PSX5Central
Non Gaming Discussions => Off-Topic => Topic started by: JBean on February 09, 2005, 06:47:52 PM
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I don\'t know about any of you, but i\'m getting a fat tax refund this year (close to 5k). Are any of you getting a nice chunk of change this time of year as well? Anything you planing on buying with it?
I just spent a good chunk of mine on a car. Me and the wifey needed a larger vehicle for our growing family and we found a sweet deal on a loaded expedition (used).
Anybody else doing anything cool with their refund?
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Refunds are for people who nothing about how to do their taxes.
ANything more than 500 bucks and you need to fire your accountant. It\'s like giving the government a free loan.
And no, I\'ll probably have to pay again this year. I usually end up paying a couple hundred bucks. Last year I paid 1200. Too many side jobs that there are no withholdings taken out of.
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that\'s your opinion.. I don\'t mind letting the government hold on to my money for a while cause i\'m horrible at saving and/or investing it. We have a lot of bills to pay as well, so a few grand down and a trade-in on our old car makes a nice low payment.
It\'s never been this high before, we had a kid last year so that was a huge credit. I\'m gonna knock it down a bit for next year, it was a little larger than I expected.
Next year it\'s time for a 50"+ HDTV & and sound system. Gives me a new toy to look forward to every year.
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You\'re better off lowering your withholding and putting that extra 100 bucks a month onto your current car payment.
Govt doesn\'t get the free loan and you get to reduce the interest to pay on your loan.
Another tip is to pay anything that acrues interest every two weeks. Also don\'t pay bills on the day they are due. Pay them the day you get the money. THis also reduces interest and decreases the amount of what you think you have in your account.
OK, that\'s enough of advice from me.
Enjoy the money. Actually I shouldn\'t talk. Our first year with Logan we got back about a grand as well. Then I had them reduce my with holding the next year by 50 bucks a paycheck. Kind of like getting my own self imposed raise which was good since my asshole boss didn\'t give me one.
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so when you pay an interest accruing debt every two weeks does the second payment go totally towards principal? I may switch over and do that if that\'s the case.
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I have no idea what you two are talking about.
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no, interest is acrued daily.
Take your house mortgage for example. Say you have a 1000 dollar payment monthly.
If you pay 500 bucks every two weeks, you pay interest on less debt since interest is acrued daily, not monthly.
Same with credit cards.
Check with your bank though. Some don\'t allow you to do that on your mortgage.
Biggest thing I do that helps is pay credit cards and mortgage when you get the money, not when it\'s due.
I mean say you want to pay 500 bucks on your credit card and you get paid on the 15th, but it\'s not due until the 23rd.
It\'s coming out of the same paycheck, so pay it on the 16th. Then you pay 7 days less interest on that 500 bucks. I never come near due dates on interest debts. Bills and what not I schedule into automatic checking so it\'s paid when its due.
But I digress. No more tax returns!!!
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I\'m getting $56 back but I wish I were seeing $5k. ;) I\'m with JBean on the whole spending/saving issue.
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When you make a little more money and you still have no dependents to claim, your tax refunds will disappear. It\'s been years since I\'ve received a tax refund. I always have to pay. To me that means I\'m doing something right. There is no reason for the Federal or State government to hold dollars of mine that they cannot rightfully claim. Better that I should hold my own money and earn interest on it, than the government.
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I got back 2 Grand, but I\'m still in college I might settle for getting that little extra cash once a year, its nice, but I may set it up to where I get paid more during the year and not have to pay, I\'m not quite sure how to do that, I just got a new job too that pays a bit more than the one I am with now, so if I could do that and have them zero out getting any money back next year and paid more during the year that\'d be awesome.
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you can talk to the accountant at your job and either change your amount of exemptions or just tell them how much you want them to withhold
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Originally posted by Luke
I have no idea what you two are talking about.
I 2nd that
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got 300 back and spent it on a 20gb mp3 system for my car..... and a penis pump
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is it the Swedish made penis enlarger pump like Mr.Powers uses?
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Penis pumps eventually causes the tissues within your Corpora Cavernosa and various other parts to die, causing permanent impotence. :) *fun*
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and you know this how? ;)
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Originally posted by Joker
and you know this how? ;)
Yeah, he does seem terribly wellinformed on the side effects of using a penis pump.
*raises eyebrow*
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Originally posted by mjps21983
I got back 2 Grand, but I\'m still in college I might settle for getting that little extra cash once a year, its nice, but I may set it up to where I get paid more during the year and not have to pay, I\'m not quite sure how to do that, I just got a new job too that pays a bit more than the one I am with now, so if I could do that and have them zero out getting any money back next year and paid more during the year that\'d be awesome.
Don\'t have them take out too little though. If you have to pay too much at the end of the year they actually penalize you. The object is to hit zero, give or take a few hundred.
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I have to agree with Vid and Core, I usually end up owing a couple of hundred bucks at the end of the year - why give the government an interest free loan?
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You know this year you can deduct sales tax, right?
It\'s the first year. So if you make any large purchases, make sure you tell your accountant. Appliances, computers, cars, etc.
Regular items they are just going to base your sales tax deduction on your income and family size, but large items you can tack on.