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Author Topic: Tax Refund  (Read 1145 times)

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Offline mcwoodduck

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Tax Refund
« on: April 15, 2011, 11:06:21 AM »
Well I did my taxes last night and suprise I actually am getting $ back, Normally I have to pay the Democratics People Republic of California and the Over Spending Federal treasuries more.
But back to my getting a refund.
I am thinking of splitting it into thirds. 
1/3 Save
1/3 Spend
1/3 To debt service.  (bought a new car this year and can shorten the amount of interest I end up paying)
Was thinking of getting a new toy off the list of things I want.
What are you going to do with your return, if you get one?
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Offline GUNNUT in Iowa

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Re: Tax Refund
« Reply #1 on: April 15, 2011, 11:08:32 AM »
I will use my Federal refund to pay my State taxes.   >:(
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Offline bobg

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Re: Tax Refund
« Reply #2 on: April 15, 2011, 11:16:56 AM »
  I don't make enough to have to file taxes. :(
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Offline 45-70.gov

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Re: Tax Refund
« Reply #3 on: April 15, 2011, 11:20:21 AM »
i had to pay in almost $1000

but  windfalls mostly go to debt service....that is you best investment usually
last  wind fall i bought some investment property

i buy the toys  later..........with the money saved in interest   or made with the investment

makes the toys seem  like they are free that way
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Offline SHOOTALL

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Re: Tax Refund
« Reply #4 on: April 15, 2011, 11:24:33 AM »
Pay bills if I get one.
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Offline burntmuch

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Re: Tax Refund
« Reply #5 on: April 15, 2011, 11:25:18 AM »
Im using mine to buy a vehicle that gets more than 13 MPG.  My old Dodge is killing me. Tried to sneak a new gun in this years budget, just didnt have the funds.
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Offline Brett

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Re: Tax Refund
« Reply #6 on: April 15, 2011, 12:50:14 PM »
Debt service and funding the in-laws 50th wedding anniversary party.   
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Offline mcwoodduck

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Re: Tax Refund
« Reply #7 on: April 15, 2011, 01:02:05 PM »
Quote from: Brett on April 15, 2011, 12:50:14 PM
Debt service and funding the in-laws 50th wedding anniversary party.
Worth while cause.  Congratulations to them.
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Offline 45-70.gov

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Re: Tax Refund
« Reply #8 on: April 15, 2011, 01:11:11 PM »
only  1/3  for instant gratification

you still  WAAAY  ahead  of  most
[incase i sounded to snobish in my last post]

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when drugs are outlawed only out laws will have drugs
DO WHAT EVER IT TAKES TO STOP A DEMOCRAT
OBAMACARE....the biggest tax hike in the  history of mankind
free choice and equality  can't co-exist
AFTER THE LIBYAN COVER-UP... remind any  democrat voters ''they sat and  watched them die''...they  told help to ''stand down''

many statements made here are fiction and are for entertainment purposes only and are in no way to be construed as a description of actual events.
no one is encouraged to do anything dangerous or break any laws.

Offline GRIMJIM

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Re: Tax Refund
« Reply #9 on: April 15, 2011, 01:34:01 PM »
Need tires on my truck. The rest will go toward tuition and bills.
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Offline mcwoodduck

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Re: Tax Refund
« Reply #10 on: April 15, 2011, 02:00:29 PM »
Quote from: 45-70.gov on April 15, 2011, 01:11:11 PM
only  1/3  for instant gratification

you still  WAAAY  ahead  of  most
[incase i sounded to snobish in my last post]
Yep, it is not that much.
While I paid (read this as those dirty rotten politicians stole from me) a lot in taxes I am not getting that much of it back.
Had it been 1/3 of what I paid in taxes,  I would be able to pay off most of the Car loan. not to mention all the fees, and sales taxes I also paid
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Offline Spirithawk

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Re: Tax Refund
« Reply #11 on: April 15, 2011, 03:03:03 PM »
Being disabled I don't file but I sure hope that those of you who did get your returns ok. The way this Government is going whop knows?
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Offline GRIMJIM

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Re: Tax Refund
« Reply #12 on: April 15, 2011, 03:25:02 PM »
I got my federal right away after e-filing. I live in Illinois so I'm wondering how long it will take this broke butt state to repay me.
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Offline PowPow

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Re: Tax Refund
« Reply #13 on: April 15, 2011, 03:43:32 PM »
Tax refund? Funny term. They aren't refunding taxes. They are giving back money that was already mine the whole year anyway.

