Post: #1

It's tax season and I am wondering how my fellow forum members plan on spending their tax refunds...at least I hope you're also getting a refund...

I usually stick mine in a Roth IRA.

Post: #2

I wouldn't hope for a tax refund. Either you withheld too much during the year or you didn't make much.

Post: #3

Saving it.

Post: #4

Lol I don't get a refund. I'll be paying extra to uncle Sam.

Post: #5

I think I setup my withholding to minimize my refund, but if I do receive a significant refund then I'll put it towards a new custom suit.

Post: #6

If you are waiting for tax refunds and actually happy about them, you're not doing enough to earn so much money, that you don't give a fuck about the few grand these tax refunds might get you back.

If I was in that position, I'd probably spend it towards whatever venture I was building up in my free time, to be able to escape the 9-5 job.

Post: #7

What's with all the negativity? I mean, I'm not one of those "Can't wait for my refund bonus" type of people (I was an accountant in a previous life), but I also understand there are plenty of guys here who figured they'll get something back and will do something with it.

That said, I don't go do something or spend on something because $ just got dumped in my lap. I plan it out. It's not based on what I bring in.

So I'll probably stick it in my savings for my next career / business move.

Post: #8

10% goes towards something for myself (new TV, gun, supplements I don't need).

90% gets put away in travel savings or investments.

That's it. This way, no matter how much you get, you know what you're doing with it.

Post: #9

I own a house, savings account as usual. Last year was only around $400 so it isn't much to get excited about
If you make over $30k a year don't expect much of a break from the government.

Post: #10

...Unless you have kids, and file head of household

In which case - straight to savings

Vacation fund

Post: #11

At first glance looks like I planned well and will get back less than a grand...maybe I'll buy a house in Detroit

Shoutout MDP

Post: #12

If I were getting a tax refund I'd be extremely happy. I'll be getting metaphorically rapped by uncle sam. But to answer your question, if i were at the same income level and getting a tax refund I'd do something very fancy with it, like treat myself to a $300 meal at a 2 star Micheline restaurant. Something very high class that I don't normally do, this way I'd feel some motivation to make a lot of money in the future... enough money that I wouldn't be planning to get a tax refund.

The best advice I can tell you is to use that money to invest in something that'll make you more money.

Post: #13

I don't get a refund because I estimate my taxes so the gov't doesn't get more.

Post: #14

Getting Refunded some school fees this year, so it goes straight back in reducing credit card debts

Post: #15

Hookers and cocaine of course. What kind of question is that?

G

Post: #16

What refund? Haha self-employment tax last year @15% took me out. Add 1099 income and I got F*ed. Glad though that so many pieces of shit get free "stuff" on my children's dime. No really, I do.

Post: #17

Spending it on my Obamacare penalty. Unless I can find an exemption.

Post: #18

(01-24-2015 04:14 PM)ThrustMaster Wrote:  What refund? Haha self-employment tax last year @15% took me out. Add 1099 income and I got F*ed. Glad though that so many pieces of shit get free "stuff" on my children's dime. No really, I do.

If you are getting 1099s you are doing it wrong, an S corp will help you reduce SE tax. I really need to get around to my advertising for this kind of stuff on ROK.

Post: #19

(01-27-2015 05:47 PM)Goldin Boy Wrote:  Spending it on my Obamacare penalty. Unless I can find an exemption.

There are many ways to get them, you might be waiting a while to get them though. Paperwork out the butt too.

Post: #20

Help pay off some medical bills.

Post: #21

(01-27-2015 05:47 PM)Goldin Boy Wrote:  Spending it on my Obamacare penalty. Unless I can find an exemption.

If I'm not mistaken you should be able to claim religious reasons and I'm pretty sure you don't have to substantiate that either.

Post: #22

(01-30-2015 03:14 PM)General Stalin Wrote:  

(01-27-2015 05:47 PM)Goldin Boy Wrote:  Spending it on my Obamacare penalty. Unless I can find an exemption.

If I'm not mistaken you should be able to claim religious reasons and I'm pretty sure you don't have to substantiate that either.

Good idea. I could probably claim Jehovah's Witness. What are they gonna do, send the FBI to stake me out to verify I actually go to Kingdom Hall?

Post: #23

(01-30-2015 04:55 PM)Goldin Boy Wrote:  

(01-30-2015 03:14 PM)General Stalin Wrote:  

(01-27-2015 05:47 PM)Goldin Boy Wrote:  Spending it on my Obamacare penalty. Unless I can find an exemption.

If I'm not mistaken you should be able to claim religious reasons and I'm pretty sure you don't have to substantiate that either.

Good idea. I could probably claim Jehovah's Witness. What are they gonna do, send the FBI to stake me out to verify I actually go to Kingdom Hall?

an IRS agent will request substantiation from your church pastor or equivalent and want support that you are a regular 'church' attender or worshiper.

Post: #24

(01-31-2015 10:56 PM)Dr. Howard Wrote:  

(01-30-2015 04:55 PM)Goldin Boy Wrote:  

(01-30-2015 03:14 PM)General Stalin Wrote:  

(01-27-2015 05:47 PM)Goldin Boy Wrote:  Spending it on my Obamacare penalty. Unless I can find an exemption.

If I'm not mistaken you should be able to claim religious reasons and I'm pretty sure you don't have to substantiate that either.

Good idea. I could probably claim Jehovah's Witness. What are they gonna do, send the FBI to stake me out to verify I actually go to Kingdom Hall?

an IRS agent will request substantiation from your church pastor or equivalent and want support that you are a regular 'church' attender or worshiper.

I've researched this further: Witnesses aren't actually exempt as they aren't ideologically opposed to health care. Amish and Mennonites are though. If one claims the religious exemption you have to forfeit social security payments too.

I'm going for a claim a domestic violence hardship exemption. According to the form you don't even need to present proof(police report etc).

Post: #25

Donating the whole thing to feminist charities.