Tax Returns are coming soon!

So ladies and gentleman as you all already know, it's tax season and I'm getting a decent return this year. I'm currently on the fence regarding what exactly I want to sink it into. I've narrowed it down to either a high clearance rear (dual swing outs if I can help it) and upgrading the front coilovers. I'm currently running the Toytec's Boss 2.0's up front and I really really really do not like them. I have pretty much decided if I'm going the coilover route I'm going to go with Icons.

What's everyone else doing with their returns??

But anyway, I'm just looking to get everyones .02 cents and possibly some recommendations.

 

the only person getting a return here is uncle sam.

 

wouldn't you rather borrow money at no interest than be owed money with no interest?

 

:'(

 

That's why I keep as much money all year long and let him ask for it rather then have to beg to get it back.

 

You mean like the $100 that I will probably get back because I am in another Tax bracket... thankfully a house purchase helped keep me from owing taxes like last year.

 

I have four kids at home under 18. So I get a tax return, but you know.....four kids. All I'll get out of it is new tires. And that's because I really, really need some new tires.

 

I probably wont get nutin back! dang it!

 

Giving the Gov't more tax money than necessary, interest free, is NUTZ. Increase or decrease your withholding so at the end of the year it's a wash!

 

My tax "refund" looks to be ~ negative $2k (which is about half what I normally "owe"). As a single blue collar dude working nights & weekends, outside, I've only paid about ~ $42k in income taxes after maxing out my 401k and any/everything else I can deduct. But, I'm not bitter that my income taxes (I won't even add in the other taxes) are more than ALL my other expenses & bills combined. Gotta pay my "fair share".

Sorry for the vent/rant.

Carry on.

 

Tax return, eh?

Let's see how much I owe this year.

 

Not exactly "NUTZ" unless you were planning on investing that ~$40/week(or whatever amount) into an interest bearing account or a profitable investment(doubtful) it's not really that "NUTZ". Most people live paycheck to paycheck and a tax return is the only way they ever "save" money or ever have a sum of money that large.

If you don't pay enough taxes there is an underpayment penalty so that's a risk you would be taking by not paying enough.

 

Your income must be very large to be paying that much and still owing. Either way, you need more taxable deductions. The government LOVES single dudes with high incomes.

 

Man I do the statutory limit on my 401k, have a mortgage (tho not a lot of interest at this point in time), donate to Goodwill, have a small business on the side that never shows an income, etc. I'd be happy to legally avoid some taxes especially if it's something I could realize at a later point in time. I just don't know what else I could do...???

 

Assuming you don't qualify for a roth due to max income, are you doing a traditional IRA?

 

Wasn't expecting a lecture on taxes. Change the thread title OP.

 

No, I don't qualify for the benefit of a Roth.

From my understanding, because my 401k is at the federal max limit, I can't do any other qualifying (no pre tax) contribution. Correct or???

 

No tax return, but I will be using part of my bonus for new front shocks and coils, an AAL, and a new rear bumper.

 

Unfortunately unless you can find more than your standard deduction for your income....you're screwed. Your standard deduction is probably fairly large so you're going to need substantial writeoffs before it will ever help you. It's really not a fair system the way it's written right now.

 

Our refund should be less than $1,000 this year. It is direct deposited into a savings account that we use for home improvements or vacations.