10% to the church, 10% to toys (rimfires). 80% back in the pile.
Last year was a strange tax year and I ended up with a CZ452 with 3-9x33EFR.
This year was more like real life; Ruger 22/45 basic black model.

BTW - Been audited the last two years.
The first year result was a check to me for $4.
The second year, I got thanked for my cooperation.
The actual people you deal with really are nice folks, just trying to do a job, nothing like the stereotypes.
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Offline PowPow

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Re: Tax Refund
« Reply #14 on: April 15, 2011, 03:44:30 PM »
oops double post
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Offline Shu

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Re: Tax Refund
« Reply #15 on: April 16, 2011, 03:32:04 AM »
I always pay down any debt first. Then throw some in savings and buy something nice for the wife and kids. There always seems to be enough for me to get something also.
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Offline sidewinder319

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Re: Tax Refund
« Reply #16 on: April 16, 2011, 03:40:27 AM »
If I get back a refund I will fire my tax man.  I refuse to finanace Obama with no interest loans.  The only way you get money back is if you pay them too much in.  I pay my federal taxes at the end of the year. I have no state income taxes. I use my money all year, and pay the Feds off with only what they have billed me for. :(
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Offline Old Fart

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Re: Tax Refund
« Reply #17 on: April 16, 2011, 04:14:15 AM »
I'll be covering some of the paybacks........ :-[
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Offline magooch

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Re: Tax Refund
« Reply #18 on: April 16, 2011, 04:15:20 AM »
Everyone can rest easy, because I just wrote a check yesterday that should keep the government running for the foreseeable future.  Okay, yeah I'm kidding--sorta.
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Offline drdougrx

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Re: Tax Refund
« Reply #19 on: April 16, 2011, 05:38:42 AM »
Let's see....paint the house....put $$ back into the repair account for a large window that was shot out with a bb last Nov by the 11yo next door just before the snow came and came and came....  The insurance company issued us a check in Dec for the new window and the repair...we bought the window ($3,500) and now need to have a contractor come in and do the work (about $4k)...but...seems wifey has been chipping away at the $$...so....there goes my return...... :'(
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Offline OldSchoolRanger

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Re: Tax Refund
« Reply #20 on: April 16, 2011, 05:05:43 PM »
Quote from: sidewinder319 on April 16, 2011, 03:40:27 AM
If I get back a refund I will fire my tax man.  I refuse to finanace Obama with no interest loans.  The only way you get money back is if you pay them too much in.  I pay my federal taxes at the end of the year. I have no state income taxes. I use my money all year, and pay the Feds off with only what they have billed me for. :(
sidewinder,
You got the right idea. My accountant told me pretty much the same thing.  If you get a big tax refund, basically what you did is give the government a interest free loan on your money for the year.  I would rather have the money all year, then pay them what I have to pay at the end of the tax year, and I wait until the last day to mail the check.  Better they wait than me.
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Offline sidewinder319

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Re: Tax Refund
« Reply #21 on: April 16, 2011, 05:15:39 PM »
Ranger, The Feds have been slick on this one.  They have Americans paying extra income tax by the billions. The average taxpayer  looks at this like its a credit union savings plan. If the goernment said they were going to charge you an extra 3.4% on your taxes people would go crazy.  Tell them they are going to get a refund at the end of the year and they think its CHRISTmas. Just think how much of a  pinch Americans could put on the Fed by only paying what they owe? :(
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Offline magooch

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Re: Tax Refund
« Reply #22 on: April 17, 2011, 04:39:41 AM »
Even with the withholding laws as they are and the penalties etc. for noncompliance, there are many taxpayers who don't get it done.  Imagine what it would be like if no taxes were actually due until April 15.  It would be absolute bedlam.  Let's do it.
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Offline Hooker

