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-   -   WooHoo Received W2- Official 'What are you buying with tax return $$' Thread! (http://www.blowoutcards.com/forums/off-topic/438545-woohoo-received-w2-official-what-you-buying-tax-return-thread.html)

Res215dg 01-24-2013 03:33 AM

WooHoo Received W2- Official 'What are you buying with tax return $$' Thread!
 
I'm not in the red this year and am getting a decent return due to my new job.

I plan on picking up a box TNA Tenacious Wrestling and a box of Panini Threads/Limited.

Also, in memory of THQ and officialy RIP as of today, going to pick up a replica DarkSiders 46" sword :flex:

....The rest of my return will go towards bills :o

washingtonmark 01-24-2013 03:35 AM

Well hope all of you are aware that the IRS isn't processing any returns until atleast January 30th, and Nobody will receive their money until 7-21 after processing. So don't go spending your refunds too early!

BostonNut 01-24-2013 07:56 AM

Pssh...I never even see the check. The wife has magical powers with it...

gatordeve86 01-24-2013 07:57 AM

getting back 8k and paying bills:o

deboesports 01-24-2013 08:07 AM

getting 8+ also. getting that bundle best buy has...fridge,stove,dishwasher,microwave all stainless steel. its a good deal.

TheHeel 01-24-2013 08:11 AM

Mine is going towards my house fund.

mgugs46 01-24-2013 08:28 AM

I'll probably owe this year. Stupid taxes.

asujbl 01-24-2013 08:42 AM

Nothing other then just buying any regular day to day things I'd be anyway. I don't give the government an interest free loan so I tax plan accordingly at the start of the year. If you're getting thousands back then you are doing some pretty horrible planning.

deboesports 01-24-2013 08:50 AM

[QUOTE=asujbl;4097594]Nothing other then just buying any regular day to day things I'd be anyway. I don't give the government an interest free loan so I tax plan accordingly at the start of the year. If you're getting thousands back then [COLOR="Red"]you are doing some pretty horrible planning[/COLOR].[/QUOTE]

and it starts.

tnarg 01-24-2013 09:01 AM

A push is a win for me

Matt54650 01-24-2013 09:04 AM

I wish I could say I'm buying something sweet, but it just goes into my savings account. Although, some would say saving for a down payment on a house is sweet.

fullmetal 01-24-2013 09:50 AM

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

fm8418 01-24-2013 10:47 AM

[QUOTE=asujbl;4097594]Nothing other then just buying any regular day to day things I'd be anyway. I don't give the government an interest free loan so I tax plan accordingly at the start of the year. If you're getting thousands back then you are doing some pretty horrible planning.[/QUOTE]

You do realize there's child credits out there and stuff so people can get back that much without putting into it, so your magical theory isn't always correct

Orangejello727 01-24-2013 10:49 AM

[QUOTE=gatordeve86;4097509]getting back 8k and paying bills:o[/QUOTE]

How in the world do you get that much back? IM pretty envious. I have to throw a bunk load of cash into my RRSP just so that I can come in paying around that much into taxes!!

fm8418 01-24-2013 11:06 AM

[QUOTE=Orangejello727;4098122]How in the world do you get that much back? IM pretty envious. I have to throw a bunk load of cash into my RRSP just so that I can come in paying around that much into taxes!![/QUOTE]

say you have 2 kids and only make around 20k. It's possible to get around that much, don't be too envious until you know everyones situation.

fullmetal 01-24-2013 11:22 AM

[QUOTE=Orangejello727;4098122]How in the world do you get that much back? IM pretty envious. I have to throw a bunk load of cash into my RRSP just so that I can come in paying around that much into taxes!![/QUOTE]

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.

fullmetal 01-24-2013 11:23 AM

[QUOTE=fm8418;4098223]say you have 2 kids and only make around 20k. It's possible to get around that much, don't be too envious until you know everyones situation.[/QUOTE]

If someone has two kids and makes 20k I would question their decision-making.

wadedaniel84 01-24-2013 11:24 AM

Getting around 8-9 k and every penny is going to bills and CC's

tajikey 01-24-2013 11:27 AM

[QUOTE=asujbl;4097594]Nothing other then just buying any regular day to day things I'd be anyway. I don't give the government an interest free loan so I tax plan accordingly at the start of the year. If you're getting thousands back then you are doing some pretty horrible planning.[/QUOTE]

Couldn't agree more. I'm a registered tax preparer, and I cringe when people get thousands back. Proper planning would put that money in peoples hands when they need it, not after they've put thousands on credit waiting to pay it off.

