying that man's windfall (the amount greater than what was withheld from him).
 
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leghog said:
A case of not getting a refund greater than the entirety of what was withheld from him. Again, if a man gets a refund greater than the entirety of what was withheld from him, the Joe Taxpayer is paying that man's windfall (the amount greater than what was withheld from him.
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And...if you read the OP's posts carefully, it's obvious this isn't the case for him. He just got a refund for OVERPAYMENT, as is the case for most of those who get tax refunds. No need to jump down his throat and make sweeping claims. This is supposed to be about knives.
 
all you're doing is repeating yourself at this point...we get what your view on it is...
 
Hackenslash said:
And...if you read the OP's posts carefully, it's obvious this isn't the case for him. He just got a refund for OVERPAYMENT, as is the case for most of those who get tax refunds. No need to jump down his throat and make sweeping claims. This is supposed to be about knives.
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In post #6 he posted something else:

Bobby3326 said:
Well in my case I got back more than I paid in, except in state taxes..
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Yea but technically what I got back over on federal was nullified by not getting back what I put in on state taxes, ss, Medicare ect.
 
Hackenslash said:
And...if you read the OP's posts carefully, it's obvious this isn't the case for him. He just got a refund for OVERPAYMENT, as is the case for most of those who get tax refunds. No need to jump down his throat and make sweeping claims. This is supposed to be about knives.
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Yea I was just curious if going knife crazy this time of year is common practise among knife enthusiasts...as I said before I'm seeing a lot of it on fb.

I'm actually very conservative with my knife purchases compared to many here... My most expensive knife is $230 and that took allot of self convincing to buy as I don't like spending money on myself... As I said normally I put $100 a month a side for knife purchases, but even then it doesn't always go to knives...Especially if my daughter wants something...I'll spend the money faster on her than I would myself.
 
Quiet said:
Right? Man, a refund, I haven't had a refund in....12 or 13 years now? Something like that.
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I dont think I have ever gotten a big tax return. People I knew with kids got huge amounts. I had to pay more sometimes though. I buy knives regularly as I need them, or want to try one out, but in my experience huge impulse purchases lead to huge impulse sales and taking a big loss on every item.

I am trying to take the "lets sleep on it" approach or, save up for an item over time. Often, I end up not buying (a knife) that I would have previously impulse purchased and lost money on, reselling.This leads to less money lost in the exchange and a looser budget for other things like range ammo.

Best of luck everyone. Don't spend it all on one knife!
 
I am seriously confused by some of the replies. Isn't a refund what the person has overpaid? If so, how is it a business of any other persons?
 
What is this Tax thing, everybody is talking about?

But seriously with all that multiple taxation going on there's no way anybody gets more back than what they pay.
Salary, tax. Save it, tax. Spend it later, tax again....
The funniest thing however is that you have to declare the previous year's tax return as income.
 
Jens Schuetz said:
But seriously with all that multiple taxation going on there's no way anybody gets more back than what they pay.
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Income tax. It ain't equal. Some people not only pay none (get 100% refunds), some actually get even more back. For those who get more back, it ain't "free" money. Might be free to the recipients, but it comes out of the pocket of those of us who actually pay income taxes.
 
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Using ours to rebuild our backyard deck. Sometimes, just sometimes, there are more important things than knives :-)
 
sharp_edge said:
I am seriously confused by some of the replies. Isn't a refund what the person has overpaid? If so, how is it a business of any other persons?
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Not always. Usually though. Often times people get a copious number of tax credits which can make your refund more than the amount you overpaid by not having your withholdings correct.

Though I agree it's no ones business but the guy getting the check. I agree that other people fund those credits but the government hands them out like they are candy, you don't have the choice to not take them. It doesn't make a whole lot is sense to get pissed at the guy getting the refund if it's for more then they paid in because the only other option is tax evasion.
 
About the only ones worth getting pissed at are the hood rats who "buy" kids off the local crack whore to claim on their taxes...combine that with their section 8 income and that equals out to $10-15k in free money.....

But I didn't start this as a debate or a show off thread. Was just curious, from seeing other knife nuts in a feeding frenzy on fb. I made 2 purchases and very likely won't make another for 5-6 months. I mentioned a wicked edge, but I've also been saving up for one of those anyway...I get laid off in Dec and Jan every year and do a good bit of local sharpening to get some income in...I think the wicked edge would be a good investment for the upcoming year and speed things up for as the perfectionist in me takes forever hand sharpening lol.
 
HalJordon said:
Not always. Usually though. Often times people get a copious number of tax credits which can make your refund more than the amount you overpaid by not having your withholdings correct.
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It isn't necessarily because of not having withholdings correct. There is the Earned Income Tax Credit (and the CTC tax credit) which reduces taxes but can also mean a low earner has a refund equal to more than 100% of his withholdings. Having withholdings incorrect, alone, cannot result in getting a refund greater than the total amount withheld. Tax credits meant for low income earners are what result in a refund being great than total withholdings.

These refundable tax credits (EITC and CTC) are for low income earners (between 25 and 65 years old who cannot be claimed as a credit on another's tax return and who made less than $14,820 in 2015 if filing single or less than $20,300 in 2015 if filing jointly) . The tax credits came about to assist low income earners/families in an environment of rising fuel/power and food costs.

I have no problem with the EITC, but I do have a problem with:
(1) those getting the EITC not realizing it comes from the pockets of those who actually do pay federal income taxes and
(2) telling others their intent to splurge it on a luxury item for themselves (another knife, for example) vs. using it for life's necessities as it was meant to be spent (even if they do splurge it on themselves they should just be quiet about it, especially in a crowd containing the tax payers who fund it).

After the OP posted his federal income tax refund for 2015 was greater than his federal income tax withheld for 2015, I asked the OP if his refund being greater than 100% of his withholdings was due to the Earned Income Tax Credit. He wouldn't answer that so I assumed it was due to the Earned Income Tax Credit.

Certainly he can spend his EITC windfall on a knife. Nothing illegal about that (though I do see it as morally repugnant), but I did suggest a couple of times he should probably do so quietly vs. telling actual tax payers that's what he is doing with it. <<<< AND THAT LAST SENTENCE IS MY POINT IN THIS THREAD.
 
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My bad - somehow I managed to forget situations like these. Thanx for explaining. Yes it is very possible that people get refund more than the tax they paid.
 
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