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Re: Tax Refund
« Reply #23 on: April 17, 2011, 05:08:49 AM »
I'm not a tax payer I'm a victim of payroll theft.
I got robbed all year now I'm a victim of extortion.
Y'all have fun spending those refunds ;D

Pat
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Offline northkid

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Re: Tax Refund
« Reply #24 on: April 17, 2011, 01:30:52 PM »
Tax Refund ????? What is that?
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Offline Brett

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Re: Tax Refund
« Reply #25 on: April 18, 2011, 04:05:16 AM »
The best scenario is to try to figure it so that you and the tax man are abut even at the end of the year.   You don't owe them much if any and they don't owe you much if any.   This way the politicians don't get to play with your money for a year for free and you don't get slammed with a big tax bill come April 15th that you may have to borrow money to pay (God forbid).   When I've been able to work it right I get less than $500 back from both state and Federal.  Times I've missed I've had to pay about that. 
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Offline mcwoodduck

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Re: Tax Refund
« Reply #26 on: April 18, 2011, 10:03:32 AM »
Quote from: drdougrx on April 16, 2011, 05:38:42 AM
Let's see....paint the house....put $$ back into the repair account for a large window that was shot out with a bb last Nov by the 11yo next door just before the snow came and came and came....  The insurance company issued us a check in Dec for the new window and the repair...we bought the window ($3,500) and now need to have a contractor come in and do the work (about $4k)...but...seems wifey has been chipping away at the $$...so....there goes my return...... :'(
WOW, would like to see a pictur of a piece of glass that costs 3,500 and does not sit on top of a rifle or around the neck of my friend the Swarofski rep.
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Offline Sourdough

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Re: Tax Refund
« Reply #27 on: April 18, 2011, 11:39:45 AM »
The wife and I wern't due anything back.  Our son was due nothing as well.  Then the Tax Preparer doing them asked why we were not claiming him as a dependent.  Our son is still living at home, going to school, and under the cutoff age of 26 or 27.  The Tax guy redid them adding our son to ours and us claiming a tax credit for one child.  In short we are getting back something.  It will all go to pay for school for our son, two more years to go.

Personally I feel we need to totally redo the tax code.  We need a flat tax, or a consumptive tax.
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Offline Conan The Librarian

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Re: Tax Refund
« Reply #28 on: April 18, 2011, 11:52:49 AM »
I think you can continue to identify him as a dependent until he is age 65, but only if you have the tax prepared on Thursday. If you have it done on Monday, it's only 18.
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Offline mcwoodduck

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Re: Tax Refund
« Reply #29 on: April 18, 2011, 12:03:26 PM »
Quote from: Sourdough on April 18, 2011, 11:39:45 AM
The wife and I wern't due anything back.  Our son was due nothing as well.  Then the Tax Preparer doing them asked why we were not claiming him as a dependent.  Our son is still living at home, going to school, and under the cutoff age of 26 or 27.  The Tax guy redid them adding our son to ours and us claiming a tax credit for one child.  In short we are getting back something.  It will all go to pay for school for our son, two more years to go.

Personally I feel we need to totally redo the tax code.  We need a flat tax, or a consumptive tax.
I agree, I think flat over consumptive.
My thinking of taxes is it should take you no more than 15 Minutes to do your taxes.
your deduction is 3 times the National poverty level for you filing status.  Single 15K, Married, family of 4, what ever.
So if are single and make 48K 
your taxes would be 48K - 45K (3X15K) = taxable income at what ever under 10% rate 
If you are one of those like our president that thinks success needs to be punnished and want to have an upper level than at 250K you pay a different rate slightly hirer than the lower rate.
I think a consumtion tax will lead to another income tax as well.  20% national tax and 20% income (at first on the "Rich" and then on everyone)  And is the consumption tax at every stage like in Europe or is it jut on retail or end user sales?
As far as the kid goes- I would look at what he has to pay and wht it would save you and what ever pays the smallest amount is how I would go, give the kid the option.
I mean if he is only paying $500 in taxes and is getting it all back, and he can save you 1500, Pay his taxes and claim him.
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