It's tax time!

[Bluestreak]

Did my taxes tonight - got 6K back! Now is time to pay off the cards and send in my $$ for Convention!

 

[bizzlekip]

That much?? You cheat on your taxes dont you

 

[smokin joe]

wish i got 6k back thats great

 

[Mr Anonymous]

Wow! You should really consider reconfiguring your witholding!

I apologize if this sounds rude, but a $6K refund is nothing to be proud of. All that means is you've been depriving yourself of your hard-earned money all year long, and giving the government an interest-free loan. Putting that money in a more appropriate investment each paycheck could very well have made that $6K into $10K or more.

I suggest using a portion of this year's refund to have a financial planner work with you to come up with a better way to manage your earnings, investments and savings. Ideally, come tax time, getting a very small refund or making a very small payment (either in the range of $300 or less either way, IMHO) is the best approach for tax planning.

 

[red89mtx]

what do u recomend for porgram to do mine i have all my w'2s already

 

[Bluestreak]

Actually I have extra taken off SO I get a larger return ( and anyways we got to itemize because of large tool purchases for work). I suck at saving money. I pay in a extra $65 a check between state and federal. And I don't care that it is a interest free loan to the gov. because the interest that I would make in a back amounts to 3 bucks if I'm luck becasue that is the only place I would put my extra money, in a low interest saving account. SO I use the Gov. as a savings account that I can't touch no matter what. I then take that return and pay off my larger bills. It's more importaint to me right now to pay off bills then to invest in a low interest saving account. SO you do it your way and I'll do it my way.

 

[jbserra]

It's saving none-the-less. Congrats Bluestreak. I don't think I will get anywhere near that this year, but next year will be great due to a tax credit.

 

[Kickinsho]

Jenny, it's awesome to get back so much, however you are forgetting one thing. The government will tax you AGAIN on what you received back from them because it is INCOME. It's a racket.

As Chris stated earlier about the $300 dollar mark, that is true. I had an awesome business course (by someone smart enough to live in Nevada) that said the best thing you can do with your taxes is to make sure you never pay in, or get back, more than $500. That is the most efficient use of money.

Not trying to rock any boats here, just trying to help out with things I have learned in the past.