Tax Refunds...what will they do for you?
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| Mon, 01-25-2010 - 10:34am |
So I always get my tax refund as I do not have any dependents nor do I claim any allowances. It's usually pretty good and so I'm the person who gets frantically excited when tax season arrives. I am quite possibly one of the first people who submits their taxes. I am submitting mine Feb. 1st (have to wait for ETrade IRA paperwork).
After doing the math, between Federal and State, I'm getting $2,300 back. This will put a pretty dent into my debt!! I was originally going to put it towards buying a new couch but I think that can wait. I'd rather get rid of old debt and then work with my boyfriend to finance a couch (this is a good thing...it's not creating debt but my credit score and certainly his could use help with an approved furniture finance).
So...I think $2,000 is going towards the debt and then $300 is going toward finally getting my hair done, a facial and a full body massage. I deserve it!!! I am all about allowing some spoiling while also paying off debt. Hah!



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FLINGING DEBT:
no idea if we will get a refund or if we do what amount it will be. we have usually had to pay taxes. we will see if our baby gives us enough of a tax break to at least not have to owe this year. if we do get any money back it will be flaked directly to a cc. every little bit will help!
-andi
I am not sure what we are going to be getting yet. We are still waiting for the info from our employers. Last year we got about 2-3 thousand so I am thinking it will be about the same. I personally don't mine the interest free loan to Uncle Sam. It forces us to save and we ussualy pay for part of our trip somewhere (this year for Costa Rica). Last year we went to Colorado which was a lot of fun :). I am also hoping to use half of it or whatever is left to pay towards the car loan.
Liz
student loan paid off 2010
Bathroom remodel loan paid off 2013
Pending Car loan to be paid by the end of 2014!!!!!
Oh, don't get me started!
Wow, I'm jealous at some of the refunds PP are getting!
I usually get around $800 in refunds each year, but this year will be different.
Kate
I'm hoping for a little more than last year; but, we'll see. My plan is to pay off the AmEx card, which is at $1900 right now. If we have enough left over, we really need some decent chairs. We're getting too old for such uncomfortable furniture! I have no idea what that would cost, but surely more than the $75 chairs we have now.
And, yes, I know it's best to not get anything back because it means you had it all along rather than the government having it; but, we have many, many deductions this year and we also would not have applied it to debt. For us, it's almost forced savings...if that makes sense. :)
Dee
Stacy, I completely agree with you. We have this talk at tax time every single year. We actually are getting almost double what we got back last year, but it was almost an "alignment of the stars" sort of thing and definitely not planned. Between adding another dependant, the child care credit that's added to that with the daycare costs, DH taking a few classes last spring, and adding some high efficiency stuff to the house, it all added up quickly. Though we can't itemize as Marie mentioned because we were very conservative when we bought our house. I claim married 3 on my paycheck, so I hardly pay in anything at all, but DH claims either single 0 or married 0 because he's convinced that is the only way we will ever have any large sum of money all at once. I'm still working on convincing him otherwise.
Tax Refund...Holy Crap! I am getting back way more money than I previously suspected and I'm kind of in shock!
I had to do a pretty good estimation of what my taxes would look like this year because of the financial aid paperwork I am filling out for DS's private school application. I got 1 of my W-2's really early and I called my previous job and they sent me the information I needed. I used my husbands final check for the year to calculate his W-2 and I put in my earnings from my small piano business. I also put in my miles and the PMI and interest on our home. I tried to be as accurate and as honest as I could be. The only thing I didn't put in was my husbands part-time job because I had no idea what the numbers would be. He made $1170 this year and the taxes were already paid on it. Our taxes are usually pretty simple.
As of right now, we are getting back $3,800+ dollars. I'm pretty dumbfounded. I was guessing we'd get back $1000. The only thing I could think of that would make it that high was that DH told me a long time ago that he didn't know how to fill out his tax information at work and he felt that he might have not claimed any deductions. I'm going to have to fix that because I can't stand thinking that I paid the government more than I should have.
If I actually do end up getting that much money back, which I'm still skeptical about! I am going to be officially debt free and then some! I'll be able to pay off my condo association and the 2 small balances left on my credit cards. Then I'm going to get my Emergency Fund to $1000 and I'll still have $2000 dollars left. I do have some medical and dental bills that will probably come to about $1000 dollars, but my mom is urging me to set up payment plans so I can keep a reserve of cash around. I'm going to think long and hard on the best way to use this money because we won't get another refund back like this one! I'm having DH fix his deductions and SOON!
Well I know a lot of people are going to cringe when I type this but I am getting $4588 back, and yes, it is on purpose.
It will be divided up as follows:
$1000 E-fund
$1970 to pay off dental bills
$1618 to ING account designated for 6 months savings (not near there yet :))
I would love to spend some money on DD and myself but I just don't think I will....I am in save save save mode this year.
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