nizo's Journal: taxtaxtax....hoping for a big refund; where is yours going?

First I am gonna pay off the school credit card, and then with part of whatever is left I already know what I am drooling over (though more likely I will be springing for the $29 upgrade to the low-end version instead of the superduperwizbang version I am drooling over). And then of course there is the lightwave software....*sigh*. Anyway, while a crack habit would probably cheaper in the long run, enough of what I am gonna buy; what is everyone else planning on doing with their refund (if any)? (And yeah I already know I should plan better so I don't get a refund).

refund

[PreviouslySeen]

covers some of the bills over the summer when the wife doesnt work.

invest

[grub]

I get nice refunds because I hoard away a lot of cash into RRSPs (.ca Registered Retirement Savings Plan thing). When I get a refund I keep a bit out to play with but put the rest into another lump RRSP.

Seconded

[benhocking]

It's hard to put too much into retirement.

Re:

[grub]

I was always a bad saver so when I was 18 I started putting $200/month into RRSPs. The money came right out of the bank on payday so I didn't really miss it. Also I was living at home so I didn't have a lot of other expenses (other than car and booze :)). I've expanded the amount as my income went up and now at 41 have a nice chunk.

There's a super book that came out several years ago called The Wealthy Barber [amazon.com] which I highly recommend (and lend out) to people. It's geared towards .ca with RRSP-talk but it a

I want to be working at 65

[benhocking]

But I want to be working with the knowledge that I could quit anytime I want. That I can work (or not work) at any job I choose. That I am free to take risks. To me, that is the best thing about having a nice chunk of savings.

Re:

[grub]

Good point! I love what I do but just assumed that I wouldn't want to do it for a paycheque any longer by whatever age.

HELOC

[sielwolf]

The financing on my condo is a 80-15-5 as a Fixed Rate-HELOC-Capital. The issue with the HELOC is that it's Prime + X% which is a pain in the ass. Now my credit union has HELOCs that are at-Prime for no closing cost. So my first plan is to transfer it over to there and then take most of any liquidity I have and hold it there to retard the effects of compounding interest (kind of like a reverse investment: I'm deadening someone getting a return on me... which is a net positive for my side). Any refund I

Thanks to the state of New Jersey...

[Billosaur]

...my Federal tax refund will be going to pay my property taxes, which will in turn get claimed against next year's taxes, allowing me a bigger refund to use on my property taxes, ad infinitum, ad nauseum. Eventually, the economy will run off taxes -- regular commerce will no longer exist. People will buy things by trading tax debt. The greenback will become an IOU.

Re:

[grub]

The greenback will become an IOU.

It used to be just that back before Nixon took the US off the gold standard, wasn't it?

Depends on the size o the refund

[Red Warrior]

which reminds me, I probably have everything I need to file now...

Anyway, part of it will go to funding a short trip to the south (GA/FL area) just for the heck of it.
With what is left over, either an XD [springfield-armory.com] in .45 ACP or a brace of Vaqueros [ruger-firearms.com].

If there is anything left, I'll blow it on something irrespsonsible. ;->

Re:

[stoolpigeon]

if you make it to orlando - give a shout.

Re:

[Red Warrior]

Will do. Also, possibility of Disney World this summer. :-)

Re:

[stoolpigeon]

we went to epcot and magic kingdom a few weeks ago. my kids liked magic kingdom more - i kind of lean towards epcot and think i'd have enjoyed it even more without the little ones in tow. i need to get to seaworld.

As with everything else

[RM6f9]

Balanced: 1/3 to the past (mortgage), 1/3 to the present (vacation or other entertainment/luxury), 1/3 to the future (savings/investments).

capcha synchronicity: "serenity"

In order:

[Shadow Wrought]

1. Bills
2. Carpet
3. Sod
4. Exterior Paint
5. Wood
6. Vacation funds

Re:

[nizo]

Hmm, I hadn't considered the SO wanting to scarf some for home repairs and/or furnishings. Though until the roof is fixed, I don't think I am gonna be painting anywhere.....

