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Old 01-30-2013, 08:35 AM  
El Jefe El Jefe is offline
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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.

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Old 01-30-2013, 11:05 AM   #31
Buehler445 Buehler445 is online now
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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 11:06 AM.. Reason: oops wrong person to quote.
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Old 01-30-2013, 11:10 AM   #32
okoye35chiefs okoye35chiefs is offline
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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...
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Old 01-30-2013, 11:12 AM   #33
SAUTO SAUTO is offline
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Originally Posted by loochy View Post
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.
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Old 01-30-2013, 11:20 AM   #34
rageeumr rageeumr is offline
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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.
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Old 01-30-2013, 11:21 AM   #35
Buehler445 Buehler445 is online now
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Quote:
Originally Posted by okoye35chiefs View Post
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?
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Old 01-30-2013, 11:22 AM   #36
loochy loochy is online now
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dont finance for 30 years.
maybe you don't know how much my house cost on a 15
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Old 01-30-2013, 11:22 AM   #37
Rain Man Rain Man is offline
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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.
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Old 01-30-2013, 11:24 AM   #38
loochy loochy is online now
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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?
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Old 01-30-2013, 11:26 AM   #39
Buehler445 Buehler445 is online now
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Originally Posted by JASONSAUTO View Post
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.
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Old 01-30-2013, 11:27 AM   #40
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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.
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Old 01-30-2013, 11:28 AM   #41
Buehler445 Buehler445 is online now
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17 eh? Nice. How much do they you match?
Fixed.
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Old 01-30-2013, 11:28 AM   #42
loochy loochy is online now
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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.
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Old 01-30-2013, 11:29 AM   #43
SAUTO SAUTO is offline
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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
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Old 01-30-2013, 11:31 AM   #44
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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
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Old 01-30-2013, 11:36 AM   #45
loochy loochy is online now
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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?
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