Tax Return Season!

[Ickdeep]

Its that time of the year again. For some its time to get a big check from the government from the money they take from us (updated per jwzimm ) and for others, its time to pay up. What are you guy's plans?

I'm getting a some back so low key going to spend it on my car. Probably going to lower it and whatever else mod can fit in the budget.

[Ultimateone]

I'm getting less money this year but it will probably go into my new to me car in some way like every other year.

[jwzimm]

I still laugh at this sort of post/topic.

You are not getting anything from the government!!

You are simply getting refunded the extra money you gave to them throughout the year in the form of excess withholding from your paychecks. Moreover, you are lending them this money at zero interest so you are losing money you could have otherwise made by putting it into an interest bearing account. What you should be doing upon discovering you are getting a substantial refund is going to your W-4 and adjusting your withholding's such that they do not take as much out of each paycheck.

[Crimson92]

Originally Posted by jwzimm

I still laugh at this sort of post/topic.

You are not getting anything from the government!!

You are simply getting refunded the extra money you gave to them throughout the year in the form of excess withholding from your paychecks. Moreover, you are lending them this money at zero interest so you are losing money you could have otherwise made by putting it into an interest bearing account. What you should be doing upon discovering you are getting a substantial refund is going to your W-4 and adjusting your withholding's such that they do not take as much out of each paycheck.

True. But some people can't be trusted to save the money.

I should be right at 0 this year.

[ECSTuning]

I haven't looked at the numbers yet, but I should get to write a nice fat check.... again.... o how I love tax season.

-James

[RickFLM4]

I'll write a check and mail it on April 16. Hoping / expecting it will be less painful at this time next year than it will be this year.

[Clark_Kent]

Originally Posted by RickFLM4

I'll write a check and mail it on April 16. Hoping / expecting it will be less painful at this time next year than it will be this year.

Likewise. In recent years tax season has annoyed me. I'll stroke a check sometime in April and do it again next year.

[Joekerr]

Originally Posted by Clark_Kent

Likewise. In recent years tax season has annoyed me. I'll stroke a check sometime in April and do it again next year.

What happens to it if you stroke it long enough? Curious minds are wondering...

[vinylengraver]

Here are some words to live by (1983 Oct 14, Margaret Thatcher
- Speech to Conservative Party Conference):

"Let us never forget this fundamental truth: the State has no source of money other than money which people earn themselves. If the State wishes to spend more it can do so only by borrowing your savings or by taxing you more. It is no good thinking that someone else will pay—that “someone else” is you. There is no such thing as public money; there is only taxpayers' money"...

[Hawkeye]

If the IRS ever starts accepting Form 8606-T then I will be able to file. Fuckers have pushed it back 3 times now!

I am generally around even, getting a grand back this year. Hard to figure out with job and location changes sometime, and with getting married to a teacher I am not sure what will happen next year either!

[Hawkeye]

Originally Posted by Joekerr

What happens to it if you stroke it long enough? Curious minds are wondering...

That only happens when he really wants to splurge on something...

[Joekerr]

Originally Posted by Hawkeye

If the IRS ever starts accepting Form 8606-T then I will be able to file. Fuckers have pushed it back 3 times now!

I am generally around even, getting a grand back this year. Hard to figure out with job and location changes sometime, and with getting married to a teacher I am not sure what will happen next year either!

Well, you'll likely be better educated for one. At least as it pertains to your own shortcomings and flaws. Did you know, for example, that there happens to be a wrong way to put milk back in the fridge?

I kid - marriage can be a great thing. I got very lucky. Some aren't though.

Originally Posted by Hawkeye

That only happens when he really wants to splurge on something...

Well done.

[EALm4]

Should be getting a nice sum back. Going to put almost all of it in savings and then the remainder will be used for summer vacation.

[DETRoadster]

My goal is the same as it is every year: To be as close to break even as possible. Sometimes I get a few hundred back. Sometimes I own a few hundred. It's really hard to predict as my wife is a small business owner and that can fluctuate things pretty wildly. Last year we got about $500 back. I'd be happy with that. Take the wife up snowboarding for a weekend with a nice dinner or two in there, and it's spent.

[R3dliner]

Originally Posted by DETRoadster

My goal is the same as it is every year: To be as close to break even as possible. Sometimes I get a few hundred back. Sometimes I own a few hundred. It's really hard to predict as my wife is a small business owner and that can fluctuate things pretty wildly. Last year we got about $500 back. I'd be happy with that. Take the wife up snowboarding for a weekend with a nice dinner or two in there, and it's spent.

Off topic but I couldn't help to ask since I see you're from Seattle and into snowboard.
Last year I flew into seattle only to drive up to whistler. I found out later there was nice mountains nearby like steveson's pass or crystal. Where do you like to go around there?

[DETRoadster]

Originally Posted by R3dliner

Off topic but I couldn't help to ask since I see you're from Seattle and into snowboard.
Last year I flew into seattle only to drive up to whistler. I found out later there was nice mountains nearby like steveson's pass or crystal. Where do you like to go around there?

The PNW is super weather dependent. My go-to spots are Stevens or Crystal. One can be great and the other pissing rain on any given day so you gotta be a little flexible and just go where the weather points. it's the main reason I dont buy season passes. I dont want to get hooked in to just one spot.

Whistler is by far my favorite though. Nothing in the NW compares. If you ever get the chance to hit Whistler in the summer, do it! I like it even better in the summer.

[Never_Enough]

For the first time in my life, I owe. Thanks, Obamacare.

[BimmerAg]

Getting a pretty big chunk back this year as my wife stopped working and is back in school full time now. Already booked a track day and will probably get some maintenance items (plugs, brakes, serpentine belt kit) with part of it, and the rest will go into savings.

[dreamingat30fps]

First full year self employed so unfortunately I'll have to write a check for the first time.

[dinonz]

Originally Posted by Crimson92

True. But some people can't be trusted to save the money.

I should be right at 0 this year.

I tried, but ended up getting a $2 refund (today in fact). Our accountant at work was impressed that I could work it to be that close...

[UncleWede]

As we near the end of our residential mortgage I keep inching up my witholding and typically write 2 checks total of $2500

[Hawkeye]

Originally Posted by Hawkeye

If the IRS ever starts accepting Form 8606-T then I will be able to file. Fuckers have pushed it back 3 times now!

4 Times now... apparently not accepting these until 2/15...