What would you do...with your tax return?!

Discuss those "what if" or "what would you do" scenarios you've been wondering about.

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Re: What would you do...with your tax return?!

Post by Mikeyboy » Fri Feb 14, 2014 3:47 pm

Tater Raider wrote:
Maverick299 wrote:What's a tax refund? Haven't seen one of those in a loooooong time! I can look forward to sending a big fat check to Uncle Sam though. I die a little bit inside every time I fill out a check to the IRS.
This.
Ditto this.

Its probably been over a decade since I seen anything back from Uncle Sam. These days, even though I'm married, I file separately, my wife gets the kids as dependents to maximize her return to offset what I have to pay. At the end of the day, my wife gets back a couple hundred bucks and I owe around $1K. I think this year only $310 going to the IRS, because my wife was put on part time of a few months and made less money. Worst year was when I had to shell out $1,500 after the offset from my wife's return. Boy did that year suck.

However, I don't wanna be a party pooper...so say $500 fell out of the sky and I had to spend it on myself.

I would either buy an Xbox One (yes I am 45 years old) , a new pistol (I feel in the mood for a Ruger SP101, or a Bond Arms Derringer) , or on a hiking/camping trip to the White Mountains in NH (mostly for gas and toll money from PA) .
Last edited by Mikeyboy on Fri Feb 14, 2014 3:57 pm, edited 1 time in total.

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Re: What would you do...with your tax return?!

Post by Rev » Fri Feb 14, 2014 3:57 pm

I spent mine on some bills, and I'm sitting on the rest of it.
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Re: What would you do...with your tax return?!

Post by ZombieGranny » Fri Feb 14, 2014 4:06 pm

Make sure it's evenly distributed.
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Re: What would you do...with your tax return?!

Post by 0122358 » Fri Feb 14, 2014 5:34 pm

Ok can someone give me the lowdown on taxes...?

So why do some people have to pay the gov, and some people get money back in differing amounts?
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Re: What would you do...with your tax return?!

Post by Doctorr Fabulous » Fri Feb 14, 2014 5:47 pm

0122358 wrote:Ok can someone give me the lowdown on taxes...?

So why do some people have to pay the gov, and some people get money back in differing amounts?
Yes.

So normally, your employer "withholds" a portion of your check. That withholding pays your social security, medicare, and income taxes. Some people opt to take deductions (I take one standard) which means less is withheld. When you file your return, you check your W2, grab a calculator and crunch the numbers, and figure out whether you owe less or more than was withheld. For instance, this year I received a taxable corporate payout with very little withheld, so i owe taxes for it, and my taxes for the time I was running my own business. At my current job, I have some of my check withheld (more this year than most) to defer some of that check i'm likely going to write.

In years prior, I had varying returns because of deployment schedules (untaxable pay) and for FY14 I shoudl have another wierd year because of some more gubmint money that's not taxable.

I HIGHLY recommend taking a personal finance class somewhere. r/personalfinance is a good reddit sub if you swing that way, and there's several stories (unverifiable) where peopel make 3-4x what I have in my best year and still can't figure out where the money is going. Ask them to run you a rough budget and there's still $2500/mo unaccounted for.

How do I afford all my nice shiny gats? I live like a broke-ass college kid no matter how much I make for the year, and I budget (including savings) $200-$1000/mo less than I make. Mint.com is great for helping you see where your money goes and how to trim it down.
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Re: What would you do...with your tax return?!

Post by 0122358 » Fri Feb 14, 2014 5:54 pm

Doctorr Fabulous wrote:
0122358 wrote:Ok can someone give me the lowdown on taxes...?

So why do some people have to pay the gov, and some people get money back in differing amounts?
Yes.

So normally, your employer "withholds" a portion of your check. That withholding pays your social security, medicare, and income taxes. Some people opt to take deductions (I take one standard) which means less is withheld. When you file your return, you check your W2, grab a calculator and crunch the numbers, and figure out whether you owe less or more than was withheld. For instance, this year I received a taxable corporate payout with very little withheld, so i owe taxes for it, and my taxes for the time I was running my own business. At my current job, I have some of my check withheld (more this year than most) to defer some of that check i'm likely going to write.

In years prior, I had varying returns because of deployment schedules (untaxable pay) and for FY14 I shoudl have another wierd year because of some more gubmint money that's not taxable.

I HIGHLY recommend taking a personal finance class somewhere. r/personalfinance is a good reddit sub if you swing that way, and there's several stories (unverifiable) where peopel make 3-4x what I have in my best year and still can't figure out where the money is going. Ask them to run you a rough budget and there's still $2500/mo unaccounted for.

