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Your tax return - 2 questions for you

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TreAnt427
-

Member since 8/06

8652 total posts

Name:
Tracy

Re: Your tax return - 2 questions for you

Posted by acm1899

Posted by speakthetruth

Posted by Babymakin

I never ever EVER get money back. Maybe $200. But I pay the exact correct amount of taxes I owe.

I never understood people who get a lot of money back short of write offs.

But to have a lot taken out, and give uncle sam a free loan. I justChat Icon Chat Icon Chat Icon Chat Icon Chat Icon Chat Icon Chat Icon



yeah, I always heard this from Suze Orman, who says it is better to owe than receive money.



While I definitely understand what S.O. is saying, the fact of the matter is that many Americans simply don't do proper tax planning and therefore they prefer to pay in too much (if anything at all Chat Icon ) than to wind up having to come up with money at the end of the year, which they may have already spent! I think in this economy, it's tough for some people to budget and they would rather be safe than sorry.

And I have to chuckle at the whole 'giving Uncle Sam a free loan' theory. As if anyone is pulling a fast one on Uncle Sam. I'm not saying you should be getting $10k refunds, but if your refund is $1k or $2k, realistically, how much, with today's interest rates, would that money have earned in a CD or savings a/c....20, 30 bucks?



To me it's all a matter of preference. We got back over 10k last year and this year. We both still claim single 0. We aren't making any money on interest, but we are also not losing money.

We prefer it this way because it's a forced savings. I know we wouldn't put that much away out of our pay checks. And this money gives us the opportunity to make home improvements.

To answer the OP questions:

1. Got back what we were expecting

2. Pay off two small CCs. Put up PVC fence, inground sprinklers, and siding our garage.

Posted 3/15/11 8:40 AM
 

acm1899
LIF Adult

Member since 1/11

1085 total posts

Name:

Re: Your tax return - 2 questions for you

Posted by Blu-ize

There is a laundry list of stuff and I could go on and on about the tax injustice and the stuff that our gov't legally takes from us that is criminal.



That may or may not be true. By the way, I think that was also Wesley Snipes' defense just before a judge decided he should spend 7 months in prison...I'm just sayin'

Posted 3/15/11 8:44 AM
 

neener1211
:-)

Member since 4/07

22952 total posts

Name:
J

Re: Your tax return - 2 questions for you

1. We got more than expected.
2. Went into our savings.

Posted 3/15/11 8:45 AM
 

Lisa
I'm a PANK!!!

Member since 5/05

22334 total posts

Name:
Professional Aunts No Kids

Re: Your tax return - 2 questions for you

we always get a big return...I buy that "dont give the govt any more money" crap....with interest rates the way they are, we be getting pennines...

We like to get a big lump sum at the end of the year, we put most into savings for a vacation fund, doing some house renov and paid off 2 small CC bills we had.

It works for us and has for years...dont care what Suze Orman says! Chat Icon

Posted 3/15/11 8:46 AM
 

heathergirl
Cocktail Time!

Member since 10/08

4978 total posts

Name:
American mouth

Re: Your tax return - 2 questions for you

1.) First married return, got back normally what DH would just get, but I guess it's OK

2.) Savings, bills, work stuff for DH's side business

Posted 3/15/11 9:16 AM
 

LisaW
Time for me to FLY!

Member since 5/05

13199 total posts

Name:
Did I ever tell you that I hate people?

Re: Your tax return - 2 questions for you

Posted by Lisa

we always get a big return...I buy that "dont give the govt any more money" crap....with interest rates the way they are, we be getting pennines...

We like to get a big lump sum at the end of the year, we put most into savings for a vacation fund, doing some house renov and paid off 2 small CC bills we had.

It works for us and has for years...dont care what Suze Orman says! Chat Icon



ITA!!!!

We are just bad savers so this is the best way for us to have $ for vacation, home improvements, etc...

This is more convenient to us than putting away 50 bucks a week

Posted 3/15/11 9:22 AM
 

Nifheim
allo

Member since 1/09

5476 total posts

Name:
Jennifer

Re: Your tax return - 2 questions for you

1) Did you end up with more or less than you anticipated? I wish we got back more - our accountant said we are in a higher tax bracket (laughing since we are still considered low middle class) and we own a house. People who are making double then us seem to get the same amount back so I am kinda ******.


2) What are you going to do with it
(if you got money back) save, pay off debt, vacation, etc? We used 80% to pay off debt and buy a lawn mower and some odds and ends.

Posted 3/15/11 9:30 AM
 

sometimesmommy
Always in my heart.....

