Money It's that time of year, TAX RETURN TIME! - Page 3

El Jefe · 01-30-2013, 07:35 AM

For the past 2-3 years I have started a thread about what people were going to spend their tax return on. While greeted with some hostility, most people actually enjoyed the threads. I don't know how much I will get back, but I have some big plans for it!

I am going to try to pay a grand or so on my wifes car (We owe 3k). I am going to try and slide as much as I can at my wife's student loans (only owe 11k). Outside of those two debts, we don't have anything else luckily, because I pay out of pocket for school (ouch).

My next step depending on how much I get back would be to put at least another grand into our house fund. I live on James street, and I have designated our house fund as "Operation James Street Freedom". I would like to put some money into my IRA, currently it has none. Give my wife a little extra walking around money.

I think the last thing I would like to do is give some money to our Deacon fund at my church. This is a fund that is given by church members and distributed to the needs of the church and community if need be by the Deacon board. This fund has helped a lot of people in very bad spots, and it's my duty to help out my fellow man. Our church also houses the food pantry for our community, and we received emails saying the food pantry is direly low, they have served more families this month than ever before. So I would love to take a hundred or so and buy some food to donate.

What dreams do you guys have? I know most of the people here will probably pay down bills, but its fun to dream anyways.

inb4youareanidiotfornotinvestingit

**Buehler445** · 01-30-2013, 10:05 AM

I think they audit you once and then follow up the next year. Particularly if they find anything.

okoye35chiefs · 01-30-2013, 10:10 AM

the audit surrounds my stock options...

The IRS wants me to claim the option at full sale price like lets say 240 shares at $40.00.

Well it is an option so I only own $24.00 of that not all 40.00!!! So instead of $9,000 I only get $5760 which once taxes are taken it is more like $3000 if you are lucky... (just an example)

So I get this letter saying I owe like 50k and I about flip out...

With my tax guy being a MORON he never filed it all that accurate! WTF..

Needless to say it was a big pain in the ass and you are right... they will audit you a few times after the 1st one...

JASONSAUTO · 01-30-2013, 10:12 AM

Quote:

Originally Posted by loochy

yeah but it also sucks that you know you'll be paying like $150,000 more than your actual house costs because of interest

dont finance for 30 years.

rageeumr · 01-30-2013, 10:20 AM

I sat down and ran some numbers recently, and based on recent trends in college costs, I should be saving between $900 and $1,400 a month if I want to pay for 100% of my kids college. So ya, tax return may end up in their 529 accounts.

**Buehler445** · 01-30-2013, 10:21 AM

Quote:

Originally Posted by okoye35chiefs

the audit surrounds my stock options...

The IRS wants me to claim the option at full sale price like lets say 240 shares at $40.00.

Well it is an option so I only own $24.00 of that not all 40.00!!! So instead of $9,000 I only get $5760 which once taxes are taken it is more like $3000 if you are lucky... (just an example)

So I get this letter saying I owe like 50k and I about flip out...

With my tax guy being a MORON he never filed it all that accurate! WTF..

Needless to say it was a big pain in the ass and you are right... they will audit you a few times after the 1st one...

So do you have to file ammended returns with the correct information or what?

Who was your tax guy and why the **** can he not do taxes?

loochy · 01-30-2013, 10:22 AM

Quote:

Originally Posted by JASONSAUTO

dont finance for 30 years.

maybe you don't know how much my house cost on a 15

**Rain Man** · 01-30-2013, 10:22 AM

I looked at my paycheck today, and it it's interesting. About 35 percent of my gross went to taxes and another 17 went to my IRA, so I got home with less than half my gross pay.

loochy · 01-30-2013, 10:24 AM

Quote:

Originally Posted by Rain Man

I looked at my paycheck today, and it it's interesting. About 35 percent of my gross went to taxes and another 17 went to my IRA, so I got home with less than half my gross pay.

17 eh? Nice. How much do they match?

**Buehler445** · 01-30-2013, 10:26 AM

Quote:

Originally Posted by JASONSAUTO

dont finance for 30 years.

Well, it depends. For people that are regular wage earners and the house is going to be their only major purchase in their lifetime and they are comfortable with the costs of money as long as they can make the payments, it isn't that bad of a deal.

You have to worry about ROI, most regular homeowners don't. And depending on life goals, that can be OK.

JASONSAUTO · 01-30-2013, 10:27 AM

Quote:

Originally Posted by loochy

maybe you don't know how much my house cost on a 15

maybe it doesnt really matter. maybe you spent more than you could REALLY afford.

**Buehler445** · 01-30-2013, 10:28 AM

Quote:

Originally Posted by loochy

17 eh? Nice. How much do ~~they~~ you match?

