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Tax returns

SilvorX

SilvorX

macrumors 68000
Original poster
May 24, 2002
1,701
0
'Toba, Canada
It's tax season (atleast here in Canada), and I just found out yesterday how much I'm getting back, if you received a return for this tax season, what's your plans with the money?

I'm receiving approx. $860 Canadian, I might put the money away towards a trip to Mexico (that will be occuring in 2 years), or buy a "next gen" iPod whenever it gets released

what's your plans with your tax return money?
 
My tax returns go towards investments or debt. Typically investments since I am virtually debt free. I see no point in pissing off money such as tax returns. Typically, if I piss money off it's a bonus and it's usually 50% of the bonus that I'll spend on something that I probably don't need but I want very badly. The rest goes into investments or some savings. I have no plans on working all my life so I am saving now.
 
Great news!!! I didn't let the government get free use of my money all year!!! :)

On the downside, that means I owe them money before the week is out. :(
 
i think i'm getting somewhere around $350 back. not much this year. i think i'll be putting it towards a new cell phone, i'm thinking of an Unlocked Moto PEBL. yum.
 
I'm hardly getting anything back this year. I think I will take the misses out and that is about it.
 
I think I got a lot back as a part timer. $680 USD to be exact.

It pays for debt and bills. I regret to inform you all that it feels really good to pay bills and debt off rather than buying something shiny and new from apple. ;) :D
 
jessica. said:
... I have no plans on working all my life so I am saving now.
Click to expand...

Good for you, Jessica. The time to do that is when one is your age ... go ahead and make it happen.

Reminder: For those filers who plan on requesting an extension by next Monday's 04-17-06 deadline, be aware that it offers extra time only for submitting papers (provided it is completed properly), not for paying tax. Many are mystified upon receiving notices months later that assess a penalty for failure to pay tax, along with mandatory interest due.
 
It's complicated for me this year...

I moved from California to France in October, and am paid entirely by the French government (research fellowship actually). My wife is working remotely for her company in California, but at a much reduced amount per week. So, we have to figure out all of the pro-rated contributions, moving expense deductions, etc.

On the bright side, we don't have to file until June, since we're overseas. And, it looks like we'll get back about $4000 USD! It'll mostly all go into an IRA for the future, but it's nice nonetheless.

Cheers.
 
I got 260 back Federal and 60 back state.

All of it (and more) went to the accountant who made sure it wasn't the other way around.

:D
 
2,300US, which helps pay my ever-rising property tax bill of 8K.
If they don't find a better way to fund schools in Illinois there will be anarchy.
 
Our couple dozen benjamins went into the bank and toward my Roth IRA. Mmm... fiscal responsibility... :rolleyes: Of course much of that may come right out of the bank later this year for a trip to either Spain or Ireland. :D
 
A respectable $470 or so is getting returned for me this year. Unfortunately, this will be paying for the surgery my wife just had :( Fortunately, we have health insurance, and that made the bill only about $500 instead of about $14,000, and even more fortunate is that this tax return is basically money we were doing without anyway, so it almost makes it like she never went to the hospital! Except for the pain, time spent there, and three small scars. Ah well.
 
Doctor Q said:
Great news!!! I didn't let the government get free use of my money all year!!! :)

On the downside, that means I owe them money before the week is out. :(
Click to expand...

Sorry to hear that. I will be getting the smallest refund ever after 10 years of close to $1000+ back. This year I will see just under $300 back. :mad:

I am affraid that I will end up owing some money next tax year. No longer have that golden mortgage deduction next year. :( Wish I could afford a safe home in the overpriced DC area.
 
Les Kern said:
2,300US, which helps pay my ever-rising property tax bill of 8K.
If they don't find a better way to fund schools in Illinois there will be anarchy.
Click to expand...

Jesus, that's a lot.
 
My wife just recieved the letter stating that she will get 11200.00 Kr back. That´s close to US$2000:eek:

I will get some money back as well, not sure how much though. Not as much as her.

The money will go towards our wedding celebration in Spain this summer:)
 
Amazing that so many got money back. Last year I ended up owing 20.000 kr (US$ 3000) in taxes:mad:

I had a really hard time paying it off as they don´t give you much time
 
$940 back from the Fed and owe 20 to the state. Money goes right into the bank and then into investments.
 
I used my $200 to pay off more of my student loans.

Interest that works against you sucks. Hard.
 
I should be getting between $4000 and $5000 back, due to some huge tax credits I realized thanks to some limited partnerships and flow through entities I invested in. I haven't even touched my RRSP yet, no need to. My accountant is worth her weight in gold, she always gets me more money back than I could imagine. :cool:

As for what I'm spending it on, I'm not going to buy anything specific with it. Many people seem to treat their tax return as free money, but really it's your own money that you're getting back. :p ;) And furthermore, you've just given the goverment a year-long interest free loan with that money as well... bastards... That's why I love taking advanatge of Canadian tax law as much as possible... interest-free loans, you name it, I'm doing it... :cool:
 
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