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Anyone else getting a tax return?

Discussion in 'Off Topic [BG]' started by Basschair, Mar 28, 2006.


  1. Basschair

    Basschair .............. Supporting Member

    Feb 5, 2004
    Stockton, Ca
    The good news is that I'm getting over $1,000 back on my return.

    The bad news is that it's not "my" return, because I'm married (that part's not too bad :p ).

    My wife and I are home-owners, and itemize our deductions. We refinanced our first mortgage last year, and took out a loan for home improvement. So, we were able to deduct our interest on all loans, our student loan interest, our closing costs, the sales tax on the home improvements, donations, teacher's supplies (including my Eden cabinet, as it was purchased for bass lessons and is therefor directly related to teaching costs), and a few other things.
     
  2. i did, and spent it already...
    d'oh
     
  3. Basschair

    Basschair .............. Supporting Member

    Feb 5, 2004
    Stockton, Ca
    Oh yes, this is almost all spent already. Tools for a fret job and homeowner's insurance.
     
  4. 43% burnt

    43% burnt an actor who wants to run the whole show

    May 4, 2004
    Bridgeport, CT
    I did my taxes this past weekend...I owe over $1000.

    Awesome...There goes my new G&L. :( :rollno:
     
  5. cheezewiz

    cheezewiz Supporting Member

    Mar 27, 2002
    Ohio
    Everyone gets a tax return. NOT everyone gets a tax ReFUND.
    I'm getting about $700. Not enough to make even a drop in our raging ocean of debt.
     
  6. Basschair

    Basschair .............. Supporting Member

    Feb 5, 2004
    Stockton, Ca
    Alright smarty-pants.


    Isn't that what being an American is all about?
     
  7. xcental34x

    xcental34x

    Feb 28, 2003
    Memphrica, TN
    I got $2300, and most of that went towards a down payment on my new car.

    Either school discounts are a blessing, or I'm going to owe a lot of money next year.
     
  8. cheezewiz

    cheezewiz Supporting Member

    Mar 27, 2002
    Ohio
    Actually, I make the same "misspeak" all the time! It's just easier to spot in writing. :)

    I normally get quite a bit more than $700, but somehow, in their brilliance, my wife's new employer this year somehow decided to deduct $200 in Federal Tax for the entire year. I'm damn lucky I don't have to pay in.
     
  9. jkritchey

    jkritchey

    Jul 23, 2002
    Northern Va.
    +700 :D

    The inflow and the outflow of cash through the household happens at the velocity of a high pressure fire hose...
     
  10. guy n. cognito

    guy n. cognito Secret Agent Member Gold Supporting Member

    Dec 28, 2005
    Nashville, TN
    Obligatory disclaimer:

    Remember that a "refund" is nothing more than the IRS refunding YOUR money that you let them uses FOR FREE throughout the year. If you are getting back more than $1,000 every year, then you need to rethink how your taxes are withdrawn. That money does more good in your pocket than in uncle sams.
     
  11. DigMe

    DigMe

    Aug 10, 2002
    Waco, TX
    We would have paid but becuase of some schooling I did last year we ended up getting around 700 back. We put it towards our couches that we bought on 2 years no interest. THey're almost paid off and we have a few months left.

    bc
     
  12. MJ5150

    MJ5150 Moderator Staff Member Supporting Member

    Apr 12, 2001
    Olympia, WA
    Nice post. I tell people who get big $$ returns the same thing. Oh yeah, and the government thanks them for the interest free loan.

    -Mike
     
  13. guy n. cognito

    guy n. cognito Secret Agent Member Gold Supporting Member

    Dec 28, 2005
    Nashville, TN
    My brother and sister in law get back thousands of dollars every year. They consider it "savings", yet they carry credit card debt throughout the year. I have pointed out to them that they are essentially PAYING for that money, but they don't really care. :rolleyes:
     
  14. MJ5150

    MJ5150 Moderator Staff Member Supporting Member

    Apr 12, 2001
    Olympia, WA
    Wow, very much the same thing for me as well. The friends I am thinking of who get the $3-4000 return every year go on and on about how it is a good way to save money.

    I just think they are too stupid to do some basic math. The credit card interest is something I hadn't thought of. I usually go with the CD, or high yield savings account line of reasoning.

    -Mike
     
  15. Tony G

    Tony G

    Jan 20, 2006
    NY
    This is the first year I have to pay. I owe the feds about $150, and the state about $100. Its not too bad, but it still sucks. I have always gotten refunds in the past.
     
  16. guy n. cognito

    guy n. cognito Secret Agent Member Gold Supporting Member

    Dec 28, 2005
    Nashville, TN

    I owed $22 this year. I was pretty proud of myself. :smug:
     
  17. Basschair

    Basschair .............. Supporting Member

    Feb 5, 2004
    Stockton, Ca
    I totally agree. I was actually going to put something similar in my original post, but deleted it because it made me sound too smart, and I don't like to advertise that :smug:

    My dad-in-law claims monthly deductions and then invests it in money market accounts, so that the money is put to good use. Of course, he then pays taxes on those earnings, but hey, it's a small way of stickin' it to the man!
     
  18. DigMe

    DigMe

    Aug 10, 2002
    Waco, TX
    You know what, we can sit here all day and slam people who think it's a great thing to do that but what's the point? To them it IS a great thing...maybe they value the joy of getting that lump sum back more than they would the joy of making interest on it. Not exactly wise when it comes to money management but why do we care if someone gets a joy out of doing that?

    bc
     
  19. guy n. cognito

    guy n. cognito Secret Agent Member Gold Supporting Member

    Dec 28, 2005
    Nashville, TN
    Because the same people that are getting that refund are the same ones riding thousands of dollars worth of credit card debt. So, that refund is acutally COSTING them money, to the tune of 18-26% per year. Not that I think these people are stupid, but they could definitely benefit from a dose of common sense.
     
  20. MJ5150

    MJ5150 Moderator Staff Member Supporting Member

    Apr 12, 2001
    Olympia, WA
    In my case, it is someone I know and care about. I'd like to see them make better use of their money. If you want to do it Brad, go ahead. I won't chastise you. ;)

    -Mike
     

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