[QUOTE=deboesports;4097612]and it starts.[/QUOTE]

Nothing should start. It's his opinion, and a good one.

[QUOTE=tnarg;4097645]A push is a win for me[/QUOTE]

Agreed. I always pay Federal with my State refund. I come out even or a hair in the red every year.

[QUOTE=fm8418;4098107]You do realize there's child credits out there and stuff so people can get back that much without putting into it, so your magical theory isn't always correct[/QUOTE]

And you realize that you can change your W-4 any time during the year to accommodate for these credits. There's even a box on the W-2 that reports earned income credit if you took it early like you should, if you expect little to no changes year over year.

Responsible is NOT getting thousands, with or without kids, it's getting zero, with or without kids.

lionsfan20 01-24-2013 11:30 AM

[QUOTE=fm8418;4098107]You do realize there's child credits out there and stuff so people can get back that much without putting into it, so your magical theory isn't always correct[/QUOTE]

You do know that you can control how much money you loan to uncle sam correct? If you are getting 8k or anywhere near that back you are not doing it right.

[QUOTE=fullmetal;4098320]If someone has two kids and makes 20k I would question their decision-making.[/QUOTE]

+ 100

groundsupport 01-24-2013 11:35 AM

Ive been getting back 6-10 back every year.

Probably the same this year.

Ill take the wife on a nice weekend vacation, pay off some bills, and buying a new dryer.

sooslow 01-24-2013 11:36 AM

Tax return? That's cute....I will be owing thousands.

sooslow 01-24-2013 11:38 AM

[QUOTE=lionsfan20;4098363] If you are getting 8k or anywhere near that back you are not doing it right.
[/QUOTE]

Also, This.


Getting 8k back from the government is essentially giving them an interest free loan for the entire year. That money could have been used for investments with actual returns.

bigzig 01-24-2013 11:40 AM

[QUOTE=washingtonmark;4097320]Well hope all of you are aware that the IRS isn't processing any returns until atleast January 30th, and Nobody will receive their money until 7-21 after processing. So don't go spending your refunds too early![/QUOTE]

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

[QUOTE=asujbl;4097594]Nothing other then just buying any regular day to day things I'd be anyway. I don't give the government an interest free loan so I tax plan accordingly at the start of the year. If you're getting thousands back then you are doing some pretty horrible planning.[/QUOTE]

Just because someone doesn't plan the same way you do doesn't mean it's horrible.


[QUOTE=Orangejello727;4098122]How in the world do you get that much back? IM pretty envious. I have to throw a bunk load of cash into my RRSP just so that I can come in paying around that much into taxes!![/QUOTE]

I'm married with 3 kids, but claim 0 dependents and have them hold out extra throughout the year. I'm sure there is more profitable ways to save, but it's easier for me if I don't see the money to begin with.

asujbl 01-24-2013 11:45 AM

[QUOTE=tajikey;4098344]Couldn't agree more. I'm a registered tax preparer, and I cringe when people get thousands back. Proper planning would put that money in peoples hands when they need it, not after they've put thousands on credit waiting to pay it off.



Nothing should start. It's his opinion, and a good one.



Agreed. I always pay Federal with my State refund. I come out even or a hair in the red every year.



And you realize that you can change your W-4 any time during the year to accommodate for these credits. There's even a box on the W-2 that reports earned income credit if you took it early like you should, if you expect little to no changes year over year.

Responsible is NOT getting thousands, with or without kids, it's getting zero, with or without kids.[/QUOTE]

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.


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