What are YOU going to do with your tax return money ?

[Scott]

Re: What are YOU going to do with your tax return money ?

Pay off Credit Cards.

[Marino]

Re: What are YOU going to do with your tax return money ?

Save it and put it towards school for next year.

[TimmeH]

Re: What are YOU going to do with your tax return money ?

25k/year? Whoaaaaaaa

I do not envy your commute or whatever you do!

Part of it is because of my job, but part of it is because of my life as well.

I use over 15k a year commuting to and from work.

Then if I want to go to see my family/friends I have to travel. I got a couple friends who live 40 miles south. Others who live 40 miles west. My family lives 45-60 miles north. And even then, when me and my gf want to go out and do something, usually we have to drive at least 25 miles one-way because the town we live in doesn't have much more than bars, fast food, and a couple low-end big-box retailers.

I got my car in April of 08 at 63k, right now I'm almost at 104k. We need to move to Madison so we're actually surrounded by something.

[Gotmadskillzson]

Re: What are YOU going to do with your tax return money ?

Wow man, I am all for friends and all but no way would I be driving that far that often to see them.

[p_rushing]

Re: What are YOU going to do with your tax return money ?

Probably towards a new ac and heating unit so I can get the tax credit and get money back next year.

[mjb2124]

Re: What are YOU going to do with your tax return money ?

You don't get the sales tax back as a refund. You can deduct it from your income just like property tax or mortgage interest.

What I read sounded like it was a refund. Below is the part of the article:

"Temporary deduction for car buyers: The bill would let those who buy a new car, light vehicle, recreational vehicle or motorcycle in 2009 deduct state and local sales taxes as well as any excise tax charged in the purchase."

[TimmeH]

Re: What are YOU going to do with your tax return money ?

What I read sounded like it was a refund. Below is the part of the article:

"Temporary deduction for car buyers: The bill would let those who buy a new car, light vehicle, recreational vehicle or motorcycle in 2009 deduct state and local sales taxes as well as any excise tax charged in the purchase."

Yeah if you bought a new car in 09, you get the sales tax back. I have a friend who's quite excited about it lol


Kinda off-topic, but does anyone know if they're doing that again this year? I'm guessing not, but I might be tempted to get a new car a little earlier if that's the case

[bkrich83]

Re: What are YOU going to do with your tax return money ?

What Tax Return money?

[Chaos81]

Re: What are YOU going to do with your tax return money ?

Spend it.

[fishepa]

Re: What are YOU going to do with your tax return money ?

Savings and starting college fund for our 5 month old.

[Hutton]

Re: What are YOU going to do with your tax return money ?

Lawyer fees to pay for my divorce, the rest (if there's any left) will go towards CC bills or into what I call my savings account.

2010's looking grand.

[The Chef]

Re: What are YOU going to do with your tax return money ?

New TV and the rest will sit in savings until I need it for something important.

[Trevytrev11]

Re: What are YOU going to do with your tax return money ?

What I read sounded like it was a refund. Below is the part of the article:

"Temporary deduction for car buyers: The bill would let those who buy a new car, light vehicle, recreational vehicle or motorcycle in 2009 deduct state and local sales taxes as well as any excise tax charged in the purchase."

deduction is different than a credit.

A deduction is basically a reduction of income, while a credit is basically a refund.

So if you buy a $40,000 car and pay taxes of 8%, you pay $3,200 in taxes. This reduces your income by $3,200 (assuming you don't face any other income limits) and reduces your tax liabilty by what ever tax bracket you are in. So if you are in the 25% tax bracket, this would reduce your tax liability by about $800 (not the full $3,200).

Now if you bought a hybrid that qualified for a hybrid credit of $2,000, you tax refund would would be increased by the full $2,000 (tax payment reduced by $2,000).

[matt8204]

Re: What are YOU going to do with your tax return money ?

I'll probably save it, at least the vast majority. There's nothing I need right now in the way of major purchases. My car is paid off and I'm not carrying a balance on the credit card anymore. Maybe I'll just buy a small indulgence like a new video game or a couple new books.

[jnofx]

Re: What are YOU going to do with your tax return money ?

Going towards a car if I haven't purchased one by then (Currently on foot, but I have some cash saved for a vehicle already, just not in an urgent "I need a vehicle!!!" type of situation.....BTW, I own a car, it's just not in Alaska with me, it's in the lower 48 with my brother, that damn freeloader, lol) If I've already bought one, I'm going pay off my debt. I'm not very much in debt, but if I applied the tax return, I wouldn't owe anybody on this earth a dime. Or I might buy a TV/PS3 Combo for the bedroom, if I come across the right deal. Also still in the market for some adjustable dumbbells, may splurge on that, too.