WooHoo Received W2- Official 'What are you buying with tax return $$' Thread!

[fullmetal]

Originally Posted by asujbl

Spot on.

I'm a CPA - so people getting thousands back, when it's avoidable, will never make logical sense to me.

My favorite is people on here complaining about scam buyers that take a loan, "tie up" the buyers money, and then they have to wait 3 weeks for a Paypal refund...essentially they are doing the same thing with the government. Giving them a bunch of your money to "tie up" for a year and then refund it back to you - and you get nothing out of it. Getting a tax refund is like filing a Paypal claim.

Less than 15% of humans can effectively use logic.

[sooslow]

Originally Posted by fullmetal

Less than 15% of humans can effectively use logic.

and the other 92% are bad at math.

[carlo16]

Originally Posted by asujbl

Spot on.

I'm a CPA - so people getting thousands back, when it's avoidable, will never make logical sense to me.

My favorite is people on here complaining about scam buyers that take a loan, "tie up" the buyers money, and then they have to wait 3 weeks for a Paypal refund...essentially they are doing the same thing with the government. Giving them a bunch of your money to "tie up" for a year and then refund it back to you - and you get nothing out of it. Getting a tax refund is like filing a Paypal claim.

If you have time, can you explain some instances when it is not avoidable?

[Orangejello727]

Originally Posted by fullmetal

You have a larger percentage withheld from you paycheck (free loan to the government) to later use to pay your income taxes.

Some taxes you can estimate, some depends on actions you take with your investments. If it turns out your had more withheld than you owe, then you get the difference back.

Since my wife changed jobs and I was unsure how I would handle some investments I had too much withheld. Whatever I get back goes straight into a tax-free Roth IRA investment plan.

I do have more withheld from my pay for tax purposes. The only reason I do that is because my bonus is under taxed and I know I have to pay capital gains tax come year end. Makes sense for me to do it that way. But I always end up owing still! lol

We contribute to an RRSP which is probably the same as your IRA (Registered retirement plan). We get on average 18 cents on the dollar back for contributing to it.

[Shanehw]

Originally Posted by sooslow

and the other 92% are bad at math.

I actually LOLed at this.

[hitman1116]

And to get back on topic, I will be paying off my debt and getting a half sleeve tattoo

[bowefan]

11,700 last year in returns, this year about the same. Six kids and a wife and daughter in college helps too. People need to remind themselves that others don't always have it as good as others. I made 28,000 this year. Not a lot, especially for a family of 8. Sometimes life doesn't work out the way we want. I want to make a decent living and have before, but with cut backs at the plant and now the plant closing in March, I do what I can. Some will say I am lazy for not working 2 or 3 jobs to make more, but with me being on call on my days off, I have no luck landing another job that will allow me to work for them and be on call somewhere else. But things are good, wife is about 6 months from finishing school and we pay the bills, though sometimes late.
I am venturing out in other buisness options with a friend of mine. Hopefully that works out, then I will no longer need to depend on working for anyone.
Anyway, I will pay bills, put 5 to 6 grand in the bank to supplement monthly bills. Buy a 2 to 3 thousand dollar car. Then split the rest with the wife and buy cards and kids needs.

David

[TOMBB25]

Originally Posted by bigzig

7/21? Is that for sure? I was aware there could be a delay, but i hadn't heard it would be that long.

7-21 days not July 21st

[vc15jrich23]

pay off my 800.00 car repair bill, hopfully get a springfield xd gun and put a few hundred away for later when something comes up I want.

[miggslbc]

Same here,plus we hust bought our home...Goodbye card collecting..HELLO man cave.

[clarkzac]

The job I had for about a month to 2 months didn't take any out like I told them too. I had it so they would take the most out they possibly could, but the dumb bimbo who was in charge. She quit about 2 months ago, but I'm still a little upset since this means I might have to pay in since no income tax was withheld. I'm a broke college student

[Orangejello727]

Originally Posted by clarkzac

The job I had for about a month to 2 months didn't take any out like I told them too. I had it so they would take the most out they possibly could, but the dumb bimbo who was in charge. She quit about 2 months ago, but I'm still a little upset since this means I might have to pay in since no income tax was withheld. I'm a broke college student

If I had a choice, I would ask my employer to withold 0% of my pay for taxes. I rather conduct myself as a private business and collect my taxes and pay the govt at the end of the year. Atleast its working capital during that time!!