How do I afford all my nice shiny gats? I live like a broke-ass college kid no matter how much I make for the year, and I budget (including savings) $200-$1000/mo less than I make. Mint.com is great for helping you see where your money goes and how to trim it down.
Ok that kinda clears it up. This is the first year I'm filing (meaning the first year I made enough to qualify) so I'm trying to get my ducks in a row. Plus my parents and I are finding ourselves a taxe guy since they want to claim me for the school credits and they still provide most of my living expenses, buy I still need to file for my own wages.

I checked 0 on dependents so they'd take the most out...they ended up taking like $1500 in federal taxes, not counting SS and medicare, etc.

I'm just trying to get my money back :lol:
So what happens if I owe more or less then withheld?
SMoAF wrote:Your sin is one of geography, not one of unmanliness. Pimp's sin is that he's, well....himself.
Doctorr Fabulous wrote: I'd rather have 10 spooky-sized aircraft in an AO than 100 drones, because fuck those fucking pred flyboys who can't tell the difference between a shovel and an RPK.

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Re: What would you do...with your tax return?!

Post by Doctorr Fabulous » Fri Feb 14, 2014 6:00 pm

0122358 wrote:
Doctorr Fabulous wrote:
0122358 wrote:Ok can someone give me the lowdown on taxes...?

So why do some people have to pay the gov, and some people get money back in differing amounts?
Yes.

So normally, your employer "withholds" a portion of your check. That withholding pays your social security, medicare, and income taxes. Some people opt to take deductions (I take one standard) which means less is withheld. When you file your return, you check your W2, grab a calculator and crunch the numbers, and figure out whether you owe less or more than was withheld. For instance, this year I received a taxable corporate payout with very little withheld, so i owe taxes for it, and my taxes for the time I was running my own business. At my current job, I have some of my check withheld (more this year than most) to defer some of that check i'm likely going to write.

In years prior, I had varying returns because of deployment schedules (untaxable pay) and for FY14 I shoudl have another wierd year because of some more gubmint money that's not taxable.

I HIGHLY recommend taking a personal finance class somewhere. r/personalfinance is a good reddit sub if you swing that way, and there's several stories (unverifiable) where peopel make 3-4x what I have in my best year and still can't figure out where the money is going. Ask them to run you a rough budget and there's still $2500/mo unaccounted for.

How do I afford all my nice shiny gats? I live like a broke-ass college kid no matter how much I make for the year, and I budget (including savings) $200-$1000/mo less than I make. Mint.com is great for helping you see where your money goes and how to trim it down.
Ok that kinda clears it up. This is the first year I'm filing (meaning the first year I made enough to qualify) so I'm trying to get my ducks in a row. Plus my parents and I are finding ourselves a taxe guy since they want to claim me for the school credits and they still provide most of my living expenses, buy I still need to file for my own wages.

I checked 0 on dependents so they'd take the most out...they ended up taking like $1500 in federal taxes, not counting SS and medicare, etc.

I'm just trying to get my money back :lol:
So what happens if I owe more or less then withheld?
When you fill out the form and compare it to your W2, you should have an idea of whether you owe or are owed. If you owe, you cut the IRS a check for the amount owed and send it in with your return. IF you are owed, you send the return, check the appropriate box (I have my returns, when applicable, direct deposited and I e-file because my handwriting makes a medical doctor's look pretty) and wait for your money.
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Re: What would you do...with your tax return?!

Post by gundogs » Fri Feb 14, 2014 6:35 pm

You could use tax tables (found in booklet available at your PO) to get a rough idea.
If you're single and have an income of $50k & take the standard deduction you'd owe about
$7k in Fed tax. So,make sure about $140/week is taken out & you'll be near even at year's end

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Re: What would you do...with your tax return?!

Post by IRackNBack » Fri Feb 14, 2014 6:41 pm

i already got my return and received $4200. first year since 2008 i had a full time job the whole year (college/part time/laid off since) so have since adjusted my withholdings so i'll get about $100 more net per paycheck and about 1/4 the return at the end of the year. if my calculations are right.

in the meantime, i paid off $2k in debt, am buying a .308 suppressor (SDN6), the wife some ridiculous $300 boots she wants, and saving the rest. :clap:

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Re: What would you do...with your tax return?!

Post by Kelvar » Fri Feb 14, 2014 6:45 pm

Locked for moderator review. :evil:
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Re: What would you do...with your tax return?!

Post by Kelvar » Mon Feb 17, 2014 11:40 am

Alright, I'm unlocking this. No politics, folks. Veamon, check your PMs.
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Re: What would you do...with your tax return?!

Post by LWJ2014 » Wed Mar 12, 2014 8:07 am

Hmm my wife and I each got 300 bucks of play money. I invested that in paying off my Glock 21, getting a spare magazine for it and buying some .45 ACP.