Re:

[Shadow Wrought]

Yeah, I'd fix the roof first if I was you. Its the foundation for your entire house. Just upside down. ;-)

I used to have a bootleg copy of LW on my A1200 but it never did work quite right. Scenery Animator and VistaPro worked great, however! You might want to check out World Construction Set [3dnature.com] and Terragen [planetside.co.uk] for aids in your new CGI enterprisings. I think WCS is far more powerful but it is not Free (as in beer) as Terragen is...

refund?

[queenofthe1ring]

I'm going to end up owing most likely. I did not have enough income last year, and scholarships count as income, so I will owe taxes on that, again.

Furnishing my condo

[FuzzyBad-Mofo]

I'm trying to close on my first property purchase, which will drain my bank account. So my tax refund will buy me some furniture, food, maybe even a nice dinner.

Wife's car died

[Marxist Hacker 42]

We're hoping for a big enough tax refund to buy a minivan for the daycare.

With 2001 FlexFuel Grand Caravans going for under $8000 in our area, and the past few years having refunds in excess of $5000, I think we've got a damn good chance at a down payment.

Re:

[Marxist Hacker 42]

Those who actually know us, as opposed to those who think they know us because of autistic spectrum communications such as text in Slashdot's comment section or e-mail.

Re:

[Marxist Hacker 42]

As an outlet for not being an ass elsewhere, of course. How stupid are you that you don't know the main draw of a flamewar?

Refund, what refund?

[winkydink]

It's been many years since I received a refund. For me it's more like let's hope I don't get hit with the penalty for not doing quarterly estimates. I'm batting about 4/5 on that one. :)

I have never received a refund

[Le Marteau]

I have the minimum withheld throughout the year and, therefore, I always end up cutting a check to the IRS on April 15th.

It's a matter of principle. The gubmint gets their loot at the last possible minute, and then only by implied threat of force, not a dime before the statutes require it.

No idea what my tax outcome is going to look like

[Kymermosst]

I am now making more money than I ever have before (to the tune of about 4X-5X my previous income). In fact, the IRS worksheet recommended that I take out *extra* money to cover my taxes. So I claimed no exemptions and am hoping for the best.

I have no clue. I could get thousands back. I could owe thousands (that would suck).

ouch

[Bill Dog]

I hope you're getting academic pricing on that superduperwhizbang one. I've been known in the past to take a class mostly to get a deep discount on an expensive package, like an MSDN Universal subscription.

On taxes, I claim a relatively large number of withholding exemptions (4 fed and 7 state) for just one person, without dependents, such that I always owe a little. I do miss out on the annual windfall, and I can't deny its psychological benefit/boost, but I've put myself on an ambitious monthly financial

Re:

[nizo]

Sadly I can't find an academic discount for vue anywhere :-| However, I may gradually work my way up the "food chain" by sideways upgrades (as money permits). The lightwave program does have a sizeable student discount (and a free demo, hmm......)

It sounds like you are making very good money plans; my basic retirement plan is "work until I die". *sigh*

Re:

[Bill Dog]

It might be a longshot, but on their "contact us" page they claim to be supporters of education (in their state), so you might consider contacting them about any kind of academic discount they might be open to consider giving to you. I bought my current monitor, that was top-of-the-line and also hard to find at the time, from a company that only resold to businesses, but I called them up and plead my case, and the sales guy took pity on me, went and talked with a supe for a minute, and gave me a $100 break.

Re:

[nizo]

Hey that is a great idea! Can't hurt anyway.....

Bill

[Alioth]

I got a tax *bill*, but that means at least I wasn't giving the government a free loan :-)

iBook

[BandwidthHog]

My current machine is a 533mhz G4, so I don’t feel too irresponsible in doing that. I’ve been haunting Apple’s refurb page, waiting for a Core 2 model to show up. The rest will go towards replacing my aging (yet quite beloved!) 240sx later this year.