[Braveskid1025]

Mine is going toward the rest of my student loan money and getting a nice 27" iMac. Cant freaking wait

[fullmetal]

Originally Posted by Orangejello727

If I had a choice, I would ask my employer to withold 0% of my pay for taxes. I rather conduct myself as a private business and collect my taxes and pay the govt at the end of the year. Atleast its working capital during that time!!

Most are not capable. Until recently, I didn't feel comfortable doing this for my family.

If this actually happened in the US we would see a civil war.

[groundsupport]

I make all my claims to have the least amount of taxes taken out, yet still get roughly 8k back in income tax.


Tell me how to do it differently..

[monkeymcgee]

Originally Posted by bowefan

11,700 last year in returns, this year about the same. Six kids and a wife and daughter in college helps too. People need to remind themselves that others don't always have it as good as others. I made 28,000 this year. Not a lot, especially for a family of 8. Sometimes life doesn't work out the way we want. I want to make a decent living and have before, but with cut backs at the plant and now the plant closing in March, I do what I can. Some will say I am lazy for not working 2 or 3 jobs to make more, but with me being on call on my days off, I have no luck landing another job that will allow me to work for them and be on call somewhere else. But things are good, wife is about 6 months from finishing school and we pay the bills, though sometimes late.
I am venturing out in other buisness options with a friend of mine. Hopefully that works out, then I will no longer need to depend on working for anyone.
Anyway, I will pay bills, put 5 to 6 grand in the bank to supplement monthly bills. Buy a 2 to 3 thousand dollar car. Then split the rest with the wife and buy cards and kids needs.

David

So you actually get back more in a "refund" than you paid in taxes? In other words, do you make money on your return?

[DannyShakes]

I USUALLY get between $600-$1000 my fiancé in the other hand claims our 3 kids which she gets around $7k-$9k

[Razorsharp79]

Originally Posted by monkeymcgee

So you actually get back more in a "refund" than you paid in taxes? In other words, do you make money on your return?

That is what gets me, 6 kids on a 28,000 salary...OMG..

[VWBUS1978]

my taxes are a cluster#@% this year. bought a house and moved in with my fiance and her son. but i didn't purchase the house until may, so i have half a year of itemization to go through and figure things out.

i went and did a ROUGH estimate last night and looks like i am getting around $6500-7500 back. that's going to pay off all my fiance's bills, new stair treads for our house, i have a special card to purchase, a gift for my fiance and then i will save the rest.

[monkeymcgee]

Originally Posted by Razorsharp79

That is what gets me, 6 kids on a 28,000 salary...OMG..

Well, I'm not trying to criticize the guy for life choices--like he said, crap happens (in terms of his income problem).

I've often heard people talk who claimed they were making money on returns, but never heard any specifics like that so I was curious.

[Sikkcaden]

Originally Posted by fullmetal

All of it goes into the Roth IRA contribution. (always max it out!)

^Bingo. Listen to the man.

[VWBUS1978]

Originally Posted by Razorsharp79

That is what gets me, 6 kids on a 28,000 salary...OMG..

he said the plant/work was slow this year.
no fault of his, IMO.

it's when people make $15k, yet have 3 or more kids knowing they can't afford them (BEFORE THEY HAD THEM), that's what pisses me off.

[hxcdavidjones]

I am getting back 11k+ from taxes and 35k from the Army as medical severance pay. I will be buying a few cases and investing the rest.

[CaptainBOHICA]

what'sa tax return?

[Orangejello727]

Originally Posted by VWBUS1978

my taxes are a cluster#@% this year. bought a house and moved in with my fiance and her son. but i didn't purchase the house until may, so i have half a year of itemization to go through and figure things out.

i went and did a ROUGH estimate last night and looks like i am getting around $6500-7500 back. that's going to pay off all my fiance's bills, new stair treads for our house, i have a special card to purchase, a gift for my fiance and then i will save the rest.

How does buying a home affect your income tax in the US?