Woohoo! Tax Returns

V

V10011011

Joined
Apr 2, 2003
Messages
291
Yay! I finally got my tax return! Post what you plan to buy with your tax return money :)

I got $36.02 back and I'm going to use it to pay for my $9.99 Kershaw 4500ST that I won on ebay (haha low income, I'm a full-time student)
 
I got about $2300, but I've been spending money like crazy (assorted knives, knife stuff, and flashlights) and I've got an upcoming trip that I need money for, so most of it is either gone or spoken for (lots of bills showing up soon).
 
Ideally, you should finish the year owing the IRS a small amount. This essentially means that you have, over the year, borrowed from the government at no interest. If, on the other hand, you receive a large -- say $2300 -- refund, then you have lent the feds your money at no interest. $2300 is almost $100 per month. Had you put that into a savings account every month, you'd have made over $50 in interest. And if you have other debts that you could have been paying an extra $100/month on, then you lost even more.

Furthermore, if you got a refund that's to large, you can actually be fined for that. (There are exceptions if you've had a "major event" in your life (got married, changed jobs, etc.). And the IRS rarely enforces this rule for first-time offenders.) When I bought my first house, I didn't change my withholding accordingly. When I deducted all that interest and property tax, I ended up with a $5500 refund! The IRS sent my check, grudgingly, along with a letter cautioning me not to let this happen again.

If you did receive a refund this year, you should consider changing your withholding. Your employer has the necessary form which takes about two minutes to fill out.
 
i second what gollnick said. we paid $4.

that said, those receiving lots of your own money back, spend responsibly but enjoy it.
 
I'm a full-time student as well with a VERY low-income. I'll be getting about $330 back. Probaly gonna put it towards a new pc, or my tuition..........I'll stick with the pc :D
 
I got you all beat! I am waiting for checks for more than $7,300 from the government. And I paid the least possible in my payrole taxes. :D

OK, the trick is to live in a socialistic state like MN, have two kids, own your house, don't let your wife work, make enough to qualify for earned income tax credit and other "welfare" they give to those making less than X dollars per year. :mad:

I paid $1,100 in taxes, and get a $7,300 tax "rebate"... isn't America "great" - won't be for long at that rate. :(

I was going to feel bad about taking the handout from the government, but then figured out how much I will be paying in taxes when I graduate and quickly signed for the rebate. God knows I'll be paying them back next year. :rolleyes:

Frodo

PS In case you were wondering, the money goes to books for homeschooling our kids and to avoid more school loans. I haven't talked the wife into spending, I mean "investing" any of it in knives yet...;)
 
Originally posted by V10011011
Oo..turns out in Canada they separate the cheques, my GST cheque is coming in June
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Do they also spell "check" all screwy in canada? :confused:
 
A 'check' is a v-shaped mark put on assignments to designate a correct answer. A cheque is a slip of paper which verifies and initiates transfer of funds between bank accounts. ;)
 
Originally posted by Gollnick
Ideally, you should finish the year owing the IRS a small amount. $2300 is almost $100 per month. Had you put that into a savings account every month, you'd have made over $50 in interest. And if you have other debts that you could have been paying an extra $100/month on, then you lost even more.

Furthermore, if you got a refund that's to large, you can actually be fined for that. (There are exceptions if you've had a "major event" in your life (got married, changed jobs, etc.). And the IRS rarely enforces this rule for first-time offenders.) When I bought my first house, I didn't change my withholding accordingly. When I deducted all that interest and property tax, I ended up with a $5500 refund! The IRS sent my check, grudgingly, along with a letter cautioning me not to let this happen again.

If you did receive a refund this year, you should consider changing your withholding. Your employer has the necessary form which takes about two minutes to fill out.
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Actually, over half of that $2300 was due to a new credit thing on my IRA (can't remember which one it was--I did it back in January). Some of the other parts are usually due to some kind of education credits as well. And at my credit union, my interest would be nowhere near $100 for $2300 anyway (though even at half that it results in a loss of money).

I do realize that it usually results in me losing some money, but to me it means that I will have money coming in at tax time rather than going out. Just my personal preference. I am considering changing my withholding, but haven't decided on it yet.
 
Originally posted by komondor
I'm getting a Heckler & Koch USP .45 with my returns. Can't wait.
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lucky bugger, they banned em' here :(. well here our tax returns arnt for a few months and i doubt i'll get any back cause i made sure my ex-job (yes they laid me off :() took the necissary amount out so i dont end up owning them, i'd rather pay a little extra then find out i owe them money. but if i do get any back i'll put it to the CRKT i'm gonna buy.
 
I got my return of $67 can back in early april... but I also get 70 quarterly this year.

next years will be about 1000 in my main check, and whatever in my quarterly.

as to the spelling, we use both. I have been switching abck and forth using american and british spellinga, pissing teachers off throughout highschool(esp when I use 2 spellings in the same paper). I use "check" most often.
 
Originally posted by Gollnick
Ideally, you should finish the year owing the IRS a small amount.
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Ummm, no thanks! Your example is great in theory but in practice it may not work...first of all, here in Canada, we make our RRSP (registered retirement savings plan) contributions during "tax season" (Jan-Apr) and these contributions can lead to HUGE tax refunds ;) Also, you can get tax refunds for "expenses" (e.g. the interest on a leased car for a home office) that you cannot declare during the year...besides, since most knifemakers won't let you pay on a monthly basis, it's better to eat the $50 and get a big chunk at once :)

Zenghost, I know what you mean..I bought 4 knives in April (and tons of "gear" like flashlights, clothes etc. :rolleyes: )

RL
 
Anyone thought about saving the money? I mean, the money came out of your own paychecks, money is rightfully yours, out of your own pocket (unless you misfiled your tax returns using er..creative metheods) and its not like the government just felt like giving you some cash for free. Spending tax return money is no different than withdrawing RRSP money and spending it IMHO, but then again, I'm trying something new, argueing for what I don't believe in, haha tell me how I do.
 
Originally posted by V10011011
Anyone thought about saving the money? I mean, the money came out of your own paychecks, money is rightfully yours, out of your own pocket (unless you misfiled your tax returns using er..creative metheods) and its not like the government just felt like giving you some cash for free. Spending tax return money is no different than withdrawing RRSP money and spending it IMHO, but then again, I'm trying something new, argueing for what I don't believe in, haha tell me how I do.
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I do save money--just not all of it. The important thing is that I've never spent more than I could afford.
 
Originally posted by V10011011
A 'check' is a v-shaped mark put on assignments to designate a correct answer. A cheque is a slip of paper which verifies and initiates transfer of funds between bank accounts. ;)
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Wow, as some would say: 0wn3d!
 
Originally posted by sygyzy
Wow, as some would say: 0wn3d!
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Actually, according to Webster's Ninth Collegiate Dictionary (American Dictionary), a check is "a written order directing a bank to pay money as instructed," as well as a "V shaped mark." In the same dictionary, "cheque" is the british variation of "check." As for me, I use check and checkbook. Different cultures, different spellings--who cares? :rolleyes:.
 
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