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The 7 - One Question... - Are you getting a Tax Refund? Register and log in to post!
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StaggerLee
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#1 Posted on 28.1.06 1147.11
Reposted on: 28.1.13 1147.40
I did my taxes last night, and I am going to be filthy rich I tell ya! I dont know where or how I will spend that $114, but I am sure it will be satisfying!

What about you? Getting a refund? Or do you owe?
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pieman
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#2 Posted on 28.1.06 1208.26
Reposted on: 28.1.13 1208.33
Does it really matter? If you're getting a refund, it just means you gave the government an interest free loan for the last year. I would just as soon owe them a little bit at the end of the year. That way I could spend or invest MY money the way I wish during the year.
JayJayDean
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#3 Posted on 28.1.06 1420.10
Reposted on: 28.1.13 1422.18
Mrs. JJD and I both have our paychecks done for if we were filing "single" with zero deductions. We'll probably get $6000 back or so. We'll end up taking a chunk of it and paying our 2006 property tax and sticking the rest in savings until we need it.

Obviously, there's a smarter way to accumulate a savings through the year, but Mrs. JJD and I are HORRIBLE savers.
spf
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#4 Posted on 28.1.06 1936.19
Reposted on: 28.1.13 1937.04
    Originally posted by pieman
    Does it really matter? If you're getting a refund, it just means you gave the government an interest free loan for the last year. I would just as soon owe them a little bit at the end of the year. That way I could spend or invest MY money the way I wish during the year.

I understand what you're saying, and you are absolutely correct in a theoretical sense.

For me though...it's good to have someone forcing me not to bleed money off in small amounts, and then let me have it all at once, because then I am more likely to do something good with it. Is that smart of me? Of course not, but it works out well for everyone in this case :)
cranlsn
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#5 Posted on 28.1.06 2000.42
Reposted on: 28.1.13 2001.14
    Originally posted by pieman
    Does it really matter? If you're getting a refund, it just means you gave the government an interest free loan for the last year. I would just as soon owe them a little bit at the end of the year. That way I could spend or invest MY money the way I wish during the year.


I admire your frugality and will power! I just can't do it...I am also a terrible saver. If it's already coming off the check for some reason I don't miss it. Eventually I'll figure out how to put it in a savings account without remembering that it's there, but until then....

We've had several years with terrible strings of bad luck for things like cars & medical bills. The only "light at the end of the tunnel" was that I knew we'd be getting a decent refund.

***forced savings = golden parachute for crappy luck***

pieman
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#6 Posted on 28.1.06 2038.34
Reposted on: 28.1.13 2038.48
    Originally posted by cranlsn
    I just can't do it...I am also a terrible saver. If it's already coming off the check for some reason I don't miss it. Eventually I'll figure out how to put it in a savings account without remembering that it's there, but until then....


That's exactly what I do. I have a portion of my check directly deposited into a savings account (one that I can't access through an ATM, so there's no lure of withdrawing the money). So, with a portion of our savings, we're heading to DisneyWorld in April! Yay!
Karlos the Jackal
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#7 Posted on 28.1.06 2100.00
Reposted on: 28.1.13 2100.18
    Originally posted by pieman
    So, with a portion of our savings, we're heading to DisneyWorld in April! Yay!
This is totally off topic, but they just opened a new attraction at Disney World called Expedition Everest (miceage.com) -- holy cow, it looks awesome. Please, pieman, go on it -- for all of us.

On topic -- no, I own a business, so I don't withhold my own salary or anything like that.

--K
Kevintripod
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#8 Posted on 28.1.06 2219.26
Reposted on: 28.1.13 2225.39
Gonna have a nice sized refund. Might use it to put in a above-ground swimming pool in the backyard.
Mr. Boffo
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#9 Posted on 29.1.06 1409.00
Reposted on: 29.1.13 1409.07
Just looked at my taxes today. I think I'm going to owe about $900 combined (State and Federal). It's due to money made from a business (on top of my normal salary) that I am 1/3 owner off.
Guru Zim
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#10 Posted on 29.1.06 2212.40
Reposted on: 29.1.13 2212.41
If you are bad at saving, but want to have a small amount taken from you every now and then so that you won't notice it, you might like what I've been doing.

I have an ING Direct savings account that is linked to my checking account. I figured out what the price was for a middle of the road dinner / pizza / DVD amount of money and picked $14.77 for some reason. I have it set up to take this amount of money out of my checking account every week.

It's around $600 a year which isn't a lot of money, but I get 3.5% interest on it and when I get a bonus or something (well, when I used to not be hourly and worked where I made bonus) I would stick that in there too.

