so what is everyone planning to do with their returns? car mods, new toys, investing it, hookers and blow? what are your big plans?


think im going with a PS3+LEDTV and saving the rest for a rainy-day fund.

ummm catch up on bills?

got a bunch of cleaning liquids. back to blacketc.. got to find a speakerbox that will fit two 12's in the back of the 8.

LEDTV is always a good choice.

I was wondering, did anybody participate in the 8000 tax credit for buying a new house? I was a little confused on how that would work out.

Not on the house purchase credit, but I did max out the $1,500 energy credit. Turbo Tax calculated everything well it seems. I think it counts as a credit towards taxes paid, so basically, if your income means that you owe a total of $12,000 in federal taxes throughout the year, your paycheck should be removing $1,000 in federal taxes a month, and you end up owing nothing at file. Then you apply the $8,000 tax credit, and it will show the total amount of taxes that you paid as $20,000, $8,000 over-payment in taxes and you get an $8,000 refund.


However I can't see an $8,000 refund for each house purchased, and I believe there is a "repayment" thing in there where it will affect your taxes for several years, increasing the amount owed, not to mention it is taxable income for next year's return. I'm no tax expert, so I could be massively wrong on that :)



I'm getting $3,300 back combined federal and state, e-filed last night. Paying off a personal loan I got last November to cover the last bit of roof and siding repair ($90 a month reduction in bills, plus boosting my rep with my bank), and brand new summer tires for my 8.

All I want is an exhaust for the 8. Hope Uncle Sam helps a bit:)))

hookers & blow
I already have everything else on your list and you can NEVER have enough hookers & blow.

Must be nice to get a tax return :(

Not on the house purchase credit, but I did max out the $1,500 energy credit. Turbo Tax calculated everything well it seems. I think it counts as a credit towards taxes paid, so basically, if your income means that you owe a total of $12,000 in federal taxes throughout the year, your paycheck should be removing $1,000 in federal taxes a month, and you end up owing nothing at file. Then you apply the $8,000 tax credit, and it will show the total amount of taxes that you paid as $20,000, $8,000 over-payment in taxes and you get an $8,000 refund.


However I can't see an $8,000 refund for each house purchased, and I believe there is a "repayment" thing in there where it will affect your taxes for several years, increasing the amount owed, not to mention it is taxable income for next year's return. I'm no tax expert, so I could be massively wrong on that :)



I'm getting $3,300 back combined federal and state, e-filed last night. Paying off a personal loan I got last November to cover the last bit of roof and siding repair ($90 a month reduction in bills, plus boosting my rep with my bank), and brand new summer tires for my 8.

Thanks man.

I guess I'm not going to get a new bike then. :mad:

i want my w-2

^ the 8,000 does not come back in your federal tax filing Smoke. It is a completely seperate check and is in fact 8,000 to everyone who bought their FIRST HOUSE. thus based on RIWWP response, hes right, its not everyone. it is only for those purchasing their very first house and after filing all the paperwork that your realtor should have helped you complete, you will get a check later this year for $8,000.

Saving my tax return....with the exception of a few purchases:

New Carbotech XP12 Front Pads
New Carbotech XP8 Rear Pads
Stainless steel-braided Brake Lines
Motul RBF600

....and BHR Midpipe.


I had a ALOT of expenses on mine this year. But 2007-2009 was a great eye-opener telling me that my savings weren't sufficient.

Getting back $8200 back this year.

i want my w-2

they legally only have 4 more days to get it to you. if you do not have it by 01/31/2010 23:59:59 you can seek legal action.

I don't know how much I'm getting back this year yet, but there won't be much spending anyway.

The car needs some mundane maintenance stuff and that may or may not come out of tax return money. The total is just shy of 1k and includes shocks, coils, plugs, cabin filter, trans fluids and an oil change.

I'll probably buy the coils and filter from Tommy when I get paid Friday. The rest out of taxes and maybe a few hundred for the missus to finish off her sleeve.

If I get any back, which I think I should, I will be putting it towards the honeymoon. Would love to buy something crazy and off the wall, but the fiance would kill me.

I have to agree with Jedi- Hookers and blow an abundance of that here in Vegas.

Anyone know if inheriting a house through a death, and paying off the final 40K in one payment qualifies me for that 8k refund????

