What are your plans with tax return money?

[LongrangeLauber]

No one is saving or using to take a vacation? I've saved all but 1 of my bonuses at work so far and the return from last year.

 

So the wife and I are going to Italy in May...

Very nice. I'm going on a 4wheeling trip with some of it with my buddy and a few others come next month

[99silveradoz71]

I usually use some of our return for a roadtrip.

[Imcrazy]

I usually try to break even or pay a little bit but, when I do get one I try to talk the wife into letting me spend it on guns!

[smcgillis10]

First year I've ever gotten a return. Usually make too much and get bumped to the next bracket. But I got a tonneau cover, a system and window tint.

[Rewillia]

Tax Return? What in the hell is that?

[white1500]

For some reason or another (oops) I will end up paying some federal taxes. lol

 

But still going go Italy!

[idnative1948]

We cut it pretty tight, but we usually get enough back from FED to pay the damn state. Retired mid 2014 so income went down and got back $$$$. Decided to hook up the trailer for a three week road trip to NV, UT and AZ during April.

[BlackZ71Silverado]

What is tax return money???

 

Must be nice, hope you who get money back use it wisely.

 

 

Sent from my crappy iPhone 6

using Tapatalk

[flyboyron]

Still haven't finished our taxes yet, but prelim shows owing a couple hundred Fed, but refund on the State.

 

I most likely will apply any and all refunds to next years tax return. It helps reduce the estimates that are due on 4/15.

 

Hoping to have taxes done this weekend.

[Cowpie]

I never get any tax return money and glad of it. I have to pay quarterly estimates as a self employed person, and I only pay what I need to. Even as an employee, I would figure out what the taxes actually would be after deductions and select enough dependents on the W-2 so that only just enough taxes were taken out. I am not into giving government an interest free loan throughout the year. And as flyboyron stated, if there ever is a small amount of refund, I apply it to the next year and cut the amount I pay at the first estimated tax time.

[crafferty]

Thank you tax return!

[Spurshot]

Got about $7k bonus that I'll invest in some stocks.

[Spurshot]

I guess I'm stupid but, how do you not get a tax return?

When you make a lot of money and have no deductions. I guess that makes me the stupid one.

[RyanbabZ71]

No one is saving or using to take a vacation? I've saved all but 1 of my bonuses at work so far and the return from last year.

 

So the wife and I are going to Italy in May...

Ours went to savings for now, possibly going to Florida next year however we might have to buy a new furnace this fall

 

Had to pay state and refund with federal

 

No bonus at work this year I was in a 3 year savings/stock plan that I received back that made some good $. Used part of that for headers for the car (well worth it) rest went into savings. Also going to purchase a Springfield armory XDS sometime soon

 

 

Ryan

[jasonvp]

When you make a lot of money and have no deductions. I guess that makes me the stupid one.

It's less about that specifically and more about how you set up your witholdings on your W4 (note, I'm NOT a tax advisor, I don't play one on TV, and I didn't sleep at some no-name hotel last night). The idea is to adjust your witholdings so that each paycheck has more money in it with the distinct understanding that Uncle Sam is going to knock on your door 15 April, looking for a hand-out. But it's better (IMHO) to give it to him in one lump sum versus a 0% interest loan over the course of a year. That way I can make more use of that money during the same year-long period.

 

If you go with your default witholdings, you'll inevitably be over-paying paycheck-to-paycheck, and you'll get a lump sum back in April. Adjusting the witholdings takes a bit of work and experimentation, and the only real way you'll know if you did it right is to do next year's tax return. It's a bit of an iterative process; there are tools available (TurboTax can help, for instance) that will help. But even they aren't 100% perfect.