Member since 11/06

6686 total posts

Name:

Re: Your tax return - 2 questions for you

1. A few thousand more than expected.
2. Going on a vacation. Cant wait.

Posted 3/15/11 9:33 AM
 

Bxgell2
Perfection

Member since 5/05

16438 total posts

Name:
Beth

Re: Your tax return - 2 questions for you

We always owe... at least $10k or more... and we try to avoid paying ANY taxes at all, by putting a HUGE chunk (upwards of $30-$40k) of money into DH's SEP-IRA.

So, yeah, tax season WIPES US OUT for a good 4-5 months Chat Icon

Posted 3/15/11 9:38 AM
 

Mkr09
.....

Member since 5/05

7550 total posts

Name:
M

Re: Your tax return - 2 questions for you

1) We got back more than I expected.

2) We are using a little bit for our vacation is May and then the rest is going into savings so we can move out of my ILs house soon.

Posted 3/15/11 9:41 AM
 

Mkr09
.....

Member since 5/05

7550 total posts

Name:
M

Re: Your tax return - 2 questions for you

Posted by LisaW

Posted by Lisa

we always get a big return...I buy that "dont give the govt any more money" crap....with interest rates the way they are, we be getting pennines...

We like to get a big lump sum at the end of the year, we put most into savings for a vacation fund, doing some house renov and paid off 2 small CC bills we had.

It works for us and has for years...dont care what Suze Orman says! Chat Icon



ITA!!!!

We are just bad savers so this is the best way for us to have $ for vacation, home improvements, etc...

This is more convenient to us than putting away 50 bucks a week



This is how I feel too. I would never save that money throughout the year. It would end up getting spent on something. So I look at it as a forced savings.

Posted 3/15/11 9:44 AM
 

MarsB
LIF Adult

Member since 11/10

1456 total posts

Name:
Martha

Re: Your tax return - 2 questions for you

If it wasn't for the energy tax credit we probably would have just broken even.

We plan on putting the money towards backyard projects.

Posted 3/15/11 9:55 AM
 

Bearcat
Love my little girls!!! <3

Member since 6/10

10818 total posts

Name:
E

Re: Your tax return - 2 questions for you

ended up paying more than expected. Chat Icon

Posted 3/15/11 10:05 AM
 

eroxgirl
My Loves

Member since 5/05

15697 total posts

Name:
Rebecca

Re: Your tax return - 2 questions for you

I always "give the government a loan". If I had an extra $20, $30, $40 a week I'd spend it, not save it, so I stick with what works.

We got less than I had hoped for but more than last year.

It's going to pay CC debt and some medical bills. Chat Icon

Posted 3/15/11 10:08 AM
 

LuckySV
LIF Adult

Member since 10/05

4675 total posts

Name:

Re: Your tax return - 2 questions for you

Got back less than we expected. It'll go into savings. Maybe we'll end up using it for DS's nursery school this fall. If I ever decide on one that is!

Posted 3/15/11 10:23 AM
 

Blu-ize
Plan B is Now Plan A

Member since 7/05

32475 total posts

Name:
Susan

Re: Your tax return - 2 questions for you

Posted by acm1899

Posted by Blu-ize

There is a laundry list of stuff and I could go on and on about the tax injustice and the stuff that our gov't legally takes from us that is criminal.



That may or may not be true. By the way, I think that was also Wesley Snipes' defense just before a judge decided he should spend 7 months in prison...I'm just sayin'



I don't know about his case but legally we are taxed on stuff we shouldn't be and there's no one to stop it. It will go on and on and on.

And for those that look at the IRS as their savings plan..you should really have money taken out of your pay each pay period and socked away.

That's just common sense.

Posted 3/15/11 10:25 AM
 

CathyB

Member since 5/05

19403 total posts

Name:

Re: Your tax return - 2 questions for you

We always owe.

Posted 3/15/11 10:29 AM
 

MarathonKnitter
HAPPY

Member since 2/07

17374 total posts

Name:
EMBRACING CHANGE

Re: Your tax return - 2 questions for you

i can almost always estimate it pretty well, so it was about what i expected.

my refund has gone to re-building my savings acct. thank God

Posted 3/15/11 10:33 AM
 

kahlua716
3 Girls for Me!

Member since 8/07

12475 total posts

Name:
Keri

Re: Your tax return - 2 questions for you

Less.

Pay off debt.