Its wishful thinking...

I get a $75 tax refund every year.

Woot.

pfffffft mods lol dude hookers and blow ftw! Spearmint Rhino, lets go AJ!

hookers & blow
I already have everything else on your list and you can NEVER have enough hookers & blow.
Bring that dollar to Vegas baby. Me and AJ show you how its done. I out drink ya sucka lol:all_cohol

it doesn't have to be your first house, it just has to be three years since you last owned/sold a primary residence home and then the actual amount depends on your current income level

i thought the amount had nothing to do with your income but rather its 10% of the selling price up to 8k.

they changed the terms when it was renewed to extend past Nov/2009, repeat buyers can only qualify for $6500 max now, and if your income is over $125k single/$225k joint you get less up to $145/$245k after which you get nada, which is actually higher than before Nov/2009. Otherwise it's 10% of the home cost up to the maximum amounts (so $80k house or higher = $8k rebate, not hard to achieve) and it's not eligible for homes $800k and higher

http://www.federalhousingtaxcredit.com/

I'm tax free so I've been spending my tax return all year.

hookers & blow
I already have everything else on your list and you can NEVER have enough hookers & blow.

Save your receipts, you can write off the hookers & blow on next years return.

^^^

Expense the hookers and blow....classic.

I owe this year. Havent figured it out exactly but it's like $1200-1500. I am in the process of buying a house so it should off set it by the time i file. The first time home buyer tax credit money will go towards renovations but since i wont have to spend money out of my own paychecks for the renovations... a Cobb AP is in my future :D:

^^^

Expense the hookers and blow....classic.

its a business expense =)

Save your receipts, you can write off the hookers & blow on next years return.
:bowdown: Yeah like that lawyer in NY tryed to do :yelrotflm irs busted his ass :rollingla

they legally only have 4 more days to get it to you. if you do not have it by 01/31/2010 23:59:59 you can seek legal action.

they changed the law or something :mad: they don't have to get it by end of january now, they have until mid february or something. i'm still waiting on a mutual fund...sucks.

Got all my investment stuff today(Etrade, Schwabb, and Ameritrade)...............finally.

My taxes are done and E-filed!

Not sure what I will get(or really need) with the money, but I'll figure something out!

Getting a large return is stupid, it just means you've been giving an interest-free loan to the government for the past year. Use this form and adjust your W-4 accordingly:

http://www.irs.gov/individuals/article/0,,id=96196,00.html

It depends.

I agree with you 100% that if you can avoid letting the government hold your money for a year, then you should by all means do so.

However, 80% of my tax return is refunding me money from being taxed at least 2 brackets higher than normal for the paycheck that has my yearly bonus in it. If my bonus was a steady amount every year, I could see submitting a W4 to try to balance that out. But simply, it isn't. The base bonus amount is based on how well the company does (Which fluctuates more in today's economy), with other calculations and adjustments based on performance, number of people in the department, etc... My bonus amounts have been all over the board. It is also possible that they will simply cancel all bonuses in a given year.

I would be submitting a W4 every year, and probably getting it wrong.


I'm probably the exception, not the rule, and if your income is steady, then you certainly should adjust the withholding.


Funny Story..kinda:
Although make sure it's accurate. When I was in the National Guard, my withholding between the Guard and my normal job wasn't enough, and I was getting owed taxes at the end of the year. It wasn't much, but I submitted a new W4 for my Guard taxes to increase the withholding to balance out. The Guard checks weren't much anyway and weren't needed, so having the extra pulled out didn't hurt anything.

I was told that the amount I entered would be taken out each check. However, the extra withholding is "per pay period". And 1 pay period in the Guard was/is 4 hours. It crushed my check, eliminating it in a few cases. My check for the 2 week training a month later was for ~$60.

Yeah, that was messy. Don't do it that way. :lol:

It took a while to figure out what happened and get it corrected, although I certainly got a refund that year. :rofl:

Getting a large return is stupid, it just means you've been giving an interest-free loan to the government for the past year. Use this form and adjust your W-4 accordingly:

http://www.irs.gov/individuals/article/0,,id=96196,00.html

One would think that people would already know this???????
Some people do treat it as sort of a bonus at the end of the year because they are unable to have the disipline to save(or invest) the money on their own every paycheck.