Members Jugghaid Posted February 6, 2009 Members Share Posted February 6, 2009 Personally, I'm gonna pay off a bill and then put the rest into my house. I have a few remodeling projects that I'm working on, so i will go for new hardwood floors. Whatcha all gonna do with all that money? Basses? Hookers? Meth? Link to comment Share on other sites More sharing options...
Members t3ch Posted February 6, 2009 Members Share Posted February 6, 2009 With the amount of money that I get back... I'll be buying lunch. But hey, as long a I don't owe, I can't really complain I guess. Link to comment Share on other sites More sharing options...
Members i_wanna_les_paul Posted February 6, 2009 Members Share Posted February 6, 2009 Hopefully, it will be close to last year where I got a small refund from the feds and owed a smaller amount to the state. If I do get much of anything back, it will either be given to my church, put on my student loans, or a combination thereof. Link to comment Share on other sites More sharing options...
Members HumanElement Posted February 6, 2009 Members Share Posted February 6, 2009 New heat pump for the house. It died about 2 months ago Link to comment Share on other sites More sharing options...
Members Super_Donut_Man Posted February 6, 2009 Members Share Posted February 6, 2009 With the amount of money that I get back... I'll be buying lunch. But hey, as long a I don't owe, I can't really complain I guess. Sure you don't get a big check back, but its a good thing that you don't, you paid the IRS what you owed and you kept the rest for yourself. I am hoping that for the first time in 3 years I don't owe more than a grand. Probably end up oweing a few hundred. And from my state return, well, I might get an IOU if I am lucky. Link to comment Share on other sites More sharing options...
Members greenshag Posted February 6, 2009 Members Share Posted February 6, 2009 paying off much of my current debt, and buying one of these: Link to comment Share on other sites More sharing options...
Members lug Posted February 6, 2009 Members Share Posted February 6, 2009 Pay car insurance Link to comment Share on other sites More sharing options...
Members bassplayer7770 Posted February 6, 2009 Members Share Posted February 6, 2009 Ours will likely go toward paying off debt. Link to comment Share on other sites More sharing options...
Members catphish Posted February 6, 2009 Members Share Posted February 6, 2009 What is the plan for the "refunds"? I'll probably do the same thing I did last time, which is nothing, because I didn't get one. Link to comment Share on other sites More sharing options...
Members Jugghaid Posted February 6, 2009 Author Members Share Posted February 6, 2009 Sure you don't get a big check back, but its a good thing that you don't, you paid the IRS what you owed and you kept the rest for yourself. I generally try and do this, but with the buyout of my company I'm gonna have a pretty good return coming for this year. Probably about $10k. I may buy a new gun too...... One of these: Link to comment Share on other sites More sharing options...
Members dDigitalPimp Posted February 6, 2009 Members Share Posted February 6, 2009 put it in my savings to pay for a bachelor party i have to go to in vegas this summer. Link to comment Share on other sites More sharing options...
Members FailBoatCaptn Posted February 6, 2009 Members Share Posted February 6, 2009 if i have a job with the new company that absorbed my company a month ago, i'm buying a new gun. if i dont have a job. i will be living off my tax return and severance Link to comment Share on other sites More sharing options...
Members Lefty Geek Posted February 6, 2009 Members Share Posted February 6, 2009 If you are getting a refund, it means you are giving the government an interest free loan. That method is poor money management. You need to adjust your withholdings so that you pay in April, not get money back. Even if you invest at 0.25%, it's still YOUR money. Link to comment Share on other sites More sharing options...
Members s4001 Posted February 6, 2009 Members Share Posted February 6, 2009 Hellova year. No refund for me. California is handing out IOU's anyway. Link to comment Share on other sites More sharing options...
Members BottomHeavyKate Posted February 6, 2009 Members Share Posted February 6, 2009 Tax return will be sitting in the savings account - I'm trying to save up for a house downpayment in a year or two....the work bonus that I get the same day will be buying me my amp build kit and probably that ATK that T.Alan Smith is trying not to buy Link to comment Share on other sites More sharing options...