Posted 3/15/11 10:34 AM
 

MarathonKnitter
HAPPY

Member since 2/07

17374 total posts

Name:
EMBRACING CHANGE

Re: Your tax return - 2 questions for you

Posted by Bxgell2

We always owe... at least $10k or more... and we try to avoid paying ANY taxes at all, by putting a HUGE chunk (upwards of $30-$40k) of money into DH's SEP-IRA.

So, yeah, tax season WIPES US OUT for a good 4-5 months Chat Icon



ouch!!
i hate how those who do well are punished!! Chat Icon

Posted 3/15/11 10:35 AM
 

acm1899
LIF Adult

Member since 1/11

1085 total posts

Name:

Re: Your tax return - 2 questions for you

Posted by Blu-ize

I don't know about his case but legally we are taxed on stuff we shouldn't be and there's no one to stop it. It will go on and on and on.

And for those that look at the IRS as their savings plan..you should really have money taken out of your pay each pay period and socked away.

That's just common sense.



His and his attorneys' contention was that there is a certain loophole in the tax law which states that the IRS has no jurisdiction to tax anyone. The judge laughed at him. His attorneys basically took him for a ride.

If it's in the tax code then that means it's legal. Whether you or I believe it is right or wrong to be taxed on certain things is a matter of opinion. How many taxpayers are there in the US? That's how many different opinions there will be. Unfortunately we all have to follow the law or end up like poor Wesley.

Posted 3/15/11 10:57 AM
 

Bxgell2
Perfection

Member since 5/05

16438 total posts

Name:
Beth

Re: Your tax return - 2 questions for you

Posted by libby2595

Posted by Bxgell2

We always owe... at least $10k or more... and we try to avoid paying ANY taxes at all, by putting a HUGE chunk (upwards of $30-$40k) of money into DH's SEP-IRA.

So, yeah, tax season WIPES US OUT for a good 4-5 months Chat Icon



ouch!!
i hate how those who do well are punished!! Chat Icon



For the amount of income we make, we should be living the high life, especially living in PA. And yet, we have the cheapest house of all our friends (bought it for $350k), we NEVER buy new cars, we always buy 2-3 years used, and buy it using the tax credit for independent business owners, we only take one small vacation per year, and we never buy retail for anything, or really splurge on anything (other than DH's motorcycle Chat Icon). I suppose we are able to sock away a larger portion of $$ in our retirement accounts than most people, and we do have some real estate investments that have really paid off, but we just can't figure out why we always feel like we're just making it, with the combined income we make Chat Icon

Posted 3/15/11 11:15 AM
 

Blu-ize
Plan B is Now Plan A

Member since 7/05

32475 total posts

Name:
Susan

Re: Your tax return - 2 questions for you

Posted by acm1899

Posted by Blu-ize

I don't know about his case but legally we are taxed on stuff we shouldn't be and there's no one to stop it. It will go on and on and on.

And for those that look at the IRS as their savings plan..you should really have money taken out of your pay each pay period and socked away.

That's just common sense.



His and his attorneys' contention was that there is a certain loophole in the tax law which states that the IRS has no jurisdiction to tax anyone. The judge laughed at him. His attorneys basically took him for a ride.

If it's in the tax code then that means it's legal. Whether you or I believe it is right or wrong to be taxed on certain things is a matter of opinion. How many taxpayers are there in the US? That's how many different opinions there will be. Unfortunately we all have to follow the law or end up like poor Wesley.



wow, that's messed up. Sounds like he wanted his 15 mins of face time.

I never disputed the legality of the taxes as they are in the tax code. Can anyone disagree that the pittance that are UE benefits shouldn't be taxed? In 2009 the first $2400 was tax free. They extended UE benefits but that provision went away in 2010. Is UE still above 9% or did I miss the prosperity boat?

Or if you make over $150K you should be able to deduct expenses for investment properties to offset rental income. Especially in this market. If I can't deduct them I may as well short sell and get rid of the property.

I'm generalizing about the last example but really, baffling.

And stuff like this changes when the wind blows.

The intracacies of the tax code are baffling and some of it makes no sense.

Posted 3/15/11 12:09 PM
 

KimberlyScott
Graceyn=My World <3

Member since 10/08

4173 total posts

Name:
Kimberly

Re: Your tax return - 2 questions for you

Got more then anticipated

It's going into savings

Posted 3/15/11 2:51 PM
 

hazeleyes33
LIF Adult

Member since 5/05

13060 total posts

Name:
Ginger

Re: Your tax return - 2 questions for you

How much interest is the gov't actually making on the refund you get though?

I have never gotten an answer for this so I wonder if it is really that much.

Posted 3/15/11 4:44 PM
 
Pages: 1 [2] 3
 

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