Tax refund, Bonus? ..or 'bout time?

[cstreit]

So just curious, when you guys get your tax refund (here's to hoping that you DO), do you treat like a yearly bonus to be used to splurge a bit? ...or is it about damn time the gov't sent you back that money so you can sock it away?

[red-beard]

Neither - I try to keep my money, and owe a little bit

[widebody911]

Originally posted by red-beard
Neither - I try to keep my money, and owe a little bit

Same here. I owe a tad over $2k, which I'll send in 2007/04/15 23:59

[Rick Lee]

A tax refund is a free loan you gave the government. I try to avoid that. I'd rather get a free loan from them and pay them back on 04/15 interest free.

[VincentVega]

What's a refund???

If you are getting one, good news, but I cant see how it's a 'bonus'. It's your $$ you earned and lent to The Man all year.

[Joeaksa]

Only way to do it is to get a $1 refund. Anything more and they are using YOUR money for free all year long.

[Flatbutt1]

I try to break even but I planned badly last year. I lost my last dependant and didn't withhold enough. So I owe fed and state 2K each.

[masraum]

I usually get back some. I'd rather get a little than owe any. I usually use it to pay bills or save. Occasionally we'll grab something with it, but not all of the money, only a small portion. Same with bonuses.

[arcsine]

For the first time in years I owe (~$200). I am comfortable with that. Usually the return goes into the bank.

[red-beard]

Originally posted by Flatbutt1
I try to break even but I planned badly last year. I lost my last dependant and didn't withhold enough. So I owe fed and state 2K each.

What is this "State" tax? I don't understand...thank god!

[RallyJon]

Should have a refund, but whoops, there's the AMT.

[Evans, Marv]

I didn't pay enough attention this past year & owe $4K to the Feds & State this April. Had to pay a small penalty to each too. Next year I hope to owe just a little as I have most years. I still feel good they didn't get to keep that money throughout the year.

[campbellcj]

We've gotten refunds the last few years since my wife set up her business, which is an S Corp with unpredictable (and so far, minimal) profits. I kept my withholding extra high so we wouldn't get a massive tax bill if she turned a profit. Before that, and I think from now on, I could get it pretty close to perfect where we'd only be short a few $hundred on the tax returns.

Usually any refund just goes right back out the door for some other bill or into savings...we have big property tax and HO insurance bills in April, which really sucks

[Sonic dB]

S Corp pass through losses to your AGI... excellent way to reduce your
taxes.

[Hugh R]

I try to get where I get a refund from the Feds, that just about covers what I owe the State.

[austin552]

We owe $500-

[TerryBPP]

I have deemed this year as my "frugal year". I've sold off my car project and not buying any new toys. I'm saving every penny.

I started thinking about the money I've made and how I've squandered it on nothingness. It's time to start saving. I set a personal goal to have $100k in the bank by the time I'm 30. Its unrealistic but it will be fun trying.

....oooooohhh....pretty car......I wonder how much those are?

[Rick Lee]

Originally posted by red-beard
What is this "State" tax? I don't understand...thank god!

State income tax is what some other folks here pay instead of absolutely confiscatory county real estate taxes and an 8% sales tax like TX has. But some folks pay all of them together.

[deathpunk dan]

Terry
How old are you? I'm nearly 29 and have the same exact goal as you.

[id10t]

Wife and I get $100 each to splurge with, everything else is saved to pay the bills for the next year.