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

Posted: Fri Jan 24, 2014 5:25 pm
by Das Sheep
Hey everyone!

Its tax season and most of us are filing out taxes!

So what are you all planning to do with your tax money, prep wise?


I am personally thinking about investing in a bigger safe (that can be bolted to my garage floor) or maybe getting really nice tent so I can convince my lady friend to even consider going camping with me.

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

Posted: Fri Jan 24, 2014 9:15 pm
by BigKahunaFL
Hopefully get my car fixed/running, so I can find a job, so I can pay the rent, and maybe, just maybe, put some food on the table. I've been using up my stored foods for over a month now, and there getting a bit lower than I would've liked them to go. good thing i was pre-prepped! :)

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

Posted: Fri Jan 24, 2014 10:25 pm
by Sins
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

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

Posted: Fri Jan 24, 2014 10:39 pm
by raptor
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.

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

Posted: Fri Jan 24, 2014 10:44 pm
by Doctorr Fabulous
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.
Sure. OTOH, I get wierd tax bills every year due to a somewhat unique financial situation. I found out in September I'm likely going to owe about $3k more than I thought. I tend to overpay a bit just in case.

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

Posted: Fri Jan 24, 2014 11:00 pm
by Das Sheep
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
Education tax credit (Night classes /Online classes to become an RN). I don't know how much I will spend on school over the year, and DFAS automatically takes out my taxes. :/ So I can't do a withholding, and I get several grand back.

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

Posted: Fri Jan 24, 2014 11:02 pm
by Evan the Diplomat
I agree that everyone should have their witholdings dialed in so the IRS isn't holding a big wad for you.

Depending on how you perceive your SHTF scenario I recommend the rule of thirds. Spend 1/3, save 1/3 and invest 1/3 of any windfall.

Paying down or paying off credit card debt is the best use of any windfall. 29% interest is just short of usury. Zeroing out credit card debt is almost like having a 29% return on investment.

My last bit of unsolicited financial advice is the acronym SLY when it comes to investment.

Security - How safe is it? A $100,000 U.S savings bond vs jojoba bean futures
Liquidity - How easily can you turn it into cash. Your checking account vs that $100K bond that matures in 30 years.
Yield - What is the return (payoff) on investment. Apple stock didn't look so brilliant in 1999 at $2.69 a share. But safe investments get you 3%.

The riskier or less liquid the investment instrument, the higher the yield.

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

Posted: Fri Jan 24, 2014 11:59 pm
by ZombieGranny
Stick it in the bank to go toward the $5,172 we have to pay a year for health insurance.
Gee - you thought old people got it for free, didn't you?
We used to think so too.

Prep for it, folks!

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

Posted: Sun Jan 26, 2014 9:36 am
by mariposa
Doctorr Fabulous wrote:
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.
Sure. OTOH, I get wierd tax bills every year due to a somewhat unique financial situation. I found out in September I'm likely going to owe about $3k more than I thought. I tend to overpay a bit just in case.
I've had to fight with the IRS myself (once due to someone else claiming EIC on my child, and once due to their own bad advice), so I tend to keep my withholdings high. Even when I had to give the IRS over $1,400, due to following their help line's bad advice, my high withholdings provided for that. I was able to pay them back immediately. I normally use part of my tax refund to refresh my hurricane/disaster kit.

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

Posted: Sun Jan 26, 2014 9:48 am
by ArmchairRacer
It's going to go toward my saving to get a classic car to restore/mod (will be sure to do a build thread in transportation forum). I keep with holdings high because paying them money sucks, and I know I'll spend any extra money on each paycheck; I really need to get better with financial discipline .

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

Posted: Sat Feb 01, 2014 8:51 pm
by veamon
Return? What's that? I'm paying for freeloader's healthcare, and anything else the government wants to give out to win votes.

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

Posted: Sat Feb 01, 2014 10:17 pm
by fred.greek
You folks do realize that getting a tax "refund" means you deposited too much throughout the year, and gave the politicians an interest-free loan… If you get a refund, adjust your withholding so YOU have the money during the year, put it in some savings / investment account, and be ready to make a payment at tax time…

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

Posted: Sat Feb 01, 2014 10:28 pm
by ZombieGranny
As I have posted on this type of thread before:
I would much rather give the government an interest-free loan, than a bank.

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

Posted: Sat Feb 01, 2014 10:47 pm
by Boondock
Vegas, baby! Vegaaaaasss! :lol:

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

Posted: Sat Feb 01, 2014 10:53 pm
by Caenus
A portion of my income is not taxed at the time I receive it. Therefore I try to estimate what those taxes will be and have my regular income job taxed to offset. I usually get pretty close, only $200-$300 either way. IF I get a return, I consider that money "fun money" as it is not counted on and other preps/investments go on their own budgets. This year however, a planned "fun prep" (mostly because I only plan on using it for camping, but if pressed it could be useful in a power outage), is a 180 ah home brew solar generator. Using two Interstate batteries I've already purchased (50% off, couldn't pass the deal up), that leaves a couple solar panels and something to house the inverter and charge controller.

If I get a return, that's what it'll be.

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

Posted: Sat Feb 01, 2014 11:00 pm
by Confucius
Not really sure. My having just graduated from college and landing in a pretty high paying job for half a year getting taxed like I was making the whole year's salary has left me with a substantial refund this year, like 5k substantial...

Probably going to put most of it towards my car loan and kick in a bit towards my sister's honeymoon.

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

Posted: Sat Feb 01, 2014 11:06 pm
by Shiloh
I probably won't get a whole lot back, but it's probably going to go towards a new shotgun (or other long gun) and some ammo.

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

Posted: Sat Feb 01, 2014 11:29 pm
by DannusMaximus
fred.greek wrote:You folks do realize that getting a tax "refund" means you deposited too much throughout the year, and gave the politicians an interest-free loan… If you get a refund, adjust your withholding so YOU have the money during the year, put it in some savings / investment account, and be ready to make a payment at tax time…
Meh. I prefer to know I am getting a return then have to guess how much I may end up needing to write a check for on April 15th.

We'll be putting our return money towards a white picket fence. Seriously. The better to contain our 2 first line zombie alert systems (aka, mutts...).

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

Posted: Sat Feb 01, 2014 11:45 pm
by doc savage
it's all going for ammo... I have everything else covered.

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

Posted: Sun Feb 02, 2014 12:59 am
by zkiller90
Going towards some tires for my truck. Then either a dpms panther a3 223/5.56 flat top or a tristar t120 9mm

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

Posted: Sun Feb 02, 2014 3:08 am
by Dragon80
I'm getting some stupid education credit which isn't much but only a bit of it is going toward an Instapark 10 Watt solar panel and a Princeton Tec Fred.

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

Posted: Fri Feb 14, 2014 1:27 pm
by 0122358
Finishing my AR and then...saving the rest I guess...

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

Posted: Fri Feb 14, 2014 2:36 pm
by Maverick299
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.

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

Posted: Fri Feb 14, 2014 3:27 pm
by Tater Raider
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.