The rest of the money was split with 1/3 of it going to savings. Another 1/3 went to the Amazon card to pay off Christmas, and the rest of it went to the kids college funds, clothes and new car seats. It did not last long to say the least.

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Re: What would you do...with your tax return?!

Post by ZomCon Sargeant » Wed Mar 12, 2014 2:32 pm

With some of my tax returns I will be buying a new pair of prescription eyeglasses and take my old ones to put in my BOB as back up. I already have some backup ones but my vision has got worse since I used to wear those.
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Re: What would you do...with your tax return?!

Post by taskforce71 » Wed Mar 12, 2014 9:51 pm

raptor wrote:
Sins wrote:If you're getting a return substantial enough to buy anything of value, I suggest you prep your taxes better next year.
Prepping for unlikely events also includes prepping for stolen tax returns. Which happens more and more every year.
I'd rather give my money to a bank to hold each paycheck and pay my taxes from that savings than give my money to the IRS and count on that to be my savings
This is the best advice so far. Seriously a tax refund is an interest free loan that you can access only once a year and on the IRS' schedule.

I understand some people have trouble saving and they view a tax refund as a savings plan/splurge fund, That said you can do exactly the same thing by adjusting your withholding to ensure your taxes paid and get the extra cash put into another account that you ignore, but ia available to you at any time.
Raptor, seriously, this is why I'm probably the only person at work who tosses the refund check into the bank as soon as it shows up! Everyone else splurges it on vacation trips.

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Re: What would you do...with your tax return?!

Post by Shiloh » Thu Mar 13, 2014 10:40 am

I got about 300 back, tossed most of it into savings after treating myself to a few gadgets. (New knife + flashlight)
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Re: What would you do...with your tax return?!

Post by blackhorse » Thu Mar 13, 2014 1:27 pm

Tax refunds.....been on both sides of the fence.
When I was a independent contractor I paid quarterly and "never" got it exactly right till the end of year report/claim. I always owed and always more than predicted no matter how many "accounting professionals" I tried.
Now being a normal employee I always get money back. Tax credits, deductions, and laws change at a moments notice.

I know families that can't save money because one or both spouses can't control their spending to save. If they never see it they can't spend it. So by giving uncle sugar a temporary loan to see at the end of year a chunk of money you can't otherwise save for.
Working poor that don't make enough to pay gets credits anyways if they qualify ie kids.
There are lots of reasons people get a refund besides the "paid to much" response.
On top of that it's their money and their life....if they want to do it this way for whatever reason it's theirs to do as they want.
(Edit..add) I have two townships I get taxed all year as a resident and have to file to get my non resident refund....no choice.
To the OP
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Re: What would you do...with your tax return?!

Post by Langenator » Thu Mar 13, 2014 2:36 pm

Since I did my withholding well (avoiding making an interest-free loan to the .gov), and my investments actually had some return this year, I will be including a check to Uncle Sam with my tax return.

It's annoying, but it tells me I figured things as close to correctly as I can manage. Next year I'll remember to put a bit of $$ away each month to pay my yearly tribute to Leviathan.
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Re: What would you do...with your tax return?!

Post by Charra » Thu Mar 13, 2014 4:08 pm

I spent mine on a kayak, new shoes and an M92 pistol.

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Re: What would you do...with your tax return?!

Post by dtwn92 » Thu Mar 13, 2014 5:10 pm

Spent a few bucks on food. Stocked up on Ammo and purchased my wife a carry gun. Broke again... :vmad:
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Re: What would you do...with your tax return?!

Post by gallowglas » Sun Mar 30, 2014 6:41 pm

Pay off my retirement. Since I work for the state my military service time can count. Pay off husband's truck payment (and use that to pay off my car, then the house). Buy upgrades for my ar 15. chin rest, brass catcher, Magpul magazines. Then another rifle.

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Re: What would you do...with your tax return?!

Post by Tater Raider » Fri Apr 04, 2014 7:01 pm

Me and my $8 are going to Micky D's.

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Re: What would you do...with your tax return?!

Post by Boondock » Fri Apr 04, 2014 7:41 pm

Found out how much I'm getting this year. Probably replace a few windows on the house, do some landscaping in the yard. Gonna dedicate about $500 to upgrade some camping gear and preps.

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Re: What would you do...with your tax return?!

Post by 0122358 » Sat Apr 05, 2014 11:20 am

so ended up getting about 800 more then I thought...so...my BCM AR and maybe a few hiking related pieces of equipment
SMoAF wrote:Your sin is one of geography, not one of unmanliness. Pimp's sin is that he's, well....himself.
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Re: What would you do...with your tax return?!

Post by Cedar » Wed Apr 23, 2014 9:29 pm

Field fencing rolls 4' and 7 ft T-posts.

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