But yeah - I'm getting a refund too. I'd rather give the govt. the loan than find out that I really screwed up and then have to eat Ramen for a few months to pay taxes in April.
Teapot
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#11 Posted on 29.1.06 2220.33
Reposted on: 29.1.13 2220.38
Oh, I'm paying this year. (Paid last year, too - about $35000 or so. Probably around that much this year, too. Although I bought a house this year, so hopefully that'll offset some.)
pieman
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#12 Posted on 30.1.06 0745.23
Reposted on: 30.1.13 0745.37
    Originally posted by Guru Zim
    I have an ING Direct savings account that is linked to my checking account. I figured out what the price was for a middle of the road dinner / pizza / DVD amount of money and picked $14.77 for some reason. I have it set up to take this amount of money out of my checking account every week.

    It's around $600 a year which isn't a lot of money, but I get 3.5% interest on it and when I get a bonus or something (well, when I used to not be hourly and worked where I made bonus) I would stick that in there too.


See? That's what I'm talking about! Keep your money! Don't give Uncle Sam an interest free loan! Viva le savings!
AWArulz
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#13 Posted on 30.1.06 0926.31
Reposted on: 30.1.13 0926.32
We don't know yet for sure. It'll be close on wages - I know we're really close on that - but our investments were crazy good this year, so we probably are going to owe, even with large deductions (we always max on many of the deduction catagories).

With regard to savings: 6% always goes to the 401K - I am embarassed to say how much is in there - and 1% to the ESA - of course, that becomes outgoing in August when my Daughter goes to college.

The Thrill
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#14 Posted on 30.1.06 1703.59
Reposted on: 30.1.13 1703.59
Getting a decent little chunk from the feds, a smaller piece from the boys in Madison.

Already got it...thank you simple W-2's, online filing & direct deposit! Hooray!
bash91
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#15 Posted on 30.1.06 2042.11
Reposted on: 30.1.13 2042.27
As usual, owe the state a couple hundred, getting a refund from the feds. Of course, thanks to some higher than usual medical bills and the April arrival of our third tax deduction, this refund will be quite a bit larger than the usual couple hundred that offsets what we owe the lovely people in Lansing.

Tim
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#16 Posted on 31.1.06 0924.18
Reposted on: 31.1.13 0924.18
Is it common for you all to start your taxes so early? The due date is April 15, isn't it?

Here in Canada, I haven't received all my relevant forms yet, and I think that would be for most of us.

Albertans have been receiving their "Alberta Prosperity Bonus" cheques over the last few days. Each citizen receives a cheque for $400 as a thanks for helping build the province. Retailers and charities are doing what they can to take that money from us.
AWArulz
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#17 Posted on 31.1.06 0944.36
Reposted on: 31.1.13 0947.12
    Originally posted by The Goon
    Is it common for you all to start your taxes so early? The due date is April 15, isn't it?



I got my W2s like the 8th of January - but I have a stock market account and haven't got the 1099 from that yet.

If you owe, you wait until April 15, but if you have a refund, doesn't it make sense to file early? I won't know until Ameriprise gets off their ass and sends me some data.
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#18 Posted on 31.1.06 1011.48
Reposted on: 31.1.13 1013.55
Companies have until January 31st (today) to get the information to you, whether it be a W-2 or a 1099 or some such document.
Rudoublesedoublel
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#19 Posted on 31.1.06 1121.23
Reposted on: 31.1.13 1122.22
I haven't done the taxes yet, but should get a decent refund from DC and hope to get a little bit back from Frankfort.

I agree with the notion that you're giving the government an interest free loan if you get a refund, but I also agree with the notion that a refund is implied savings.

I would argue that with checking account and savings account rates being as low as they are that there isn't a lot of opportunity cost involved with getting a refund.

I'm only good at saving with my 401-(k), I put in 7% and hope to move to 8% within a couple of years. I can time my tax refund with my annual homeowner's and auto insurance bills, so the implied savings do actually have some benefit to me.
too-old-now
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#20 Posted on 31.1.06 1708.56
Reposted on: 31.1.13 1714.41
Hefty refund, (3 grand) despite having very little withheld ongoing. Stock bonuses and performance bonus check meant mandatory 20% withholding, which far exceeds my actual tax rate. Since both of these were not expected to recur, I did not adjust my withholding in anticipation of them.

I love the fact that 20 years ago I paid three times what I do now for federal taxes. Hooray for charitable contributions!

So, we'll see y'all in Disneyworld! Actually, I might use it instead to fill my gas tank ALL the way up!
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