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Old 02-10-2015, 11:21 AM  
El Jefe El Jefe is offline
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What are you going to do with your tax return money?
Inb4 taxreturnsareforthosewhodontknowhowtoinvest.
inb4Ialwaysendupoweing
inb4youareanidiotifyougetmoneyback

Anyways, for those of us who are getting money back, what are your plans for it? I fortunately am going to be getting almost all the money I spent out of pocket finishing my BBA last year, roughly 2500. I am going to take $500 and put it into my portfolio (small, but growing), take another $500 and put into my rainy day fund. I think I will take $1000 and pay down some bills we have (couple medical bills and pay some towards my wife's school loan). I will probably use $150.00 of the leftover to take my wife to Texas De Brazil (freaking love that place), I also need to replace my windshield in my civic which got cracked this winter, I will probably buy a couple books and a couple DVD's. I also need to buy some points for my 53 Ford Jubilee, and I would like to buy a Fiskars X27 axe, because I have a 40 foot ash tree cut down and sectioned, but not split. Plenty of others things to consider as well.

What about you guys?
Last edited by El Jefe; 02-10-2015 at 11:25 AM.. Reason: I meant 2500 not 250k
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Old 02-11-2015, 12:49 PM   #121
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Most of us middle class people without kids won't get much, so probably not much of anything.

Now if I was a poor, uneducated dipshit on the earned income tax credit with 5 or 6 mouth breathing kids to my name, I'm sure I'd be doing all kinds of crazy shit like buying big screen TV's, guns, new vinyl furniture etc.
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Old 02-11-2015, 12:50 PM   #122
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Flat Tax please.
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Old 02-11-2015, 01:41 PM   #123
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I'm honestly a bit puzzled by all of the "I won't get much because XXX" posts. Refunds are mostly driven by your withholdings - not your tax bracket. If you are having to pay in, you should withhold more on your W-4. If you are getting a huge refund, you should increase your exemptions on your W-4.
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Old 02-11-2015, 01:45 PM   #124
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Originally Posted by kepp View Post
So if my income took us to the edge of a bracket, all of her taxable income would be taxed at the higher bracket. And since her income was originally taxed at a much lower rate than the higher bracket, the difference is sucked back out of of the refund. I guess that makes sense. It makes me wonder if it would have been better to file individually instead of jointly.
Really just depends on the specific situation. Most of the time you're better off filing jointly, as there are certain benefits that you can only get if you file jointly (especially with regard to certain deductions). Here's a high-level overview:

https://turbotax.intuit.com/tax-tool.../INF20137.html
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Old 02-11-2015, 01:52 PM   #125
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Originally Posted by DaFace View Post
I'm honestly a bit puzzled by all of the "I won't get much because XXX" posts. Refunds are mostly driven by your withholdings - not your tax bracket. If you are having to pay in, you should withhold more on your W-4. If you are getting a huge refund, you should increase your exemptions on your W-4.
Unless you like getting a huge refund. I like getting a huge refund, which is why I increased my withholdings.
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Old 02-11-2015, 01:53 PM   #126
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I pay a crap load! It sucks.
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Old 02-11-2015, 01:54 PM   #127
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Originally Posted by Fire Me Boy! View Post
Unless you like getting a huge refund. I like getting a huge refund, which is why I increased my withholdings.
True, and nothing wrong with that (though the financial gurus will tell you that you're giving the government an interest-free loan that way).
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Old 02-11-2015, 01:58 PM   #128
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I pay a crap load! It sucks.
It does suck.


But, with the choice of making what I do now and paying, or making what I used to and getting scraps back, the decision is easy.
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Old 02-11-2015, 02:09 PM   #129
Fire Me Boy! Fire Me Boy! is offline
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Originally Posted by DaFace View Post
True, and nothing wrong with that (though the financial gurus will tell you that you're giving the government an interest-free loan that way).
As opposed to giving it to the bank for record low interest rates? It's a wash.

Don't care, though, honestly. It's forced savings for me, and at the end of each year I get a fat check the wife and I can use to fritter away on something we want but don't need.
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Old 02-11-2015, 02:10 PM   #130
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Originally Posted by Fire Me Boy! View Post
As opposed to giving it to the bank for record low interest rates? It's a wash.

Don't care, though, honestly. It's forced savings for me, and at the end of each year I get a fat check the wife and I can use to fritter away on something we want but don't need.
This.
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Old 02-11-2015, 02:22 PM   #131
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Originally Posted by Fire Me Boy! View Post
As opposed to giving it to the bank for record low interest rates? It's a wash.

Don't care, though, honestly. It's forced savings for me, and at the end of each year I get a fat check the wife and I can use to fritter away on something we want but don't need.
I don't think the people touting the "its a mistake to get a refund" thing are putting it in a savings account for 1% interest. They invest in something with a higher return.

I can see the benefit - profit off the money rather than letting it sit around doing nothing. But I know nothing about investing so haven't tried it.
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Old 02-11-2015, 02:27 PM   #132
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I don't think the people touting the "its a mistake to get a refund" thing are putting it in a savings account for 1% interest. They invest in something with a higher return.

I can see the benefit - profit off the money rather than letting it sit around doing nothing. But I know nothing about investing so haven't tried it.
This

I will take at least 3-5% on thousands of dollars instead of 0%.

For people that don't have the discipline to save, overpaying is far better, though.
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Old 02-11-2015, 02:33 PM   #133
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Originally Posted by Fire Me Boy! View Post
As opposed to giving it to the bank for record low interest rates? It's a wash.

Don't care, though, honestly. It's forced savings for me, and at the end of each year I get a fat check the wife and I can use to fritter away on something we want but don't need.
Quote:
Originally Posted by sedated View Post
I don't think the people touting the "its a mistake to get a refund" thing are putting it in a savings account for 1% interest. They invest in something with a higher return.

I can see the benefit - profit off the money rather than letting it sit around doing nothing. But I know nothing about investing so haven't tried it.
It would take a pretty extreme situation for it to matter a lot. If Option A is to get a $6k refund and Option B is to invest $500 per month at 10% interest (which would be REALLY good for a conservative investment), you'd end up with about $6300 at the end of the year (in very rough numbers). So your best case scenario is making an extra $300, and for most people, it'd probably be closer to $30.
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Old 02-11-2015, 02:36 PM   #134
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True, and nothing wrong with that (though the financial gurus will tell you that you're giving the government an interest-free loan that way).
Like you can earn any interest in the meantime.
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Old 02-11-2015, 02:41 PM   #135
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I have a side business that is highly variable on whether I get income or not. I can make anywhere from nothing (like last year) to $7-8,000. Since I don't know if I am going to be finding any work or not (engineering consulting), I maxed out my withholdings to cover the unplanned income. It can mean large returns but it also prevents any unpleasant surprises come tax season.
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