Fixed.

loochy · 01-30-2013, 10:28 AM

Quote:

Originally Posted by JASONSAUTO

maybe it doesnt really matter. maybe you spent more than you could REALLY afford.

How do you know what I can afford? I just don't enjoy paying interest.

JASONSAUTO · 01-30-2013, 10:29 AM

Quote:

Originally Posted by Buehler445

Well, it depends. For people that are regular wage earners and the house is going to be their only major purchase in their lifetime and they are comfortable with the costs of money as long as they can make the payments, it isn't that bad of a deal.

You have to worry about ROI, most regular homeowners don't. And depending on life goals, that can be OK.

i didnt finance my house for 30 either.

i'm just saying if you want to bitch about the amount of interest paid on a home note shorten the note

JASONSAUTO · 01-30-2013, 10:31 AM

Quote:

Originally Posted by loochy

How do you know what I can afford? I just don't enjoy paying interest.

i dont know what you could afford. again if you dont like paying interest finance it for a shorter period of time.

simple

loochy · 01-30-2013, 10:36 AM

Quote:

Originally Posted by JASONSAUTO

i dont know what you could afford. again if you dont like paying interest finance it for a shorter period of time.

simple

oh you mean i should put 0 down on a new car and finance it for 5 years?

01-30-2013, 07:35 AM
El Jefe Don't tread on me. Join Date: Nov 2006 Location: Where the peaches grow Casino cash: $136503	It's that time of year, TAX RETURN TIME! For the past 2-3 years I have started a thread about what people were going to spend their tax return on. While greeted with some hostility, most people actually enjoyed the threads. I don't know how much I will get back, but I have some big plans for it! I am going to try to pay a grand or so on my wifes car (We owe 3k). I am going to try and slide as much as I can at my wife's student loans (only owe 11k). Outside of those two debts, we don't have anything else luckily, because I pay out of pocket for school (ouch). My next step depending on how much I get back would be to put at least another grand into our house fund. I live on James street, and I have designated our house fund as "Operation James Street Freedom". I would like to put some money into my IRA, currently it has none. Give my wife a little extra walking around money. I think the last thing I would like to do is give some money to our Deacon fund at my church. This is a fund that is given by church members and distributed to the needs of the church and community if need be by the Deacon board. This fund has helped a lot of people in very bad spots, and it's my duty to help out my fellow man. Our church also houses the food pantry for our community, and we received emails saying the food pantry is direly low, they have served more families this month than ever before. So I would love to take a hundred or so and buy some food to donate. What dreams do you guys have? I know most of the people here will probably pay down bills, but its fun to dream anyways. inb4youareanidiotfornotinvestingit
Posts: 7,634

01-30-2013, 10:05 AM	#31
Buehler445 Supporter Join Date: Apr 2007 Location: Scott City KS Casino cash: $126408	I think they audit you once and then follow up the next year. Particularly if they find anything. Last edited by Buehler445; 01-30-2013 at 10:06 AM.. Reason: oops wrong person to quote.
Posts: 17,664

01-30-2013, 10:10 AM	#32
okoye35chiefs Starter Join Date: Oct 2012 Location: Death Valley Casino cash: $955008	the audit surrounds my stock options... The IRS wants me to claim the option at full sale price like lets say 240 shares at $40.00. Well it is an option so I only own $24.00 of that not all 40.00!!! So instead of $9,000 I only get $5760 which once taxes are taken it is more like $3000 if you are lucky... (just an example) So I get this letter saying I owe like 50k and I about flip out... With my tax guy being a MORON he never filed it all that accurate! WTF.. Needless to say it was a big pain in the ass and you are right... they will audit you a few times after the 1st one...
Posts: 649

01-30-2013, 10:20 AM	#34
rageeumr Veteran Join Date: Apr 2005 Location: Oooooooooolathe Casino cash: $305985	I sat down and ran some numbers recently, and based on recent trends in college costs, I should be saving between $900 and $1,400 a month if I want to pay for 100% of my kids college. So ya, tax return may end up in their 529 accounts.
Posts: 2,145

01-30-2013, 10:22 AM	#37
Rain Man Welcome, Eric Fisher & Friends Join Date: Jul 2001 Location: 1.61 KM high city Casino cash: $62680290	I looked at my paycheck today, and it it's interesting. About 35 percent of my gross went to taxes and another 17 went to my IRA, so I got home with less than half my gross pay. __________________ Onward Fisher, Onward Fisher, block right through that line. Block the ball clear down the field, a touchdown sure this time. Onward Fisher, Onward Fisher, fight on for her fame. Fight, fellows, fight, fight, fight, we'll win this game.
Posts: 67,189

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