Money It's that time of year, TAX RETURN TIME! - Page 2

El Jefe · 01-30-2013, 08:35 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

**2112** · 01-30-2013, 09:49 AM

I try and break even, why would you want the government holding your money and making interest on it when you can already have it?

okoye35chiefs · 01-30-2013, 09:50 AM

don't get a huge return.

i always wanted to keep even with the government, don't want them to use me as a savings account and I dont' want to owe....stay right in the middle with a small return..

I have been audited the last two years so this year I can't wait to get the LETTER...

**loochy** · 01-30-2013, 09:51 AM

Quote:

Originally Posted by Griswald

I try and break even, why would you want the government holding your money and making interest on it when you can already have it?

because sometimes it can be really difficult to accurately calculate how much tax you will owe

and I definitely want to make sure I don't have to pay at the end of the year - that's a kick in the nuts for sure.

also it's nice to give yourself a little present at the end of the year.

okoye35chiefs · 01-30-2013, 09:54 AM

Quote:

Originally Posted by Griswald

I try and break even, why would you want the government holding your money and making interest on it when you can already have it?

I'm with you here... I stay even and pick up a couple hundred from st and fed.

Strongside · 01-30-2013, 10:05 AM

I made a lot of charitable donations and worked a lot of pro-bono hours this year. As well as paying in much more than my bracket dictates...I'm hopeful for a solid return. If so...it's high time to buy my girl a ring. We've been together 11 years in June. High School sweethearts. We've both been putting off engagement until we were financially stable, so it's not just my fault, lol.

okoye35chiefs · 01-30-2013, 10:06 AM

Quote:

Originally Posted by Strongside

I made a lot of charitable donations and worked a lot of pro-bono hours this year. As well as paying in much more than my bracket dictates...I'm hopeful for a solid return. If so...it's high time to buy my girl a ring. We've been together 11 years in June. High School sweethearts. We've both been putting off engagement until we were financially stable, so it's not just my fault, lol.

good for you!

El Jefe · 01-30-2013, 10:12 AM

Quote:

Originally Posted by loochy

because sometimes it can be really difficult to accurately calculate how much tax you will owe

and I definitely want to make sure I don't have to pay at the end of the year - that's a kick in the nuts for sure.

also it's nice to give yourself a little present at the end of the year.

Exactly.

El Jefe · 01-30-2013, 10:13 AM

Quote:

Originally Posted by Strongside

I made a lot of charitable donations and worked a lot of pro-bono hours this year. As well as paying in much more than my bracket dictates...I'm hopeful for a solid return. If so...it's high time to buy my girl a ring. We've been together 11 years in June. High School sweethearts. We've both been putting off engagement until we were financially stable, so it's not just my fault, lol.

Congrats!

**DaKCMan AP** · 01-30-2013, 10:14 AM

What a great thread!

It almost reminds me of this one from 3 weeks ago:

http://www.chiefsplanet.com/BB/showthread.php?t=268635

bigjosh · 01-30-2013, 10:17 AM

Putting a wood stove in my basement, I am tired of being molested by the oil company.

El Jefe · 01-30-2013, 10:37 AM

Quote:

Originally Posted by bigjosh006

Putting a wood stove in my basement, I am tired of being molested by the oil company.

Great investment, well worth the cost.

kepp · 01-30-2013, 10:43 AM

Quote:

Originally Posted by okoye35chiefs

don't get a huge return.

i always wanted to keep even with the government, don't want them to use me as a savings account and I dont' want to owe....stay right in the middle with a small return..

I have been audited the last two years so this year I can't wait to get the LETTER...

Audited two years in a row? What kind of red flags do you set off?

**Buehler445** · 01-30-2013, 10:46 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

Well, it depends on the size of the loan. I did some calculations on various size loans. And as of the rates a couple years ago, you could about count on paying double your principle on a 30 year amortization excluding any PMI. I can't remember if that included property tax or not, I don't think it did. Either way, it's good enough for a rule of thumb. Borrow 100K for 30 years, pay 200K total. So yeah, that's as good of a case for paying extra principle if there ever was one. And the hell of it is that interest rates are low!

Quote:

Originally Posted by okoye35chiefs

don't get a huge return.

i always wanted to keep even with the government, don't want them to use me as a savings account and I dont' want to owe....stay right in the middle with a small return..

I have been audited the last two years so this year I can't wait to get the LETTER...

Mother **** that! Is it a full audit or just asking to verify aspects of your return?

cookster50 · 01-30-2013, 11:02 AM

Quote:

Originally Posted by kepp

Audited two years in a row? What kind of red flags do you set off?

Claimed his name was Saddam Hussein.

**loochy** · 01-30-2013, 11:03 AM

Quote:

Originally Posted by kepp

Audited two years in a row? What kind of red flags do you set off?

added dog as a dependent

01-30-2013, 08:35 AM
El Jefe Don't tread on me. Join Date: Nov 2006 Location: Where the peaches grow Casino cash: $9030572	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: 8,540

01-30-2013, 09:50 AM	#17
okoye35chiefs Starter Join Date: Oct 2012 Location: Death Valley Casino cash: $10004900	don't get a huge return. i always wanted to keep even with the government, don't want them to use me as a savings account and I dont' want to owe....stay right in the middle with a small return.. I have been audited the last two years so this year I can't wait to get the LETTER...
Posts: 674

01-30-2013, 10:05 AM	#20
Strongside Mahomes or GTFO Join Date: Feb 2012 Location: KC Casino cash: $4334282	I made a lot of charitable donations and worked a lot of pro-bono hours this year. As well as paying in much more than my bracket dictates...I'm hopeful for a solid return. If so...it's high time to buy my girl a ring. We've been together 11 years in June. High School sweethearts. We've both been putting off engagement until we were financially stable, so it's not just my fault, lol. __________________
Posts: 13,237

01-30-2013, 10:14 AM	#24
DaKCMan AP Beloved & Awesome CP Celebrity Join Date: Aug 2000 Location: Florida Casino cash: $5594952	What a great thread! It almost reminds me of this one from 3 weeks ago: http://www.chiefsplanet.com/BB/showthread.php?t=268635 __________________
Posts: 35,714

01-30-2013, 10:17 AM	#25
bigjosh Mahomosapien Join Date: Oct 2012 Location: the great white north Casino cash: $-2095098	Putting a wood stove in my basement, I am tired of being molested by the oil company.
Posts: 6,368