Members chunky-b Posted February 6, 2009 Members Share Posted February 6, 2009 Probably paying more tuition for my daughters' prep school tuition... Wish it was buying a new rig or a down payment on a new KLR 650. Maybe a gun/home safe. Link to comment Share on other sites More sharing options...
Members bassplayer7770 Posted February 6, 2009 Members Share Posted February 6, 2009 If you are getting a refund, it means you are giving the government an interest free loan. That method is poor money management. You need to adjust your withholdings so that you pay in April, not get money back. Even if you invest at 0.25%, it's still YOUR money. I'll have to see how much I get back this year. Sold the house in June, so I don't want to adjust anything yet... Link to comment Share on other sites More sharing options...
Members Jugghaid Posted February 6, 2009 Author Members Share Posted February 6, 2009 If you are getting a refund, it means you are giving the government an interest free loan. That method is poor money management. You need to adjust your withholdings so that you pay in April, not get money back. Even if you invest at 0.25%, it's still YOUR money. I agree. However, I wasn't planning on selling my company right before year end. Luckily I got them to structure my payout over 5 years instead of a lump sum so that I don' take as big of a tax hit (plus I got them for more $ that way. ) But with the initial taxes paid on it, I'll be getting back an extra $10k or so. I need to change my withholdings for next year to compensate for it. Link to comment Share on other sites More sharing options...
Members Emprov Posted February 6, 2009 Members Share Posted February 6, 2009 Putting it in the bank and it'll help us get through the year. Because of the economy, our income is going to be pretty sharply down this year so it'll go into the pile that we'll be pulling from until this thing turns around. Link to comment Share on other sites More sharing options...
Members King Kashue Posted February 6, 2009 Members Share Posted February 6, 2009 If you are getting a refund, it means you are giving the government an interest free loan. That method is poor money management. Yep. I'm not doing anything with my refund, because I set up my withholding so that I don't receive one. Unfortunately, given my new wages, I may not be able to legally work out my withholding that way this coming year (I'll take the secure job with good pay over the fancy tax planning any day though). Link to comment Share on other sites More sharing options...
Members Emprov Posted February 6, 2009 Members Share Posted February 6, 2009 Yep. I'm not doing anything with my refund, because I set up my withholding so that I don't receive one. Trust me, your finances will probably get a bit more complicated later on in life, making that darn near impossible. The closest we've come to doing that was getting back around $410 from both Fed and State. Link to comment Share on other sites More sharing options...
Members mlwarriner Posted February 6, 2009 Members Share Posted February 6, 2009 pay off the kitchen remodel i'm currently financing with my discover cardreplenish my tattoo fund/gear fund that was spent on paying bills and buying groceries Link to comment Share on other sites More sharing options...
Members King Kashue Posted February 6, 2009 Members Share Posted February 6, 2009 Unfortunately, given my new wages, I may not be able to legally work out my withholding that way this coming year (I'll take the secure job with good pay over the fancy tax planning any day though). Link to comment Share on other sites More sharing options...
Members Thunderbroom Posted February 6, 2009 Members Share Posted February 6, 2009 Last year was great...I got a really small fed refund ( I'm hoping for something similar this year. BTW, for those of you in school and paying tuition, how does the write-off work on your taxes. I'll ultimately figure it out when I start my taxes but was just wondering how it works. I'm just assuming it lowers your taxable income by some amount. Link to comment Share on other sites More sharing options...
Members RSBro Posted February 6, 2009 Members Share Posted February 6, 2009 (I'll take the secure job with good pay over the fancy tax planning any day though). Weenie! Wait- you mean some of you are not going to send it into the DoT to help offset the costs of the Bailout?? Ptch. Methinks something contrary is afoot... Spend everyone else's money- just don't touch mine! Link to comment Share on other sites More sharing options...
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